BW 12-25 JANUARY 2022

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YEAR AHEAD WHAT TO EXPECT IN 2022

CX to Drive Growth
for Multiplexes

By Pramod Arora Chief Growth and Strategy
Officer, PVR

M&E T HE FILM EXHIBITION business was one of the earliest and the hardest to
be hit by the global pandemic. From prolonged theatre shutdowns to a
Even though drop in audience footfalls, film exhibitors faced several challenges that
these are impacted both their business and revenue in the last year and a half. The
challenging pandemic created a major upheaval in the cinema exhibition space. But
times for the hard-hit cinema industry is now projected to rebound strongly and grow by more
film- than a quarter by 2025 according to a new report from the global consulting firm
makers and PwC. Cinemas around the world are reopening and demand for film entertainment
exhibitors, remains high with people just tired of being stuck in their homes. Recent big-ticket
the charm of theatrical releases have led to a surge of people wanting to get back to watching mov-
the big screen ies on the big screen. Following are the key trends that are likely to continue shaping
is never going the media and entertainment industry landscape in 2022.
to fade”
Out-of-home entertainment
In many respects, out of home entertainment became secondary to a place where
people could connect and spend time together. OOH entertainment avenues
would make cinemas the prime source of entertainment outside homes. For many
people, 2020 was a harsh wake-up call about the importance of shared experiences.
Theatres can reinvent themselves by thinking about how they can personalise
experiences. The key is to make a trip to the theatre for a unique, customised event
for consumers that involves things like better food, more comfortable seats, sound,
projection, ambience and the possibility to privatise a room.

A whole new level of interactivity and immersion to the storytelling and visual
spectacles through presentation technologies combined together will help retain
cinema’s edge over home entertainment. These include 3D, 4K, IMAX, 4DX,
SCREENX, high dynamic range (HDR), motion seating, laser projection and high
frame rates (HFR) to provide an immersive experience that can’t be replicated at
home. There has been a growing segment of people wanting to spend at OOH activi-
ties in the post-pandemic era which indicates that venues will need to cater to their
higher standards, tastes, values, and preferences.

Catering to changed audience behaviour
Audiences are responding to expose themselves in immersive entertainment which
is what will prepare consumers to invest their time. Enhancing the cinema experi-
ence with technological innovations like Augmented Reality (AR), Virtual Reality

102 | BW BUSINESSWORLD | 12-25 January 2022

(VR), Glassless 3D, and 4D experiences will also play a key whole range of alternative content over the past
role in catering to the change in audience behaviour while few years to showcase content that will provide
consuming content. unique entertainment beyond just films. Going
forward, we will see a lot of potentials for alter-
The traditional movie viewing experiences will need to native content to be showcased across the mass-
adapt to a differentiated experience which OTT platforms es. Film exhibitors have started to rely heavily on
may not be able to replicate. This may include introducing alternate content in the form of screening live
themed screenings, creating drive-in theatres, recreating an matches, hosting sports tournaments and world
immersive movie viewing experience for visitors and even cup matches for moviegoers as well as musical
valuing their waiting time at the lobby before the start of concerts, stand-up comedy shows. The e-sports
the movie. Many millennials these days consider going to segment steadily gained popularity amongst the
the theatre more often when premium features are offered. youth during the Covid-induced lockdowns.
This highlights the need for exhibitors to invest in theatrical
experiences. Food hygiene will be of utmost impor-

Promoting alternative content tance to movie buffs
Various film exhibitors have been experimenting with a The food and beverage industry will most cer-
tainly have a great comeback post the pandemic.
The time should be seen as an opportunity by
curators to create ideas and bring innovation
into their menus. People will look for new things
but definitely, the classics will hold a place of im-
portance too. Gourmet food, healthy street food
options matching exact local flavours at cinemas
would be the main reason for audiences to come
out of their homes to entertain themselves to
compliment the movie viewing experience. In
view of the diverse audiences that cinemas ca-
ter to with content made in multiple regional
languages, cinema food would need to adapt to
local and regional tastes.

Localised content strategy
There has been an upward trend in language
sensibilities among viewers today. To make
deeper inroads into India, the cinema exhibi-
tion industry will have to look at widening local content in
2022, focusing on regional languages like Tamil, Telugu,
Malayalam, Kannada, Bengali, Punjabi and much more.
Even though these are challenging times for film-
makers and exhibitors, the charm of the big screen is
never going to fade. Pundits had predicted the demise
of the cinema when television was launched, then again
when the video players were introduced and then again
when DVDs came out. They were wrong every time. For
the industry, no doubt these are challenging times, but
this too shall pass, and the sector will transform in a big
way and for the better. For the future, cinema chains are
moving towards premiumisation with better screens,
broader F&B menus, and convenient booking options to
make movie watching a more engaging and immersive
experience.

