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Learnings
Mr. Milind Khatavkar has acquired his Post Graduation from TISS in 1985 with Masters Degree in HR. He completed Certificate in Appreciative Enquiry from Case Western Reserve University from Cleveland, Ohio.
He is specialized in Investment Banking and is currently as HR Head with Deutsche Bank since last 10 yrs.
He is responsible for the entire setup of HR.
Being HR Head he is responsible for driving change across the organization.
He strongly believes that in today's competitive age your employee should be engaged where by the end result should be benefited to the organization and the individual in his personal growth.
Contd..
He strongly believes that in today's competitive age your employee should be engaged where by the end result should be benefited to the organization and the individual in his personal growth.
He developed a Portal which emphasized on P- Participate, G- Growth, I- Inspire and R- Recognize.
He also stressed upon the importance of having a Mentor and the various activities arranged for recognition of good work or to motivate the employee.
Coaching is all about transformation and willingness to accept change.
Contd..
Today there are number of employees across the level who are looking for some kind of help but it is practically not possible, they introduced Mentor and Coaches.
According to him Change is order of the day. If one does not drive the wave of change , the wave will take us underneath.
Malpractices come through greed hence we must have robust controls and checks in the organization.
If the working conditions are flexible it helps in balancing the work.
Contd..
Advising people on complex issues is his passion.
He says Life is so complex that one must have multiple mentor and multiple role models. Gone are the days of only one wise man.
Famous quote of Mahatriya
“You can never outperform your beliefs”.
Mr. Ajay Walimbe
Head Legal & CS – Phoenix ARC Ltd.
Learnings
Mr. Ajay Walimbe is M.Com, LLB and FCS from Mumbai and currently heading Legal and CS for Phoenix ARC Ltd which is a leading Asset Reconstruction Company promoted by Kotak Mahindra Bank.
Mr. Ajay has a strong passion towards stock market and he also writes articles for various Marathi newspapers, magazines at national and international level.
He has touched upon 3 major aspects in his interview that is Importance of SME and MSME in today's market, Legal issues involved and the Stock Market in India.
Contd..
SME & MSME- Both of them are based on criteria of the capital investment. Though we say that India is Agricultural Country. The second largest contributor to India’s growth is through SME & MSME sector.
70 million population is employed in SME & MSME sector.
This sector contributes up to 22% in the GDP of India.
32 million units which are manufacturing more than 8000 items.
Unfortunately the pace of growth is too slow due to unable to generate working capital for business from market.
Contd..
Our Government does not support this sector to the extent which they are supposed to. For e.g. China Gov. – 0% Interest funding. No Labor Laws and Hire and Fire Policy. This is the major strength due to which SME & MSME sector has a fast pace of growth.
Most of the time common man are not aware about the policies.
One should gather information about the types of institution – funds available- how to approach them- how to select the institution – train yourself . Need case one should seek help of a CA.
Contd..
Each SME and MSME should have a periodic audit of their finances.
Quality check should also be controlled.
LEGAL ISSUES –
Every one should check that your company is not becoming NPA coz it’s a vicious circle. It has to ensure that company does not turn into sick unit. The compliance and documentation should be perfect. If still the problem persist than one should try to raise equity or try to increase the moratorium period. As a last resort one can opt for CDR – Corporate Debt Restructure. ( depending upon your product)
Contd..
STOCK EXCHANGE.
This is a place where trading of shares takes place. It is a platform for companies to increase wealth and for investors to create wealth.
Sensex Index is related to BSE and NIFTY is related to NSE. Stock market is always controlled by FII under the free float concept.
Mr. Walimbe explained about two depository i.e. CDSL and NSDL which control the demat accounts through which trading of shares can take place and the two routes to purchase one is through Primary Market - IPO and secondary market through open stock market .
Contd..
Some tips on stock market.
Long term investment always benefit us in long run. Day trading which are considered as short term are applicable for higher tax liability.
One should know when to apply the stop loss method and should not try to compensate loss by buying a falling share. Never try to average it out.
Not to buy a share just coz it is available at cheaper rate.
