‘Banks need to drastically re-skill, reform for new normal’ (Book Review)

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By Vishnu Makhijani
New Delhi, March 4 |
To hire the skilled or to re-skill? This is one of the crucial questions the banking industry prepares for in the ‘new normal in a post-pandemic world.

However, as the need for skills evolves, hiring cannot alone close the gap fast enough. Not only is re-skilling critical from an organizational standpoint, if done right, it also has a life-changing effect on employees, says a new book, “Transformational Leadership in Banking: Challenges of Governance, Leadership and HR in a Digital and Disruptive World” (SAGE), edited by Anil K. Khandelwal, a former CMD of Bank of Baroda and Dena Bank.

“Not only is re-skilling critical from an organizational standpoint, if done right, it also has a transformative effect on employees,” Nishchae Suri, President, Asia Pacific, the Middle East and Africa at EdCast Inc., a global platform for Unified Discovery, Knowledge Management, and Personalized Learning, writes in a chapter titled “Skilling Is a New Currency Are You a Learning Organization?”

He points out that in one case, McKinsey has documented that employee satisfaction rose from 70 per cent to 80 per cent during the re-skilling process “which is a significant finding because 40 per cent of transformations fail because employees do not buy into the new approach. Institutions need to refine, and redesign job skill sets to equip individuals for higher-order work requiring intuitive, creative, interpretive, and problem-solving skills”.

The new “super jobs” that would be created due to the redesign “will seek talent that can connect the dots between technology and business. Augmented by tech solutions, the banker of tomorrow will epitomize “less doing, but more thinking” with a blend of composite skills and capabilities which span across complex finance, coding, and behavioural skills, Suri writes.

He also points out that as per McKinsey, 43 per cent of all working hours in banking activities will be automated in the future — a massive shift from basic cognitive skills to socio-economic and technological ones awaits us.

“Re-skilling is also recognized by 75 per cent of executives as being critical to adapting to the digital age, however, only about 10 per cent of roles are likely to be obviated, with the remaining majority likely to be modified to varying degrees by automation and digitization, allowing for up-skilling and redeployment. What is it that the organizations plan to do to bridge the skills gap?”

Suri also draws attention to a PwC Banking and Capital Markets Trends report that reveals that globally, 40 per cent of organizations plan to invest in up-skilling their internal talent pool, 23 per cent on hiring from firms in the same industry, 16 per cent plan to hire from outside, 16 per cent plan to bring in fresh talent through affiliations with higher educational institutions and only five per cent of organizations report changing the composition of the workforce by bringing in contingent workers to fill the gap.

Thus, it is clear that as the functioning and delivery of banking services evolve, it is equally essential for the workforce to transform itself to cope with these changes. Learning and development needs to play a key role in enabling employees to re-skill and up-skill themselves in keeping up with the changing times and transformational needs of the Industry.

Reinforcing this is a chapter titled “Strategic Human Capital Management and Banking Governance An Unexplored Symbiotic Relationship in PSBs” by Anil Khandelwal and Anujayesh Krishna, a board advisor with Institute for Advanced Studies in Complex Choices, Hyderabad who state that the role of human capital…”is an asset class in itself (in terms of skill set availability, performance delivery, etc.) and an asset that manages and controls other assets, particularly technology and multi-generational employees”.

“This role and distinction were not crucial in the legacy context because capital and physical assets played a primary role in banking performance. In the emerging future of banking, intangible assets, which are more prone to human interventions, will play an influential role.

“It, therefore, follows that building effective governance requires a recognition of the important, and changed, role of human assets as a source of banks’ strengths and potential vulnerabilities. The core idea that HR reporting will lead to more accountability towards human capital utilization, and therefore, better overall governance has some peripheral support to it,” Khandelwal and Krishna write.

“However, the greater shift is likely to be the emphasis on behaviours and motives versus competences and experience. To be agile and effective in a customer-centric world, for example, it will be increasingly important to have intellectual curiosity and be comfortable with ambiguity. Future needs for motives and behaviours are often innate and not learned or educated for raising the question of how to attract, motivate and retain talent in the digital age.

“One thing is for sure that previous paradigms of looking solely at academic qualifications and experience are likely to be insufficient for many roles,” Khandelwal and Krishna maintain.

