Employees’ expectations have changed significantly in the aftermath of the pandemic, and fintech firm PayU has made work-life balance a key component of its employee value proposition (EVP), says Priya Cherian, chief people officer.
The company believes retaining talent is as important as attracting it, Cherian said in an interview.
PayU is financially doing well, its hiring plan is intact, and it will onboard a few hundred employees this financial year, she said.
Data science and data engineering will be the focus areas for PayU in hiring this year as data is at the centre of everything it does. And the firm will also continue hiring backend engineers and product managers as well.
She said start-up layoffs in recent months had offered employers a wider pool of talent to choose from, and underlined that hiring costs will stay elevated for maybe six months, after which they will correct. Edited excerpts:
PayU seems to have reworked its employee value proposition (EVP). Can you explain?
The EVP is based on three pillars. After many focus group discussions and more than 1,000 surveys with employees, we were able to pinpoint our organizational strengths and four key differentiators that set us apart. These included a sense of ownership, a high-growth environment, massive resources and a sense of challenge in everything. The essence of these four factors went into building the three pillars of the EVP - collaboration, entrepreneurship and innovation.
We have 3000+ PayUneers (employees) in different business areas; 43 different nationalities in 20 different countries. This requires integration of people, teams, and technologies. We have raised the number of employees who are eligible for bonuses this year. With a 3X increased referral bonus, the business has improved its employee referral programme. We have also focused on diversity, inclusion, gender neutrality and mental health.
What is the hiring plan for PayU in India over the next one year? And what kind of roles you are hiring?
Over the next year, we are definitely going to focus a lot more on tech, product, data roles and a few non-tech roles. We are aiming to hire around 240-250 people this year as PayU’s credit and payments businesses continue expanding.
We will focus on strengthening domain expertise. Data science and data engineering will assume greater focus this year as data is at the front and centre of everything we do. Of course, we will continue hiring backend engineers and product managers as well.
We are building our product management teams and that has been the focus for the second half of last year. It will continue to be so at least for the next 12 months to ensure that our product management teams are much stronger.
What’s your talent pipeline strategy?
Our talent strategy is focused on multiple areas. We will continue bringing in junior talent and building a strong pipeline. We will continue diversifying into Tier 3 and Tier 4 campuses. We have seen great success stories coming from Tier 2 and 3 campuses last year. From a diversity and inclusion standpoint, this strategy has served us very well and that is why we will leverage it this year as well.
Hiring of key talent has turned expensive. How do you see this shaping up in the near future?
Certainly, hiring is more expensive as there is a war for talent in the entire industry and the Indian economy. At the same time, this situation is not permanent and there are different sub-trends – sometimes contradictory - within the Great Resignation also. For example, there was a trend of reverse migration with employees returning to their former employers.
While people are resigning for salaries, that is not the only criteria – employees are also looking for better work-life balance, benefits, welfare programmes, or work aligned to their interests. There are also layoffs in the start-up market. I expect resignations and elevated hiring costs will last for maybe six months, after which the hiring market will self-correct.
How are the layoffs in the start-up ecosystem going to play out for fintech players like you and will it reduce HR costs to some extent?
Layoffs are an unfortunate reality in today’s start-up ecosystem, especially in companies dependent on investor capital. But it gives organisations the opportunity to tap into a wider talent pool. And we are looking for talent to power our growth. PayU is a profitable, stable company on a growth trajectory – e.g., in FY 22 PayU’s TPV in India grew 66 percent and revenues increased 49 percent.
However, our goal is not just to attract but to also retain talent. People are looking not just for money, but for other aspects of professional growth and well-being. This is why our EVP is a promise to existing and potential employees to build a more rewarding future for them by investing in their growth, learning and overall development.
This proposition is brought to life through multiple initiatives and mindfully crafted HR policies. For instance, we offer learning and upskilling programmes, support well-being, and work-life balance, and ensure that policies and processes are inclusive for all, including our LGBTQ (lesbian, gay, bisexual, transgender and queer) + women colleagues. So our EVP works as both an attraction and retention factor.
Are you back to working from the office fully in India?
We started hybrid 3-2 or 2-3 work model from July, where employees have the option of working two or three days in the office. Employees are allowed to choose the model which suits them better. A healthy work-life balance is an important component of our EVP. For instance, the company offers 40 days of earned leave in addition to a mandatory 10-day leave.
As the HR leader, how are you working to tackle the work-life balance expectations of employees?
A healthy work-life balance is an important component of our EVP. For instance, the company offers 40 days of earned leave in addition to a mandatory 10-day leave. As I mentioned earlier, we also offer a hybrid in 2-3 or 3-2 options (working from the office for either 2 or 3 days).
We took into account that the pandemic has significantly changed employee expectations, prioritizing personal well-being, growth, work-life balance and mental health. PayU’s EVP offers policies and benefits in response to this. For instance, we offer professional psychological, financial and legal counselling services for employees and their families.
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