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Udaan Submission

Udaan Capital implemented a new performance management system to improve employee engagement and feedback. The new system linked individual, team, and organizational goals and included regular feedback, skill development plans, and qualitative reviews. These changes led to more meaningful conversations between managers and employees, better alignment of promotions with organizational needs, and opportunities for employees seeking lateral moves. While initial results were promising, continuous evaluation and refinement of the system is needed to build long-term resilience in the workforce.

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Vamsi Katta
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147 views7 pages

Udaan Submission

Udaan Capital implemented a new performance management system to improve employee engagement and feedback. The new system linked individual, team, and organizational goals and included regular feedback, skill development plans, and qualitative reviews. These changes led to more meaningful conversations between managers and employees, better alignment of promotions with organizational needs, and opportunities for employees seeking lateral moves. While initial results were promising, continuous evaluation and refinement of the system is needed to build long-term resilience in the workforce.

Uploaded by

Vamsi Katta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Udaan Capital:

Building Resilience
Ankit Bhaskar L22017

Rithvika Murthy L22018

Shiv Agarwal L22019

Vamsi Krishna L22020

Karan Raj Sharma BJ22178

Mehulla Jain BJ22180


Problem Statement

To establish the need for a PM revamp


and determine its effectiveness
To prepare suggestions for modification, rolling out of
the modification
To determine if the framework can be generalised
Context of the problem
Udaan is a Bengaluru based trading platform that integrated digital, financial, and logistical infrastructure to formalize and scale e-
business operations.
As the internet penetrated through Jio, demonetization pushed to payments over the phone and GST-enabled inter-state mobility Udaan
clocked a GMV of 140 million per month.
Udaan Capital was an NBFC with capital raised from Aditya Birla Finance, Kotak Mahindra Bank, and Tata Capital, it was divided into
operations-heavy and knowledge-heavy roles.
Adapa of Udaan's founding team believed that Udaan needed to take care of their employees and the product will take care of itself.
PM at Udaan needed a portfolio of HR practices and pointed out that the feedback mechanism was missing, people did not have any
resolutions that resulted in dissatisfaction; employee engagement and continuous dialogue were also missing.
While re-imagining the framework while setting goals, appraising performance, having feedback, and arriving at employee ratings
remained cornerstones, the focus was placed on not just outcomes but the effort put in.
The new PM system had interlinked individual and team goals, KRAs, and KPIs for individuals, enablers, and skill ladders for different
career stages and levels of expertise.
After an initial goal setting, the quarterly setting was done thrice followed by an annual review. Here Individual Development Plan (IDP)
was discussed, a skill ladder was added and an action plan was decided followed by a non-numeric rating followed by support actions and
decisions.
While the implementation saw an initial learning phase, it helped employees discuss goals and aspirations that drove engagement and
loyalty.
Three check-ins for sustainable conduction of the exercise, awareness, and education of managers and experience put the process on
auto-pilot.
By the end, HR understood individual aspirations, skills, and IDPs, promotions became more aligned with the organization's needs and
individual aspirations, and employees who wanted to move laterally were given opportunities.
It led to meaningful conversations and reliable actions, interval talent pool was invested in for new positions.
Industry Analysis

Environment: The MSME Developement Act of 2006 brought together the production of commodities and
the provision of services. It made it possible for the government to create preferential policies and assist
registered businesses with marketing, funding, skill development, and technology advancement.
According to the act the practices for msme credit was progressive, with low loan amount upto 45000 rs.
Institutional lenders were reluctant due to small loan sizes, high servicing costs and lack of financial docs
and collateral. Majority retailers relied on credit from supplier and often were forced to borrow from
informal lenders at steep rates of interest. Those relying in formal lenders were not satisfied due to
indirect costs associated with making numerous trips to distant locations and drawn-out disbursement
procedures.

Oppurtunity: NBFCs finance the underbanked, unlike the scheduled banks, they don't need to seek
collateral and don't need to maintain cash reserve ratios. They relied on credit risk models, and mobile
friendly tech helped speed up lending process and monitor repayment.

Threat: Flipkart's Big Billion Day sale of October 2015 accentuated last mile connectivity hurdles in
distribution networks, while disgital platform enabled B2C connection but B2B linkage was yet to mature.
Besides, buyers routinely deferred their payments, sellers based prices on buyers order volumes making
the prices not transparent and they also had to comply with strict regulations in sectors like
pharmaceuticals.
Industry Analysis
Easy Payments sytem and use of
common plaform
S for customers and lenders

Therefore it can be seen that there is


political support form the government,

Lack of inclination among employees


there is a social need, no apparent legal
complications, financing is
economically feasible, technologically
W and improper performance
management system given the stage of

viable with ecommerce spaces like the organisation


Flipkart gaining popularity and the

O
digital ecosystem presents a good
business oppurtunity for Udaan Capital Favourable technological support and
external environment including

policies

T Fierce completion by other players


with better last mile connectivity
Recomendations As the job profiles at Udaan Capital are heavily knowledge- and
operations-based, management should focus on skill development
initiatives that align with employee goals and job families. This
would aid in gradually boosting employee resilience and longevity.

Implementing a 360-degree feedback system to improve the


efficiency of the PM framework with a developmental rather than an
administrative objective.

The KRAs should be aligned with the strategic goals of the firm and
should be updated with time. Managers should have KRAs for
assessing and giving feedback to subordinates. Should focus on
building relational contracts with employees.

A combination of group and individual KRAs with qualitative and


quantitative goals should be used with weights according to the job
family.

Continuous feedback might be more helpful than the traditional


quarterly system, with an emphasis on absolute rating. The
frequency of assessment can also be based on project cycles of
individual/team.
Conclusion
Consistently developing skills that were in line with employee
aspirations was important for gradually building cohesion and
reducing dissatisfaction in the workforce.

Listening to managers and employees on the practicality and


effectiveness of the new PM approach was important for
building longevity and resilience in the workforce.

Managers have now started to look for talent in their internal


pool rather than looking to hire people from outside. This
creates a sense of trust among the employee, besides efficient
resource utilization and reduction of poaching.

The framework was being build in order to build a large-scale


organization and not just as a short-term measure for Udaan
Capital and this gives the framework greater application but
the framework needs to be periodically revised (specifically
KRAs) to keep it relevant.

Therefore a hybrid model according to different job families


might be more suitable for the organization.

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