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Retaining employees is crucial for mutual fund distributors as employee turnover can disrupt client relationships and affect overall business performance.
We spoke to Varanasi MFD Ankush Thukral and Pune MFD Varshali Budhauliya who manage a team of over 50 and 25 employees respectively to understand what they do to retain their employees.
Varanasi MFD Ankush Thukral of Thukral Capital (over 50 employees)
Give benefits
MFDs should put in place appropriate policies that covers pension, employee health insurance and employee medical insurance. These benefits guarantee that employee believe that the company cares for their well-being and future.
Accommodations and sponsorship
MFDs should promote their employees to learn new things and brush up skills. We encourage our employees to take up certification courses like CFP and CFA. We generally pay 50% of the total course fee and other expenses.
Annual gathering with employee families
We organize an annual gathering for staff and their families. These events give us an opportunity to strengthen your relationship with employees.
Pune MFD Varshali Budhauliya from Degree 212 (over 25 employees)
Hire young talent
We recruit freshers, teachers, undergraduate students who are eager to learn and earn and others who are new to the field. When these individuals get the opportunity to learn and start their careers with us, they form an emotional bond with our organization.
They appreciate the chance to settle into a stable job and this gratitude brings up loyalty. Our employees recognize that our company has helped them achieve a decent life. This experience also helps in their personal development and self-grooming.
Health and wealth
We actively promote fitness within our organization. We encourage our staff to engage in physical activities like swimming, going to the gym, practicing karate and more. To support this, we provide incentives in their salary for these activities. We also encourage our employees to motivate their family members including their children to participate in physical activities.
Additionally, we have a yoga enthusiast in our team who conducts yoga sessions during free time. These sessions help our employees to refresh themselves and maintain both their mental and physical fitness.
Learning a new hobby (Music)
We encouraged our employees to learn music, especially on weekends and to assist them, we have engaged a professional music teacher. In fact, we have kept a guitar and keyboard in our office for our employees to practice with.
Encouraging outdoor activities
We motivate our team to participate in marathons. As a team, we run marathons whenever possible. Our team has completed a 10 km marathon and has earned more than 10 medals from various marathon events. We have also started participating in Cyclothons, with our employees completing a 25 km Cyclothon twice.
Gifts and recognitions
Organizations should always reward their employees for their hard work and achievements to encourage positivity toward the organization. We practice this by recognizing our employee’s efforts. Recently, we celebrated our 12th Foundation Day and gifted sports cycles to all our employees. This initiative aims to promote fitness among employees who are not comfortable going to the gym.
Festivals celebration with family and orphanage visits
We celebrate festivals like Diwali, Christmas and our annual day with the families of our employees. We either invite them to our office or book a banquet hall for the celebrations. Additionally, we organize visits to orphanages, where our employees can spend the day helping and interacting with the children there. We encourage employees to bring their families and children to these events so they can learn the importance of helping others and giving back to society.
Spirituality sessions and holistic approach
On non-business days, we conduct spirituality sessions. During these sessions, we listen to informative podcasts, engage in brainstorming discussions and explore how we can apply the insights to our daily lives.
These sessions help employees relieve work stress and maintain healthy work life balance.
