Decoding New Growth Enablers
Dr. Niranjan Hiranandani Founder & MD Hiranandani Groups If India aims to be a global leader as also a $5 trillion economy, the challenge is to get the formula just right. At various symposia, the ingredients that makeup this formula are deliberated over. The obvious solution comprises the three ‘T’s: Talent, Trust and Technology. To bring equilibrium between machines and people in this digitized world, a right mix of talent doled out by the trust and equipped with appropriate technological tools will help to structure business continuity plans under the new normal world. Talent - Companies need to source out the right talent pool in the age of digital disruption that is transforming the way of business operations. However, tempting may be the technical skills in the digital world, but a right balance needs to be struck between domain expertise that comes from legacy employees and new age digital talent. An integrated team with a mix of the right skill set of an experienced player powered with industry wisdom and young flesh brimming with new technical aptitude is key to survival and growth. Companies to stay ahead of the curve must identify the dearth of new roles that may emerge in the digital disruptors era to optimize Artificial Intelligence and human balance. This will help to invest in the pre-emptive skill development that encompasses building the right talent ecosystem in the organisations. It will be absolutely critical to empower existing talent pool with constant learning & relearning to stay tuned to the ever-evolving work dynamics and be a vital contributor in transforming organization to touch the new milestone. Today, talent needs constant nurturing with innovative skill grafting which helps to retool themselves, enables them to take a leapfrog towards futuristic roles, navigate business hiccups and scale a breakthrough opportunity. Obviously, reshaping the current human capital to survive and thrive in a challenging time is a litmus test. Companies with the right mix of people with right skills in the right roles will have a cutting edge in this competitive market place. Trust – Trust is the most important brand asset that you build with every stakeholder be it customers, employees, associates, investors, vendors etc. A company that is able to build a strong sense of trust within the organization is competent enough to weather the market volatility storms and stand out as a clear winner. It is imperative to create a sense of trust among its human assets that fosters successful business. Aligning your words and actions is a key pillar for organisation’s success and it needs to be inculcated into the company’s work culture. The culture of an organization influences employee’s action and has the potential to drive the desired outcomes. Build a model of team work, reinforce the collaboration among the cross-functional teams for better learnings, foster accountability by building bottom - top approach in communication and be open for feedback. By setting up such honest dialogue culture, companies can set the stage for an appreciative culture. This will surely go long for companies to tide over unfavourable market circumstances and taste the success of growth against all odds. Technology - Talent needs to stay afloat with current and ever evolving digital and technical skills to gain competitive edge. India is rich with young demography and has an active work force that has embedded technology in their daily lives. As new technology gains acceptance – and this usually is with due support from ‘Talent’ – the growth options expands not just from an economic perspective, being measured in terms of GDP growth, but also about human index growth. This is about upskilling and enhancing technology usage to be at par with global best practices. India faces this quandary, where a section of citizens believe that adoption of new technology will take away jobs. The absolute reverse is the truth - what we have seen till now, in the banking sector, makes for an apt example. From manual ledgers localized in branches to a centralized digital database, Indian banking adopted technology. It created more jobs in aspects like sales, service, maintenance, repairs and upgrading – and this, across segments like hardware, software and networking. So, the jobs are there, for those who upskill and relearn the required skill-sets. In India, the construction sector is one where traditionally we have been labour intensive, and the change is visible. Especially after COVID-19, the ‘new normal’ includes extensive use of technology in planning, designing, marketing and also execution of the projects. This will bring in innovation, cost effectiveness, accuracy, reduce time interval, speedy execution and close monitoring. The leaders have to grab such opportunities, be agile to innovate and drive the workforce more effectively and efficiently. It is simply the art of Upskilling and Reskilling to stay market relevant.
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