Our team spoke with Ayush K. HR Business Partner at Biz2Credit. Here is an excerpt from the conversation.
Tell us something about Biz2Credit organization?
Biz2Credit was founded in 2007 with one goal: “make business finance work better”. We’re backed by Nexus Venture Partners and our 225,000 small business customers.
Since we started, Biz2Credit has been the best place for small businesses to get funding online.
Our proprietary platform matches small businesses to the best sources of capital for their needs based on each company’s unique profile. Our network consists of 1.6 million users, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. We’ve provided over $7 billion in small business loans and financing for thousands of companies across the U.S.
Where companies have fired employees and resorted to salary cuts in order to meet cover losses, Biz2Credit announced a bonus to all employees in the month of Feb ’21. Tell us something about how and why you took this decision. What is the impact of these Employee Benefits on your employees?
We all know the suffering of people in these pandemic times. As a responsible corporate, we believe in the philosophy of giving back to society. The purpose of announcing the bonus was to empower our employees to face the financial challenges that may occur during the pandemic. We got an overwhelming response for our initiatives. Our employees wholeheartedly acknowledged the benefits that we delivered to them when the job market was so gloomy. As a result, we see a sense of belongingness among our employees, and they feel immense pride in being associated with Biz2credit.
As a responsible corporate, we believe in the philosophy of giving back to society. The purpose of announcing the bonus was to empower our employees to face the financial challenges that may occur during the pandemic.
What are some of the other Employee benefits you have rolled out during the pandemic?
There are many actually. We started reimbursing employees’ internet charges while working from home, delivered the IT assets at their doorstep, there is 24 hours support from our IT and Admin team to address their queries. We also provided them better medical benefits, renewed their corporate group insurance policy with more sum insured to cover the unforeseen medical expenses. Also, we are multiplying our employees’ annual bonus to whopping upto 40 times to strengthen their association with us and to meet their financial goals. We are leaving no stone unturned to make Biz2credit a great place to work. Where people experienced salary cuts after March 2020 during the severe outbreak of COVID-19, we promised that we will complete our appraisal process and give increments to our employees for their hard work. Keeping our promise, we completed our appraisal process for FY’19-20 in September 2020 and for FY’20-21 in May 2021 and salary increments were rolled out for everyone.
Also, we are multiplying our employees’ annual bonus to whopping upto 40 times to strengthen their association with us and to meet their financial goals.
How do you build your employer brand to hire fresh talent? Tell us something about your current hiring initiatives?
We are emphasizing more on hiring through social media which helps us to promote company vision, culture, and company success story throughout, testing out different platforms and avenues to reach out to the right talent. We at Biz2credit facilitate our people with employee-friendly culture, world-class infrastructure, work-life balance, and most important Rewards & Recognition for our employees’ hard work. We design career paths for our employees to help them to attain their career aspirations.
We have decided to hire more fresh engineers as compared to previous years from reputed colleges and universities. This will help us to promote ourselves among young talent. We have recently automated our hiring system, focused on quality hiring and good candidate experience.
We at Biz2credit facilitate our people with employee-friendly culture, world-class infrastructure, work-life balance, and most important Rewards & Recognition for our employees’ hard work. We design career paths for our employees to help them to attain their career aspirations.
We promote hiring through the employee referral program. To achieve hiring efficiency we are working towards process improvements. To explore the vast pool of talent we started recruiting PAN India. We are in the process to hire trained resources on niche technologies from technology institutes/organizations.
How do you foresee the future of workplaces? What are your returns to work plans?
Our business model gives us great flexibility to offer the services and solutions to our customers and clients through online channels. For start-ups and small-cap companies, this new normal of remote working culture post-pandemic era would be a huge saving of capital invested in fixed assets and infrastructure. It will give them more flexibility to invest in Artificial intelligence for user interface and improving their services and products to sustain their growth while managing the business margins. In the future, we see more companies will join the bandwagon to quash the overhead cost incur while operating from the physical locations.
Besides this, we are concerned about the health and safety of our employees. And we’ll ensure that our employees are fully vaccinated whenever we open the office for normal working.