BizFour Mar'17 Issue- Your Sidekick Business Journal

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Financial Inclusion HR’s revolutionary tool for Happy Employees

Financial Inclusion is relatively new in India but the timing is just perfect. In the cashless and digitised economy it aims to provide easy & affordable financial services to people. This model is particularly interesting for employees who have difficulty in accessing credit lines, or those who already have relevant burden and need to find an alternative credit to consolidate their debts at a lower cost. Adopting financial inclusion is a key for the sustainable development of any organisation and its people. This is show it Works:

1 SalaryFits is a platform that allows financial institutions to integrate its systems with payroll information of entities, companies, providing access to a new risk assessment tool, as well as the possibility of deducting the instalments directly from one's salary.

2 The platform manages loans and other financial products, payments of which are directly discounted from employees' payroll, from the source before the employees receive their salaries, significantly reducing default risks and also the bureaucracy to approve a loan.

3 Financial Inclusion is effortless to operate, and does not require significant time of HR manager. They do not have to approve or sponsor any credit for the employees. HR can rather incentivise the employees to build good financial habits.

4 SalaryFits promotes reliability for Financial Sector by lowering default rates, providing security and anti-fraud control through an innovative risk assessment tool. With a small integration effort financial institutions can lower transaction costs and also provide easy credit access to employees /customers.

SalaryFits, through a spin off model from Brazil, is a global fintech giant with 17 years in service having 2.7 million users, has brought patent technology based cloud solution to the Indian market. SalaryFits is a flexible and sustainable financial inclusion tool currently integrated with 140 payroll systems. In India, the company is partnering up with mobile wallets in order to offer a low cost alternative to bank accounts, and offering the first set of financial products to individuals who would only transact in cash until recently.

For enhancing employee's financial health and their productivity c h e c k u s o u t a t www.sa l a r yfi t s . com o r w r i t e a t [email protected].

Alvaro AmorimCEO

SalaryFits, IndiaGuest Editor

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Is Online Learning the Future of L&D?

Conventional wisdom would indicate that online market, which is already one third of the total market size and is growing exponentially, should overtake the Instructor - Lead model of training sooner than later. I feel it may take much longer than that or may never happen. Interestingly, Training Industry can be divided into three broad categories - Knowledge Transfer, Skill Building and Attitude Change. 1 A large chunk of online market is actually replacing Knowledge

Transfer market. Knowledge, (content or syllabus) erstwhile captured in hard books is being replaced with e-books, interactive online solutions or cloud based e-learning modules. It's easy to implement as compared to skill transfer, you get economies of scale and online models are scalable. So we are seeing a significant surge across the world in school syllabus being brought online.

2 Online Skill Building market is nascent. Skill needs to be practiced and in last 2 years Gamification as a tool has come around to replace Instructor Lead skill development sessions. Gamification is the craft of deriving all the fun and addicting elements found in games and applying them to real-world or productive activities. Gamification undoubtedly increases the engagement levels of learners but only linear skills can be learned. At present the science of computing has not matured enough to give participants a hands-on skill building simulation experience

3 Attitude Change, which includes Leadership Development and Executive Coaching at the top and Soft Skills training at the bottom are quite difficult for online revolution. Understanding and helping a human being needs personal touch which machines may not do. In future, with increasing use of Artificial Intelligence & Bots, we may get virtual coaches mimicking & responding to the emotions of a human being.

According to data available at Internet the global market for training expenditures in 2015 was about $355.6 B, an increase from $291.7 B in 2012. India spent $21.5B (seven percent) of it. In the last 4 to 5 years Online Learning has gained ground. The global eLearning Market was around $107 billion in 2015. Except IT organizations that find it economical to do so, most of the other professional organizations, which have large budget for Learning & Development, have not warmed up to the idea. Their need being so niche that they don't find it viable to employ third party LMS (Learning Management systems).

But there is no denying the fact that the world of Learning & Development is changing faster than we can imagine. Learning and Development professionals must buckle their seat belts as the flight has just left the runway.

Jaidev Singh JollyConsultant – Training & Development ISGEC Heavy Engineering LtdGuest Editor

The Sigmoid Curve is the S-shaped curve, which has intrigued people since time began. The Sigmoid curve is a mathematical concept, which has been widely used to model the natural life cycle of many things, from biological organisms, to schools and companies, marriages and careers. It sums up the story of a product's life cycle and of many a corporation's rise and fall. In case of a product's life cycle S-Curve can be thought of as having four sections, each of which corresponds to a phase of growth.

1. Market introduction stage2. Growth stage3. Maturity stage4. Saturation and decline stage

The units of time on each phase are getting depressingly small. They used to be decades, perhaps even generations. Now they are years, sometimes months. The accelerating pace of change shrinks every Sigmoid Curve.

