Perfios Software: India’s Most Valuable Workplace 2020-2021
The Most Valuable Workplace – India’s Best Companies to Work
Selected as India’s Most Valuable Workplace 2021-2021 by WCRCINT, Perfios Software under the leadership of CEO, V.R. Govindarajan is an intuitive, innovative and an incredible Workplace that drives growth with employee motivation and participative management styles with strong focus on business ethics and target orientation.
1) Key Employee Motivation Policies
It is important to our organization that each employee stays motivated to achieve their targets, as only then the organization as a whole is able to achieve its overall goals.
Some of the key employee motivation policies include:
- Setting Meaningful Goals
Each employee has a set of goals which are related to the organization’s overall goals. Employees are informed about their individual goals, as well as the management’s goals. This way the employees become aware of exactly how their individual work is contributing towards the organization giving them a sense of purpose and belonging.
- Provide Constructive Feedback
We strongly believe in sharing feedback. Feedback is given to employees not only when the employees’ work needs improvement but also when they are performing well. Constant and constructive feedback makes the employees aware of their strengths and their areas of improvement.
- Encourage New Ideas
Employees are encouraged to brainstorm and ideate. Opinions and ideas are shared in an open forum which includes not only their own team members but also seniors from the management. This instills confidence in them to face their fears.
- Employee Recognition and Appreciation
We believe that employees feel valued when they are recognized for the efforts they put into their work. At Perfios, we are a family more than a workplace. To us, providing recognition is an important aspect of employee motivation.
- Rewards and Incentives
Financial incentives and rewards can also be true motivators, but only when combined with ongoing verbal recognition and support. At Perfios, employees are not only recognized for their hard work, but they are also rewarded adequately. The winners from each team are recognized and rewarded at the end of every month.
2) Espirit de Corps – How does the management ensure fair and equal treatment to its employees
The leadership team at Perfios strives for fairness in all their interactions with our employees. Some of the ways to ensure fairness and equal treatment are shared below:
Employees are asked to judge and evaluate their own performance. A self-evaluation is most beneficial when compared with a performance assessment performed by their manager. This helps to compare an employee’s understanding of his performance with the manager’s understanding of the employee’s performance.
- 360 Degree Performance Evaluation
According to us, it is crucial to evaluate effectiveness of an employee within their own department as well as the effectiveness of the interactions and work performed with other departments. This gives a view of the employee’s job performance not only by their own team manager but also by other team’s managers. This removes any kind of bias which could potentially be present within teams.
- Rules Applicable to All
The rules apply to all individuals within the organization regardless of their rank or tenure in the company. The rules are made clear to all employees and are applicable to them equally across the board.
3) Suggest few methods that ensure employee and management trust and admiration?
Since our inception, we believe that trust and transparency should be the given the utmost importance when it comes to customer dealings and dealings within the company as well.
A few methods that ensure employee and management trust and admiration are as follows:
Even though it may feel hard to share difficult news or constructive feedback but being honest even during tough times is something that has led to a mutual understanding and trust between the employees and the management.
- Give Credit Where it is Due
The management at Perfios ensures that they show appreciation and acknowledgment for their team’s hard work. Managers are encouraged to recognize their team members for their contribution.
- Feedback from Employees
At Perfios, we have an open culture. It is common for any employee to walk up to the CEO’s cabin and discuss his/her issues. As a part of this open culture, management is also open to receiving feedback from the team members.
What compensation package and other indicators are used to ensure career growth of its people that benefits the company.
According to us, an effective compensation strategy motivates current employees and can be used as a tool to increase their performance. Some of the compensation strategies followed by us include:
- Developing Salary Ranges
Salary ranges are developed to ensure that each employee’s pay is competitive with other organizations in the same industry. To be competitive, it is important to benchmark similar jobs within the same industry and to create a pay structure.
- Benefit Package
Perfios also offers benefit packages to the employees in the organization. This is imperative to stay competitive with health, retirement and other benefits as these can be the determining factor for a job candidate who is deciding whether to accept a position in an organization.
- Performance Management System
In our opinion, a structured performance management process helps to ensure employees are meeting corporate objectives and are assessed on a regular basis.
