A Journey of Feedback: Building a Culture of Trust and Improvement at SMHFC

Feedback is the cornerstone of continuous improvement, fostering growth for both individuals and organizations. At Svatantra Microhousing Finance Corporation Ltd. (SMHFC), feedback is not just a tool for evaluation but a fundamental value embedded in the organization’s DNA. Over the years, we have cultivated a robust feedback culture that has significantly enhanced employee satisfaction, engagement, and operational excellence. In this blog, I will share our journey, defining feedback at SMHFC, the mechanisms we use, and the remarkable impact this culture has had on our organization.

The journey towards a robust feedback culture at SMHFC began with recognizing that our employees are the backbone of the company’s success. As we grew, it became apparent that maintaining high levels of engagement and performance necessitated a culture of active listening. We aimed to create a transparent environment where every employee could voice their concerns, share ideas, and participate in shaping our policies and practices. Our commitment to inclusivity and ensuring every employee felt heard and valued aligned perfectly with our core values of trust, integrity, and customer-centricity.

At SMHFC, feedback is seen as a two-way, continuous communication process that empowers employees and drives positive change. Unlike many organizations where feedback is often restricted to performance appraisals or evaluations, we view feedback as a daily practice. It’s about recognizing achievements, reinforcing positive behaviors, and identifying areas of improvement. This holistic approach sets us apart by promoting development, collaboration, and innovation, rather than merely corrective action.

One of our most effective feedback channels is the “OpenDoorDialogue” sessions. These informal, open-ended conversations between employees and management, often held in a Town Hall format, dissolve hierarchy and foster open communication. Employees are encouraged to share their thoughts, challenges, and suggestions directly with leadership. This approach not only ensures transparency but also builds trust between employees and executives.

In addition to these sessions, we employ various digital tools to facilitate anonymous and continuous feedback. The "We’re All Ears" platform serves as an online suggestion box where employees can submit feedback anonymously, ensuring candidness. Our internal Help Desk allows employees to raise concerns related to day-to-day operations, HR policies, and personal grievances. These tools make the feedback process more flexible and accessible, allowing employees to provide input at any time.

We understand that giving and receiving feedback effectively requires training. Thus, we have implemented comprehensive feedback training programs. These programs teach employees how to provide constructive feedback and emphasize the importance of receiving feedback with an open mind. By equipping our team with these skills, we ensure that feedback remains constructive and contributes to the overall growth of both individuals and the organization.

At SMHFC, feedback is not merely collected—it is thoroughly analyzed and acted upon. Feedback from "OpenDoorDialogue" sessions and digital platforms is reviewed by management, and actionable insights are shared with relevant departments. This systematic approach ensures prompt addressal of concerns, reinforcing the importance of employee contributions and driving continuous improvement.

One of the biggest challenges we faced was overcoming employees’ initial reluctance to speak up. Many employees feared judgment or retaliation. We addressed this by ensuring anonymity in feedback mechanisms and consistently communicating the value of feedback to the company’s success. Leadership played a crucial role in modeling the desired behavior, actively encouraging feedback and demonstrating that employee voices were heard and valued.

One significant success story came from feedback regarding our mediclaim policy. Employees expressed concerns about the lack of parental insurance coverage. In response, we included parental insurance coverage in our policy, significantly improving employee satisfaction. Post-implementation surveys showed over 85% approval from our employees.

Our feedback culture has profoundly impacted employee satisfaction and engagement. Employees feel empowered, knowing their voices matter and that they play a role in shaping the organization’s future. This sense of ownership has led to higher job satisfaction, improved morale, and increased productivity.

We ensure the continuous improvement of our feedback mechanisms through regular reviews and updates. Feedback channels are assessed for effectiveness, and changes are made to enhance accessibility and transparency. Metrics such as employee engagement scores, satisfaction surveys, and the number of suggestions submitted are used to measure the success of our feedback culture.

For organizations looking to cultivate a feedback-rich culture, our advice is clear: start by building trust. Ensure that employees know their feedback is valued and will lead to positive changes. Provide multiple channels for feedback, both formal and informal, and ensure that leadership models the behavior they wish to see.

The key to sustaining a feedback-rich culture is consistency. Encourage regular feedback, not just during performance reviews. Provide training and create an environment where feedback is seen as an opportunity for growth, ensuring long-term success.

In summary, SMHFC’s feedback culture has become an integral part of our organizational fabric, fostering transparency, trust, and continuous improvement. Our commitment to listening to our employees has led to significant changes, improved employee satisfaction, and set a benchmark for other organizations.