Taking the debate further, Sushil Saluja, a senior international business leader and a government advisor based in London, with over 30 years’ experience at Accenture in Europe, Asia and the US, writes in “Banking on Change: The Digital Revolution Is Now Here”: “The traditional paradigm of banks owning customers is under threat: expectations changing and financial services being part of a broader transaction or lifestyle event. Furthermore, other industries are able to transact and offer banking services now.”

“Herein, the implications for the workforce are equally important. The number of people required to deliver services to the customer will undoubtedly reduce over time, at varying speeds, depending on geography. Process automation and the introduction of AI will increasingly help financial services institutions move from functional orientation (e.g., for processing) to customer-centric processes with far greater emphasis on helping customers through their ‘journeys’, providing moments of delight at key points,” Saluja maintains.

To this end, the edited essays and interviews in the book provide practitioners a deep appreciation of the role and nature of transformational leadership in disruptive banking environments.

The book encounters existing strategies and discusses the need for reforms and effective governance for creating robust banking institutions. It delves deep into the HR transformation journeys of some of the biggest PSBs and includes case studies of SBI, Bank of Baroda, ICICI Bank, and Union Bank of India. The book also talks about trade unionism in the digital environment, includes insights from chairpersons and experts, and charts out a new manifesto for HR and leadership in crisis — post-pandemic.

Whether you are a financial practitioner, an academic, a student or just a reader wondering what the banking sector has in store, this is a one-stop book you can’t afford to miss.

(Vishnu Makhijani can be reached at vishnu.makhijani@ians.in)

Source: IANS

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Meet Gurmeet singh Shunty A New Superhero With Turban

Meet Gurmeet singh Shunty A New Superhero With Turban

In the last year, the whole world was struck by a large pandemic. The year 2020 came with a pandemic called coronavirus which affected the whole world badly. Coronavirus in India resulted in great downfalls in health, economy, unemployment, and so on. Lakhs of People Lost their lives, jobs, and their loved ones. The whole year was very disturbing for each section of society. Coronavirus in India resulted in great downfalls of health, economy, unemployment, and so on. The whole year passed with a large Tension and fear for all the peoples. In the hard times of coronavirus spread, a lot of peoples came out and helped the person in need and It is one of the very few positive effects of Covid-19.

During the blast of the Covid-19 pandemic in the world our volunteers have demonstrated an exceptional display of solidarity across the world and our society. However, this is also the year which witnessed the world coming together to fight coronavirus. The year with its share of trials and tribulations threw up some exemplary work being done by organisations and individuals in this difficult time as the pandemic spread, a new breed of warriors with an indomitable spirit stood up bravely against it to take on the challenge head on.

In the hard times of lockdown, a lot of peoples came out and helped the person in need and It helped the society to live again with a hope of being helped in bad time. During the Large spread of the Covid-19 pandemic in the world our leaders of the society have demonstrated an exceptional display of solidarity across the world and in our society too. They did a Great work in every aspect needed at that time, from Responding to calls for help from their local communities to help them by going on roads, they are everyday heroes who came as a preserver for them.

They do wear masks and face shields to protect themselves and spread awareness in the society to follow each rule and regulation. We can say that there are many things which has spread faster than the coronavirus during the pandemic, it has been the noble works, fearless steps, selfless service and recognition of Gurmeet Ji and his supporters who continued to work day and night to save other’s lives. He also set up camps and volunteer help alongside highways and by roadsides, just to provide relief and support the migrant workers going back to their places all over India.

Among the Great hidden heroes who worked day and night to fight during lockdown, one such person is Gurmeet Singh shunty ji, who is the ex general secretary of delhi sikh gurudwara committee.Being at such great post he always learned to do sewa and that teaching has been always with him which dedicated him towards the society to work for the people of his own nation and humanity. Gurmeet Ji worked 24×7 , without caring of himself. He is the person who have been stepping in to help during the pandemic and they all have been a portrait of selflessness and optimism to this society.

