Talent needs right direction to be effective
G.N. Bajpai, former chairman of SEBI the Life Insurance Corporation of India, was the chief guest at PRMIA’s webinar. Edited excerpts from his keynote address:
G.N. Bajpai, former Chairman of SEBI and LIC of India, has a unique 5-5-5 formula. He propounds that a person, howsoever great he or she is, becomes stale in 5 years, obsolete in the next 5 years and fossil in the following 5 years.
Addressing a webinar organized by PRMIA recently on the topic ‘Workers’ Health & Well Being: Risks and Mitigation during Pandemic’, Bajpai cautions about a fallout: “Since there is significant amount of obsolescence floating around in people’s mind, they don’t decipher the opportunities and encash on them.”
He observes that obsolescence along with loss of opportunity are macro risks that face professionals.
PEOPLE BECOME RISKS
And for organizations, he says, hiring people itself is a risk. “We engage some agency and without thinking through the processes, we end up holding 3 risks – turnover, attrition and inability to attract the right kind of talent,” he says.
He says executives normally feel hiring a fresh graduate is hardly a talent issue, but “I have seen talent at every level, and it is the leadership’s role to identify the right talent and cultivate it and then harness it. If this is not done, it leads to attrition,” he cautions.
EMPLOYED IDLERS
Bajpai was rather harsh on the Indian professionals. He says India does not have the problem of unemployment. Instead, the country has the problem of employed idlers, he says.
He justifies his view saying: “I have worked as a regulator and as a captain of the largest investment company in the country. I have found that every human being has talent and intelligence. However, whatever challenging task you assign, it will become monotonous over a period of time.”
He points out that the environment is changing and what someone was doing yesterday is often not required today.
He also emphasizes on the need to prepare a person for the job he is going to be assigned.
DIVERSITY IS CRUCIAL
One crucial factor that Bajpai insists so that enterprises can thrive is diversity. “When I was doing research for a book on corporate governance, I met Adi Godrej and asked him if women are part of his board of directors. He said he had 2 and maintained that their entire way of looking at things was quite different. When people come from different backgrounds and they contribute to the governance of an organization, it is bound to make a significant impact.”
“I have been a supplier and acquirer of talent,” he says, and adds: “I have learnt that we have not been able to effectively harness our talent. These are micro risks. Look at a CRO. He is actually undertaking a process to de-risk processes for supply of human risks. If there are mis-matches, there are risks.”
Bajpai says that many CROs do not often discuss with their CEOs what kind of talent will fit the objectives.
Bajpai also dealt with the HR scenario in the post-covid times and said thanks to the pandemic, people are wanting to go from freelancing and gig work to stable employment. This development, he says, is an opportunity for leaders to bring talent back into their organizations.