While HR has been busy transforming itself to a strategic role, the CEO’s hr wishlist has kept growing

Ever since the publication of McKinsey’s ‘War for Talent’ research, chief executive officers and business leaders have emphasised the need for their organisations to manage and leverage their human capital by effectively attracting, developing and retaining talent, in line with the organisation’s objectives and direction. The world of business since then has grown, both in size and in complexity. Complex and large projects require large teams, which more often than not are diverse both geographically and culturally, and compose of people across a variety of educational backgrounds. Technology today has also made it possible for teams to work together virtually without ever having to have in-person interactions. HR faced a daunting challenge. The need of the hour was to develop HR professionals who were not only skilled in their domain, but would have enough knowledge and expertise to be able to contribute to a marketing manager, or a finance director’s talent management needs at the input level. It was then imperative that the HR function, as it stood in yesteryear, had to relook and revamp its roles to help large and complex organisations in making human capital a key strategic advantage over competitors. From where HR was, to what it needed to be, was a paradigm shift from being merely administrators of decisions made by others to becoming key decision-makers affecting business outcomes. HR leaders succeeded to a great extent and most business leaders today believe that the HR is making exceptional contributions in strategic areas, including talent management, succession planning, engagement, recruitment and retention and that senior HR executives have done a great job in their role of a business partner.

The business world, however, has been changing faster than ever, with significant shifts in scope and character. Organisations are learning to deal with disruptive technology, shifts in economic power, talent mobility and black swan phenomenon. Naturally therefore, while HR has been busy transforming itself from the tactical to the strategic, and has deservedly received ‘a seat at the table’, the CEO’s wishlist from the HR function has kept growing. Business leaders today expect HR managers to have a much deeper understanding of business over and above their essential HR skills. Read More...

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Showing The Ropes

His passion for education earned him the sobriquet ‘the change maker’. Prof. R.S. Sirohi joined Invertis University in January 2011 with an aim to provide quality education to rural students. His experience with prestigious institutions, including IIT Delhi as Director, helped him to take up this challenge. “When I was appointed Vice-Chancellor of the Invertis University at Bareilly, I realised that rural India is still untouched by the outside world of learning. It was an eye-opening and painful experience for me,” says Prof. Sirohi.

A vast experience in education sector, Prof Sirohi says, helped him best in introducing many revolutionary concepts in Invertis. He opines that students in rural regions are devoid of conducive educational environment and do not have an enjoyable learning experience. Formal education is very important as it helps in building a strong foundation. At the same time, transparency is essential for any system to function smoothly. “Transparency is missing from the education system which has invariably affected the quality of education,” he laments and adds that India has witnessed mushrooming growth of private universities and educational institutions but there are very few which provide quality education. Click here to read more...

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On a Correction Course

It has been a return to the roots for Mr. Ankur Bansal, when he gave up a plum career in the USA to come back to Indiaand take up the reins of a ‘philanthropic’ initiative that his grandfather took up in 1996.

Established 15 years back, New Delhi Institute of Management (NDIM) has been an All India Council for Technical Education (AICTE), Ministry of HRD, Government of India, accredited institution since inception. It offers management courses that are delivered to students through a slew of modern teaching techniques such as, the Case Study Method, Lecture Method, Seminars, Field Visits, Group Projects, Role-Playing, Experiential Learning and Simulated Exercises.

And looking after the entire management and operations related activities of the institution since 2008, has been Mr. Bansal. He completed his schooling and college education in New Delhi and pursued his C.A. and MBA from Carnegie Mellon University, USA. While, staying there, he choose investment banking as a career and had stints with Bank of America Securities, among others, to later return to India. Click here to Read More....

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Businesses too small to let fail

Why do small businesses have such a high rate of failure? What can be done to lower it?

4Ps Business & Marketing, in a strategic alliance with the new york times service, presents a column by howard Schultz, Chairman, President and CEO of Starbucks corporation

This is such an important question right now because so many struggling economies around the world desperately need their countries’ entrepreneurs and small businesses to succeed. The jobs that small companies provide and the high-quality goods and services their employees produce can give powerful boosts to a faltering economy.

Unfortunately, studies show that about half of small businesses fail in their first five years – for a variety of reasons. Insufficient capital. Inexperienced management. Lack of – or incorrect – focus. An irrelevant product or service that does not meet or inspire market needs.

But let’s assume a company gets all of the above right – even though capital is hard to come by these days. The company can still sink if it does not attract and engage the right people.

Let me take a step back to make my meaning more clear. The hardest part of building a company at the outset is recognising the need to invest ahead of the growth curve, and then having enough capital to do so. The kinds of investments I’m referring to are ones you’d expect: materials, inventory, technical infrastructure, marketing, real estate.

Generally, the largest investments are in pay and benefits. This is where many small businesses get into trouble: By trying to minimise “people”-related costs, a small-business owner can inadvertently stunt the company’s growth. That said, investing in people is not just about spending money. It’s also important to expend intellectual energy on ways to inspire great work.

So, to answer this question more directly, small businesses have such a high rate of failure because their leaders do not put enough money or time toward employing, retaining and maximising top talent.

When I speak to small-business owners, I encourage them to follow a few guideposts:

LOOK FOR CHARACTER AS WELL AS SKILLS WHEN HIRING

Even in a down economy with high unemployment, the pool of the most talented people in any given area is shallow. That pool gets even shallower when the bar for hiring is skills PLUS strong character. This is the pool you want to hire from, even if it takes a little longer to fill a role.