103 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Sifting Through the
Streaming Industry

By Archana Anand Chief Business Officer,
ZEE5 Global

M&E W HERE2020WASApeakyearforstreamingvideo,2021hasshaped
up as another critical year, building on many of the trends that
Thestory 2020 laid the groundwork for. While the consumer’s appetite for
thatemerges new content remained unsatiated, platforms stepped up their
pointstoan game to meet this increased demand, experimenting with newer
excitingalbeit genres, bolder narratives, and more language offerings to keep audiences hooked,
increasingly which in turn fuelled the demand for more innovative content. As a leading content
competitive platform, ZEE5 operates in over 190 countries, catering to the South Asian diaspora
marketfor across markets as also mainstream audiences that love Bollywood or global stories.
streamingvideo Operating across a wide spectrum of countries, we have seen several key trends
withstrong defining 2021 during our own journey of taking our content beyond borders.
headroomfor
growth” The story that emerges points to an exciting albeit increasingly competitive mar-
ket for streaming video with strong headroom for growth. As we close out another
highly eventful year at ZEE5 Global and for the larger streaming industry, here’s a
look at some of the emerging trends we have seen across the ecosystem.

Local stories going global
While the popularity of Korean content across countries is a global case study, Zee’s
Zindagi channel made India fall in love with Turkish, Spanish, and other interna-
tional content. Today, with rapid advances in dubbing and subtitling, and evolving
audiences, content creators and streaming platforms are increasingly building out
their approach for the world as ‘one market’. This is a key paradigm shift, driven
by OTT platforms like ZEE5 that enable audiences in any market to connect with
stories from across the globe. Be in in terms of offering content dubbed or subtitled
across languages or ensuring that content releases and marketing plans are synced
up across markets, this is a significant trend that will help expand reach to global au-
dienceswho huntoutrichstorytelling andare eagertodiscoverinternational titles.

SVOD surges ahead
As content consumption soared during the lockdown, so did the options. Subscrip-
tion video-on-demand (SVOD) services have continued to grow at a rapid clip in
2021 as viewers became more open to paying to watch those exclusive originals or

104 | BW BUSINESSWORLD | 12-25 January 2022

latest blockbusters. In 2021, according to Deloitte1, an es- ZEE5 is already the foremost standalone
timated 80 per cent of US households had at least one paid Direct-to-Consumer platform for South
SVOD subscription. Asian content in the US. In other coun-
tries, like Australia and Singapore, we
At ZEE5 Global, we saw a 2x growth in subscriptions saw a direct correlation between the
y-o-y in 2021 over 2020 across international markets. View- lockdown and spikes in subscription.
ers are open to subscribing if they are confident about a
platform’s ability to consistently deliver on quality content New churn habits amplify the criti-
month after month and offer a diverse range of relevant
options. In the US where we launched ZEE5 as a pure-play cality of analytics
SVOD service in June 2021, nearly 40 per cent of our users With amplified competition in 2021,
subscribed to the annual pack, indicating the value seen in consumers are faced with abundant
the affordable pricing. In under five months since launch, choices. Leading them to choose a hand-
ful of services as their preferred set and
then flirt with the others i.e., subscribing
for individual shows and then churning
out. More than ever therefore, deep data
analytics, including AI and machine
learning, play a key role in upping the
ante on content personalisation, com-
munication through the customer life
cycle, and strategic retention tactics.

Sports & entertainment synergies
As the battle for the viewer intensified,
2021 saw an increasing trend of enter-
tainment platforms investing in sports
content. Live sports as a category has
been slow to transition to streaming. In
2021, with limitations on attending live
events and sports viewership also shift-
ing online, platforms have been increas-
ingly bidding for sports rights to expand
their audience base. This also offers
platforms an opportunity to drive deep-
er viewer engagement for these events
through social media, fantasy leagues
and more, while adding in revenue
streams through targeted advertising,
upselling and the like.

Greater interactivity and engagement
With increased social chatter and surround sound around
shows, viewers are today much more involved and engaged
with the storylines and characters from their favourite
shows. In an increasingly competitive environment with
viewers looking for differentiation, platforms have seen
this as an exciting opportunity to make their shows more
interactive and immersive to keep their viewers more en-
gaged. Gamification and interactive content are trends that
we expect to be seeing even more of in 2022 as platforms
up the ante in wooing audiences with more personalised
experiences.

105 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Integrating Tech
With Human Touch

By AMIT MALIK CEO and MD Aviva India

106 | BW BUSINESSWORLD | 12-25 January 2022

F OR YEARS, artificial intelligence (AI) and its role in content distribution. It reaches the right customers
use cases were limited to science fiction movies.
However, the upbeat investor confidence, sev- with much relevant information.
eral proofs-of-concept, and an exponentially • Round the clock customer support: Most customers
are digitally connected and look for support 24/7 online.

growing consumer data repository with busi- This makes it difficult for companies to equip their contact

nesses have brought AI very close to our day-to-day lives. centres with sufficient human resources. With predictive

2020 and 2021 have witnessed consumer technology analytics and automated response systems, businesses can

adoption like never before in the last two years. This trend continue to provide the necessary support round the clock.

was due to people’s urge to stay connected with the world

from the safe periphery of their homes. This became an But there is more that AI can do in 2022

excellent opportunity for businesses to leverage AI to en- Despite all the advantages of AI, it has its natural limita-

hance the consumer experience, enable them to choose the tions. For example, Today, AI cannot generate a review for a

right products and services without hassle, and receive the movie considering a particular socio-cultural context. Even

necessary post-sales support. Let us explore in detail how summarising a set of documents is a challenging problem.

