Month: August 2023

In today’s digital age, ‘infrastructure’ extends beyond roads and bridges—it encapsulates the digital highways that connect us in cyberspace. Simply put, it is the backbone of our online world, ensuring that data flows smoothly and systems communicate seamlessly. One segment of this infrastructure is finance—a tool that has transformed how we manage, transfer, and save our money. Recognising its transformative potential, the Indian Govt. has launched several initiatives. From the Pradhan Mantri Jan-Dhan Yojana (PMJDY) aimed at universal banking to the India Stack promoting secure and inclusive payments, the government is striving to make digital finance universally accessible, with a particular focus on women.

Setting the Stage

A survey by YouGov indicates that in urban India about two-thirds of women engage with digital modes of payment, with convenience standing as the leading reason. Interestingly, cashback, promotional offers, and the ability to keep a record of payments are also cited as motivators. However, the report also suggests that despite these numbers, achieving gender parity in digital financial accessibility remains a challenge. The constraints faced by women are twofold: limited access to financial services and limited access to digital technology, both of which have traditionally been male-dominated.

The Influence of Digital Payments: Role of UPI

The Unified Payments Interface (UPI), a real-time digital payment system, has transformed the way we make transactions. As per a World Economic Forum report, In 2021, India led the world with 48.6 billion real-time payment transactions, leading the chart and saving the economy approximately $67 billion since its inception in 2016. Not only has UPI enabled the easy transfer of money from one bank account to another, it has also linked QR codes, phone numbers, and bank details, making payments more user-friendly. “A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure,” said Prime Minister Shri Narendra Modi. 

The seamless integration of UPI with popular applications like Paytm, GooglePay, and PhonePe, coupled with easy refunds on failed transactions, has fuelled the growth of digital payment transactions. The spike in UPI usage during the COVID-19 pandemic further attests to its popularity. 

The Growth of UPI and its Impact on Women’s Financial Independence

UPI’s rise has been striking, with transactions in May 2023 hitting 9.41 billion—a 58% increase from the previous year, as per YouGov’s survey. However, achieving gender parity in digital payments is still challenging. ” Springer Link’s study points out that one out of every five Indian women doesn’t have a bank account. Efforts are in place to boost these numbers, but challenges persist in regular account activity and gaining access to savings and loans. Even with hurdles, embracing digital finance can drive us closer to goals like gender equality and job growth.

Policies and Initiatives Propelling Digital Financial Inclusion

Several programs have been launched to boost women’s access to digital financial tools. A notable initiative is the ‘India Stack’, a digital toolbox – featuring a unique digital ID card and easy ways to make online payments. This toolbox is transforming how women in India manage their money, helping the economy grow. Another key player in this change is the trio of Jan Dhan, Aadhaar, and Mobile – known as the JAM Trinity. Moreover, the PMJDY—launched in 2014—aims to give every household without a bank account their own access. It’s one of the biggest efforts worldwide to increase banking use.

Empowering Indian Women

A study by the Observer Forum Foundation suggests that access to digital payment infrastructure has offered a lifeline to women, unlocking income generation opportunities, fostering asset accumulation, and enabling participation in economic activities. As women gain control over their finances, they are able to weather shocks, such as those brought on by the pandemic, making these resources critical for improving resilience among India’s marginalised populations.

Anticipated Developments and Remaining Challenges

Future developments in infrastructure could amplify women’s empowerment in India. The United Nations has developed a roadmap for their economic empowerment, identifying advocacy and programmatic priorities for strengthening the rights of informal sector workers in India. UNDP suggests that the rise of the gig economy is another exciting development. The adoption of new technologies could create better opportunities for women, provided adequate reskilling programs are available. Increased adoption of digital technology and acceptance of virtual work in sales and distribution could pave the way for women in fields dominated by app-based interactions and phone calls.

Nonetheless, challenges and roadblocks remain to be tackled to realise their full potential. These include limited physical infrastructure, low ATM penetration, limited digital adoption, poor connectivity, cybersecurity threats, and low literacy rates. These factors can hinder the fortification of India’s payment infrastructure and limit women’s access to and use of digital payment systems. Overcoming structural and technological challenges such as cyber-frauds, transaction costs, communication infrastructure, awareness, and adoption requires collective intervention by the industry.

