Key Focus Area for DEI for 2023-24:
C.O.R.E. Framework
Culture:
- Inclusive culture building by manager sensitization through Leading with Inclusion workshops and e-modules for all employees
- Sensitizing program for all hiring managers through Hiring with Inclusion
- Our Employee Satisfaction scores remain consistent between genders at 95%
- DEI Toolkit as a resource guide available to all leaders
- Recognizing DEI Champions & Women Role Models as part of Founders Day celebration
- Launch of crèche assistance program for employees to support working parents
- Launch of Max WIN Circles, an employee resource group for women leaders
Building Organization Capability:
Signature programs for women like She Leads, Catalyst, Roar, that are designed to provide inputs at every life stage & career stage of a woman employee.
Recruitment & Retention:
- Max Life Insurance achieved a diversity ratio of 27.3% in July
- Regular governance through monthly diversity dashboards at a granular level
- On time retention conversations and inclusion efforts led to a drop in women attrition by 10.2% in FY’24
- Differential Referral Program: Our employee referral scheme offers 50% higher incentive in case of women candidates
- Differential incentive for empanelled diversity vendors
Engagement & Connect:
Celebration of our annual DEI Week, which saw:
- Launch video of #ICelebrateWhoIAmEveryday featuring the CEO and leaders speaking in multiple regional languages. The video was shared with 22000+ employees on WhatsApp
- Fireside Chat with Arundhati Bhattacharya, CEO, Salesforce India & Ex-Chairperson, SBI and Prashant Tripathy, CEO, Max Life
- Ideas Xchange: Beyond Boundaries & Barriers with Parmesh Shahani, Head, Godrej DEI Lab, attended by all leadership
- Employee Debate: “Is it crucial to raise awareness about LGBTQ+ rights in the workplace?” & “Are efforts to enhance gender diversity leading to reverse discrimination?”
- Understanding unique challenges of people with disabilities through disability simulation activities.
- “Get Your Child to Work Day” as token to support working parents of Max Life.
Two very special and meaningful initiatives were organised on International Women’s Day:
- Jugalbandi: Panel featuring 5 female employees across different functions and seniority levels, hosted by EVP & Head, Operations was held at our Head Office.
- “I Appreciate You”: Leveraging the Power of Appreciation, all managers wrote personalized appreciation cards or used Digital cards for their women team members.
Leading DEI Initiative:
One of our most impactful DEI initiatives at Max Life Insurance is the W.O.W. (Wonderful Ops Women) Program. This initiative is specifically designed to address the unique needs and challenges faced by women in our operations team. The program focuses on empowering, educating, and engaging female employees to enhance their work experience and career growth.
Empower:
The W.O.W. program aims to empower women by providing them with the tools and resources they need to succeed. We conducted detailed surveys to gather feedback on their needs, which ranged from office infrastructure improvements to specific career development requirements. Based on this feedback, we have initiated several empowerment activities, including:
- Financial Literacy Workshops: These workshops provide women with the knowledge and skills to make informed financial decisions, fostering financial independence.
- Mentorship Programs: We have established a structured mentoring system where experienced leaders provide guidance and support to emerging female talent. This mentorship helps in career planning, overcoming workplace challenges, and achieving professional goals.
Educate:
Education is a key component of the W.O.W. program. We have developed tailored training sessions and resources to help women enhance their skills and advance their careers. The educational initiatives include:
- Skill Development Workshops: These sessions focus on building both soft skills (such as leadership and communication) and hard skills (such as technical expertise relevant to their roles).
- Career Development Seminars: These seminars offer insights into career progression, including strategies for growth, navigating organizational hierarchies, and balancing work and personal life.
Engage:
Engagement is critical for creating a supportive work environment. The W.O.W program fosters engagement through various activities and initiatives:
- Feedback Mechanisms: We have established regular feedback channels to ensure that the voices of women are heard and their concerns are addressed. This feedback loop helps in continuously improving the program and its effectiveness.
Impact:
The W.O.W. program has made a significant impact on the operations team. Women now have a stronger support network, enhanced skills, and greater confidence in their roles. The program has also contributed to a more inclusive and supportive workplace culture. By providing women with the resources and opportunities they need, we are not only improving their work experience but also driving overall organizational success.
Through the W.O.W. program, Max Life Insurance demonstrates its commitment to creating an empowering and inclusive environment where all employees, regardless of gender, can thrive and contribute their best.
Employee Testimonial for this initiative:
Nisha Menon – Corporate Vice President, Operations
Malcom Forbes said “Diversity is the art of thinking independently together”. At Max life I have truly witnessed this thought come to life. While most organizations merely work towards improving diversity quotients, I have observed that at Max life we believe in harnessing the power of that diversity. While the organization has been a pioneer in driving the diversity agenda, I was happy to participate in leading an initiative called W.O.W. (Wonderful Ops Women) in the back office team where we have attempted to make a difference to the life of 270 ladies who work with us in the operations team. The program works on three pillars of Empower, Educate and Engage. Formal feedback collected through sharply designed surveys highlighted the diverse requirements of the womenfolk working in different parts of the country. Their needs ranged from some basic asks around office infrastructure to specific requirements like financial advice, navigating career growth discussions and acquiring new skills. We put together a structured engagement calendar and a group of committed anchors in each zone who are now working on tailored programs for each location. Financial experts were roped in to provide awareness around how to make independent financial decisions. A mentoring program is being developed to groom budding women talent, but most importantly W.O.W. is giving the women in Operations a voice and platform to share their aspirations, their challenges and most importantly creating belief that they have a support group which will take care of them.
Impact Statement:
Max Life’s dedication to DEI is driving meaningful change within our organization. Through our CORE framework, we have created a culture that values inclusivity and supports diverse employees at every stage of their career. Our targeted programs address the specific needs of women, fostering an environment where all employees can thrive. The successful implementation of our recruitment and retention strategies has led to significant improvements in diversity metrics and a notable reduction in attrition rates. Engagement initiatives, like DEI Week and International Women’s Day events, have further reinforced our commitment to creating an inclusive workplace. As a result, Max Life is not only enhancing the well-being and satisfaction of our employees but also building a more innovative and productive workforce. Our focus on DEI is ensuring that every employee, regardless of their background, can contribute their best, ultimately leading to a more dynamic and successful organization.
Advice for organizations looking forward to working in this area:
Organizations embarking on their DEI journey should consider the following key points to build an effective and sustainable DEI strategy:
- Leadership Commitment: Ensure strong commitment from top leadership to drive DEI initiatives. Leaders should visibly support and champion DEI efforts, setting a tone that prioritizes inclusivity.
- Data-Driven Insights: Leverage data to inform DEI strategies. Regularly track diversity metrics, employee feedback, and program outcomes to understand gaps and measure progress.
- Tailored Programs: Develop programs that address the specific needs of your workforce. Customizing initiatives based on feedback and regional requirements can make them more effective.
- Inclusive Culture: Foster an inclusive culture through continuous training and open dialogue. Encourage employees to engage in DEI discussions and participate in training programs.
- Avoid Tokenism: Focus on genuine, impactful DEI efforts rather than superficial measures. Ensure that programs and policies are designed to create real change and address systemic issues.
- Employee Involvement: Involve employees in the DEI process through feedback mechanisms and participation in resource groups. Engaged employees are more likely to support and contribute to DEI initiatives.
By addressing these areas, organizations can build a robust DEI framework that drives meaningful change and fosters a truly inclusive environment.