IIM ROHTAK H U M A N E - R CLUB P re s e n ts
H R BULLETIN VOLUME 84
humane.r@iimrohtak.ac.in
H U M A N E - R | V O L U M E 84
HR BULLETIN
Can today’s star performers be tomorrow’s leaders? In the brave new world, it becomes even more pertinent to choose the right leaders who can, not only survive effortlessly, but thrive with passion, compassion and enthusiasm. According to The Peter Principle, people in a hierarchy tend to rise to their "highest level of incompetence": employees are promoted/hired based on their success in previous jobs/stints until they reach a level at which they are no longer competent, as skills in one job or role do not necessarily translate to another. So, the big question is - can today’s star performers be tomorrow’s leaders or will they turn out to be just today’s solutions but translating into tomorrow’s problems?
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Past success is not a guarantee for future performance, says the disclaimer in fine print of investment products, and rightly so. When organisations hire people based on their past performance, they make an investment in the individual’s capability to bring success to their organisation. However, sometimes past performers fail to deliver under new circumstances as they lack the intrinsic skills required to be a successful leader. In the brave new world, it becomes even more pertinent to choose the right leaders who can, not only survive effortlessly, but thrive with passion, compassion and enthusiasm. What we don’t know is what usually gets us killed If today’s star performers do not fully understand the complexities of the business, or worse, fail to identify, accept and work up on their individual development needs, they will unknowingly set themselves up for failure. We live in an era of disruption. An era marked by globalization, competition, digital transformation, agility & innovation. Mega trends like ecommerce, social media, cloud, big data which were considered as new megatrends are now being replaced by even newer megatrends like BlockChain, AI, Robotics and IoT, all in less than a decade. For today’s achievers to become successful in the future as well, they need to understand the market challenges and changed rules of management. 1.Market Challenges 2.Greater competitive intensity 3.Increasing use of technology 4.Substitutions/innovations by competitors 5.Cost/availability of talent 6.Increasing number of markets served 7.Increasingly sophisticated consumers 8.Growing number of regulations 9.Greater geopolitical risk Changed rules of management •Ability to lead through more complexity and ambiguity – Success shall come to those who learn to thrive in a VUCA (volatility, uncertainty, complexity and ambiguity) world. •Foster Entrepreneurial mindset - Exhibit Speed in times of uncertainty, exhibit Humility and demonstrate Resilience in times of setbacks & failures. •Break away from Comfort Zone – No matter how many books you read on ‘how to swim’, real learning takes place when you literally get into the water. •Invent the Future - "Those who are crazy enough to think they can change the world, do change the world. " - Steve Jobs. Do not ponder over past failures, invest in the future. •Maintain transparency - This one is true not only for today’s performers and tomorrow's leaders but also for the organisations as well. •Pace of change – this demands leaders to work more closely with one another to be able to come up with integrated solutions in a more rapidly changing environment. •Look for support - Don't try to become a one person army, it doesn’t achieve anything. Being conscious about one's vulnerability is important. •Collaborate with Customers – The boundaries between clients, partners and vendors are getting blurred each passing day. Leverage data, plan a joint strategy and win the market. •Strategic Agility – This one is my top favourite. Fail fast, learn from the failure, review the strategy, re-plan and restart. Include the chance of failure and rebuilding as part of a strategy to quickly overcome trauma of setback. ‘Speed’ is the new engine of business and ‘quick & right decision making’ is its fuel. How to identify future leaders from today’s star performers? There is no winning formula to accomplish it. A general bias is to choose on the basis of “culture fit” approach deploying traditional methods like checking for ‘leadership style’, ‘team fit’, ‘good listening skills’, ‘collaborative approach’, ‘goes by just gut feeling or involves analytics as well’, etc…
Read more at: https://www.peoplematters.in/article/leadership/can-todays-starperformers-be-tomorrows-leaders-32828
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The secret sauce of productivity Appreciation has a social valence and has the power to emotionally connect and infect others with positivity. Does the name Doug Conant ring a bell? He was the CEO of Campbell Soups in 2001 when the company’s business hit rock bottom due to several organisational issues including a toxic culture. Among the many leadership strategies, Doug adopted, one of them was to engage with each staff member and personally, connect with them. He also did something that was unheard of – in the 10 years at the helm, he wrote 20 notes a day, and more than 30,000 notes to thank each employee for their contribution to the company. On his visits to these offices, he would find his notes stapled to the softboards, bulletin boards and sharing pride of place on their desks. Needless to say, in 2009 Campbell Soups outperformed other companies! What made this turnaround happen? What was that special ingredient in the recipe of growth and high productivity?
