The pandemic had disastrous effects for many businesses in SA. But, investing in people can prove to be a protective shield in times of crisis and deliver a never-ending source of growth.
When I shifted from my HR position to a local Fintech consultancy firm with a global reach, my expectations were not high on what to expect in terms of employee care. Shows you what I know, as I was pleasantly surprised. In fact, as we were emerging from the pandemic as I joined my current firm Elenjical Solutions, Fintech’s willingness to foster a ‘people-first’ culture strongly contributed to the sustained growth they experienced throughout the long confinement periods – not only did the business not experience losses, in fact it thrived despite the uncertainty of the market and the world at large.
What lay at the core of this success was a laser beam focus on upholding adequate HR practices – being flexible and reacting fast to often rapidly changing circumstances. HRM has come a long way since I first entered the field 14 years ago. It’s gradually being perceived as much more of a spectrum, rather than solely an outlet for employee conditions and benefits. More than ever before– it’s become a broadly encompassing framework that works hand-in-hand with the strategic goals of the business. It is without doubt the most essential component that a business could have in order to meet it objectives.
It may be the Sales department that wins the plaudits, but HR represents the cultural heart of a business, and whether big or small, it directly impacts reputation, quality and ethics. Which – more than anything else – impact sales.
Hiring strategies
When the quality of hires is great, so is the work output – tie that all in with the right training and opportunities, and it’s a winning combination for finance companies.
From the initial stages of candidate search, there is a huge added value in shaping the recruitment process with the intention of finding the right cultural fit. This is mission critical, and should involve having senior executives join recruitment interviews to involve them in the hiring process. Questions should target getting to know the candidates as people and what they’re passionate about – all of this helps the candidate feel ‘seen’ and valued from the initial encounters, and can be an important differentiator for an employer in a tight market for talent. Employees who feel valued have more reason to want to join, work harder, and stay.
While hiring experienced personnel is a battleground, there are alternative ways to boost investment into quality recruits. Graduate schemes, people systems and partnerships with South Africa’s top universities can strongly elevate a business’ ability to attract the cream of each academic year’s talent. Even when they are inside the business that is not the end of the story – it’s only the start. Grads are putty that need to be moulded into shape with care and attention, and they are hungry for practical, vocational training in the workplace. There’s also huge value in looking to hire diverse people from different ethnicities and countries, to build a rich pool of ideas and outlooks.
A culture in favour of retention
It’s one thing to recruit good people, but it’s another to keep them – particularly at a time like today where the market is currently running hot. The mindset needs to be set on providing employees flexibility, a more even work-life balance, and choice – areas that have not been the strong suits of traditionally command-and-control finance firms.
One component of this is cultivating a hybrid work model, in which staff are only expected to come into office a limited amount of times a week. This understands the importance of collaboration but also embraces the fact that working from the comfort of one’s own space can often be more productive than making people to come into office against their will – giving people the opportunity to work around their needs and their optimal conditions for productivity.
Wellness is another aspect that can slip between the cracks in ambitious organisations  – particularly in finance and since the pandemic. That includes creating a safe space for people, such as through a variety of webinars, one-on-one check-in sessions and larger group deliberations. Employees need to know that opening up is not a sign of weakness and is in fact welcomed.
Work is more fun than fun
In the same vein, there should be a budget for fun. Through recurring company-wide social events, smaller team events and random cross-section get-togethers, a more supportive and pleasant work environment can be cultivated. The events can be frivolous, but there is nothing frivolous about the benefits to the long term bottom line of businesses that prioritise having a good time together.
An emphasis on finding new ways to boost a people-first culture is the key to sustained growth, whatever the size, stage or sector of company. In fintech an emphasis on results tends to dominate. That’s fine, but it also needs to be appreciated that it’s predominantly people who deliver those numbers. Happy, well supported employees, who are encouraged bring their whole selves to work, are the secret sauce of business success. Spending on employees should not be regarded as a reluctant cost but rather as an investment with the best ROI imaginable.
Kerisha Govender is Head of HR at Elenjical Solutions.
