Skilling Trends and Planning for the future in BFSI

“Union Budget 2021 India: Upskilling, relearning and digital literacy will be business imperatives in 2021 that need to be backed by an overhaul in budgetary outlays of skilling programmes.”

OVERVIEW

The Banking & Financial Services and Insurance (BFSI) sector is a rapidly growing industry, and one of the most substantial parts of the nation’s economy with a contribution of over 6% in GDP.  In the wake of the COVID-19 pandemic, the sector has accelerated its shift to a digital-first approach, along with the adoption of customer-centric, innovative business models.

As an industry in which skill development is characterized by accelerated growth, the BFSI sector’s focus on upskilling and updated competencies can have a direct and significant impact on the nation’s progress.

KEY INSIGHTS

The projected manpower requirement of the BFSI labor force by 2022 is 8.5 million – which is an increase of about 4 – 4.5 million from where we stand today.
Source: National Skill Development Corporation		 Maharashtra, Tamil Nadu and Uttar Pradesh are the states generating the highest number of skilled and employable youth to meet the financial needs of the decade.
Source: India Skills Report 2020

NEED OF THE HOUR

The Prime Minister’s Office has issued a mandate stating that by the year 2022, India should have 500 million skilled employees across various sectors. Source: BFSI Sector Skill Council of India

According to the National Skill Development Corporation, the BFSI sector is likely to create almost 1.6 million jobs; of which 50% will comprise existing job roles requiring updated skill sets.

Industry experts and talent leaders have recognized the urgent need for social, cognitive and behavioral skilling to update and accelerate progress. Non-technical skills like effective communication, the ability to learn, collaboration and critical thinking are the ultimate need of the hour.

SKILLING TRENDS

  • As companies invest in technical upgrades with data analytics, Artificial Intelligence and RPA, there is a parallel need for behavioral training in a customer-centric approach, across leadership and functional levels.
  • Based on a survey we recently conducted, here are some insights and the most in-demand skills for the BFSI sector:
    • Listening emphatically and understanding client needs
    • Analyzing data and effective decision-making skills
    • Finessing the value proposition and delivering sales pitches effectively
  • Continuous training sessions for mid-level and executive professionals has shown great ROI resulting in increased productivity and growth
  • Given the dynamic nature of domains and roles in BFSI, it is imperative for professionals to acquire competencies to stay relevant, future-ready and thrive in a competitive working environment.

CORE COMPETENCIES REQUIRED IN BFSI SECTOR

Customer Centric Behavior

Good Communication Skills

Analytics Thinking

Learning

Crisis Management

Resilience

To explore how a skilled workforce can drive productivity and innovation, the upcoming webinar “Skilling Trends and Planning for the Future in BFSI” will feature a panel of renowned BFSI HR leaders on how companies can identify and build the right skills for their workforce.

KEY DISCUSSION POINTS

  • How can upskilling enable better understanding of customer demands and needs?
  • The importance of active listening and understanding client needs to drive client satisfaction
  • Building long-term customer relationships through communication and crisis management
  • Behavioral training for self-development, managerial development and leadership development.
  • The most in-demand skills for 2021

Speakers

Aditya Kohli
Chief Human Resources Officer
Clix Capital

Anil Salvi
Managing Director & Group Head- Human Resources
JM Financial Group

Madhavi Lall
Managing Director and Head Human Resources
Deutsche Bank, India

Nagina Singh
Country Lead and Executive Director – HR Relationship Management and Employee Relations
DBS Bank

Pramath Raj Sinha
Founder & Chairman
Harappa

Rakesh Kumar Bhutoria
CEO
Srei Infrastructure Finance Limited (SIFL)

Shailesh Singh
Director & Chief People Officer
Max Life Insurance Co. Ltd

Agenda

14:45 – 15:00

 Registration

15:00 – 15:05

 Opening Remarks by Dimpal Bajwa, Assistant Editor, ET Edge

15:05 – 15:20

 Keynote Address by Pramath Raj Sinha, Founder & Chairman, Harappa 

15.20 – 16.20

Panel Discussion

We’re delighted to have top HR leaders join us to discuss behavioral skilling trends that can fuel growth in the BFSI sector. 

