Around the world, the debate around women and work-life balance has never been more urgent, strident and engaging, and TOI decided to bring this debate to life on our pages through a panel discussion featuring three smart, opinionated, and articulate achievers whose arguments combine a global viewpoint with keen cultural understanding of the Indian scenario.

To begin with, is work-life balance a ‘women’s issue’ at all? The discussion started off with that counter-intuitive question from Priya Chetty-Rajagopal, partner and global VP – Corporate Initiatives, Stanton Chase International. “Policies friendlier towards women tend to be family-friendly, and benefit men as much as women,” said Chetty-Rajagopal. “They work out in everyone’s favour. Around 40-50 % of these solutions are used by males in the office,” she said.

Sunita R Cherian, VP & Global Head, Human Resources, Wipro, agreed. “Most of these solutions tend to be gender-agnostic. It’s not a women’s issue,” she said. “It is also true that women don’t need these solutions at each phase of their lives. For a young executive just out of college – male or female – they probably don’t make much sense. These young people are eager to prove themselves and to spend all their energies at work. Who are we to tell them what they should or should not want?” asked Cherian, quoting the example of a young worker at Wipro who did not want to be moved out of night shifts as part of an HR endeavour to ensure safety. “She said she joined the company because she wanted to work nights! Who are we to argue?”

Yet, Cherian feels, the knowledge that policies that enable flexibility exist and can be availed of by any employee create a sense of well-being and empowerment.

As someone who has been an employee at busy hospitals as well as an employer at Teleradiology Solutions, a clinical processes outsourcing firm she co-founded, Dr Sunita Maheshwari says she worked hard to create an environment that would offer women much-needed flexibility. “As a doctor, I can admit that my life had no balance. It was only when my daughter, then seven or eight years old, asked me if I loved the babies in the hospital more than her that I was brought up short,” said Maheshwari. One of the changes she made at that point was to tell her boss that she would take Wednesday afternoons off – a small change that made a world of difference to the quality of her relationships. “Often, women are scared to ask. They don’t want to be seen as unprofessional,” she added. “We’ve got to admit that women face a number of issues that men simply don’t, or which they know their wives are handling. The nanny didn’t come in, the mother-in-law fell sick – these are everyday issues the working woman has to face and we must acknowledge that.”

It is a fact that in the IT sector, women constitute around 40% of the workforce at the entry level, 25% at mid-level roles, and only 8% at the top level. Why are these women falling through the rungs and not making it to the top in larger numbers, as they logically should given their neck-to-neck performance with men at the starting block? The panelists were of the view that the surge in the numbers of women joining the corporate sector is less than a decade old, and given time and nurturing by their employers, the numbers at the top will begin to match those at the gates. “One theory is that the decision to hold back is a choice some women make. As long as the organization they work with is inclusive and doesn’t have discriminatory policies, we should accept that with grace,” said Cherian, who created a moment of shared laughter and empathy when she said the one piece of advice she always gives young women is to do with the kind of man they marry. “I tell them they have to choose the right spouse, someone who will support and respect their career, who will share duties equally and be a real partner,” she said.

An interesting – and often ignored – insight that came from the discussion was about the quality of work, which often tends to be forgotten in the desperate quest for a better quality of life. Some experts are of the view that when work is designed for maximum productivity, employees enjoy both work and life without needing any intervention.

“Flexibility and work-life balance shouldn’t end up as words that get lip-service because it’s fashionable or because in a global firm, memos from headquarters dictate that you do so. Many brilliant, successful women, who would have been excellent role-models, have stepped back from this kind of debate because they are suspicious of this element of tokenism. The changes have to come from an organisation’s heart and soul,” said Chetty-Rajagopal.

