Now a days the Indian financial market is overcrowded with private Non Banking Financial Organizations, but if you ask any of them about their position in the market they will tell you that “we are no 1 and running in profit”. But is it really possible? I think you will get the answer if you look at the employee turnover rates of the company. But if still they are making profits then you can easily guess how they are managing it and ultimately how it is affecting everyone.
I have worked for several years with many of such organizations and observed that there are few basic flaws in their operations but they are not ready to rectify them. In India most of such NBFCs have a target oriented approach. Setting targets for profits is good but their target setting mechanism is absolutely unscientific. They set monthly targets for their employees and this is done randomly, not on the basis of capability. Now if a person from a ordinary family background joins such a company and his colleague is from a rich family and both their monthly target is same, then obviously the second one will be able to get more cases and business for the company using his family sources and will get promoted easily. But the ordinary one will finally get sacked. This is happening everyday but the companies don’t even think that this way many people are becoming jobless and help less. They actually don’t care. A good company always first take care of the internal customers and then the external customers. But in India the situation is completely different. The internal customers are exploited to the maximum, the external ones are ignored and harassed and the company in between makes the profit. Now if we talk of the HR or the authority which monitors everything, we will actually get frustrated as they do nothing. I have noticed that the perception about HR is mere recruiting authority and they actually take care of the recruiting and salary part only. But the actual job of HR or domain of work should be much larger. The HR is actually a bridge between the company and the employees. But in India the Hr is just a bridge which connects itself to the company and no one is allowed to use the bridge. It happened with me 1 year back when I was going to put a resignation letter to the HR due to change of job. I have not yet got the salary clearance. Do you want to know the name of the company?? We will be shocked to know that such a big company can do such a cheap thing…My ethics doesn’t permit me to openly disclose the name, but just to provide you an idea I’ll tell you that the company has its branch in Gariahat,Kolkata, New Delhi, Ambadeep Building.
Besides I have also seen how they are doing their force selling practices and if a person doesn’t need any investment or insurance they will not spare him as if he/she has committed a crime. But ideally they must create a ground for educating the masses first as I feel that in India around 20% is properly insured and the rest 80% is untouched.Regarding investments and insurance there is widespread ignorance and the financial institutions must first focus on educating them through various activities rather than directly forcing them to buy their product. A “rickshawalla” of Calcutta also needs an Insurance but if we tell them to invest a certain amount he will never understand. Moreover the insurance companies do not have any option for the poor classes as they can’t give high premiums. The companies are smart enough to approach the rich people as they will fetch higher premium hence higher revenue/profit. Now I think it will be an eye opener for all of us as I have shared the actual story. It is just to show you that its your money and how they are running into profit using the money of the masses. So next time you are going to invest in any such company, think twice as how they actually operate.
I have worked for several years with many of such organizations and observed that there are few basic flaws in their operations but they are not ready to rectify them. In India most of such NBFCs have a target oriented approach. Setting targets for profits is good but their target setting mechanism is absolutely unscientific. They set monthly targets for their employees and this is done randomly, not on the basis of capability. Now if a person from a ordinary family background joins such a company and his colleague is from a rich family and both their monthly target is same, then obviously the second one will be able to get more cases and business for the company using his family sources and will get promoted easily. But the ordinary one will finally get sacked. This is happening everyday but the companies don’t even think that this way many people are becoming jobless and help less. They actually don’t care. A good company always first take care of the internal customers and then the external customers. But in India the situation is completely different. The internal customers are exploited to the maximum, the external ones are ignored and harassed and the company in between makes the profit. Now if we talk of the HR or the authority which monitors everything, we will actually get frustrated as they do nothing. I have noticed that the perception about HR is mere recruiting authority and they actually take care of the recruiting and salary part only. But the actual job of HR or domain of work should be much larger. The HR is actually a bridge between the company and the employees. But in India the Hr is just a bridge which connects itself to the company and no one is allowed to use the bridge. It happened with me 1 year back when I was going to put a resignation letter to the HR due to change of job. I have not yet got the salary clearance. Do you want to know the name of the company?? We will be shocked to know that such a big company can do such a cheap thing…My ethics doesn’t permit me to openly disclose the name, but just to provide you an idea I’ll tell you that the company has its branch in Gariahat,Kolkata, New Delhi, Ambadeep Building.
Besides I have also seen how they are doing their force selling practices and if a person doesn’t need any investment or insurance they will not spare him as if he/she has committed a crime. But ideally they must create a ground for educating the masses first as I feel that in India around 20% is properly insured and the rest 80% is untouched.Regarding investments and insurance there is widespread ignorance and the financial institutions must first focus on educating them through various activities rather than directly forcing them to buy their product. A “rickshawalla” of Calcutta also needs an Insurance but if we tell them to invest a certain amount he will never understand. Moreover the insurance companies do not have any option for the poor classes as they can’t give high premiums. The companies are smart enough to approach the rich people as they will fetch higher premium hence higher revenue/profit. Now I think it will be an eye opener for all of us as I have shared the actual story. It is just to show you that its your money and how they are running into profit using the money of the masses. So next time you are going to invest in any such company, think twice as how they actually operate.
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