These days, microfinance institutions (MFIs) face myriad challenges, both from competition within the industry and from increased public scrutiny and government regulation. This is why it is more important than ever for MFIs to invest in their most important asset: their employees. In a new piece for the Microfinance Gateway blog, Peg Ross, Director of Grameen Foundation’s Human Capital Center, lays out five strategies for MFIs looking to ensure that their workers are mission-focused and successful.
Peg points to recent studies showing that people issues are at the core of most of the problems that MFIs face, and that progressive HR policies can lead to significant improvements in productivity. An MFI should start, she says, with an internal HR assessment to determine “what works and what doesn’t work, so that the organization can focus on the right levers for change.” From there, the MFI can create a long-term plan and focus on implementing best practices in everything, from hiring to performance evaluations to the professional development of its people.
Read the full post to find out more.