Priya Chetty-Rajagopal

Principal Consultant
Business Excellence – Corporate Initiatives
cr.priya@stantonchase.com

Priya is a very well known industry figure in Bangalore. As the head of Corporate Practice, her focus with Stanton Chase Bangalore is to implement a non IT focus in a completely IT-oriented city. A member of Stanton Chase International’s Business Excellence Committee, Priya has also played a large role in establishing its Global Diversity Practice. She has successfully led Chief Executive Officer level search assignments for a diverse selection of companies in India.

According to SwissCham China’s annual business sentiment survey, the Swiss business community’s two biggest concerns are both HR related – namely“increasing wages and rising cost of people”, followed by “finding and retaining talent”. Surprised?

Ivo A. Hahn: The rising cost of people in China will not surprise decision makers who live and work in China. In fact, the “writing has been on the wall” ever since China introduced its new labour law. The Chinese Government aims to narrow the gap between white and blue collar workers, people in coastal and inland areas, rich and poor – as well as shift the social welfare costs, previously absorbed by the Government, to Western employers. Yet, concerns regarding the rapidly rising labour costs are both understandable and justified. It is meanwhile obvious, however, that China can no longer be considered as a cheap manufacturing location. Foreign investors are unlikely to shift their productions in China completely to other locations as these other countries often lack the positive attitude of the Chinese workforce, China’s good infrastructure, particularly along the coastal areas, and the relative political and economic stability, which China offers. Also, Western companies no longer view China merely as a manufacturing location, but also increasingly focus on China’s domestic consumption. Thus, cheaper manufacturing cost elsewhere is not the sole consideration of foreign investors.

You have been at the frontline of China’s “war for talent” for more than 30 years. What are the developments and trends in your industry?

Localization of talent and senior executives continues, albeit sometimes based on the wrong perceptions or for wrong reasons. Many Western companies believe that local candidates are cheaper than Western candidates. In fact, the best paid talent in China today is local talent; typically with overseas education and in-depth practical MNC-working experience gained in China. In the past, mainly Western headquartered companies with operations in China were competing for local top talent. But nowadays, also state-owned and formerly state- owned enterprises compete for the same talent pool. This means, local top talent in China continues to be spoiled for choices; which continues to drive up salaries and remuneration packages. Western talent therefore is often less expensive than local top talent. This is also attributed to the fact that many Western candidates who have worked in Asia for several years, have been “localized”, meaning expatriate terms have often been eliminated. Lastly, the economic crisis in Europe is driving ambitious Western talent to look East – particularly to China – for their career advancements, new opportunities and to make money. If you go 15 years back in time, most Western companies in China were led by Western managers. Today, Western experts more often report to Chinese decision makers…and this trend continues…

How can companies respond to the cost increase? Can you give some practical advice?

Companies which pay salaries below market level will sooner or later lose their talent; it’s merely a question of time. Yet, loyalty is not only measured in terms of money. Chinese talent, like any other people, appreciates to be recognized for its achievements. Investing in people by means of training and coaching is a good way to connect. Moreover, longer resignation periods, deferred stock options and bonus schemes appear to deter talent from leaving their employers, and from being hired by competitors. However, there are no statistics to prove the effectiveness of such measures.

Do productivity gains keep up with the increasing HR cost? What are your observations?

Productivity can compensate for some of the increased HR cost, but not completely. Companies may also want to increase their total business by putting more focus on the domestic China market itself, thereby increasing volume and revenues.

What can China do the address these issues?

Irrespective of China’s huge market size, China is still a planned7 economy, as well as a developing country. Moreover, there is no other developing country in the world comparable with China’s size, from which China could simply “copy & paste” experiences. China looks at other countries and tries to learn from them. But as is the case most often, learning by doing is more important.

Do you see a slowed down “hiring activity” due to higher cost?

No doubt, hiring activities are directly linked with and impact cost. Hence, companies monitor labour cost very carefully. However, we have not seen a reduction in the engagement of top talent – neither last year, nor in the first quarter of 2013. On the contrary, the global executive search business in 2012 returned to the same high pre-crisis level of 2008.