Discussion Points:

  • Prevailing skill gaps in the industry  
  • Understanding challenges  
  • Cognitive, social & behavioral skills required to drive growth  
  • Reskilling the workforce 

Moderator: Pramath Raj Sinha, Founder & Chairman, Harappa 

Speakers:

  • Rakesh Kumar Bhutoria, CEO, Srei Infrastructure Finance Limited (SIFL) 
  • Aditya Kohli, Chief Human Resources Officer, Clix Capital 
  • Nagina Singh, Country Lead and Executive Director – HR Relationship Management and Employee Relations, DBS Bank 
  • Madhavi Lall, Managing Director and Head Human Resources, Deutsche Bank, India
  • Shailesh Singh, Director & Chief People Officer, Max Life Insurance Co. Ltd   
  • Anil Salvi, Managing Director & Group Head- Human Resources, JM Financial Group

16:25-16.30

 Closing Remarks by Dimpal Bajwa, Assistant Editor, ET Edge 

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Aditya Kohli, Chief Human Resources Officer, Clix Capital

Aditya is the Chief Human Resources officer at Clix Capital and is responsible for building the culture and the human capital of a young and fast-growing Fin-Tech startup. He is passionate about leading the people agenda that ensures that we get the right people, in the right roles, with the right capabilities to drive differentiated performance and make a significant impact in our Industry.
He has over two decades of experience that spans across multiple facets of HR including Performance, Reward and Benefits, Business Relationship Management, HR Transformation & Change Management, Employee Engagement, HR Technology & Service Delivery Strategy, Shared Services and Global Payroll Models. He is a results-driven leader, who has worked in Singapore, India and London, managing global teams in a highly matrixed global environment. In all of his roles, he has created space to drive change through a multi discipline approach that leverages all aspects of Human Capital Management, Technology and Culture to drive productivity and performance.
Prior to Clix he has worked across sectors in marquee organisations like Airtel, Standard Chartered Bank and Hewitt Associates (Aon).
LinkedIn: https://www.linkedin.com/in/aditya-kohli-1ab829
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Anil Salvi, Managing Director & Group Head- Human Resources, JM Financial Group

Anil holds a Bachelor’s Degree in Economics and has completed his Master’s Degree in Human Resources from Bombay University in 1990. He possess experience of over 3 decades which over 2 decades he has been part of Banking and financial services Industry.

He is currently Managing Director & Group Head – Human Resources at JM Financial Group (November 2010 till date and additionally he is also the CEO of Real Estate Consultancy Business of the firm, the new independent business and P & L responsibility that he took over effective 2017. The business since has been outperforming the plan and budget on all the critical parameters.

Prior to joining JM Financial Group, Anil was leading Human Resources function at Royal Bank of Scotland (RBS) in India (June 2006 – October 2010) in the capacity of SVP and Head HR. He was part of the HR integration team after the global buyout of ABN AMRO Bank by RBS and was a key resource in Change Management and Integration of the Indian Banking operations ABN with RBS. He later played critical role in the restructuring of the Bank and also successfully led the HR due diligence team while divestment of Indian operations of RBS in India.

Prior, he was Vice President of Human Resources at Deutsche Bank AG (November 1999 – June 2006). In DB, besides leading HR functions for Wholesale Banking, Transaction Banking and Global Markets, he helped setting up Wealth Management, Asset Management and Global Outsourcing Centers for DB in India for Transaction Banking businesses in Mumbai and Bangalore and led the HR functions for these businesses successfully. During this tenure, Deutsche Bank in India underwent a major change as several new businesses and offshore facility was incorporated and exiting businesses rebuilt.

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Madhavi Lall, Managing Director and Head Human Resources, Deutsche Bank, India

Madhavi Lall has been the head HR at Deutsche Bank India since May 2015 and has more than 30 years of work experience primarily in Human Resources. She has also worked with companies like Accenture, Standard Charted Bank, ABN Amro bank, Colgate Palmolive and HCL Hewlett- Packard & GlaxoSmithKline.

She is graduate in Mathematics from St. Stephen’s college and MBA in HR and systems from XLRI Jamshedpur. She has also completed a Leadership management course from the University of Oxford.

Madhavi was conferred the “Women Leadership Award” by the jury and Council of Board Members of the Institute of Public Enterprises-BFSI in 2010. She has been conferred the Distinguished Alumnus Award by XLRI in 2016. She is Chairperson – CII Indian Women Network (IWN) – Western Region and Member- CII National Committee on Leadership and HR. She is also a founding member of the HR Committee for FICCI.

Her exceptional HR leadership has been acknowledged in the list of top 50 HR Influencers in ETHR World Journal.

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Nagina Singh, Country Lead and Executive Director – HR Relationship Management and Employee Relations, DBS Bank

Ms Nagina Singh is the Executive Director, HR, DBS Bank India and manages the HR Business partnership strategy & deployment for DBS Bank India. Nagina has over 20 years of experience within the banking, manufacturing industries, pharmaceutical and the government sectors.