AI had led customer experience in 2021 from the front and Yes, AI has been used for analysing text and speech at vari-

what we can expect from it in 2022: ous levels, but computer engineers and data scientists have

• Better consumers understanding leads to an en- not yet been able to find an appropriate mix for using AI

hanced experience: AI and ML have been integrated and machine learning to generate accurate assessments

into many CRM platforms and customer data platforms which closely resemble the multi-layered, complex human

(CDP) to provide functionality that in- responses. When you ask these chatbots

cludes real-time decisions, predictive simple questions like is it going to rain

analysis, and conversational assistants, tomorrow? Or can you play me the song

which help sales teams to more easily from this movie? They do a great job. But

understand and engage customers. As as you start asking more complex ques-

a result, AI has enabled organisations tions, like “Hey, can you help me find a

to understand what their customers good shoe for my trek”? I think it’s tough

want, how they feel, and predict what for the chatbot or any assistant be it, Siri,
Alexa, google etc to break this question
AI hasthey are likely to do. In addition, the AI-
based real-time decisions and predictive down to your intent. A complex multi-
layered aspect is what one wants as a
enabledanalysis help consumer-focused digital
platforms take the “next best” action per- person, and how one individual differs
from others.
organisationssonalised for each consumer based on
the current interaction, purchase and AI is great at answering frequently
browser history, past customer service to understand asked questions or providing custom-
inquiries, and demographics. Thus, AI ers with repetitive information, but, it

is capable of calculating and predicting still cannot wholly replace communi-
cation with a customer service special-
what theirtheirneeds.

• Personalised and contextualised ist. Instead of substituting people with
technology, we must integrate technol-
customersconsumer interactions: AI-based con-

tact centres give human agents enough ogy with a “human touch” for superior
customer engagement and service.
want, howcontext about every customer relation-
ship (think of first-time caller vs loyal Continuous research and development
are required to use AI for a differenti-
they feel, anduser). This helps the agents to person-
alise their interaction with customers. ated and completely digital customer
experience. Last but not least, AI isn’t
predict whatMoreover, AI-based solutions enable
the agents to make intelligent, real- the boogie man that sci-fi movies scared
time decisions and take the “next best” they are likely people for years, nor is it the job killer
action. Additionally, consumer-facing that should worry employees. Instead,

businesses can seamlessly deploy multi- it provides diverse valuable business op-
portunities which will be the keystone of
to do”lingual automated support that further

personalises the customer experience. a future-focused all-inclusive customer

AI is also beginning to play a significant experience.

107 | BW BUSINESSWORLD | 12-25 January 2022

OVERVIEW HR YEAR AHEAD WHAT TO EXPECT IN 2022

THE GLOBAL PANDEMIC has changed the way
people view work. Conventional Employee Value
Proposition (EVP) was guided by outdated prin-
ciples where employees were viewed as work-
ers and work was not perceived to be part of the
personal life of the worker. A paradigm shift occurred to this
viewpoint during the pandemic.

Moving away from the old transactional viewpoint, the or-
ganisation’s EVP now has to be re-articulated to be aligned to
the way employees view work and should focus on the shared
purpose of the organisation and its employees, along with the
deep connections and the redefined employee experience ef-
fected during the pandemic.

Human resources (HR) will need to start playing a key role
in contributing to and driving the sustainability agenda of the
organisation. One of the many ways to do this is to directly add
valuetothebusinessthroughtheimprovementof theenviron-
ment, social and governance (ESG) score of the organisation.
Key ESG HR issues involve how a company engages with its
workforce, with a strong focus on a culture, incorporating

Roadmap to
People Practices

of Year 2022

If 2021 reinvented HR practices and solidified the new role
for the HR fraternity, 2022 will see the community push its

boundaries and add value to the organisation
by Sugandh Bahl

inclusion and diversity, and how it looks at issues of equity, The overriding theme this year is transformation from adop-
fairness, and human rights. The global pandemic has turned tion. In the last year we have seen a lot of adaptation in the
the focus on the ‘S’ in ESG. human resources arena. We have shown that we were able to
adapt, but the year 2022 will be called a year of real transfor-
Instead of focusing only on health in engagement initiatives, mation.
organisations need to adopt a holistic approach to well-being
of their employees and expand beyond employees to include So if one was to crystal ball gaze into upcoming HR trends
the larger ecosystem, including family members of employees. to watch out for, they will be the following:
The approach needs to be based on employee needs, data ana-
lytics on employee health and it should leverage technology l Attention to Employee Experience
and medical expertise wherever available. According to the 2021 Employee Experience Survey by

108 | BW BUSINESSWORLD | 12-25 January 2022

A recent Harvard Business School online study showed that
most professionals have excelled at their jobs while working
from home, and 81 per cent either do not want to go back to
the office or would choose a hybrid schedule post-pandemic.

