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To address the amorphous structure of employees across the microfinance industry, Microfinance Institutions Network (MFIN), a self-regulatory body of MFIs, has launched an employee bureau in association with global information solutions company Equifax.
The bureau will help in maintaining a database containing details of staff, which would help MFIs improve the quality of hiring practices with better past-employment checks, MFIN said in a statement.
The database is expected to be comprehensive, having information across the hierarchy of MFI members, it added.
“Currently, there are thirty institutions which have agreed to incorporate this hiring technology and have signed up with Equifax.
“These institutions have updated their data network and are equipped with a robust system to track and maintain the employee database,” MFIN said.
Referring to the various challenges on employment, training, benefits and compensation that the MFI sector faces, MFIN said it has implemented a transparent system to verify and authenticate the employment details of the talent pool.
This will enable industry to access the requisite non-financial details — excluding salary information of the incoming employee, MFIN said in a statement. Ratna Vishwanathan, CEO, MFIN, said, “At present, the NBFC-MFI industry has nearly 80,000 employees. There is a lot of cross-movement of staff — especially at the field level, with very little formal background and employment verifications.
“To address this, MFIN has partnered with Equifax to create and implement the employee bureau. This database will have non-finance information — excluding salary information of all employees of participating MFIs with a unique key identifier to allow on-boarding of employees.”
“The MFIN Employee Bureau powered by Equifax’s India Workforce Solutions is a stepping stone for our strategic plan to digitise the employee verification services in India, with authentic data, high security and real-time access,” said KM Nanaiah, Country Head, Equifax India.
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