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This study examines the influence of human resource practices (HRPs) on both the financial and social performance of monetary financial institutions (MFIs), assessing the role of intellectual capital (IC). Data were collected from 252 MFIs in India, and structural equation modelling was used to analyse causal relationships. The proposed model finds a positive relationship between HRPs and human, structural, and relational capital, and all facets of IC were positively associated with financial and social performance. Intellectual capital fully mediated the relationship between HRPs and financial performance but only partially mediated the relationship with social performance. Accounting for IC components, the indirect relationship between HRPs and financial performance was stronger than the indirect relationship between HRPs and social performance. Results indicate that HRPs can better explain the performance of MFIs through human, relational, and structural capital accumulation. They were congruent with a resource‐based view of HRM and human capital theory.

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Purpose Social innovation (SI) has been promoted by policymakers for addressing all kinds of social issues in the context of diminishing government resources. It is, however, difficult to assess the efficiency of SI-based public policies, as the process of SI itself remains largely nebulous. The purpose of this paper is to better understand this process with a focus on its early stage, until the point of identifying a socially innovative idea and in the context of disadvantaged rural communities in India. Design/methodology/approach Co-creation workshops were facilitated to generate socially innovative solutions in villages, using co-design technique. Following an action research approach, qualitative data was collected to produce case studies. Findings This study found that SI was appropriate for addressing development challenges in rural India. Facilitated co-creation was successful in involving all citizens and effective in generating SI. The authors developed a framework of generating SI through co-creation that gives a more precise understanding of the SI process. Practical implications The authors propose a method for co-creating SI that can be of significant use for practitioners. Findings can help design better and more socially impactful public policies. Originality/value This paper focusses on understanding the process of generating SI, using a participatory approach. It is the first work that has been conducted of this sort in the context of Indian rural villages.