Whether companies have changed their culture truly is a dif-
ferent question. They have announced policy shifts but culture
is a reality beyond policy announcements. Individual mindsets
need to change for the collective mindset to be different.

l HR Tech to Enable Employees
A slew of HR technology options, including some smart en-
trepreneurial platforms, have opened up huge possibilities for
taking the drudgery out of the lives of employees, managers
and HR. And yet, as evident with any change, it is not so much
the technology but the attitude towards changing to appro-
priate behaviours that is the roadblock. Human Resources
consultants love to talk about the power of technology but the
downstream cultural shifts are not easy to accept. Information
democracy shifts many historical centres of accountability. Not
everyone enjoys this. Not yet.

l Outsourcing A recent Harvard

Functions Business School
Directionally, it is going to be online study
a trend. But not all compa-

nies have adequately showed that most
focussed on developing professionals have
early-stage talent for these

disruptive times. Also, in excelled at their
many organisations, the sen- jobs while working
ior leadership still would

love to live in its own world, from home
assuming that who they have

with them are not good

enough, a typical issue of over-familiarity. So I am not sure

how much the needle is moving for now. Everyone is saying

Willis Towers Watson, “92% of employers worldwide said the right things. But we need to see more demonstrable
that the employee experience will be on top priority for next
three years.” As business sees a strong positive bounce back action.
in most sectors and segments, hiring has picked up. Talent,
especially those in the sub-10 years’ experience band is in Likewise with outsourcing of functions. Says Prabir Jha,
intense demand. But, money won’t play enough of a differ-
entiator factor to attract or retain talent. Employee experi- Founder and CEO, Prabir Jha People Advisory, “Having been
ence, flexibility and choice, a culture of fast learning and
inspiring leadership, will surely become vital ingredients in a strong practitioner of this philosophy, I hope that more and
the work culture of the day.
more companies realise the value of being strategic lean. But
l Flexibility Mainstay of Company Culture
With the more recent Covid experiences, people know that again historical comfort and the fear of the unknown have been
flexibility is not impossible for the employee value proposi-
tion. Employees just want more flexibility in their life and holding up the speed of shift.”
work. Flexibility is not simply about remote working, it is also
about work timings, policy flexibility, and rewards flexibility. l Defining ‘Right Talent’:
Attracting and retaining needed skill sets is without a doubt,
needed. You cannot reimagine a business of tomorrow without
redefining the supporting talent needs. It is pretty convincing.
However, the sequence need not be the same always. Redefin-
ing talent and leadership across all levels can reset business
possibilities. It is believed that this is an untapped opportunity,
all the way from the composition of the board downwards.

Photograph by Indiapicturebudget 109 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Prioritising
People and
Purpose

By Harshvendra Global Chief People Officer & Head –
Soin Marketing, Tech Mahindra

T HE COVID-19 PANDEMIC has transformed businesses in a way that was
previously unseen and unexpected. Today, as the world is looking at the
new-age workplaces, it is clear that the speed and scale of an organisa-
tion’s transformation will govern its future. Businesses across industries
and regions are rethinking ways to use digital technology as a compo-
nent of their business strategies while concurrently focusing on speeding up their
operations to match the new normal. In fact, the kind of changes that the businesses
have been able to implement would have taken several more years for most businesses
to incorporate, in the normal course of events. Business operations are getting faster
to the extent that the speed that was regarded as the ‘gold standard’ a few years ago is
now below par, and leading brands are even faster than the new benchmarks.

EQ over IQ
As the physical boundaries of the workplace are getting blurred, organisations need
to not only be faster but also more humane than ever to enable positive employee

110 | BW BUSINESSWORLD | 12-25 January 2022

engagement even while remaining distant. Due to this, the easy for them to be overtaken as long as their focus on inno-

integration of empathy and emotional intelligence in busi- vation remains unwavering. For others to make an impact,

nessoperations has becomea bigger focusthan ever.While it is important that they invest in talent, capacity building,

in the traditional setup, educational qualifications and the forging partnerships, and increasing their research and

ability to generate greater numbers were regarded as bench- development budgets.

marks of success, things have changed now, and rightly Another key trend that I have observed is that businesses

so. Organisations are increasingly focusing on building a that are adopting a multi-dimensional and cross-functional

management pool that has more emotional intelligence and digital-first framework, are more likely to succeed than

empathyinsteadofthetoughwork-mastersapproach. Itis those that are only making small changes. An all-around

now an accepted fact that the leadership positions must be digital synchronisation is being sought to create the perfect

filled by people with high EQ as their emotions and actions harmony of progress and sustenance. For instance, it is evi-

have a ripple effect throughout the company. dent that the integration of digital, cloud-based platforms

in areas such as human resources, marketing, supply chain

Devouring digital delicacies management, payroll, and corporate communication is

Going beyond the speed of business operations, the pan- impacting the performance of organisations in a positive

demic has also fundamentally changed the corporate world manner. Also, to support digital synchronisation, corporate

as we knew. Only 11 per cent of businesses today believe decision-makers are required to take a clear call on the ex-

that their existingbusinessmodelswillbeefficientthrough tent of technology and how much digital tech is required for

2023, and 64 per cent are of the opinion that they need to them to stay competitive or ahead of their rivals in the years

undertake further digital transforma- to come. Undoubtedly, the changes

tion to achieve their goals. While under- must not only be in terms of deploying

taking digital transformation, business machines, but also in terms of curating

leaders today also need to acknowledge the right human talent.

the fact that they not only have to grasp Thus, recovering from the pan-

opportunities but also have to safeguard demic will certainly require some

themselves from future disruptions like permanent operational changes for

the pandemic. Through experience Organisations many businesses. In some areas of
gained in the last two years, organisa- operations such as marketing or hu-

tions are increasing the tech deploy- are man resource management policies,
ment for employees, customers, and the changes have to be industry-wide.

