In Conversation With Soonu Wadewala, Head HR, Axis Securities

You've been focused on creating an employee-centric and performance-driven workplace at Axis Securities. Can you share specific initiatives or strategies you've implemented to foster this environment, and what outcomes have you observed?

At Axis Securities, we are committed to creating an employee-centric and performance-driven workplace. Our strategic approach to defining performance parameters and aligning rewards ensures collective success for our people and the organization.

Our flagship initiative, the 'Fast Track Career Progression' (FTCP) program, is a unique opportunity for our employees to experience accelerated career progression, often doubling their advancement within a year. We have seen remarkable results in terms of increased employee satisfaction, higher performance levels, and a dynamic work environment.  

To further strengthen our performance-driven culture, we conduct an annual functional competency assessment, a vital tool to gauge employees' competencies in their respective roles. Its direct linkage with the annual appraisals ensures that each employee approaches this assessment with utmost sincerity and seriousness. This comprehensive approach to performance evaluation allows us to identify areas of improvement, tailor individual development plans, and align our workforce with our strategic goals.

We launched a revamped rewards and recognition program, Axcel, in April 2020. Axcel focuses on recognizing those delivering exceptional results without compromising on the core values of the organization. The program includes five coveted clubs - Bronze, Silver, Gold, Diamond, and the MD's Club. Employees can level up from one club to the other purely based on their performance. 

To celebrate and honor the contributions of exemplary performers, Axis Securities launched its annual HR Awards Axcellence. A fusion of Axis and Excellence, these awards recognize individuals and branches delivering phenomenal results. 

We believe that an organization's true strength lies in its people. All our initiatives aim to foster an environment where employees feel valued, supported, and motivated to contribute their best. 

Moving from Axis Bank to Axis Securities, what approaches have you taken to adapt HR practices to the unique needs and dynamics of a different entity within the same group? Can you provide an example of a successful adaptation?

Our primary focus has been fostering unity and coherence under the overarching vision of 'One Axis.' From fundamental aspects like leave policies and medical benefits to more intricate elements such as internal career progression and HR tech transformations, our approach aligns with the Bank. By harmonizing these elements under a unified umbrella, we have not only streamlined processes but also ensured a consistent standard of excellence in HR practices.

Our commitment to celebrating and rewarding Axis Values remains unwavering. We have introduced initiatives to recognize and honor employees who exemplify these values, reinforcing a sense of unity and shared purpose throughout the group. Such strategic adaptations ensure that we imbibe the collaborative spirit and evolve our HR practices harmoniously in line with the unique identity and goals of Axis Securities.

Talent Management and Talent Acquisition are key responsibilities in your current role. Can you discuss your approach to these functions, particularly in enabling business growth through HR interventions? What strategies have you found most effective?

My approach revolves around crafting a compelling Employee Value Proposition (EVP) and implementing strategic initiatives that not only attract top talent but also harmonize their integration within the organization.

By clearly articulating what sets us apart as an employer and the unique value proposition we offer to our employees, we have successfully attracted individuals whose values align with our organizational culture. The talent we bring on board is not only skilled but also shares a genuine commitment to our mission and values.

One of our standout initiatives in talent acquisition is 'Hire & Harmonise.' This in-house program is designed for competency-based hiring and streamlining the integration of new talent seamlessly within the organization. We understand that successful onboarding is not just about getting a new hire up to speed; it is about ensuring they become integral and productive contributors quickly. 'Hire & Harmonise' encompasses a curated journey that extends beyond traditional onboarding, encompassing personalized development plans and mentorship programs. This approach not only accelerates the time it takes for new hires to become fully productive but also ensures a harmonious alignment with our organizational goals and values.

With your experience in various leadership roles across different industries, how do you see the role of HR evolving to meet the changing demands of the business landscape, and how have you positioned HR to address these changes effectively?

At Axis Securities, we have positioned HR as a strategic partner integral to driving business outcomes, guided by our overarching purpose: 'To design and deliver people initiatives that drive business outcomes.'