Dopamine effect of appreciation The greatest psychological effect of appreciation is the dopamine hit of happiness in both – the person giving and receiving it. While it seems easy to do, most leaders tend to get weighed down by day-to-day challenges and ignore the focus on human connection. Appreciation has a social valence and has the power to emotionally connect and infect others with positivity. It makes employees feel valued, recognised and inspires them to lean in and give it their all…
Read more at: https://www.peoplematters.in/article/strategic-hr/the-secretsauce-of-productivity-32827
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H U M A N E - R | V O L U M E 84
'Banking on talent': Why banks need to change strategy A new report from Eightfold AI spotlights specific opportunities for banks so as to better compete with the talent challenges fintech companies pose - with upskilling/reskilling, calibrating roles with future skills, and hiring for potential on top. Digital trends have been reshaping the banking industry too. While banking organisations have made significant strides in meeting the digital demands of customers, the industry continues to face challenges when establishing digital-first talent strategies, with only 15% of the top in-demand skills currently being employed by their IT workforces Many banks do not have a future-ready workforce while fintech companies continue to embody a digital-first strategy. According to Boston Consulting Group, in today’s typical bank, up to 90% of employees are dedicated to day-to-day operations, with only 10% devoted to change and innovation. To compete with fintech companies and remain relevant, banks need to rethink talent and transform, and do so quickly. They need to accelerate product delivery and be more flexible in responding to customers. Often having costly, complex tech stacks, they need to reduce IT spending, and increase technical flexibility and scalability. With increased security and regulatory risks, they need to adopt AI-driven risk management practices. As per talent intelligence platform Eightfold AI’s new report, “How Banks Can Become Future Ready,” banks have three main opportunities to better compete with the talent challenges fintech companies pose: Upskilling/reskilling, Calibrating roles with future skills, and Hiring for potential…
Read more at: https://www.peoplematters.in/article/skilling/banking-on-talentwhy-banks-need-to-change-strategy-32832
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Five tech skills needed to manage virtual digital assets The growth of digital assets in India has been noteworthy with an estimated market worth $15 billion and technology is the catalyst to optimise the potential of digital assets in full, effectively manage the accelerating demand and to ensure transparency. The term ‘Virtual digital assets’ was coined by the government during the Union Budget for 2022-23 to define digital assets, while introducing the new framework of taxation in the Finance Bill 2022 as clause (47A), under Section 2 of the Income Tax Act. The emergence of virtual digital assets in India has helped to address the concerns around credibility of the digital asset, while also boosting confidence amongst the potential investors and new customers to enter the crypto. While this shift is promising to drive discerning investors or revolutionise businesses and redefine economies, it is pivotal to monitor security issues and ensure that robust-technology is used with hybrid IT infrastructure as well as skilled workforce to support the systems. The growth of digital assets in India has been noteworthy with an estimated market worth $15 billion, according to a report by CREBACO. Technology is the catalyst to optimise the potential of digital assets in full, to effectively manage the accelerating demand and to ensure transparency. Against the backdrop of this rapidly evolving technology, it is imperative that companies and aspiring professionals focus on skilling and upskilling, to manage the technology involved in virtual digital assets without encountering challenges…
Read more at: https://www.peoplematters.in/article/skilling/five-tech-skillsneeded-to-manage-virtual-digital-assets-32790
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H U M A N E - R | V O L U M E 84
Sustaining the learning curve: Who decides your company's L&D agenda? With sustaining a learning culture becoming a fundamental workplace priority, C-suite executive and HR leaders must build the skilling game plan together to ensure that employee growth journeys are aligned to meeting larger business targets. TeamLease’s latest report on the EdTech sector in the country revealed that investments in skilling programs are expected to rise by 15%. This points out how organizations are increasingly prioritising L&D programs as it offers a number of benefits from highly skilled work performance, increased productivity, agility and flexibility as well as accelerating business growth. It also positively impacts the overall employee experience which is a significant variable in talent retention as attrition rates are expected to rise in the coming months. As the business value of a positive learning culture is being witnessed and understood by companies, what is important at this juncture is to align employee’s professional growth journeys with the larger business goals. The indispensable role of C-Suite in the skilling agenda: With CHRO’s starting to play an even more important role in the overall business strategy design, planning and execution, there is a closer alignment between the Executive Leadership and HR leaders. From Skilling being a long held exclusive HR function pioneered by L&D leaders, the involvement of C-suite executives have been on the rise. LiveMint reports how as a result of skill shortages in the IT industry in India, this intervention has been on the rise. At Mindtree Ltd, the executive leadership is known to aid the skilling process through a roadmap backed by learning centres, digital platforms, sponsorships and proactive budgetary support…
Read more at: https://www.peoplematters.in/article/c-suite/sustaining-thelearning-curve-who-decides-your-companys-ld-agenda32732?media_type=article&subcat=training-development&title=sustaining-thelearning-curve-who-decides-your-companys-ld-agenda&id=32732 7