The Ripple Effect

The power of women’s upliftment through digital payment access is clear in places like rural India, where women have traditionally been sidelined. In a nation marked by gender disparities and divided by urban-rural divides, these initiatives have ushered in winds of change. The contrast between bustling cities and remote villages highlights these disparities. Financial imbalances, combined with gender and regional disparities, still hinder India’s potential. The journey to bridge this gap is long, but every step towards an inclusive and equal digital finance ecosystem moves us closer to a brighter, unified future for all women.

The professional aspirations and priorities of every generation differ, often influenced by the socioeconomic and cultural contexts they grow up in. For Gen Z, the generation born between 1995 and 2010, work is not just about earning a paycheck. As recent data suggests, this cohort of young professionals values purpose-driven work significantly, often placing it above many other traditional considerations.

The Deloitte Global 2023 Gen Z and Millennial survey highlighted that while work is central to the identity of Gen Z, they highly value a work-life balance. This balance isn’t just something they admire; it’s their top consideration when selecting an employer. One of the pivotal aspects that contribute to this balance is the flexibility regarding where and when they work.

Compared to their predecessors, Gen Z’s emphasis on purpose-driven work is evident. A 2021 study by Zety revealed that members of Gen Z notably prioritise empathetic workplaces that focus on the broader needs of people and the environment. In contrast, preceding generations mainly viewed pay as the dominant consideration for job selection.

Responding to this shift in worker priorities, companies have been realigning their organisational values and missions. ThoughtExchange, an anti-bias management discussion platform, reported that a staggering 85% of Gen Z participants expressed a desire to be part of a company with a clear and meaningful mission. Further, 89% mentioned they would consider leaving an organisation that doesn’t resonate with their values. Leading the pack, organisations like Patagonia and Ben & Jerry’s have set exemplary standards by committing to social and environmental causes. Witnessing their success, several other firms are integrating purpose-driven values into their foundational principles.

But why this colossal shift? An article in the Harvard Business Review delves into the unique challenges faced by this generation. Many Gen Zers began their professional journeys only to face unprecedented disruptions due to the Covid-19 pandemic. Moreover, they’ve actively participated in movements advocating for social justice, equality, environmental concerns, and more. These experiences have carved out a distinct identity for Gen Z, one characterised by the scepticism of established norms, a hunger for immediate societal change, and a strong desire for workplace transparency.

As employers look to attract and retain the best talent from the Gen Z pool, it becomes crucial to align organisational values with the aspirations of this generation. The paradigm is clear: for Gen Z, purpose takes precedence over the paycheck.

Feedback, an integral component of personal and professional growth, has been viewed differently across generations. But with Gen Z entering the workforce, the need for consistent, open feedback has been redefined. Unlike the more reserved sessions of yesteryears, Gen Z craves continuous communication to ensure they’re on the right track.

A notable aspect of Gen Z’s feedback culture is their preference for face-to-face interactions. A report by The Workforce Institute reveals that 75% of employees prefer receiving feedback in person, contrasting sharply with the 16% who lean towards text messages and the mere 9% favouring emails. This desire for a personal touch in communication underscores the value Gen Z places on genuine human connections, even in an era dominated by digital communication.

The way feedback is structured and delivered is also pivotal for employees. Another finding from the same report highlights that Gen Zers not only want regular feedback but expect it to be specific, constructive, and a balanced mix of both positive and negative insights. They appreciate it when their successes are celebrated, be it individually or as part of a team. The medium of communication, interestingly, has also shifted with people open to feedback through various high-tech platforms like video calls, instant messaging chats, and gamified applications.

Recognising this shift, many organisations are evolving their feedback mechanisms to resonate with Gen Z’s expectations. As outlined in a Harvard Business Review article, managers are now encouraged to provide continuous, clear, and actionable feedback, complete with real-life examples. The frequency of these sessions has increased, with 60% of employees desiring multiple check-ins weekly, and a significant 40% hoping for daily interactions. The paradigm has transitioned from long, drawn-out sessions to brief, frequent, and tech-enabled meetings.

Certain companies have managed to stand out by successfully adapting to this feedback culture. As highlighted by a McKinsey & Company report, Gen Z values individual expression and is deeply committed to diverse causes. Organisations that have fostered such an environment, that respects individual expression and provides avenues for them to rally behind causes they’re passionate about have resonated well with this generation.