their vendors/partners etc. However, increasingly Whether it is a small business or a
the heightened use of digital tech has global enterprise, none can continue

also brought in the risk of cyber-attacks focusing on successfully over the long term with-
at a much wider scale than ever. As a out making the required changes.
result, cyber security growth trends in Automation of routine processes and

this era of digitisation have become in- building a jobs that can be easily performed by
evitable. machines has to be undertaken. The

Decoding the new talent code management new normal is about less contact and
more impact. That is where the busi-

Since businesses are now putting great- pool that ness ecosystem will have to build a
er emphasis on their strategy and opera- landscape where touch is reduced,

tions revival through technology, more has more but ‘humane approach’ is enhanced.
and more resources are being poured When aided by the right technolo-

into the digital and tech capabilities emotional gies, it is these human-centric strat-
in the wake of the pandemic. This has egies that will deliver the best out-

also created a market demand for digi- intelligence comes. Last but not the least, each
tally equipped full-time employees to business needs to look at the future as
manage the new digital infrastructure a constantly changing landscape with

better. In fact, in most industries today, and empathy” bold and flexible operations being the
leaders are defined by the digital ap- order of the day – and in all this, we

proach and integration that they have must remember to welcome change

already undertaken. It is not going to be as the rule, but not as our ruler!

111 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Promoting from Within;
Outsourcing for Efficiencies

By Suchismita CHRO ITC Infotech
Burman

Amongst the PROGRESSION NORMS AND practices have matured across organisa-
many lessons tions depending on business relevance. Choices to build sustainable
learnt in the mass / create core competencies while leveraging the wider external
outsourcing ecosystem for specialised knowledge/ non-core areas continue to be
decision- decision points on the “make vs buy” principle on people practices
making promoting from within and outsource for efficiencies.
process, the
one that Organisation structure design and talent supply chain planning is a continuous
needs process and in today’s environment requires constant monitoring for adequacy and
attention is relevance. As an example, in a manufacturing B2B set up, computation modelling
reliability” and analytics is a highly specialised field that requires significant investments in soft-
ware, is deep in scope and the volume of work may not require hiring of critical mass
of employees. It can also lead to depletion of valuable time to hire and retain talent/
knowledge. A classic cause for talent and skills outsourcing to boutique ventures.
Many successful business enterprises have embraced this principle over decades to
run companies and people decisions within respective groups.

There are multiple examples of organisations across sectors adopting college
campuses, partnering with university professors and students to set up labs, sponsor
programmes to build theoretical analysis, use cases and integrate business viable
outcome into the mainstream internal delivery eco ystem. This is creating synergies
and opportunities on talent outsourcing decisions to drive efficiency and effective-
ness in a business context.

Reliability to become a lesson
Amongst the many lessons learnt in the outsourcing decision-making process, the
one that needs attention is reliability. The inability of the partner to deliver can im-
pact an organisation’s credibility and hence spending time upfront to define the right
governance mechanisms — checks and balances — is critical. It could be a simple
transaction of filing tax returns on the financial side that has an impact on opera-
tional excellence and employee experience. Communication, regular review of work
and observing the decision-making matrix at play while partnering with outsourcing
agencies is also an important attribute. It is an on-going process to find a structure
out of chaos by recognising patterns – ones that will help long term and those that
are detrimental to further the organisation goals and must be improvised on.

Shifting focus on the segment of promoting internally, the approach to innova-
tion and business outlook drives decisions at senior levels. Organisations have
gained significantly by adopting the role rotation approach to prepare individuals

112 | BW BUSINESSWORLD | 12-25 January 2022

to build predictability, versatility in business knowledge and They require more organisational support to build role
required experience before taking on senior roles. proficiency.

Organisations adopt a “by design” approach to hire exter- Role of a sponsor
nal candidates who bring in deep expertise in new business/ I have also been enthused during my discussions with indi-
investment areas and then proactively enable an ecosystem viduals who have gained through insights of self investment
wherein they can be successful in the role and build a strong in learning, proactive seek — in for career advice from spon-
internal leadership talent pipeline as a progression strategy. sors that helped them charter career choices wisely and be
While this shows a visible responsibility and faith that the consistently successful across promoted roles. A sponsor
organisation puts on the external candidate, it helps in hir- is an influential leader who is an advocate for accelerating
ing strong talent with a tangible roadmap while making a careers and consciously pushes for stretch assignments,
career choice. There are examples of global conglomerates advises on risk taking and is vested in the career growth of
taking a decision to hire an external candidate as the CEO the individual. It is a more powerful relationship than that
to turnaround a business and then subsequently promoting of a mentor-mentee construct. Consulting and professional
internal talent to the CEO position as a go-forward succes- services organisations thrive on this and are dedicated cul-
sion planning approach.
turally to sustain it as a way to
Let us change the lens to view this from an employee’s per- promote people from within
spective and how one prepares for the role. The challenges and groom leaders.
faced are (a) information and knowledge available beyond
the immediate vertical growth options (b) awareness about What I also learnt is the
one’s own strengths and how the skills can be leveraged and criticality to understand role
stretched in future roles. expectations in the context
of business reality and it is an
In my observation, individuals who have been promoted always changing paradigm.
into roles that have a low correlation of role competencies The agility to adapt and “time
and personality matches/ strength preferences have ex- to execution” seems to be the
perienced significant stress levels to drive consistency in most important competen-
performance. The anxiety to be perceived as a successful cies for successful promotees
promotee weighs in more than it should. It compromises in critical roles.
on their overall relationship with teams, ability to have an
“outside in” view and adopt personal well-being principles. The mid-management
career level in the workforce
segment is heavily skewedto-
wards promoting from within
and rightfully so – to build sta-
bility, continuity and build a
culture of meaningful work
and recognition. The watch
out is giving and receiving
feedback and what behav-
iours are organisations deepening through these levels.
This career levels being channels of inherent organisational
knowledge and wisdom will always be exposed to walking
the tight rope – to drive productivity of self and team and
balance leadership expectations. Methods used to identify
talent for promotion must be on actual experience and in-
stances of succeeding in stretch assignments as a trend chart
in addition to performance rating.
In summary, the philosophy and act of either promoting
from within or outsourcing is about creating an effective
plan to fill in gaps in business and drive a radical change
towards desired outcome. Clarity on the basic objective
and monitoring for relevance of those objectives will allow
organisations to derive long-term value.