What are the differences between Hong Kong and the Mainland?

China continues to grow at a faster pace than Hong Kong. For multinationals (MNC’s), this means that China takes a “centre-stage, not only in the regional but also global strategy, and has become – or should be – a corporate strategic priority. Even products in which Hong Kong’s market share is substantial, and where Hong Kong records healthy growth rates (e.g. premium brands in fashion, luxury and lifestyle and Swiss watches), this business in Hong Kong is now fuelled by Mainland Chinese consumers. Consequently, many MNC’s have meanwhile shifted their operations and relocated their key operational decision-makers for Greater China – or even Asia in general – to China itself. This trend will continue unabated. This is substantiated by the fact that the previous income gap between Hong Kong and China has not only narrowed, but key talent in China today often command higher remuneration packages than their counterparts in Hong Kong.

Will wages continue to soar and talent concerns continue to rank top, or do you see any light at the end of the tunnel?

In Hong Kong, salaries are likely to be adjusted by around 4 to 6% in 2013. Taking inflation into account, the “real increase” is therefore minimal, whereas salaries in Mainland China continue to be driven by the talent shortage. Top people still command 20–30% increase when approached by a new employer…and mostly get it.

“Ten years ago, foreign companies were seeking Turkish executives, while the Turkish companies were looking for foreign directors,” George Cross, International chairman of Stanton Chase London told Daily News in a written interview. “Today Turkish companies want to utilize Turkish professionals with global expertise.”

He said the bilateral attraction stemmed from the fact that “the rapidly growing economy raises big demand for stronger executives.”

Likening the trend to the Indian case, Cross said talented native professionals came back to their homeland or never thought to leave for career opportunities abroad.

Speaking about women’s representation in Turkish management boards and business in general, he said he thinks nobody can “prevent a woman from achieving and having a better career.”

“In certain parts of the word where diversity on Boards is very important, if there are two equal finalist candidates, the company may well choose the diverse candidate” he said.

George Cross, International chairman of Stanton Chase London

This sentiment is particularly appropriate for the oil and gas industry which today is facing a significant talent and knowledge gap that actually began in the 1980s resulting in many potential engineers and geophysicists looking elsewhere for careers. The ones who remained are spread throughout the world and are in high demand as the oil and gas sector rebounds at an astounding rate. As you recall, the price of a barrel went from $35 to $10 in the 1980s, resulting in massive layoffs throughout all segments of the energy industry.  It resulted in one of the largest downsizings of a highly capitalized, labor intensive industry ever known.  Once concentrated in western countries, the talent has now been spread thin as major companies throughout the world are competing for talent that can deliver oil and gas products.

China, for example, has oil and gas interests in Kazakhstan, Iran, Iraq, the Sudan, Venezuela, Peru, and Azerbaijan. It clearly illustrates how committed China is in developing an energy pipeline that will feed the growth of its economy.

Like the “Law of Raspberry Jam”, the talent is out there but it is spread thin throughout the world, among countries which view oil and gas as the next gold rush that will lead them to prosperity and a position of leadership in a world in desperate need of energy.

So, what happened to the talent pool?

It actually began shrinking in the 1980s when roughly 25 percent of engineers and geologists left the industry.  At the same time in the 80’s, college enrollment for petroleum engineer and geology students dropped significantly, thereby starting a “perfect storm” that has resulted in the talent gap of today. During that decade, oil reserves were hard to find, there was the initial talk of our planet running out of oil, and the notion of a world relying on alternative sources of power. The trend is likely to continue, according to one study indicating that approximately 22,000 engineers and geoscientists will retire the industry by 2015.