Luckily, there is life beyond the curve. The secret of constant growth is to start a new Sigmoid Curve before the first one peters out. The condition in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. To create successful new products or modify the existing ones the company must have a laser sharp focus on Product Lifecycle Management (PLM). An integrated approach of people, data, processes and business systems will help understanding customers' changing preferences, market forces and competitors' activities.

Organizations should be self-reflective and constantly monitor their own position on the sigmoid curve. However, to be truly successful is to go even further – it is to jump off the current curve when it is nearing its peak and start on the bottom of another curve. The right place to start that second curve is at point of maturity, where there is time, as well as the resources and energy, to get the new curve through its initial explorations and floundering before the first curve begins to dip downwards.

Preparing for the second curve too early is far better than waiting until it is too late and the decline has set in. Riding the first curve while cultivating the second is always the best option. Clinging to the first and trying to prolong it is a pointless waste of energy. When all is well and you are at the top of your game, then you know it is time to plan your exit or diversify.

Kallol MukherjeeNational Business Head – Mobile Companion &Smart Wearable Business Ingram Micro India Pvt. LtdGuest Editor

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Sigmoid Curve and Paradox of Change

During your corporate journey you will most likely win many friends and may be few enemies. There woud be situations at workplace where you would feel jealous or others will feel jealous of you.

A co-worker lands the promotion you were gunning for or someone gets appreciation for the work you have done. Your very first thought is a cramp of jealousy. From there, you may start to walk down a negative path. You feel like sulking. You might as well stop working so hard, since it's going unnoticed anyhow.

Sounds similar? Everyone does at some point go through such an experience. But, successful people don't become envious of a co-worker, and instead use the feeling to fuel their growth. You can, too by asking these questions to yourself:

Ÿ How do I add or deliver more value?Ÿ What does my role want more of from me?Ÿ What does it want want less of?”Ÿ What new skills could I learn that would benefit the team or my

organisation?

On the contrary the most obvious jealous co-worker can easily be identified, as she can single out for competition in any endeavour you take. Jealous colleagues can be extremely damaging to a workers' career and can even lead to bullying. An employee must deal efficiently with the jealous co-workers to prevent the damage to her own reputation and career.

There are four basic ways to deal with jealous co-workers

1 Defuse their jealousy by ignoring it." It's true that your co-worker is "just jealous," but saying it out loud at work ultimately undermines your case for being a likable person around the office. Smile Often. Basically, diffuse the perception this co-worker is trying to spread about you as someone who doesn't deserve to be where you are professionally.

2 Cultivate a reputation as a team player and someone who can be counted on in a crisis. Chances are good that at least a few of your colleagues aren't buying what the jealous co-worker is selling about you.

3 The jealous colleague will try to set you up to take you down, even if it's "merely" through harsh or backstabbing comments at the lunch table. Counter their efforts by doing the opposite by bringing your goodness to everything you do.

4 Keep Records, save any email, notes or the voice mail the jealous worker leaves. Never engage in an unprofessional exchange and avoid responding to any jealous worker. Instead, save the information and record the specific details, dates and witness at one place for use in case situations escalates.

Have a sense of humor. Seeking out the lighter side of this woeful workplace scenario can save your sanity on the job.

VK MehtaHR & Legal Consultant

Guest Editor

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J Factor Management at Workplace

Our Birth & Death as a human are accidents. What exists between these two choice-less accidents is called ‘Life‘. Life is a small journey between these two accidents, which is full of choices. We make millions of choices in this journey that decides if our life will be an event of celebrations or it will be yet another accident. Choices made with greater degree of self-awareness would make life meaningful & purposeful. Do a small reality check by answering these questions for yourself: Ÿ Do you ever Complain or Blame people or situations for your non achievements?Ÿ Do you let down others to feel superior?Ÿ Do you cautiously or incautiously behave abrasive with others?Ÿ Do you at times shout on your spouse or kids?Ÿ Are you overweight or underweight without any significant disease?Ÿ Have you noticed yourself Spitting or Throwing garbage anywhere but the trash?Ÿ Do you forget or purposely do not flush the toilet?Ÿ Do you ever find yourself over speeding on the road?Ÿ Have you ever been searching your phone while talking on it?

Your answer in YES to any or all the above are smaller accidents happening in your everyday life. These are the basic symptoms of mere existence. Existence is not life but the ‘awareness of existence‘ is. A cluttered mind working as a non-stop motor does not let you make right choices and limits scope of life to mere existence. Being mindful about the very small stuff like the way you use your senses, the way you eat, the way you hear, the way you see, the way you walk, the way you perceive….will help you live a life that is more successful, meaningful, purposeful & less stressed.

Suren Saini is also a Mindfulness Coach, Emotional Intelligence Specialist and Corporate Trainer.

Suren SainiCo-Founder & Chief Happiness Officer

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