India CFO Summit 4th Edition 2019

As the GDP, it inspires us to understand our Economic Growth Story. Large corporates and companies that are changing the economy have the best of the leaders and rainmakers who are spearheading this economic growth. To understand how these leaders are impacting this change, BizIntegration successful concluded the India CFO Summit 4th Edition on 22nd February at Radission Blu GRT Chennai. Top CFOs across the nation brainstormed the evolving role of CFOs and solutions to top the challenges faced in their Business.

Over the past few years, the responsibility of the CFO has evolved extensively. CFOs are now expected to build strategic judgments on critical decisions on the outsourcing of back office functions and transformative projects. To deal with this, high-performing Chief Financial Officers (CFOs) have to play a more active role within the organization. They will have the responsibility of strategic personnel planning and continuous forecasting. They have to think beyond the stipulated perception of planning a workforce with respect to headcount budget.

CFOs are known to bring with them their expertise and analysis, and combine external and internal data in a way that helps the business strike the right equilibrium in building, obtaining and deploying talent to support the corporate strategy. This summit addressed all the challenges facing a modern CFO and the opportunities they have to lead their organizations.

The day started with Welcome note by Nabomita Mazumdar , Founder Nabomita.com followed by a keynote by Kannan R Head, Corporate Performance Monitoring & Research, Hinduja Group

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Pranay Ramkrishnan,Country Head – Indian Subcontinent, Kyriba delivered a speech on The World’s #1 Cloud Platform for Finance and Treasury .  He said, “Most corporate treasury departments know when the time is right to implement a treasury management solution (TMS), and it’s no longer feasible to rely on spreadsheets as their primary treasury tool. After all, experts and analysts agree that a TMS provides significant benefits by improving overall efficiency, timesavings and control. However, the challenge lies in building the case internally to prove the benefits of adopting a TMS, and this often requires hard dollar figures in terms of either savings made or incremental added value achieved.”

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Pranay further reflected, “If you need help understanding the specific ROI that a TMS can deliver, you can sign up for a free online business case with us.”

Swapnesh Patel, CEO & Co-founder, Omniscient Software Pvt. Ltd addressed the Automating Working Capital & Liquidity Management, approach taken by CFO’s of Top 40 Indian Corporates.

This was followed by a Panel Discussion on the ‘Evolving Role Of The CFOs’

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Moderated by Nabomita Mazumdar, Founder Nabomita.com. The panel hosted R Kannan, Head, Corporate Performance Monitoring & Research, Hinduja Group , Jayaprakash Kalappan, Chief Financial Officer, Panasonic Appliances India Company Limited , Ganesh S, CFO , Parry Sugars Refinery India Private Limited, S Kathir Kamanathan ,Chief Financial Officer ,Lanco Tanjore Power Co. Ltd.

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ALD Automotive spruced up with an interesting streak of launching cars including Toyota Yarris .Big wheels and budget-friendly plans to own them got every delegate thinking about their existing Car Leasing Plans at their organizations.

And a Tailorman added the glam quotient with their presence !

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Finance Function Transformation – CFO’s Lens in the Digital Era was discussed on the second panel by Giridhar Janardana, Partner, BlueRidge Consulting Services Aparna Gopalakrishnan, Director Finance at Automation Excellence Pvt Ltd , V G Suchindra, CFO, Veritas Finance , Pranay Ramkrishnan, Country Head – Indian Subcontinent, Kyriba, Sripathi Chakkravarthi, Regional Sales Head – SAP Concur, Sangeeta Sumesh, High-Performance Coach (Credentialed from ICF) | ED & CFO, Independent Director, Board Adviso, Author,Speaker, Prashant Ganti, Head of Global Accounting, Compliance and Payroll Solutions, Zoho.

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The day concluded with a heartwarming speech on ‘A Story of a Successful Entrepreneur’ by CK Kumaravel,Co-founder of Groom India Salon & Spa Pvt. Ltd.