113 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Holistic THE LAST TWO YEARS have been a time of upheaval at all levels — hu-
Well mans, businesses and economies. As with any such change, there have
Being — been immense opportunities for reflection. Newer ways of work and
Moving workplaces; hybrid work models and the ever-changing business situ-
The ations amplified the need for organisations to become more agile and
Needle
more humane. As one looked deeper, the ambiguity and ever changing work dy-
By Rachna Kumar
VP-HR namics left many of us, employees as well as organisations, wanting to re-prioritise.
Whirlpool India
Reprioritising is what truly matters. And one such re-prioritising happened in the

area of wellbeing. The “Great Resignation” was a more vocal expression of the prior

latent and simmering need of wholeness, of ultimate well-being.

And it wasn’t just the emotion being expressed. It was complemented by the

multiple research-based insights in this space pointing towards why organisations

had a business case to prioritise well-being of employees, in addition to the business

performance measures. Borrowing from a research by Josh Bersin, it was stated that

companies which leverage different strategies for employee well-being are 2.2x more

likely to exceed financial targets, 2.7x more likely to delight customers and 1.9x more

likely to innovate effectively.

Clearly, for organisations and employees, it made more sense to look at well-being

at a much deeper and holistic level. However, for employees and organisations,

to start working more effectively in this

space, it was important to decode what

actually makes human beings feel well? Is

well-being absence of physical ailments?

Is it absence of mental stress? Is financial

security also a barometer of personal well-

being? Is it that when one feels a part of

Well-beingthe system feels much better on the well-

being scale? Is it that when one feels safe,
physically and psychologically, that she/

as a term ishefeelswell?
Multiple conversations on this subject
led to most of the organisations actually universal,

finding their own definitions. Most of the but at the
organisations realised that essentially
well-being is relatively a more compre-

hensive word, the word actually is around

same time, itwellnessofthebeing…oftheveryexistence

of the employees. It is about enabling a

is immenselyspacethatnourishesthisbeingandthere-

personalfore well-being is as much about physical

and mental well-being, as it is about emo-
tional, social and financial well-being. It
is about psychological safety as much as and to do

physical safety. It is about feeling valued with
and inclusive. Basically, well-being meant

organisations to look at employees and individual
their being from a very humane lens and
that well-being as a term is universal, but

being”at the same time, it is immensely personal

and to do with individual being.

And this line of thought, actually reso-

nated so well with me, personally, as a hu-

114 | BW BUSINESSWORLD | 12-25 January 2022

man being. I felt well when I was in a flow…when I had the these efforts sustainable and gradually move the needle
physical energy, the mental agility, happiness at heart and to other aspects of helping employees with their holistic
was very comfortable with my financial security and the love well-being. Building an organisation, which helps provide
and care I would get from people and society. I was feeling financial well-being and feeling of equitable rewards and
“Well” and that showed in my conduct, in my delivery, in benefits and also helps employees with advisories on max-
my performance. imising their returns on their rewards for present and future
lifestyles could be really useful.
Crafting well-being strategies
As organisations had deeper insights, it also led them to The other equally important shift may be required in
craft well-being strategies with both the employees and the space of social and community well-being, as increas-
the organisations shouldering the responsibility, jointly. ingly more and more employees have started searching for
Considering the space was big, organisations started taking their larger purpose of existence and have starting putting
baby steps. Most of the organisations started offering suite more onus on personal and social relationships. Providing
of benefits in the physical wellness and mental well-being employees with opportunities to contribute to community
space. There were offerings around physical fitness, preven- upliftment programmes, or to a social cause or to an envi-
tive care offerings, increased medical insurance, tie up with ronment sustainability endeavour could be possible options
medical care facilities and hospitals, etc. Organisations for greater fulfilment of employees.
stepped up the offerings in the space of mental well-being
including meditation sessions, art therapy sessions, sessions At the end, however, the true intent and commitment
with coaches and counsellors, flexibility in work conditions, by the leadership team of the organisation is what actu-
etc. Conversations around emotional well-being and pro- ally makes a difference. Helping build a culture where all
viding an environment where employees could feel safe to these different aspects of well-being become no longer buzz
express themselves without being judged started gaining words, but actually a fabric of the organisation eventually
consciousness. Employee Resource Groups came into exist- leads to employees feeling “Well” in the organisation.
ence for peer support and care. There was a visible thumbs
up by the employees, considering most of these offerings It is a start to a long, meaningful journey and it’s a col-
had huge participation rates. laborative one. For organisations, it’s important to listen to
their employees and co-create a comprehensive well-being
However, it remains to be seen how organisations keep strategy and offering that’s focused and customised for its
own employees. It’s as much about individualised offering
as it is about a collective one!