The components of this perfect storm include:

• Colleges saw a decrease in those pursuing these degrees
• As exploration techniques became more sophisticated, there is a recognition that oil and gas is plentiful
• There has been a proliferation of national oil companies (NOCs) throughout the Middle East and Africa, increasing the demand and competition for qualified energy professionals.
• There has been a proliferation of independent oil and gas companies that also are expanding from their traditional regional operations into international exploration efforts
• China and India are desperately seeking out reserves for huge populations that have become increasingly consumer-based, requiring more and more energy

It is compounded by the retirement of Baby Boomers (born between 1954-64) from C-level positions, resulting in a glaring absence of talent available to move into these vacant and projected positions of leadership. In the oil and gas industry, it is known as the “Great Crew Change.” Statistically, there are few 40-50 year olds capable of running these companies. And while universities are pumping out engineers and geologists, it will be decades before they are ready to run these companies.

The scenario is really very similar to the technology boom in the 1990s which resulted in companies aggressively identifying, recruiting, and ultimately compensating these individuals. The executive talent, albeit scarce, is available. It’s just a matter of locating, enticing, and securing these individuals.

And, there is a growing awareness in the industry that these companies have a responsibility to run environmentally safe and efficient operations. The recent Deepwater Horizon disaster was in part due to people who had years of experience in the industry, but were new to their positions on this ship.

So, it’s not all gloom and doom but today’s companies must develop a strategy that reaches out across borders while also grooming and retaining younger executives who can move into leadership positions in 15-20 years.

One of the first steps is to fill this gap for the near-term future. The bad news is that the investment portfolios of the recently retired C-level executives took a hit. But, the good news is that the investment portfolios of the recently retired C-level executives took a hit.

From a personal level, it’s not a good scenario but from an industry perspective it comes at a good time. These former hi-level executives are going back to work as high-priced consultants. They are supplementing in-house teams and mentoring the younger stars being groomed for future leadership positions.

This is a temporary and willing workforce, so oil and gas companies of  all sizes must develop a strategy for bringing these valuable resources into the fold. They must:

• Locate these individuals
• Develop an attractive package that will give these retirees flexibility along with appropriate compensation
• Allow flex time, involving activity on-site and from home

Another source of talent comes from the military. Many officers are leaving the armed forces due to the withdrawals from Iraq and Afghanistan. These trained leaders can be attractive to oil and gas companies. For example:

• Many military specialties are transferable such as accounting/administrative, mechanics, technicians, quality assurance/quality control, etc.
• Veterans with direct, prior petro-experience and/or education
• Drilling rig or rig service jobs

These veterans also have quality leadership skills which transfer directly to managing large groups of people on drilling sites or at corporate headquarters.

Another source of talent is among expats who migrated from the United States to NOCs in Saudi Arabia, Ghana, and Nigeria. Others are with firms in China, South America, the United Kingdom, and India. The one common denominator is that they are all seeking assets and reserves as a road to profitability and energy self-sufficiency. There is significant cross-border activity and the demand for this talent is global.

The stakes are clearly high as new methods of exploration have identified  reserves offshore and throughout the world. Talent has always come at a high price and today’s oil and gas companies must be willing to develop strategies to identify talent for the short term and cultivate executives for the future.

RICK DAVIS | Stanton Chase International Executive Search

Global Practice Leader, Natural Resources & Energy

Davis-StantoChaseRick Davis is the Global Practice Leader for Stanton Chase International Executive Search Natural Resource and Energy practice. He is a Director of the firm’s Dallas office and has more than 25 years of senior level executive search experience within the oil and gas industry and related financial services sectors. Stanton Chase is a global retained executive search firm with 72 offices in 46 countries.

In the past a board member or an international VP whoever is the hiring authority painstakingly provided answers assuming safehaven future scenarios.Now there is a U turn in the boards communication to the new CEO: You need to come on board and the first deliverable is for you to review our strategic plans and come up with a new 3year agenda.We are open for you to raising capital from the markets as long as you can float bonds or borrow money,equity not easily to be diluted.You should identify gaps and induct competent staff within six months.We cannot foretell the companys fortune which is why we are hiring you.Everything is kept open and fluidic,and so are the markets.