This process includes helping the employees develop annual goals, conducting annual performance appraisals and provides a structured process for coaching and mentoring employees.
5) What are the topmost industry tools and techniques provided that ensures the maximum profitability for the company through employee productivity.
The leadership at Perfios ensures both employee productivity as well as company profitability. Some of the techniques that ensure the maximum profitability for the company through employee productivity are:
Increased responsibility is important for improving the morale and job satisfaction of employees. If employees are given the chance to gain skills and leadership experience, it will benefit the company as well as provide employees with a sense of achievement and direction in their own careers.
- Offer Support and Set Realistic Goals
Help employees by offering goals that are achievable. Provide clear direction to employees to help clarify expectations. This gives a clear focus and goals to work towards without any confusions.
- Practice Positive Reinforcement
At Perfios, employees are encouraged and motivated. The employees are also adequately rewarded and recognized for their efforts. This creates a sense of fulfillment for the employees, pushing them to perform even better.
- Provide Productivity Tools
Employees are provided the best of tools to maximize their time and increase their productivity. There are tools for communication, time management, project management and more which are provided to all employees.
6) How well are the employees and management aligned with the objectives and vision of the company?
Many employees at Perfios have been in the company for 10+ years. These employees have seen the early days of the company when Perfios was a team of a handful of people. These employees are perfectly aligned with the vision of the company since they have worked alongside the founding team who has set the vision for the company.
Today, these employees have large teams working under them and they have been able to align their teams with the company’s objective and vision.
As a result of this, the entire team feels a sense of belonging and is working towards the same goal of achieving the long-term vision of the company.
7. Reasons why the company is truly valuable to shape lives and take care of aspirations.
Apart from the fact that Perfios offers a very warm and welcoming work culture, which makes it easier for all employees to feel a sense of belonging and responsibility towards the organization, we also offer ample growth opportunities.
- Employees who show initiative and strong efforts in their roles are promoted to higher job levels within the organization.
- Paid certifications are offered to employees to enhance their skills in their own roles as well as in those which they would want to move on to in the future. This helps them to become well-rounded individuals and obtain an understanding of other roles that they find interesting.
- Employees are offered internal job posting, giving them the flexibility to change roles within the organization after the employee spends a stipulated time of 18 months in their current roles. This offers an opportunity for them to enhance their experience and broaden their perspectives.
- Trainings are provided to mentor employee for taking on leadership roles within the company, especially when they are required to handle a team under them.
- We believe that it is important to find a balance between professional job roles and our personal interests. To enable this, Talent Management Programs are developed to nurture the talents of employees in the organization.
- At Perfios, we provide opportunities for employees to increase their exposure to new markets. As a result, employees are able to interact with new people and widen their network.
8. How threatened and secure do employees feel with the targets and objectives?
The management at Perfios does not set anyone up for failures. Targets are realistic but aggressive, so employees feel secure and motivated towards the company’s vision and mission.
The overall objective of the company is taken into consideration while setting the targets of each team and the individuals who are a part of the teams. Every individual is aware of how their efforts will contribute to the achievement of the company’s objectives and overall vision.
Due to the company’s open-door policy, individuals are encouraged to walk up to the management team and discuss if they have any issues with their targets, resulting in resetting the individual’s goal if required.
Hence, all employees feel a sense of security while still being motivated to achieve their targets and objectives without feeling threatened.
- Innovative techniques and reward & recognition process in the company.
It is always our aim to be able to lead all the teams within the organization to success. To achieve this there are a variety of innovative techniques used.
- Mentorship Programs
Mentorship programs wherein an experienced employee guides a less experienced employee in their roles help the middle and junior level management to develop new skills while instilling loyalty in the mentees.
- Interactive Training
Interactive training is provided to employees. Employees are able to get real time-feedback from experienced employees on the work performed by them. This helps the junior and middle level management to learn decision making.
- Online Training
For some of the job roles, online training is provided. Online workplace training programs include eLearning courses, webinars, videos. These allow employees to learn at their own pace.
- Rewards & Recognition
Employees are rewarded and recognized for the efforts they put into their work. These rewards include financial incentives as well as verbal recognition. There are winners who are selected from each team, recognized in front of all employees and rewarded at the end of every month.