115 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Role of W E TODAY WELCOME the evolution of technology, which has now
Tech in engulfed everything and beyond everyone’s imagination. Organi-
HR sations are facing the need to reinvent and reorient themselves
to technological disruptions to a new world of work. During the
By Rajesh Sahay unprecedented times, we have witnessed companies and employees
Sr. VP – HR adopt new skills and develop new behaviours which have enhanced the way we function.
Wipro Consumer Care Such a gap has been bridged by a greater collaboration and driving knowledge practices
towards a more rampant use of technology. In the year 2020, the world welcomed digital
revolution at an accelerated rate, reimagining technology’s substantial role in how we
work, learn and live.

Technology has transformed every part of our lives and inevitably, it has had a consid-
erable impact on human resource (HR) as well. In the recent years, organisations across
the world have been extensively adopting HR technology practices from several software
companies to streamline HR activities and usher in a new level of efficiency at work.

Large corporates have assimilated to cutting edge human resource technologies and
this leaves more room for HR leaders to be engaged and focused on their company’s
overall strategy. Increasingly, HR managers are scouting for different tools to make
the best use of technology for varied tasks in an organisation. HR technology is now
being widely accepted and organizations have
implemented technologies to ease the burden
of work and improve the overall working ex-
perience for employees. Technology enhance-
ment especially in HR is essential to create
talent as a competitive advantage for the world
along with enhancing workforce productivity

atscale. Organisations

Pandemic-led challenges have
With the ever-evolving technology, the role implemented
of talent managers continues to broaden and technologies
now their responsibilities are aligned towards to ease the
increasing productivity and employee engage- burdenofwork
ment. Nowadays, there is an app for just about and improve
everything relating to workforce management the overall
in an organisation. Some of the top applica- working
tions of HR tech today are smart recruitment, experience for
automation of repetitive tasks, employee en- employees”
gagement, employee development.

The pandemic led uncertainty has created
myriad challenges for employees and HR
managers as they struggle with the lack of clar-
ity surrounding the future of work. During
the last two years, Human resource managers
have been dealing with this issue and contin-
ued to manage in a perpetual crisis mode. HR
managers have been at the helm of this crisis
as they scrambled to figure out how employ-
ees could effectively work from home while
also providing various support mechanisms
to ensure their mental and physical well-being.
Organisations made an over-night pivot to-

116 | BW BUSINESSWORLD | 12-25 January 2022

wards digitisation to provide access to systems remotely and teractive and gamified tools were used to facilitate skilling.
facilitate work seamlessly. Employees are constantly being urged to utilise technology and
adopt the best industry practices for improving their growth
Today, more than ever, HR is seen as a critical organisational trajectory. Through such large-scale skilling initiatives, com-
function that has a significant bearing on the technology de- panies are giving employees an opportunity to constantly keep
cisions undertaken by companies. Since employees are an themselves updated with the latest industry trends.
indispensable touchpoint for companies, it has reinforced the
importance of bringing HR tech closer to employees. Now Moreover, now HR is specifically focusing on designing
digital technology has completely redefined the face of HR and developing learning programmes that enhance the per-
management. From workforce planning to day-to-day tasks formance and productivity of employees. It is important to
and employee management, technology has pervaded every reassess learning gaps to bridge employees with the adequate
function of HR. With the onset of such a digital imperative, level of application-based knowledge and experience. HR
the fundamental outlook
of HR has also undergone tech has revolutionized the fu-
a significant change. Tech ture of HR departments through
used in HR is no longer just better employee scheduling and
transactional, but it carries tracking, easier access to crucial
a transformative and strate- information, improved talent
gic relevance in today’s day management, improved talent
and age. Critical functions management, cost reduction, se-
like payroll, time manage- curity, and privacy. It is quite evi-
ment and other admin op- dent that HR tech is no longer an
erations are now entirely option but an inevitability. During
tech-driven and allow busi- the ongoing pandemic, HR tech-
ness partners to prioritize nology has continued to serve as a
employee productivity and key asset for HR leaders and made
talent development from a the remote workforce easier. HR
holistic perspective. departments have been credited
to flawlessly align cross-functional
Reskilling, Upskilling resources and make smarter, data
Accelerated digitisation has driven decisions for everyday
completely transformed tasks.
the future of work and the
onus of reskilling and up- Adoption of technology in the
skilling employees on a HR sphere is necessary as it boosts
regular basis is on the HR productivity, increases creativity,
department. Corporates are and improves overall employee
now upscaling their behav- engagement. As the demand of
ioural skill and other learn- top talent rises, businesses will
ing programmes to guide continue to look for better em-
employee’s personal and ployee management software so-
professional development. lutions. In a progressively volatile,
Learning the latest tools uncertain, complex, and ambigu-
and keeping abreast with ous (VUCA) environment, organi-
the industry movement is zations that are implementing HR
vital to an employee’s abil- tech effortlessly are far likelier to
ity to create value in a sus- hold on to talent and construct
tained manner. During the efficiency. To remain relevant in
pandemic, training and today’s world HRs should adopt
learning programmes took to tech advancements and prepare
on a whole new dimension themselves to ensure they have
with HR tech as more in- the appropriate abilities to suc-
cessfully navigate the new digital
world.