Gurmeet Ji believe that our selfless acts or Sewa in any form must be done to save humanity, Sewa require a true heart and helping nature which will bring both helper and victim happy. During the tough times of coronavirus, Gurmeet Ji and his volunteers came out of their comfort zones to help lakhs of migrants workers who wanted to go back to their hometown during the COVID-19 lockdown. So in that  time  when the world undergoes such vast pandemics which affects all the person Whether it’s a small or large donation of money, resource or humanity, each things matter.

During the tough times of coronavirus, when everyone was thinking of themselves First, Gurmeet Ji and his volunteers came out of their comfort zones to help lakhs of migrants workers who wanted to go back to their hometown during the COVID-19 lockdown.Despite of being older in age,He did not let himself to be inside house and watch news of the suffering surroundings but he helped as many people as he could during the crisis by arranging food, buses, trains and most importantly by giving a warmth of love and care.He created a large team just to help the peoples in problem and inspired many others to do so. We can say that there are many things which has spread faster than the coronavirus during the pandemic, it has been the noble works, fearless steps, selfless service and recognition of Gurmeet Ji and his supporters who continued to work day and night to save other’s lives by risking his own and his family’s health. They didn’t even meet their family members and specially children for months,for their Safety and some even spend nights in their vehicles and outside home to assure that the virus doesn’t spread further to their loved ones and family members. Government took various steps to save our nation from the bad impacts of corona spread and one of them was lockdown. Lockdown was done to stop the spread the corona in nation but it resulted in great losses.when lots of People were on Roads, lots have nothing to eat and some were not having anyone for their care, without any money and food thousands of People covered thousands of kms on their feets, with their families and whatever they had earned in their lifetime, there comes some unknown super heroes of our society who helped them selflessly.

Their faces get rashed by the mask marks, they continuously took medicines to save themselves and others too. They maintain distance from their own members in order to help other persons to reach their destinations. In the bad times we get to know about many such People and These are the people who are helping in restoring humanity’s faith by coming up with novel ideas and their great works which inspires whole society to come ahead. That was the time when a number of labourers, their children and other family members were forced to return back to their places but Gurmeet Ji risked his life to save theirs.He started his service with providing cooked food as langar sewa and later switched to dry rations too, with the objective that people in need should not go to sleep on an empty stomach and they must not loose their hearts and continue their journey with less problems. It’s very hard to find such person in this crucial time when everyone put themselves first but Gurmeet Ji believe in his teachings and said “our panth has taught us the lesson of jan sewa, and we will continue this legacy till our last breathe.”

All the people who helped any of the person in need will be in their memory for forever as they made them believe on brotherhood and humanity in such a Crisis. It is beleived that in when some person get trapped in trouble even your shadow leave your side but the persons like Gurmeet Ji taught each and every person of society that we Must help each other to maintain love and care in society which will make then believe in the existence of god. If God has given you the power and resources to help others you must move forward as your one step can change anybody’s life.Gurmeet ji said that “our great sangat give us the teachings of sharing whatever less or more you have and These teachings which I started learning since my childhood inspired me to help my brothers and sisters of this society. ” He further added that he feel so happy and blessed that he could be the reason of anyone’s little smile. He requested everyone that even Your small step can save someone’s life and make them beleive into humanity and brotherhood.He started his service with providing cooked food as langar sewa and later

 

switched to dry rations too, with the objective that people in need should not go to sleep on an empty stomach and they must not loose their hearts and continue their journey with less problems.

He also set up camps and volunteer help alongside highways and by roadsides, just to provide relief and support the migrant workers going back to their places in UP, Bihar and even farther. It was clearly seen during the pandemic when thousands of people were going towards their villages with their small children and had nothing to feed them, at that time Gurmeet Ji provided them food ,water and other necessary items which brought  beautiful smiles and tears of happiness in their eyes as they never expected that in this crucial time there could be someone who will act as a survival medium for them.

At that time many warriors came in the front line to help the society. Despite being senior in age Gurmeet singh Shunty ji, was the Person who came out of the house when everyone was locked. He was standing in the crowd to help them reach their houses and made  very hard decisions at the right time.

We need to Recognise these Heroes so that they could work more and more for the welfare of this society. We need to Recognise these unsung Heroes so that they could work more and more for this society as “this society is all about give and take.”  They have given millions of smiles and its our time.They must be appreciated for their noble works to boost such works of brotherhood. They have given millions of smiles and its our time to pay them back.

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