In today's dynamic business environment, HR extends beyond traditional personnel management to actively study, transform, and influence our most powerful asset – our people. This strategic shift is imperative as we recognize that engaged and motivated employees are not only crucial to internal success but also crucial drivers of customer journeys. In this context, HR has earned its seat at the table, and it's not just about having a seat but owning it.

To align our people interventions effectively, we go beyond the conventional boundaries of motivating and engaging the workforce. We understand the importance of a holistic approach that impacts not only internal metrics but also external customer-centric indicators. We intertwine Customer Net Promoter Scores (NPS) and Employee Satisfaction (ESAT) scores in our strategic approach to weave a complete narrative for the organization.

We believe a motivated and engaged workforce contributes directly to elevated customer experiences. Whether it's enhancing employee skills, fostering a culture of innovation, or implementing feedback loops that address employee and customer concerns, HR plays a pivotal role in shaping the narrative of success for Axis Securities.

As an Organizational Psychologist and MBA in Human Resources, how have your academic background and certifications influenced your approach to understanding human behavior and driving performance within organizations?

The scientific study of human behavior provides a unique edge, enabling me to delve into the intricacies of cognition, behaviors, and attitudes of employees both individually and collectively within the organizational context.

My focus on Organizational Behavior within the realm of psychology has been particularly influential. This specialized study has equipped me with a deep understanding of human personality and interpersonal dynamics within a professional setting. This understanding serves as a foundation for curating programs and interventions that go beyond surface-level impact, aiming to create transformative experiences for individuals.

One such distinctive program that reflects this approach is our 'Talent Laboratories.' These laboratories serve as a unique space where individuals enter to decode their personas, fostering a deep exploration of their personalities and work styles. The objective is to initiate a process of self-reflection, strengthening self-awareness, and creating the mental space for individuals to optimize and uplift themselves.

By leveraging principles from organizational psychology, we aim to create interventions that are not just about immediate results but contribute to the long-term development and growth of our employees. This approach aligns with the broader organizational strategy of nurturing talent, fostering a positive work culture, and ultimately driving sustained high performance.

What role do you believe HR plays in imparting life skills to employees, and can you provide examples of how you've integrated life skills development into your HR programs?

The role of HR in imparting life skills to employees is crucial in enabling them to navigate life effectively and contribute positively to the workplace. We firmly believe that life skills development, with a particular emphasis on self-awareness, is an essential component of our HR programs because it enables individuals to understand their emotions, motivations, strengths, and areas for improvement. 

To work towards this endeavor, we introduce the concept of self-awareness to new employees during the induction process. They participate in workshops and self-assessment exercises that help them identify their values, interests, and career aspirations. Additionally, our leadership development programs strongly focus on self-awareness for leaders at all levels. Participants engage in self-assessment tools, coaching, and reflective practices to gain a deep understanding of their leadership styles and their impact on their teams. Such initiatives support us in integrating these skills into our HR programs.

Given your belief in HR's impact on employees' work-life, can you share an instance where your efforts in HR resulted in a significant positive change in employees' work-life experiences, and what lessons did you draw from that experience?

In response to the evolving work landscape,  we introduced a hybrid work module in our organization. This approach empowered employees to maintain a mix of remote and in-office work, giving them more flexibility in managing their work and personal lives. Additionally, we launched various engagement clubs to support employees in pursuing their hobbies and passions outside of work. 

These initiatives encourage our employees to have work-life balance and boost their creativity and innovation at work. Employees feel a sense of belonging, knowing their passions and interests are celebrated within the workplace.

You mentioned your passion for promoting mental health. Can you share any specific mental health initiatives you've been involved in, and how have they contributed to the well-being of employees in your organizations?

As an advocate of mental well-being, I believe in integrating and prioritizing mental health into mainstream interventions and moving beyond the checkbox approach. At Axis Securities, we've taken concrete steps to prioritize the mental well-being of our employees. 