It’s a hard earned money of every individual and one should invest it wisely. Each one has to do their own study related to the technical, fundamental and industrial aspect of each share
Mr. Nitin Podar
Legal Corporate Lawyer
Partner - J Sagar & Associates
Learnings
Mr. Nitin Podar is a Corporate Lawyer by profession and he is specialized in Public and Private , Mergers & Acquisitions, including De-mergers ,restructuring of business assets & share purchase deals, Joint Ventures & Strategic Alliances, Private Equity and General Corporate Advisory.
He has vast experience on FDI & Exchange Control Regulations.
He has advised several multinational companies on financial and technical collaborations in India, and strategies /options for commencing operations & consolidations in India and in cross section of industry.
The ability to articulate things and find solutions was the main thing which lured him to this profession.
Contd..
According to Mr Podar after 1991 India got a image lift through mergers and acquisition.
Being with the current firm since past 7 yrs the firm strongly believes in building an institution. They have a structure like college . They have various practice areas like mergers & acquisitions, banking & finance, securities law, research and dev where they have teams.
The main motive is to first understand the client and give him the best possible services along with a quality of advice. He strongly believes that a client should always not only get value for money he pays but something more.
Contd…
He explained about the SME/MSME and Family managed business and obstacles faced by them. Most of the business due to inherent nature remain small, but each one should try to professionalize themselves. One should have forward thinking.
Seek advice professional advice or a Mentor.
Being totally depending upon family sometimes fails to check the competency level. Things do go wrong but one should not fear failure. Try to handover /imbibe all values to next generation.
Try to divide between ownership and management and taking right decision in interest of the business.
Contd…
He also explained the difference between Private Equity and Venture Capital. He says the most of the time SME does not grow as they don’t keep track of their finances. The main idea to look for Private Equity or Venture Capital is they are thorough professionals and they help you to keep track of your finances. Sometimes we tend to work for passion but loose control on finances.
Entrepreneurship spirit is high in Indians. Any industry starts from zero . To sustain one should bring innovation, study competition and should possess market intelligence.
He also discussed issues with succession. If next generation is capable/competent one must invest to teach them .Give freedom to enable them to take decisions.
Contd…
Each work is a testing time and one must go through it.
The fear of not wanting to fail itself will make you fail .
There is nothing like failure these are lessons which teach you. Thing can go wrong but one should move ahead in life.
Without hard work there is no success.
The main USP of the business is how you market yourself .
Lastly he gave a message to student that Globalization has created vast opportunities and in today's world “Idea is capital” Introspect, don’t fear to experiment. Do it with full passion and just go for it.
WE TUBE
1.Finance – Saving V/s Investment
Most of the time Indians cannot differentiate between Savings and Investment. They try to mix up . Indians are good savers but bad investors.
The equation has to be as under :
Income – Future Expenses = Current Expenses.
Money looses its value called Purchasing Power due to enemy called Inflation. This happens due to lack of financial literacy.
Savings to be invested in such a manner that it at least outgrows inflation.
Contd…
Following are some important highlights which every one should keep in mind.
Do not splurge all what you earn save for rainy day.
Understand relation between saving/inflation & investment.
Start saving at an early stage in life.
Match tolerance risk with investment risk.
Investing is serious activity.
Do not speculate.
Never Invest borrower funds.
Learn to diversify your funds.
2. HR – Training your team effectively.
Gagnes 9 Levels of Learning.
Robert Gagne ( 1916-2002)- He was an experimental psychologist who was concerned with learning and instruction for several decades.
Gagne's Nine Levels of Learning provide a step-by-step approach that can help managers, trainers, and facilitators structure their training so that their students or teams get the most from their learning opportunities.
His book "The Conditions of Learning," first published in 1965, identified the mental conditions that are necessary for effective learning.
Gagne created a nine-step process that detailed each element required for effective learning
Contd..