10. What are the feedback mechanism used by the company that sets goals and growth?
We believe that it is essential to provide feedback to employees not only for the betterment of the organization but also to provide them an understanding of their own strengths and areas of improvement. Some of the mechanisms used by us are:
‘SMART’ presents an actionable plan by providing goals which are:
S – Specific
M – Measurable
A – Attainable
R – Relevant
T – Time-Bound
While there are several goals and targets to be achieved by the different team members, the leaders are aware of how to keep targets competitive while also ensuring that they are relevant, timely and most importantly, achievable.
- Metric Driven Assessment
In our opinion, organizations need to be driven by metrics and targets rather than by intuition or hunches. Using metric driven assessment makes it clear what is expected of each employee. The performance of employees needs to be assessed using relevant metrics such as the percentage of targets achieved.
- Psychometric Tests
Psychometric tests are used to assess an employee’s mental capability as well as their behavioural style. From our standpoint, these tests are useful when an employee is struggling in their work. The tests can be used to discover the cause behind an employee’s discomfort and whether they would be more suited to another role within the organization.
What Employees Say
Chaitra Bhat – Associate Director, Division – Data Processing
- What are the personal growth objectives and how are they aligned to the growth of the company
Personal Growth objectives includes
- Being exposed to various roles in Leadership across various cross-functions and build a great team to help my organisation achieve strategic business goals.
- Enabling of Technology innovations to increase my knowledge and there by help the organization to be competitive in the marketplace.
- Being Financially rewarded equitably and hence enable organisation to meet the financial targets on a consistent basis.
Reasons why the company is truly valuable to shape your life.
- Companies has potential to grow and make a difference in the Fintech world
- Honesty and the integrity
- The thought process and approach of the leadership team
- Encouragement provided for innovation in the company
- Work Life balance
- HR policies
- Cultural values
- Direct access to the executive group, which is non-hierarchical, fluid and flexible
- Enables you to work with multi-disciplinary teams
- Listens to your ideas and thoughts
Rahul Agarwal – Senior Manager, Products
What is your vision with the career and how do you see the company providing all growth avenues to fulfil that vision
I intend to become an executive who is well versed with the principles as well as technological aspects of the modern age lending business. Having experience across underwriting loans across a spectrum of borrowing segments, working for Perfios provides me the additional opportunity of witnessing and participating in the digital transformation of the industry from close quarters.
Professionally, given the scope of innovation Perfios already has on its roadmap for the industry, I feel I shall also have the chance to handle much bigger responsibilities in future. The Company has clearly been empowering young employees with strong professional drive, which I think is a major contributor to their success in the last 2-3 years. Thus, from both a skill set and professional responsibility perspective, I consider this to be suitable environment for my professional objectives.
Raghu Mehta – Senior Manager, Customer Success Team
5 unique mentions of your reporting boss that you have learnt from?
a. Attention to detail
b. Passion for work
c. Empathy for the team members
d. Honest Critical feedback
e. Sharp Focus amidst chaos
What career benefits do you achieve by being retained in the company in the next 10 years?
I see myself growing as a leader on various fronts: technical, functional and people . That helps me take a leap in my career and 10 years in a company with such sound fundamentals and culture will definitely help me achieve significant milestones.
Ramgopal M Cillanki – VP, Engineering
10 Reasons why the company is truly valuable to shape your life.
- Visionary leadership team
- A very happening place to be.
- New domain experience.
- Experience rapid growth.
- Gives sense of accomplishment
- Collaborate with smart and savvy co-workers
- Instils confidence
Samir Trivedi – Director, Business Acquisition
How threatened and secure do you feel with the targets and objectives?
Being in Sales, I get to work alongside talented driven colleagues and leadership team with products that energize me. All while thriving in my passion and inspiring others in a space where one has the liberty to be the best, thus there is no threat from the targets and the objectives.
Innovative techniques that you have learnt in the company.
- Continuous learning
- Growth mindset
- Explore initiatives without fear of retribution
- No idea is small idea
- Career development with healthy competition
Your suggested improvement areas and why?
With the International market expanding and more new use cases coming up, knowledge sharing workshops between people from different geographies would help to get a better perspective of Fintech across the world.