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His words on echoed in the minds of the delegate as he shared, “Entrepreneur is not someone who has a lot of money or great power, it’s anyone who can see a problem and solve it with using minimum resource.” He shared how his dad created Velvets Shampoo Sachets to what led him to create Groom India Salon.

Building a 23000 people startup! Work space design creating future of work

The new age is here with new collar jobs. Yes, the ones that bots are creating for us!

Meaning at work gets redefined with such evolving job types! The easiest representation can be found in the way work is treated at new age offices.

What are these new age offices? Are they all about colorful walls and beautiful chairs? Why does a visionary who starts a firm spend so much to design every inch of it? More importantly when everything is destined to turn into a hygiene factor, no sooner, then why did leaders like Steve Jobs invest so heavily in creating Spaceship, which is not just a work space but work of art! Why do the firms in Silicon Valley take workplace design so seriously?

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Elon Musk in a tour of his office space shows how open and connected is the engineering floor. The senior management shares the same work space along with rest of the team.

How does this impact? Let’s take a step back and reimagine the old offices that were more about maintaining hierarchy with opaque walls between each work space. Birth of the industrial revolution has placed every work flow in a batch-processing manner. Machines or people are neatly placed in rows separated by walls, cabins and cubicles. With the era of sophistication these walls were replaced with glass which brought in more light to the rooms.

As we drew closer to the end of the industrial era and more into the age of bots, the paradigm shifted from cubicle to commitment. Work is no longer about “how” but “how soon”! When result remains the only measure to work, the speed at which the work is delivered gets completely redefined.

Well these are not just mouthful of theories but action-oriented formulas that are changing organizations. With the future of work being redefined, let’s see how and where it is being developed. And this is all happening in India, right in the business district of Mumbai!

Building a 23000 people startup

Alfian Sharifuddin, Managing Director , Head of Technology & Operations – DBS Bank India, reflects, “Being deeply rooted in the traditional banking system remained time-tested and it made the transition into a 23000 people startup, even more interesting! We had to scale up not only with strategies but also with visible cues including modern workspaces” That hits the target as excel sheets, pie-charts and rising graphs comes and it starts with what we see around us! The speed of work depends on how we treat urgency. Cutting across layers remains an understatement when you are building an aircraft, while it’s flying in the air

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Work happens in the white spaces and it is no longer a cliché. Open work areas that promote collaboration. Hence, why mull on an idea endlessly when you can get it resolved at the speed of thought!

Activity-based-work station in DBS Bank India headquarters at Nariman Point not just encourages a free flow of communication amongst employees but also the decision-making authority.

The transition to the ’23000 people start-up’ began with the old version of office that was replaced with thought oriented spaces, which could be accessed by employees at any level. The silos were targeted to be broken to an extent where even the CXOs weren’t allowed to personalize their office only to ensure that this doesn’t build any boundaries. Often the aura of a room portrays the impact of the discussion that is taking place in it. The presence of a leader in his/her personalized office impacts anyone entering it Much as it may help the one who might be allocated the room, it can effectively act against the one walking into it.

The thoughtfulness of the design is highlighted when the noisy area graduates to silent zones for people to focus and work on projects that require zeroing down of attention. The noise meter, put on every work zone, interestingly resembles a traffic signal that can blink in color to show the decibel level. This takes the cake on managing a healthy noise level at work, which works for all!

The fun zone has been designed with Apple TV and arena to encourage relaxed moments and celebrate lighter team moments. This spirit of enjoyment flows into work with colorful pods and phone booths.

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The fish theory comes alive when the concept of fun at work doesn’t just remain restricted to the HR initiatives but is included in every day moments through fun-filled, meaningful interactions in a relaxed environment.