Gaining Attention (Reception)
Informing Learners of the Objective (Expectancy
Stimulating Recall of Prior Learning (Retrieval)
Presenting the Stimulus (Selective Perception)
Providing Learning Guidance (Semantic Encoding)
Eliciting Performance (Responding)
Providing Feedback (Reinforcement)
Assessing Performance (Retrieval)
Enhancing Retention and Transfer (Generalization)
3. Banking, Investment & Insurance – Introduction to retirement planning
The process of determining retirement income goals and the actions and decisions necessary to achieve those goals.
Retirement planning is combination of many things. There are four major steps involved :
P- Project the income required for standard of living.
A- Adjust the retirement income needed for inflation.
I- Identify likely sources of income in retirement.
D- Decide on current investment which will create sources of future retirement income.
Contd..
Factors which affect Retirement Planning.
The factors defer for the employed category and self employed category.
For employed category the benefits are divided in two parts i.e. Defined Benefit (DB plan) and Defined Contribution (DC plan). The first is looked by the employer and later by the employee.
In DB plan the quantum of benefit is fixed as absolute term of depending on length of service & salary, Whereas in DC plan it depends on accumulated value of contribution made by both employer and employee.
4.Common-The Big (5) Personality Traits
By – Princey Mehta
Traits are consistent patterns of thoughts, feelings or action that distinguish people from one another .
While carrying out in depth study of human behavior it was found that traits remain stable for long but as age passes the characteristics behavior can change.
Action and reaction to it can differ in each person.
It all depends on how a person receives a action, works upon it and reacts to the action.
In psychology there are 5 broad domains to describe personality. The theory is based on (FFM) Five factor model . Acronyms to use these 5 are named as OCEAN, CANOE or NEOAC.
Contd..
Beneath each factor a cluster of co related specific traits are found.
Origin – 1936 – Gordon Allport and H S Odbert – they derived the concept of Lexical Hypothesis . They studied 18000 words from which they derived at 4500 words which can be used – personality describing adjectives.
Significance --- The classification of data in a structured manner which was previously scattered and disorganized
Contd..
Tendency Vs Opportunity is a major key to understand human personality.
Over the years the study patterns of human behavior is changed . Currently we carry out psychometric test to under human behavior.
There are acronyms – termed as OCEAN, CANOE or NEOAC. Those who want to study the impact of human behavior will follow the above acronyms only.
O- Openness to Experience
C- Conscientiousness
E- Extraversion
A- Agreeableness
N- Neuroticism
Contd..
Basis on each attributes they have further segregated into two parts i.e. High Scorer and Low Scorers.
Openness to Experience- main attributes are imagination and insight.
Conscientiousness- main attributes are high level of thoughtfulness with good impulse control. The people who are high with this trait are with mindful of details and tend to be organized.
Extraversion- main attributes are excitability, talkativeness, high amount of emotional expressiveness and assertiveness.
Agreeableness – main attributes are trust, kindness, affection & other pro social behavior
Contd..
Neuroticism – main attributes are emotional instability, anxiety, moodiness, irritability and sadness.
Until a person does not get exposed to a particular situation we may not know how he/she will react. Only then we can understand his actual traits.
Overall it is observed that a person can be studied on the basis of these traits and also understand his strength and weakness.
7 Entrepreneurial Lessons from LIFE OF PI
Yann Martel’s Booker Prize winning book, Life of Pi has been transformed beautifully into celluloid by Ang Lee of Crouching Tiger Hidden Dragon and Brokeback Mountain fame.
It’s a story of the protagonist Pi’s magical journey on a lifeboat with Richard Parker, a Royal Bengal Tiger for company and in the process discovering himself, faith and God.
A captivating story with many dimensions and visually stunning, the movie leaves you engrossed till the end and has also got high ratings from both the critics and audience.
There are also some great lessons in life and business, that one can learn from Life Of Pi.
1. If you believe in everything, you will end up not believing in anything at all
It’s difficult to follow different paths at the same time, as many of them are conflicting in nature and often create confusion and make it difficult to stay focused and at times, lead to wastage of crucial resources.
As an entrepreneur, it’s also important to choose your mentors, guides wisely. Listening to all sorts of advice will harm your chances and cause delay in reaching your end goal.