CEO candidates make their assessments to figure out if they can be in it for long haul before accepting the new roles.They compare between the new and their current roles,in determining which has better predictability.Once on board,except writing their own cheques,CEOs have complete freedom to carve out a flight-path in what appears a fluidic state of affairs.

R Suresh,MD,Stanton Chase has recruited more than 100 CEOs and witnessed hundreds more trip at the last hurdle.This column is for the hopefuls

By: Monalisa Das

Meenakshi Nayar had the right mix of talent and dedication to take her places in the advertising world.

After graduating from a leading media institute, Meenakshi took on a job with full zeal at an ad agency. She didn’t mind the 14-hour days or work-filled weekends. No matter how over-burdened she was, she never refused work.

‘Saying no to boss was unthinkable,” she says. While her strategy seemed to be a good one initially, over time it backfired. Despite several promotions, Meenakshi feels she is treated like a doormat in office.

‘My team members and boss just keep dumping work on me but never ask for my opinion. I can’t recall the last time I went home for Diwali or took a day off,’ she declares.

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Definite trend to downsize for investment banks headquartered in Europe: expert

Pay hikes for those who can deliver growth in a contracting market: expert

The country of origin may not determine salary increases in the country this year. Breaking from the past traditions, pay hikes for expat professionals in the country is expected to be based more on performance than mere nationality, say experts in the recruitment industry.

“I think you will see companies slowly moving away from the pay difference of nationalities and begin to implement internal equity programmes. The downturn has really taught Boards the importance of executives who can actually deliver results, so I would predict pay hikes are going to those individuals who can deliver growth in a contracting market.” Shane Phillips, MENA Regional Practice Leader, Financial & Professional Services at Stanton Chase told Emirates 24|7.

Going by the events of last year, no particular group in general is expected to see pay hikes depending on nationality. “With the exception of nationals in some of the countries of the Gulf, increases or decreases in salaries are not connected with nationalities. Increases will be based on the performance of the company and of the specific person,” said Konstantina Sakellariou, Partner, Marketing & Operations Director at Stanton Chase.

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Dipak C. Jain, the dean at INSEAD, used to teach at Gauhati University before moving to the US. Ajay Banga, the CEO of MasterCard, cleaned bathrooms, manned the register, and even learnt how to choose the perfect chicken during his two-year stint at PepsiCo—as part of his efforts to understand how a restaurant worked—when PepsiCo had introduced KFC in India. Rakesh Kapoor, the CEO of Reckitt Benckiser, began his career at an IT start-up called Hindustan Computers.

These are humble beginnings of some Indians who are now heading global corporations. India has become the new head hunting ground for leadership roles. “The nation which has been ridiculed in the past for its falling education levels is now a hub for corporate leaders. And a slew of appointments in the last few months validates the fact,” remarks K. Pandia Rajan, founder of Ma Foi Randstad, an HR consultancy firm. So, while Deutsche Bank is banking on Anshu Jain (set to become co-CEO in May 2012) to maximise the profit and reach of its investment banking division, Unilever is looking for innovation and growth in its developed market business by appointing Harish Manwani as its Chief Operating Officer.

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For Niren Shah, 2012 is like the year 2002. A decade down the line nothing much has changed when it comes to recruiting qualified professionals for his firms. The only difference now is that he is helping his invested firms in hiring the right talent, whereas back then he was part of one of India’s earliest e-commerce successes, Baazee.com.

Shah, Managing Director, Norwest Venture Partners India and the ex-CFO of erswhile Baazee.com reminiscences that while hiring talent for Bazee the bar was kept very high for candidates. “E-Commerce as an industry was very nascent, hence the required talent pool was not there at all. To attract the right talent, every individual hired, irrespective of their positions, were given ESOPs.

But most of the key employees that Baazee hired then, are now successful and occupy senior position in the venture capital and ecommerce industry. I see ecommerce firms facing the same teething issues when hiring the right candidate,” he added.

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