One of the approaches we've taken is to introduce psycho-modalities such as psychodrama and Dance Movement Therapies (DMT) into our development frameworks. These therapies offer unique channels for employees to release stress and enhance their self-awareness. 

Additionally, we've established a dedicated space within our organization known as the 'Pause Pod.' This space is designed to encourage employees to take a conscious pause from their daily routines, allowing them to reflect, express themselves, and seek support if needed. In the Pause Pod, employees can also engage in various activities, including reading books, practicing yoga/meditation, or simply listening to music. We also have dedicated in-house mental health counselors who provide timely guidance and support, fostering our commitment to employee well-being. Furthermore, we publish a dashboard showcasing the number of lives saved after meeting the counselor. 

In addition to traditional Employee Satisfaction (ESAT) scores, we have also implemented a comprehensive measurement system that includes the assessment of Employee Happiness and a Stress Index. This holistic approach to evaluating well-being provides a broader view of our employees' mental health. 

Our commitment to mental health goes beyond just relying on external counselors. We've taken a proactive approach by implementing a program involving internal Mental Health Sherpas (individuals within our organization trained to provide immediate support to their peers facing mental health challenges), who act as the first responders when our employees are in need.  

Our commitment to mental health and well-being has not gone unnoticed. We are proud to have been recognized as one of the top 10 Happiest Workplaces by Business World and Happiness Plus.

In your view, what has been the top development or challenge in the HR space in 2023?

Talent Retention is one of the top challenges in the HR space in 2023. The post-pandemic period has seen increased churn in various industries, with employees seeking new opportunities or reassessing their career choices. As a result, organizations had to develop innovative strategies to retain top talent, such as career development opportunities, flexible work arrangements, competitive compensations, and inclusive workplace culture.

Another significant challenge is Organizational Agility. The business landscape is developing rapidly, and organizations must adapt to changing business needs, dynamic talent landscapes, industry reforms, geopolitical scenarios, etc. Organizations must be agile in responding to these changes, whether through talent acquisition and development strategies that aligns with new industry requirements or by fostering a culture of continuous learning and adaptability.

What are some of the industry-specific challenges or trends in HR that you foresee in 2024, and how do you plan to address them?

Some of the trends that I foresee are:

Mainstream Integration of Mental Health in HR - Mental health and well-being have become critical to HR practices. The focus on mental well-being signifies a transformative development, with mental health not just merely being an initiative but the foundation for all our HR interventions. At Axis Securities, we focus on creating a nurturing and supportive environment for our employees and prioritizing mental health. Some of our initiatives include - having dedicated in-house mental health counselors who provide timely guidance and support and fostering our commitment to employee well-being. We also believe that the art of conscious pausing can do wonders. To encourage this practice, we've introduced our "Pause Pod" within the office premises. The pause pod helps our people get a quick energy boost, reconnect with themselves, and improve their productivity. Additionally, we also conduct regular webinars and workshops, led by experts, on mindfulness and mental health.

Inclusive and Agile Workplaces - The evolving landscape of HR will demand a more inclusive and agile approach. We believe diversity in thought processes, experiences, age, gender, and beyond will be essential for organizational success. Our strategy involves fostering a workplace that truly values and leverages the unique strengths and backgrounds of our workforce. We are creating a culture where everyone feels valued and heard by taking conscious steps toward keeping the Diversity, Equity, and Inclusion flag high. D, E, and I Policies, Hiring of People with Disabilities (PWD), LGBTQ, Returning Mothers, Giga Opportunities, and Hybrid and remote working are some initiatives towards this endeavor. 

People Managers as Brand Ambassadors - People managers serve as the bridge between the organization and its workforce. Our focus is on the development and empowerment of people managers, who will continue to be our brand ambassadors. We believe empowered people managers can best nurture their teams to represent the organization and its culture.

Empathy - We have included empathy as a part of the competency framework of the organization. This strategic addition reinforces our commitment to creating a nurturing and supportive environment for our employees and prioritizing mental health.