As with faith and advisors in life, entrepreneurs must be careful in choosing their business model and target group. In early days, when an entrepreneur is trying to establish his business, it’s important to prioritize and decide on whether you’re targeting SME’s or Large Enterprises or you’re operating in B2B or B2C segment for the matter.
Pursuing divergent and often energy sapping paths lead to quick burnouts and eventual disillusionment with the whole process.
2. Branding is important
Pi Patel was born with the name Piscina Molitor Patel, given by his Uncle after a swimming pool in France. This name obviously caused him lot of anguish as everyone started making fun of his name at school and outside. Pi had to work hard on a rebranding exercise. So, he decided to remember the value of Pi expressed in several hundred decimal places to drive home the point. Associating a story with the name made it work even better for him.
So, if you have to work on creating a new brand name of changing your existing brand name for that matter, work on telling a good story which captures the imagination of the audience. The story makes the brand name stick. And, as Pi Patel learnt it the hard way, rebranding can be a difficult and often expensive exercise. So, if you inherit an unimaginative or not so great brand name, starting rebranding exercise early as Pi did really helps.
Choosing a good brand name could be your first step towards creating a successful brand.
3. Having a plan is essential, not optional
When Pi was thrown into the Sea on the lifeboat with limited stock of resources after his ship capsized, he had to make a plan to survive the uncertain and indeterminate period in the harsh seas. Fortunately, he found a handbook to help him plan for the time on the lifeboat.
If you’re an entrepreneur, think of the handbook as your business plan. It’s important to keep it handy and work according to the plan and of course, keep referring to it, when you’re in doubt and monitor progress as you go along.
Probably, the most important resource for an entrepreneur is money and in the beginning, when income is low and uncertain, an entrepreneur needs to make sure, the money (resources) lasts till revenues kick in or next round of funding (help) comes in the choppy waters of entrepreneurial journey.
4. Don’t put all your eggs in one basket
When Pi found Richard Parker on the life boat, he got scared and threw all the supplies in the lifeboat to a makeshift raft and tied it to the life boat and decided to shift to the raft. At that moment, it looked like the wise thing to do, without taking into consideration greater dangers, still unknown to him. When the breaching whale appeared at night and upturned Pi’s raft throwing all his supplies to the water, Pi realized, living with Mr. Parker on the boat may be a better option.
While starting up, resources are typically scarce and it’s important to guard them and stop leakages or losses. It’s good to have one secure base and address the market. Entering unknown and uncharted territories without adequate research and throwing resources at the market and not protecting your own backyard could be a deadly mistake, few startups can afford.
Also, if you have limited resources and there are multiple products, fighting for the same resource, it’s better to spread your resources across groups to reduce dependency on 1 product to succeed, which is a low probability in a highly uncertain startup environment.
5. Learn to co-exist
After the whale incident, Pi had to reconcile to the fact that he has to live with Mr. Parker on the lifeboat, an idea, which he had been resisting so far. As a first step, he decided to start communicating with Mr. Parker and also set out marking their territories and setting some rules. Having Mr. Parker on board also kept him alert at all times. Mr. Parker is both a co-founder and a competitor for Pi in his entrepreneurial journey.
An entrepreneur needs to co-exist with both. With co-founders, it’s important to communicate clearly, define roles and responsibilities and ensure that you don’t encroach upon each other’s spaces.
An entrepreneur needs to learn to co-exist with competition in the market. Competition keeps him alert and on his toes. And it’s important to keep the competition healthy and not indulge in unethical, dirty tactics in the market. This may even mean, occasionally helping a competitor, while fiercely protecting your market share, if it helps the overall market grow.
6. Keep moving
When Pi reached the mysterious floating island of carnivorous algae inhabited by meerkats, it seemed like, he has reached an oasis of life with bountiful food, water and shelter. But, it probably symbolizes the idea of settling for something average when there could be something much better in store. Also, it could potentially be a dangerous compromise fraught with dangers, just like living in the island which turns carnivorous at night.
