A large number of employees in organisations are getting agitated about being stuck at home and it’s high time organisations took care of them, said Keki Mistry, Vice Chairman and CEO at India’s largest mortgage financier, HDFC Ltd.
“Currently a lot of people who are at home, not talking about HDFC per se but just generally, are getting sort of agitated and very unhappy being stuck at home. I think these are difficult times…Firms must look at the welfare of the employees on a continuous basis, and keep them motivated,” Mistry told ETCFO in a phone interview.
Since April, most of India Inc has been working from home amidst fresh disruptions due to the new virus. India has been seeing about 3.5-4 lakh cases daily as compared to the daily average of 80,000 in early April. Key states accounting for major economic activities like Maharashtra, which is home to financial capital, Mumbai, Gujarat, Karnataka, Rajasthan, etc have all imposed micro lockdowns to contain the spread.
Many corporations had just started opening their offices and welcoming their workforce after a sharp decline in Covid infections until the pandemic situation again turned grave, threatening both economic recovery and employees’ well-being.
Mistry, also heading the corporate social responsibility committee at the HDFC Ltd, shared that his organisation is leaving no stone unturned in supporting its 3,000 about employees adding he is covering vaccination costs for all of them.
Covid impact on business
The HDFC CEO said the disbursements from here on would be a function of how long the lockdowns continue but he expected growth to return to higher levels sooner than later emphasising, “Covid has made it more imperative for people to have bigger and more airy houses.”
The collections, too, he said, would improve once some sort of normalcy is back, indicating he doesn’t see a significant worry due to fresh disruptions. “Last year we saw that everyone was worried that after the moratorium there would be a big drop in collections, but we never saw that,” said Mistry.
Mistry is hopeful that India’s second wave would peak by June end, and that things would get back to some normalcy.
In the just-concluded March quarter, HDFC reported a healthy 60 per cent yearly growth in its individual loan disbursements which constitute 77 per cent of its AUM as of the financial year 2020-21 close. Collections efficiency for individual loans in March 2021 was at robust 98 per cent.