Communication – The corner stone for all businesses

Way back in the 1980s, Robert H Lengel and Richard L Daft came up with a theory known as the Media Richness Theory. The essence of the theory is simple. It says that the richness of a communication media is directly proportional to its ability to reproduce information. Also, the selection of communication medium depends on the task at hand or the situation that an organization is facing.

Communication, today, is a corner stone for businesses around the world. It will not be an exaggeration to add that it is the game changer that makes or breaks any business. The way you communicate with your employees, business partners and customers, determines your success. Though, every firm strives to be a trusted brand and a great place to work, there is a tendency to view communication as an afterthought. The popular perception is that the communication part will be taken care of once ‘we put the process in place’. Is it a wise move?

I believe that the above-mentioned approach makes the communication strategy uni-dimensional in approach. Instead, what will work best for any organization, irrespective of the area of work, is rich communication, as it helps lay a foundation for trust with various stakeholders. Again, I would refer back to the Media Richness Theory by Lengel and Daft as an example.

I have always believed that seeking inputs from your employees, who interact with the customers and thus have their insights, adds tremendous value to the growth of the business and is a boon to the overall strategy. Not to forget that it’s almost certain that your employees will not only feel valued, but also be more responsive to the new strategy when you finally roll it out.

I would stress that rich communication has to be the norm for any organization or firm that wants to be successful in today’s cutthroat competition. During tough times, silence results into suspicion, unilateral communication creates confusion, whereas rich communication provides hope and generates trust. Rich communication, therefore, has to be the defining feature of an organization. It encourages open culture and transparency in the company.

I am proud to add that rich communication is what has help establish Hero BPO as a trusted brand today. Over the years we have been successful in developing a rich communication culture internally as well as externally by listening and engaging on a continuous basis with our customers, our employees and the communities we operate in, to not just provide innovative products but also add value to each and everyone’s lives.

Active Commuting - Walk towards a better future

The speedy growth of India's urban population has put massive pressure on all transport systems. Growing travel demand exceeds the limited supply of transport infrastructure and services. Public transport, in particular, has been completely overwhelmed.

Gurgaon is a fast emerging suburb of Delhi, the national capital of India. The city offers world class business opportunities particularly for IT and related industries. Public transport supply in the city is characterized by array of modes ranging from two seated manually driven cycle rickshaws to fifty seated buses compatible with local conditions and demand patterns available for use. The level of blending of the two types of systems in a city is determined by the prevailing city’s socio economic fabric, travel patterns and road network.

It is very important for us to understand the annoyances, risks and costs incurred on cab and bus fleets that companies are forced to run to compensate for the absence of walking, cycling and city bus infrastructure.

We should aim to create awareness and encourage people to choose sustainable transport over personal vehicles. There is an urgent need to catalyse the creation of high quality footpaths, cycle paths and public transport alternatives. If our industry is able to create enough ‘force & demand’ infrastructure it will further encourage the Govt. to look into these asks and provide continued support. Over the last few months, various workshops for HR Admin & Transport managers have been organized in various companies. Companies are making efficient use of public transport & have also been able to drastically reduce their fleet size. Through these repeated interventions, the message of walking, cycling, and using public transport on a more frequent basis is being spread. Going forward we should all plan to conduct - company sensitization programs regarding use of public transport, cycling rallies heavily participated by employees of IT-BPM industry and pay more emphasis on the last mile connectivity.

The IT-BPM industry comprises of a fair share of challenges; one of the most important being safety to its employees and in particular women employees. This industry is already familiar with the facts & stands poised to provide adequate safety & security to its employees. They have shown strong commitment towards providing for Safe and secure working environment to all of their employees especially women employees. As a routine practice, this industry as a whole maintains, manages and upgrades comprehensive security program across regions which is indicative of its commitment to the cause.

Organizations have also understood the importance of ‘active commuting’. NASSCOM had organized “CEO’s Walk to Work” which was attended by over 500 executives from the IT-BPM industry - signifying that top corporate professionals can walk & inspire their fellow colleagues to follow their steps. Similar ‘green’ initiatives by other corporates in the future will increase the awareness and willingness of the workforce to take the choice of opting for more environment friendly ways of commuting. 

Someone's Pain & Someone's Gain

As the third day closes on, the stand off between the democrats & republicans continues over what is termed as the biggest US healthcare reform aka Obamacare.

Whilst the controversy continues, India will benefit from this extensive overhaul in the US health insurance sector which intends to include an additional 30mn Americans to sign up for mandatory health insurance.

This single largest reform in the history of US would ultimately boost our Indian economy especially the pharma industry which produces nearly 40% of the generic drugs used in the US.

Apart from the pharma industry the IT & BPM service industry will benefit greatly from the impending reform. Some key facts- the healthcare payer market is estimated to reach ~$18bn with the strongest growth reflecting in the business process outsourcing market which will reach ~2bn.

The US dept. of health & human services estimates that call centers will receive anywhere between 40-45 mn calls this year alone, related to the federal marketplaces. An additional of 3500 letters, emails, and web chat requests is forecasted on a daily basis.

Clearly when such a massive demand for information & services for better health insurance providers arises, India needs to perk up and anticipate that a majority of those calls will be diverted to our BPM industry.

The Indian economy definitely stands to gain from this enormous revamp. Since it implies that more dollars will be spent by the US govt. on healthcare, thereby more dollars will flow into our market- albeit not withstanding the current deadlock.