In business, it’s important to keep moving and not get complacent with interim success, related to reaching some milestones. It’s important to keep an eye on the final destination.
An entrepreneur has to keep his ears close to the ground and constantly keep evolving and updating his product by launching new versions or even launching new products to address new gaps in the market. Sometimes, it may also mean, changing the business model or exiting the market, if the market dynamics necessitate such an action.
7. Don’t give up
Life Of Pi is a story of perseverance and a story of not giving up, even in the harshest of conditions. Pi didn’t give up hope of survival and he kept moving.
Similarly, for an entrepreneur, it’s important to remember, that the darkest days are not going to last. It’s important, not to give up on your dreams and give up on life.
So, the days, when you are down and in state of despair and almost on the verge of giving up, you must remember, that this stage like everything else in life is only temporary and this too shall pass. There are times, when it may seem like you have tried everything possible within your means and there is only a little more that you can do. In those hours, it’s important to remember, that there is someone watching out for you and you’re not here without a reason.
There will be always some opportunities which will sustain you, till you reach the shores of success, provided you don’t give up.
NEWSWIRE
How do the “HR ELITE” spend their time
Do you know what your HR leader does every day?
There is a huge variety of responsibilities across the different members of the HR elite. There are some tasks that emerge both as prioritised and peripheral, including meeting senior staff and business partners, which occupy a significant 21.8% amount of their time.
Across every role, an average 15.3% of the week is spent on employee relations and engagement, however this breaks down into 20.1% for Heads of Department, and an average of between 12.2% and 12.5% for the rest of the elite.
This suggests a very clear, industry-wide focus on Heads of Department to be at the centre of relations and engagement.
Contd..
One of the most dramatic focuses of responsibility occurs within the process of recruitment. VPs spend around 15% of the average week on recruitment and executive search - more than Directors, Heads of Department and Managers put together.
Developing a set of guiding principles can be hugely useful for targeting your career progression. Whilst these shouldn’t become inflexible rules, there is still a clear benefit in having personal and professional values for the workplace.
“Firstly, be yourself; be professional but in a way that is authentic to you,” advises Tess Smillie, HR VP at Samsung UK.
Contd..
“Be brave, take calculated risks. Have impact; don’t ask if you’re doing a good job, ask if you are making a difference.”
Joining the HR elite can only come through understanding the lessons of experience, as well as learning to question both the work environment and your own ambition.
State Bank of India plans to offer 3% to their staff
State Bank of India (SBI) on Friday said it plans to offer up to 3% of annual profit to employees as part a talent retention and motivation initiative.
As informed to PTI the bank chairperson Arundhati Bhattacharya said that they have sought permission from RBI in this regard.
“It is necessary especially for people in senior management and mid-level management, the amount that they get in the private sector is much higher than they get in the public sector,”
She further said that for meeting competitive pressures, we need to ensure that we are able to remunerate our people better”.
Contd.
Besides, the bank is also considering a share-purchase scheme for all employees, irrespective of their posts. The largest public sector lender expects to raise between Rs.800-1,200 crore through this scheme. The bank has about 2.3 lakh employees.
Re-Skilling at the Middle Manager Level – A Challenge and Opportunity.
Today Middle Managers form a vital bunch of the working individuals (especially in IT industry)
Faced with increased competition and the lack of qualified workforce at the middle level, re-skilling and rebooting have become crucial for these IT majors to keep pace with the rapid changes.
“There are middle managers who are victims of identity, role and authority confusion due to their inability to keep pace with the changing role of their jobs, particularly in the IT domain, where technology changes every fourth day,” said the Edureka chief Lovelyn Bhatia .
Employability is a major issue across sectors and even the Government has realised the need for India to scale up its skilling efforts.
Contd..
Unicom has created options for both online and off-line courses to skill up some of the hottest IT-domains such as agile, big data, the Internet of Things, cloud, etc.
Online learning will grow, but it cannot possibly replace the brick and mortar style because candidates are more confident of getting their problems clarified on ground, the Unicom chief said.
