Promoting D&I Strategies to Drive Transformational Business Outcomes in the Finance Industry

By: Sheetal Sandhu, Group CHRO, ICRA

Sheetal Sandhu, Group CHRO at ICRA, is a strategic leader with over two decades of experience across various industries. She is passionate about people and business innovation, benchmarking, and digital strategies. Sheetal has delivered outstanding results in areas such as human resources, business restructuring, talent acquisition, talent management &organizational transformations, sales & marketing. She has advised CEOs on managing organizational structures, digital transformations, and Mergers & Acquisitions. Sheetal has managed three CEO transitions and led the establishment of the senior leadership team at ICRA 2.0.

In a recent conversation with Women Entrepreneurs Review Magazine, Sheetal highlights the significance of an organization's transformation journey driving success and energizing employee performance. She also asks for establishing pioneering strategies and D&I that are crucial for the industry and society.

What unforeseen changes in employee expectations have you noticed in today’s volatile financial landscape?

Employees play a crucial role in a financial organization's transformation journey, and collective energy is essential for success. Organizations must empower and energize employees with specific strengths to achieve lasting performance. The changing landscape of people includes expectations, career journeys, rigor, hybrid models, technology, collaboration platforms, and a collective sense of purpose. Role clarity and career growth are unforeseen aspects, and effective management practices are needed to elevate employees to core transformation roles. Leaders must adopt different leadership styles, as Gen Z leaders may emerge with a different mindset.

With technology adoption being a prevalent trend, how can leaders in finance companies distinguish between innovation aimed at efficiency and innovation that fosters cultural transformation?

Cultural transformation is crucial for any organization's transformation journey. The first step is to change mindsets, build value systems, and create benchmarks for the organization. Financial services should focus on agility, collaboration, and independence, with leaders acting as role models. Leadership mindsets, learning agility, client-centricity, and democratizing decision-making processes are essential. Gen Z management and delivering leadership qualities daily are crucial for unlocking business value and enhancing productivity. Financial services should also focus on fostering client-centricity and democratizing decision-making processes.

What pioneering strategies can finance organizations employ to redefine employer branding and draw top-tier talent? How can these strategies contribute to a transformative organizational culture?

Leaders can redefine employer branding and attract top talent by focusing on employee engagement and mental well-being. Their employee value proposition should extend beyond enhancing workplace outcomes and boosting engagement to facilitating agility in the work culture, adopting new ways of working, and creating innovative ideas. Companies should refine their focus from being a great place to work to a place where people want to work. A purpose-driven organization attracts top talent and retains them. Leadership plays a crucial role in creating an organization, and culture, adopting agility, and embracing technology. Addressing toxic work culture is essential to avoid negative perceptions.

While many organizations have D&I strategies, few truly integrate them into their core business values. What critical actions must leaders undertake to ensure that D&Iis woven into the very fabric of their organizational culture?

Organizations that promote diversity, including gender, ethnicity, and special abilities, will lead the pack. Top management should drive these initiatives, ensuring they are ingrained in the culture. Successful diversity and inclusion programs require sponsorship within the organization, with leaders backing up diversity and providing mentorship.

Diversity candidates must also stand up for their rights. While it may take the entire ecosystem to create success, embracing diversity and inclusion is crucial for the industry and society. Achieving more embraced D&I strategies will lead to better corporate employers and a leap of faith for the country.

As the finance industry pivots towards digitalization, ESG, and customer-centricity, what leadership qualities do you believe will be crucial for future leaders to effectively navigate this evolving landscape? How can HR foster these qualities across all organizational levels?

The importance of agility in leadership qualities to drive transformation, digitization, ESG, customer centricity, and business outcomes is crucial. Leaders should adopt a future-focused mindset, demonstrating resilience and risk-taking ability. Additionally, leaders should educate themselves on the up-changing landscape of a transformation journey, focusing on the latest programs and learnings beyond their domain.

Managing Gen Z and other generations of employees is crucial, and situational leadership should be multifold and adaptable to the audience. This will involve a mix of democratized and hybrid leadership styles. HR can play a pivotal role in fostering these qualities across all organizational levels by listening to employees, and markets, and being futuristic. HR can proactively address gaps in the workforce and culture transformation journey, bringing skilling, re-skilling, and up-skilling within the organization.

The HR unction plays a role in creating a well-being environment for Gen Z and managers, facilitating well-being as a key KPI for themselves and managers. HR has a long way to go in navigating the evolving landscape of leadership mindsets.