It is Vote for ‘Against All’

The scratch vote is a negative yet emancipating ballot option allowing us noble citizens to vote against all the candidates chosen in an election.

It gives us room to exercise our vote in toto without having to be subjected to choosing & accepting undeserving candidates with no clear agenda or lacking mass appeal. This negative voting would gradually lead to the objective of candidates being chosen by political parties that truly represent the will of the voters.

It would foster cleaner elections and candidates with strong leadership qualities and goodwill to rise above the rest.

We are finally moving towards an egalitarian society where the burgess a.k.a citizens & tax payers can finally press the NOTA (None of the Above) negating all candidates. However, one must truly utilize their rights & opportunity to vote, rather than not, as that would be deemed as catachresis of the electoral ideology.

A complete misuse of the system that is in place to assist us to put forth a deserving candidate and if they are not truly commendable or lack righteous actions then we should exercise our rights to reject them completely, thereby forcing our nation’s political parties to compete with not only the best candidates but who are worthy contenders as well.

The Game of Numbers

Within two weeks of having taken charge Mr. Raghuram Rajan our current RBI chief, has taken the bull by its horns so to speak. The proverbial bull in the china shop- Inflation, has created havoc in our Indian growth story.

At the beginning of the Fiscal year expected GDP growth rate was pegged at 7.5% and inflation nearing 6%. Anyone with half a mind can understand that these kinds of numbers can mean only one thing- economic slowdown. Actual numbers are worse with Q4 FY2013 GDP growth reported as 4.8% whereas the consumer price inflation was 6.1% as on 30 Aug’13.

I believe that Mr. Raghuram Rajan’s stance on balancing the slow growth with accelerating inflation is a correct one. Even though the US fed’s decision to postpone tapering of stimulus has had a positive impact on our stock markets, however the real worry is the economic growth in the long run.

His decision today to increase the repo rate by 25 basis points was a tricky one as its impact will only be clear in the next quarter numbers. Till then we can only strap on our seat belts and sit tight, as Mr. Rajan is yet to prove his steering capabilities.  And hope that he will drive our economy out of the current fiscal mess and towards a more wholesome and shining growth story projected few years back.

I, however, on the other hand have no doubts on his driving skills and believe that we will reach the desired destination safely provided we can avoid the pitfalls of corruption and implement our economic policies effectively.

The Land Bill has finally Landed

The second ace in the deck for the ruling party is the Land Acquisition Bill which is due for discussion in the Lok Sabha today, with the Govt. managing a “broad consensus” five months ago with the opposition.

After the much anticipated Food bill, the pro-poor & mass vote appeal Land bill is highly anticipated game changer for the current populist regime. The idea is to keep the masses happy with “too little too late” public vote garnering Bills which in the end do not meet the intended purpose except to keep the ruling party in power for another 5 years.

Long term planning is out the window as long as short term gains are big enough (think 10,000 crores in scams) to offset the long term discord that the society is being pushed to the brink of. The only light in the tunnel seems to be this ray of hope that the Land bill will provide to all those people whose sole earnings and livelihoods are dependent on this asset.

It intends to protect & safeguard the rights of the land owners, and the as per the provision, 80 % of the displaced people are required to give their consent in case of private acquisitions and 70% in case of Govt. & Public-Private projects.

This Bill is like a candy in a shiny package and sweet coating but with a bitter inner core. And, unless the execution & implementation is done by keeping its true intentions intact it will fail to achieve the mass appeal it has garnered till now. Similar to the infrastructural reforms and several alluring FDI schemes these bills too have made a loud noise but have had virtually no impact in the lives of the common people.

What the Govt. lacks in long term goal planning it has made up through taking up long standing issues at the end of its term, like they do so in the movies where the hero is yet to make a comeback but in a sequel. I just hope that the sequel is better than the original.

The best days of your life!

As I stroll down beautifully manicured lawns, I reminisce the days of my youth when I was entering my college. Those were the some of the best days of my life that I cherish and have fond memories of.  My son too, will now begin this very same journey of life. The period when one is uncertain and not knowing what the future holds yet filled with optimism and youth and hopes of conquering the world & making a difference.

These days are few to come by, in one’s whole lifespan these few years feel like a drop of rain on the parched earth. Just out of school, boards are over and there are no parents or teachers breathing down your neck. You have nothing to worry about, because you are carefree & young.

You are eager to meet new people and make new friends. Studies are no more your top priority. You dress like a film star and party like one too. When the sunrises, you feel as though the whole world is shining.  You love to play your music really loud, rock music to your ears is like listening to the birds singing, even though your neighbors may harshly disagree.

First few days of your college are like the first few days of your courtship. Filled with lots of expectations and mixed with anticipation and high hopes.  It is important that you don’t lose your way however. As I spoke my mind I shared my concerns with my son who had also joined me for my morning walk. I told him that I did not expect much of him except that he grows up into a respectable young man who would not forget his roots, his culture and most of all his family. He said to me “Dad, I will never forget this day. You have given me permission to go and pursue my studies at one of the best colleges in the world and your blessings are more than enough for me”.

His words convince me that no matter where he goes now and whatever he eventually decides to do; he will be a young man just like I was many years ago, ready to take on what life has to offer and to make the best of it. To never give up and most of all to never forget.