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Open and free work spaces allow for greater interactions with the freedom to operate from any corner as deemed fit for the departments to interact. Alfian points out, “The marketing team and digital banking team interact all day long, that’s how, they are placed in the same zone just as the ground floor hosts the cash transaction team and the operations team as the documents from the bank is passed directly from the retail branch in the same building and floor. The work space is designed for the future to accommodate bots and drones. The tables would be soon enabled with wireless charging station and meeting rooms manned by Alexa or any other AI for the enterprise.”

Future of work holds gig economy and geographically based talent to its core. Hence, a meeting room with two large screens allows multi-locational video-conferencing.

How about a work space that can be transformed into a large auditorium for town halls without making any changes? Just walk up those stairs and you have a stage, as shown in the picture attached below! Would such openness to connect, allow free flow of communication on a daily basis?

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Meaning@Future of Work

Dr.Brent Rosso, Ph.D., Associate Professor of Management at Montana University, defined some of the elements ingrained behind the design philosophy of such workplaces, best aligned to the Future of Work:

  1. True calling: You needed a new disruptive and authentic one to accommodate your growth.
  2. Make a difference: Every day you are allowed to be a part of not just the idea generation and implementation but also a part that solves the problem of your customers and you see the change in progress!
  3. We are all in this together: An open work space that breeds belonging!
  4. Feel valuable: Self-efficacy is synonymous with what we deliver at work. Empowerment evolves from the choice and responsibility to excel. A conducive environment that inspires authenticity creates leaders for tomorrow
  5. Sacrifice to a greater cause: Imagine the CEO of your firm, who has worked all his life to get there, treats himself as an equal and not the stature he has achieved! Not only is the door to his office open but also his office space, which is available for others to access in his absence!

Now take a moment and look at this picture, imagine this is the work space for all that you are chosen to deliver, that builds not just your self-efficacies or your bank balance, but also the future of work that you are part of!

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Yes, a job like that defines every moment with the meaning at work, a gorgeous sea view and pays you as well!

Live de vivre!

Gig Economy and HR Compliance

Gig Economy is on the rise with IT skills requiring professionals to work on project for shorter duration.  As reported by Livemint, the IT flexi staffing market in India, worth $3.04 billion in 2016-17, is expected to grow 14-16% annually to become a $5.3 billion industry by 2021, [Source: Indian Staffing Federation Report].

Most of the skills that are turning into jobs were not grouped as a job so far.  Tenured jobs are giving way to gigs.

As experts to the HR Compliance and Audit how would you manage this for an employer? The emerging skill groups do not have a clarity in terms of jobs. They are mostly work-based than designation or even salary-band based roles! Hence, which are the areas critical to Compliance that an employer must care for while hiring the Flexi-Employee?

Would the retirals be managed by the employee? If so, how ? How would the benefits be managed?

Join the discussion in here: Comply4HR

Deferred payment at Voonik: HR Compliance

Voonik , an online fashion brand has deferred the payments for its 200 employees by 3 months. As reported by Money Control, Voonik’s CEO and Co-Founder Sujayath Ali said those who will quit the company will get a month’s salary as the severance package. He added the company “is currently one or two months away from EBITDA (earnings before, interest, tax, depreciation, and amortisation) profitability.

Subir Chatterjee, Compensation and Benefit Head says, ” Help me to understand this better. The founder deferred the salary to achieve EBIT? So far I know salary is part of operating expenses, don’t they have to book the salary as future liability? Operating Earning comes much before EBIT.”

Pratik Vaidya, MD Karma Management added, “Very few organisation understand the value of human capital & asset rather than treating as Operating expense. Audited Companies that defer salary and other incentive payables & sheepishly roll back in future when their employee leave”.

Subeer Bakshi, CHRO Bajaj Allianz reflects, “Agree that it’s going to be problematic, but it’s a well-intentioned alternative to lay-offs. That’s laudable, and I hope the employees buy in!”

What impact would this have on HR compliances to be maintained in the company. How would the EPF contribution, ESIC if any, other Retirals and tax deduction be managed by the employer in such a situation?

join us for more on this => Comply4HR