‘Learning by Doing’ is the pedagogy at every new-age business school and we (at IPL) embrace that, said Shah.
Training institutes consider online education an alternative to bridge skill gaps and address industry needs in a faster way.
Contd..
Some of them also consider that virtual classroom models and real time instructor led live tutorials and peer to peer talks would be more apt for learning niche tech subjects.
While others think that experimental learning which can be delivered online or offline is need of the hour.
Trainers emphasised the criticality of continuous learning and re-skilling by stating that this would be the only way to stay ahead of the next big disruptive change.
BRICS BANK to be operation by the year end- South Africa
The emerging market BRICS nations will have their own development bank by the end of the year, South Africa said today.
The BRICS nations — Brazil, Russia, India, China and South Africa — which represent 40 per cent of the world’s population and a quarter of its economic output, decided in 2013 to create their own development bank to step up lending for the infrastructure projects needed to close the gap with the industrialised world.
The bank, which will be headquartered in Shanghai, is expected to have up to $100 billion in capital.
Maasdorp, who heads up southern African operations for Bank of America Merrill Lynch, was formerly an advisor to the current head of South Africa’s central bank, Tito Mboweni, and supervised the government’s privatisation programme from 1999 to 2002.
Further to this news India has nominated Mr. K V Kamath as its first chief of the New Development Bank.
HDFC BANK has its highest mobile banking share
HDFC Bank Ltd has emerged as the leader in mobile banking with 38.2% market share in FY15, followed by ICICI Bank Ltd, according to data compiled by BNP Paribas Securities India Pvt. Ltd.
With urban customers and those below 35 years of age clearly preferring mobile banking, market leaders in this segment stand a better chance of becoming their primary bank.
HDFC Bank Ltd has emerged as the leader in mobile banking with 38.2% market share in FY15, followed by ICICI Bank Ltd whereas State Bank of India just holds 17% share in the total mobile transaction value.
Contd.
BNP Paribas analyst Mr. Avneesh Sukhija clearly states about the huge mismatch in % related to market share of savings accounts as compared to mobile banking.
in FY15, as SBI beats HDFC Bank with a savings account market share of 39.3% compared with the latter’s 9.5%, the mobile banking market share of HDFC Bank at 38.2% is much higher than SBI’s 12.9%.
Most of the Gov. run banks besides SBI and Union bank are very slow on their digital banking aspect.
It is matter of fear that erosion of market share in low-cost deposit franchise will lead to narrower margins and slowing profits.
LIFESTYLE INTERNATIONAL – to launch online retail venture by 2016
Lifestyle International Pvt. Ltd, the owner of departmental store Lifestyle, home goods store Home Centre and fashion brand Max, will launch Landmark shops in by early 2016, to sell branded apparel, home furnishing and accessories online.
Currently, the company only sells its value-fashion brand Max through third-party websites such as Jabong.
Their has been a major shift from offline to online as reported by the top executive of the company.
The company’s online foray in the country, on the lines of its United Arab Emirates portal Landmarkshops.com, has been in the works for over a year now.
Contd..
They plan to have an online team of 50-60 employees at their Bangalore office.
Devarajan Iyer, ex-head of Home Centre, is heading the company’s online retail venture. The site will allow users to shop for most brands that Lifestyle and Home Centre carry, apart from Max’s private label.
Lifestyle’s move comes at a time when Indian shoppers are increasingly shopping online for everything from gadgets to clothes, making it a $60 billion market by 2020.
The popularity of online commerce has altered the retail ecosystem in the country, especially for brick-and-mortar stores that are planning expansion.
The company joins a growing group of Indian brick-and-mortar chains such as Reliance Retail Ltd, Shoppers Stop Ltd and the Future Group that are trying to become better “omnichannel” retailers, driven by market share gains of online stores such as Flipkart, Amazon and Jabong, among others.
3 Executive Resume mistakes you don’t want to make.
Most of the individuals struggle a lot in order that their resume should be showing their distinguished career amongst all.
We are good at what we do but we may not articulate our value proposition.
