What It Does: The World Bank specializes in the provision of funding, research, advice, and other kinds of support to countries in need. The essence of this organization is to provide developmental aid to second-world and third-world nations with low standards of living to improve their economy.
Mission: The World Bank's mission is to put an end to extreme poverty and promote shared prosperity.
Size and Presence: It's not clear how many employees the World Bank has in India, but its office is located in New Delhi.
Best Known For: World Bank is known for actively contributing to the economic growth of low and middle-income countries. As a finance and research powerhouse, the World Bank is known for being one of the largest sources of financial aid and knowledge to developing nations. The World Bank is also best known for creating more employment opportunities, reducing poverty, and improving countries' standard of living.
The Good Bits: The work employees do at the World Bank is meaningful and positively impacting. The benefits are attractive. Employees get to travel a lot.
The Not So Good Bits: The work requires a lot of working hours and travelling around, which may not be ideal for family men or women.
The World Bank came into existence in 1944 alongside a fellow international organization, the International Monetary Fund, at the Bretton Woods Conference. Several countries around the world attended this conference, but the U.K and U.S were the most present, and they dominated the proceedings. This organization was founded with the purpose of providing financial support in the form of temporary loans to underdeveloped nations that couldn't access such funding from other sources.
Initially, the bank had a slow start to life because of leadership struggles and insufficient funding. France was the first beneficiary of the World Bank in 1947. In 1989, the World Bank started including other beneficiaries such as NGOs and environmental sustainability groups. India was one of the founding members of the World Bank. At the time, India was an underdeveloped nation but advanced into a middle-income country. India's first loan from the World Bank was used to develop its railway system.
World Bank's culture is premised on five core values - Impact, Integrity, Respect, Teamwork, and Innovation. This organization and its employees take pride in their work, helping to make the world a better place. A significant part of the organization's culture is being a help-giver. The World Bank is a big family with a very inclusive and healthy working environment. This organization embraces all its employees regardless of demographics, such as gender, religious affiliations, or ethnicity. All employees join hands on deck to achieve a common goal. These are precise all the reasons this company is ideal for fresh graduates.
The World Bank, despite not being privately owned, is one of the most prestigious institutions in the world. Rich work experience is an ideal asset that can be invaluable to these employees even after their time at the organization. The trips around the world will provide immense cultural education that will make them of high value to any employer in the world. Working at the World Bank has a lot of perks for a fresh graduate, and it's a big boost on their CV. The organization offers internship programmes.
The World Bank screens its applicants and selects a certain amount for a series of interviews and assessments. The successful candidates will then be offered the desired job position.
The average annual pay of a fresher at the World Bank is 3.5 lakhs.
The work it does alone is a social contribution on its own. The World Bank has executed numerous community projects in impoverished Indian communities to improve their standards of living.