As Gen Z becomes an increasingly dominant force in the workplace, companies must evolve and cater to their preferences. After all, feedback, when delivered right, has the potential to drive unparalleled growth and engagement.

Work-life balance, a long-championed concept across generations, is transforming. With Gen Z, the digital native generation was born into an era of rapid technological evolution. As they make their mark in the professional world, they bring forth the idea of “work-life fusion,” emphasising integration over segregation.

A significant facet of this transformation is Gen Z’s inclination towards remote and hybrid working environments. In a study by NinjaOne, a majority (55%) of the graduating cohort of 2023 expressed a preference for remote or hybrid work set-ups. Having said that, traditional office spaces aren’t entirely off the radar. The Psychology Today study reveals a certain eagerness among Gen Z professionals to experience a formal work environment, albeit not on a full-time basis. The data suggests an era where work arrangements are tailor-made, catering to individual preferences, where one doesn’t simply choose between the home or office but finds the optimal blend of both.

However, it’s not just about where they work but also when. Gen Z’s craving for flexibility extends to their work hours, allowing them to merge their personal and professional worlds seamlessly. The Forbes article pinpoints their ideal work schedule as being both consistent and flexible. Such schedules not only support work demands but also provide the latitude to pursue personal endeavours.

Indeed, one of Gen Z’s standout characteristics is their entrepreneurial spirit, often manifested inside hustles. This isn’t merely about earning an extra buck but about integrating personal passions into their primary careers. An example from a BBC Worklife article showcases Shola West, who smoothly combines her full-time role in advertising with a personal consultancy venture, all with the support and encouragement of her employer. Such instances signal the merging of personal brand building with day jobs, enabled by flexible work structures.

Recognising this shift, many corporations are recalibrating their policies to cater to this work ethos. The World Economic Forum report highlights a demand from the workforce (73%) for enduring flexible work models, mirroring Gen Z’s aspirations. It’s not just about work modality. Companies are moving towards offering benefits that resonate with their values. From health benefits to aligning with causes and passions, the aim is to foster a holistic environment conducive to both professional productivity and personal growth.

As the lines blur, the concept of work-life balance evolves into work-life fusion for Gen Z. Embracing this shift will not only attract the brightest talents but will redefine workplace culture for generations to come.

The modern workplace is experiencing a wave of change as Gen Z is expressing their preferences. One thing that stands out is their oscillation between the desires for collaboration and independence.

Gen Z, it seems, enjoys the collaborative spirit. After all, many have grown up participating in group projects, team sports, and online multiplayer games. However, a survey by Betterteam suggests a duality in their preferences. While they are comfortable working in teams, they also harbour a strong inclination to undertake individual projects, allowing them to spotlight their capabilities and assert their value to employers.

When it comes to collaboration, their digital-native status means they leverage technology in ways that previous generations might find avant-garde. A report by Google and eMarketer underlines their media consumption, averaging 10 hours a day. Their favoured modes of communication? Instant messaging apps like WhatsApp and Facebook Messenger, and platforms like Instagram and Snapchat. Recent platforms gaining traction among this demographic include BeReal – an app lauded for its spontaneity and absence of curated content – and Snack, which merges elements of TikTok and Tinder.

Recognising these preferences, numerous organisations are remodelling their physical workspaces and digital setups. The Work Design article highlights the need for companies to morph their offices to cater to Gen Z’s requirements. This involves crafting spaces that foster both solitary concentration and open collaboration. On the digital front, as InformationWeek reports, Gen Z aspires for seamless integration of digital infrastructure in every facet of their work lives.

But with every generational influx into the workplace, there are bound to be challenges. A Forbes article pinpoints one of the hurdles when managing them: cultivating a results-oriented work ethic. It underscores the importance of clear goal-setting and accountability. On the brighter side, a Harvard Business Review article suggests that companies effectively navigating these waters are those debunking age-old stereotypes and facilitating understanding across multi-generational teams.

In essence, as Gen Z carves out its space in the professional realm, the onus is on organisations to find the right balance. By embracing both collaboration and independence, companies can unlock the full potential of this generation.