We may be excellent in executing our given task but we should also be able to project this accomplishments to others.
Each one has to have a strategic plan to showcase their own brand.
Contd..
Challenge #1: You’re struggling to focus on what’s relevant from your career.
Challenge #2: You can’t figure out how to show the impact of previous jobs.
Challenge #3: You’re trying to fit your experience into a too-tight space.
The above mentioned are the major challenges faced by each one and lets look at some solutions which will help us to project ourselves in a better way.
Take these tips to heart if you’re struggling to write an executive resume truly representative of your personal brand. Lets look at solutions to this
Contd..
Always start with a end in a mind. The story should be come centered on the characteristics and career impact you have had.
Shape the outline of your resume to show relevant (even if older) detail.
Consider adding sections to the first page of your executive resume to emphasize key achievements from throughout your career.
Use a format designed around both a “snapshot” view and the breadth of your career. Try to create a single sheet summary .
Take these tips to heart if you’re struggling to write an executive resume truly representative of your personal brand. An effective writing strategy and format (developed outside of your content) will go a long way toward expressing the right message to employers.
IMITATION v/s INNOVATION – Diminishing line of clarity -
The essence of doing business in a global, neo-liberalized environment often underlines the importance of pitting innovation against imitation.
In today's information age world has a huge basket of various resources and over and above there are various fields emerging from time to time which keeps on giving us new ideas , technology and innovation.
What is pertinent to the debate is the diminishing line of differential clarity between innovation and imitation.
the onus is to define for ourselves on what is acceptable in the larger macro-environment and what we should ideally reject and jettison.
Contd..
The point is indeed debatable coz company’s like Microsoft, Apple,Google & Facebook have initially started off with imitation of an idea, yet their product offerings are largely known to be breakthrough innovations.
Imitation, surprisingly, can also perpetrate innovation.
Imitation can at times lead to disastrous consequences for even brands that have remained perennial market leaders.
For eg. When Pepsi started emerging in the cola segment eating into the sales of Coca Cola, the latter decided to replace its old formula with a sweeter variation.
Imitation and innovation can also be examined in light of ideas, concepts and intangible things.
Contd.
An imitation may not be detected at all, if it is very cleverly camouflaged.
We witness umpteen cases in all fields of corporate life, ranging from stealing blueprints of HR practices, to operations management, to product development, etc. However, a good company should also have a strong R&D team which tirelessly works to bring in more and more innovation.
Organizations inherently look to maximize profit, generate more sales, build better brand image.
To summarize in Shiv Khera’s words, ‘Winners don’t do different things, they do things differently”.
4 Tools that will improve office efficiency.
Every Manager wants to ensure that there office is running as efficiently as possible.
This all depends upon the work ethics and abilities of each person working in that organization.
there are a variety of programs, tools, and technological applications that can boost your office productivity and the efficiency of each individual.
There are 4 software and technology based solutions which can help you track the efficiency for all of them.
Productive is a task management program that can help with the administration and delegation of group or office-wide projects. This software helps you easily assign tasks to employees and receive real-time updates regarding developments.
Contd…
2. Datapine is a program that allows you to report, view, and share data throughout your office efficiently and hassle-free. The program specifically excels in generating charts and graphs, and allows you to edit, send, and work on these easily. ( infrastructure Cloud based)
3. Boomerang- The program will keep track of the emails you send and receive, and ensures that nothing slips through the cracks. ( along with any Gmail account this can be installed)
4. Ergonomic Technology – Its world wide accepted concept that a happy employee is a productive employee. Ergonomic technology will show methods to deploy that employees don’t strain their bodies and risk their health .
What is the difference between Private Banking and Retail Banking
Banking today encompasses so many things including private banking, retail banking, investment banking, treasury management etc.
Private banking as the name suggests includes very specialized banking. This is essentially meant for High Net worth Individuals and would also include way wealth management and investment banking.
Retail banking includes almost every facet of banking that individuals undertake each day. This includes personal loans, credit cards, fixed deposits overdrafts, savings accounts. This covers almost every aspect of your day to day banking.