Interview people through the lens of building a culture of trust. Ask yourself: How will they lead – by instilling fear or by encouraging greatness? How will they treat their direct reports, suppliers or customers – with respect or with condescension? Over the years, I have seen that character is more important than experience. People can learn the nuances of a job, but passion for doing the right thing cannot be taught.

Remember, the first people in the door will hire the next generation as you grow, so layer the organisation with teams that are smart, respectful, collaborative and just plain nice.

TREAT COMPETITIVE COMPENSATION AS A STRATEGY, NOT AN EXPENSE

Back in the late 1980s, at the beginning of my management of Starbucks, I wanted to be the retail employer of choice. I felt that I could achieve this only if, after hiring bright, friendly people to work in our shops (and our offices), I paid them more than the going wage in other restaurants and stores. I also had to offer benefits that were not available elsewhere.

Doing so came with a price. Back then, health-care costs were soaring and most companies were cutting benefits – much like today. Some of my investors accused me of irresponsibly raising expenses when the company had yet to turn a profit. I explained my position with data, showing that competitive pay and benefits would increase retention for existing employees and thus cut recruiting and training costs. Ultimately, my argument to investors proved true.

That was a long time ago, but treating overall compensation as a strategy for success, and not just an expense, remains critical. Today’s pay and benefits mix should be a sustainable blend of things beyond merit pay – stock options, retirement-account-contribution matches, tuition reimbursement, health-care coverage – that each hold value and add up to a total package that addresses people’s well-being on several levels.

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Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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IS TODAY’S FILM CRITIC MORE MARKETER THAN INTERPRETER?

In an age of crass consumerism, has the Film Critic sold off his soul to market forces or does he still bring a special, enriching perspective to the table? 4Ps B&M’s Consulting Editor Monojit Lahiri probes this delicate terrain with some articulate individuals

It started with a casual conversation regarding the forthcoming International Film Festival of India (IFFI) to be held in Goa, on the 23rd (November 2011). Created to showcase the best of engaging & interesting Indian – and global – cinema, film festivals have always attracted the true-blue cognoscenti and cinema buff of the discerning kind, desperate to sample a life beyond Bollywood! Where there are film fests, can film critics be far behind? In today’s world – especially with Bollywood booming and blitzing all over the place in all-consuming fashion – can a real committed, dedicated film critic ever hope to survive? Should he, under the circumstances, review and re-invent his role to be part-marketer, part-interpreter?

Respected, veteran Film Critic Saibal Chatterjee is first off the block with a zinger. “I don’t think it’s a question anymore, but a solid factual statement!” he says. In fact, he is of the firm belief that this breed – film critics – is slowly getting marginalised and residing mostly in the world of blogs or little magazines. “What you got today are mostly reviewers who dole out opinions that are reader-friendly, touching the surface areas of the film in a glamorous way. It is completely in keeping with the mood of the times where cinema is perceived as a product to be consumed by the largest volume of consumers, possible. So, marketing, branding, advertising and promotion skills take precedence over knowledge, scholarship or insight. Pitching it right to a dumbed-down readership is the name of the game. In this scheme of things, where does the poor film critic feature?!” Chatterjee tells 4Ps B&M.

Communication specialist Bikram Ohri begs to differ. He believes that we live in nano-second times where reverence and sanctity to anything out in the public domain needs to be reviewed. “Boss, movies in India are entertainment products. Can we please stop worshipping them, wait breathlessly for that magical ‘Eureka moment’ and cut to the chase?! The critics mandate today is clear: Blend commentary in a cutting-edge way that entertains as it enlightens. Also, please go easy on the heavies! As the great Hollywood Director Billy Wilder once said If you are lookin’ for art, hell, go buy a Picasso. If you’re lookin’ to have fun and be entertained, hey, welcome aboard!” says Ohri. Joining the party is a noted film critic who refuses to formally participate or divulge her name for professional reasons. “It’s all very well to talk about art, sensibilities and values but with the corporates entering the scene with their deep pockets, the equation within the system and industry has dramatically changed. Film criticism, an intrinsic part of this universe, has been impacted as well. There are no two ways about it,” she tells 4Ps B&M.

Film Critic Mayank Shekhar brings his own spin to the table. “Some very novel things have happened in the last few years in the industry that has certainly impacted the role of the film critic. For one, there is this new entity called Trade Analyst. It is a vague term but this person seems to grab a lot of space in the electronic and mass media. It presupposes some kind of academic/scholastic background but it really is about ringing up distributors from all centers to get box office collections! Does that answer the definition of a film critic? Then there is the smart, sharp and subtle co-opting of some members of the fourth estate by Bollywood to ensure popular reviews and feel-good notices in the media,” says Shekhar. He explains that all this is a byproduct of the huge budgets powering big-ticket Bollywood projects. Therefore the marketing machinery has to go full steam to reach, persuade and seduce the audience into seeing the film. “However all is not lost, but yes, it is a tricky and challenging calling!” he adds.

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Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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HCL Launches Console

HCL has become the first Indian company to launch handheld consoles. It is set to take on international gaming giants like Sony & Nintendo. According to industry estimates, there are about 300,000 handheld consoles in India and the segment is witnessing a year-on-year growth of around 35 percent. HCL ME-converged devices comprise multimedia options like imaging, voice recording and recording TV programmes on the consoles. But while HCL is going after the usual gamers with this new surprise, Nintendo and Sony have already made their mark in the Indian and global markets. Moreover, they are now coming up with a new 3DS handheld that enables 3D gaming. It’s a strategic move for HCL, but with competition on its heels, ‘tough times ahead’ is an understatement.

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