DBS bank has been recognized Aon Best Employers – India 2018, LinkedIn Top Companies – where India wants to work now, 2018 and has been Certified as Great place to work – 2018. Prior to DBS Bank, Nagina was the Chief Human Resources Officer of Bharti AXA Life Insurance. She also lead Diversity & inclusion for AXA Asia.

She has experience in all areas of HR, specifically in employee relations, organizational effectiveness, design and change, talent acquisition & culture management. Before joining Bharti AXA, she worked for Abbott India Ltd. as the HR Director for the Established Products Division, the Proprietary Products Division and the Manufacturing setup in India. She comes with strong business partnering skills which have enabled businesses to transform and lead the second curve of their growth journey.

Before joining Abbot, she spent over a decade at PepsiCo India, where she operated in both generalist and specialist HR roles, including a stint in Australia. She has previously worked for Hero Honda and Owens Brockway. She has an MA in Psychology and an MBA with a specialization in International Human Resources Management.

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Pramath Raj Sinha, Founder & Chairman, Harappa

Pramath is a pioneering force in Indian education, and has played crucial roles in establishing ISB and Ashoka University as top-notch higher education institutions in India. He has been instrumental in setting up a wide spectrum of change-based higher education initiatives, including a management program for career-oriented women, an entrepreneurship fellowship for the Himalayan region, and a solution-focused design education for the built environment. He has also been a media entrepreneur, education consultant and management advisor at the 9.9 Group, which he founded, the CEO of the Ananda Bazar Patrika Group, and a Partner at McKinsey & Company. He is currently Founder and Chairman of Harappa Education–a learner-centred institution of the future focused on accelerating the personal growth of their learners, to help them confidently navigate their most crucial career cusps
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Rakesh Kumar Bhutoria CEO, Srei Infrastructure Finance Limited

Rakesh Kumar Bhutoria is CEO of Srei Infrastructure Finance Limited, the holding entity for the equipment financing leader, Srei Equipment Finance Limited, and other asset management and broking businesses of the Group.

Prior to joining Srei, Rakesh was Group EVP and Head of Commercial Banking & Strategic Initiatives at IDFC Bank. As a Founding Member of the Bank, Rakesh was instrumental in building a profitable Commercial Banking franchise with a pan India presence. He actively led several initiatives as a Steering Committee Member in the run up to the launch of banking operations at IDFC Bank. He has also served as an Independent Director on the Board of Banyan Tree Bank Limited, Mauritius and chaired key board committees over a three-year tenor.

Before joining IDFC Bank in 2015, he was the Managing Director of Standard Chartered Bank in DIFC, Dubai engaged in Corporate Finance and Strategic Client Coverage across the MENA Region.

Earlier, Rakesh was the Head of Large Corporates & Mid Cap Franchise for Standard Chartered in India. He has worked with Standard Chartered Bank in diverse leadership roles for 14 years. He has also worked in senior leadership roles in GE Capital and CRISIL.

Rakesh has two-and-a-half decades of experience across the financial sector in India and MENA Region. His extensive cross functional leadership experiences across geographies has allowed him to develop strong relationships, insights and convictions. Rakesh is well recognized as a banking industry veteran and is known for his open and engaging leadership style and ability to build diverse teams.

Rakesh is an engineering and management graduate, a Chevening Scholar and an alumnus of London School of Economics and Political Science and University of Oxford – SAID Business School.

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Shailesh Singh, Director & Chief People Officer, Max Life Insurance Co. Ltd

With over 25 years of experience in delivering world-class people agenda and culture, Shailesh Singh is Director & Chief People Officer at Max Life Insurance. He is responsible for developing and implementing successful Human Resources strategies that support long term growth and transformation of the organization. As part of transformation agenda, Shailesh has led Max Life’s journey to becoming a ‘Great Place to Work’ while benchmarking organizations culture and people practices to the very best. Shailesh is committed to enhancing culture, creating value for teams and organizations, raising engagement levels and developing talent & leadership.

Shailesh introduced Organization & Talent Review process across organization to systematically and proactively build organizational talent pool and succession plans. Under his leadership focus on supervisory capability and accountability of people agenda has been further strengthened. Shailesh is a firm believer in making Max Life Values come alive through leadership role modelling and embodiment of Values via Business and HR processes. Shailesh is also responsible for company’s societal connect and leads Corporate Social Responsibility initiatives.
Prior to joining Max Life Insurance, Shailesh has worked in multiple HR leadership roles in GE Energy, GE Supply-chain, GE Capital, SRF Finance, Eicher Tractors and National Dairy Development Board (NDDB). Shailesh served as Region HR Head for GE Energy for Africa, India and Middle-East, based at Dubai, for 5 years.

Shailesh is a Graduate from Delhi University and a post graduate from IRMA, Gujarat.

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