117 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Right Talent in the
Hybrid Workplace

By Rajesh Manik Director - Talent, Deloitte Shared
Sarkar Services India LLP

AS WE STEP INTO 2022, leaders and HR teams are busy defining what between work and life blurs further,
does the new year hold for the workplace. Organisations have not only organisations are expanding their
adopted flexible work formats but also shifted permanently to remote benefit offerings to include a wide
and hybrid work models. They have come to realise that employees range of physical, mental, financial,
have life beyond work and the challenges that come with it and started and spiritual health programmes.
considering wellness and wellbeing as part of employee care.
The future talent − Gen Y & Z
The perception of work, worker, and workplace has changed. In the new normal, The talent demographics is shifting
the concept of physical workplace is being replaced by an ecosystem that transcends as more millennials enter the work-
physical and geographical boundaries, business structures, and levels. force; by 2025, they will make up 75
per cent of the global workforce. A
So how do we prepare ourselves? To begin with, accept that it is not a passing higher degree of assertiveness and
trend – it is the new reality. Second, address the core need by bringing in a distinctive
employee value proposition, focused on impacting both work and lives. As the line

118 | BW BUSINESSWORLD | 12-25 January 2022

self-esteem are some of the characteristics that millennials for withdrawal of interest or no-show. Previous generations

possess. They are known to be technology savvy, focused wanted work-life balance. For millennials, it might be more

on growth, looking for new opportunities, and continuous accurate to call it work-life integration as they look at mak-

feedback – this calls for a different talent approach. Or- ing their work fit into the rest of their lives.

ganisations should embed the following elements in their Developing an EVP with a heart and soul: More than ever

culture to attract and retain millennials, and develop the before, organisations need to develop an “Employee Value

next generation of leaders. Preposition” (EVP) that would work towards enhancing

• Meaningful work: Known as a purpose-driven genera- and elevating the quality of their employees’ lives. Tradi-

tion, millennials want to be a part of the shared vision and tionally, EVPs have focused more on “what we offer” rather

do meaningful work. Millennials want to take this attitude than “why”. The holistic-centered EVP can be built around

into the workplace and collectively make an impact on peo- value drivers, such as connecting strengths, accelerating

ple’s lives. ambitions, providing inspirational leadership, making an

• Real-time feedback: In a survey by a leading human impact, and ensuring wellbeing. This will lead to a sense of

consulting firm, 44 per cent said millennial employees re- empowerment, growth, equity, inclusion, and being cared

quire more feedback than workers of other generations. and valued amongst employees.

They want to know about their work performance — as it Inspiring through a shared vision: Startups have been

is happening, delivered in real time. The ongoing review able to attract talent because of the clear articulation of a

is often more efficient than the annual review model as it shared vision and the collective drive by the leadership.

gives managers better visibility on their team’s performance Employees feel more engaged when they experience an

at all times. open culture where the firm provides

• Learning journey: Learning is real everyone an opportunity to have a voice

time, all the time, on the go, and at their and a role in building the enterprise.

own place and pace. Instead of being Leaders must frequently share a big-

told what to learn, millenials decide ger picture of the progress and plans for

based on their needs and career goals. employees and organisation.

Horizontal moves can be as attractive Re-designing work architecture:

to millennials as vertical ones. Mobility While we expect Future of work is here. It is compelling
assignments and being able to switch organisations not just to re-design jobs,

roles within an organisation allow for automate routine work, and cut costs,
but fundamentally re-think “work
our employeesgrowth experiences that millennials
want. Reskilling is the “in-thing.” architecture”. As organisations look
• Managers as role models: Managers to bring their towards scaling up, measures such as
will have to transform themselves into best selves to reconstructing work, reskilling people,
role models who lead not by authority the workplace, and restructuring the firm to use tech-
but by example. Future workers appre- nology would help achieve operational
ciate transparent and inspiring leaders efficiencies. Companies should tap into
who are seen as mentors. the diverse talent pool and alternate

we need to skillsets to drive economies of scale.

Strategies for attracting &

retaining talent The Way Forward
The pandemic has led us to introspect
work aroundOrganisations must redesign their tal-
ent strategies to create a culture that and reflect. While we expect our em-
aligns with their ‘firm of the future’ vi- on how can we ployees to bring their best selves to the

sion and is based on the following five bring our best workplace, we need to work around on
levers of change: workplace to how can we bring our best workplace to
Building a flexible work culture: Let our people” our people. As organisations are gear-
us first acknowledge that hybrid work ing up to find and retain top talent, they
formats are no longer innovative. In- need to be cognisant of the emerging
stead, they are intrinsic to the future YOLO spirit. As we navigate through
of work. Flexibility will no longer be a these unprecedented times, the respon-

differentiator in attracting talent. How- sibility is on us to lead the way into the

ever, its absence may become a reason future workplace.

119 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

2022 To
Shine Bright For

Startups

OVERVIEW STARTUPS INDIA HAS ARISEN as the third Indian tech startups will mation, with a few high-profile startups
biggest startup ecosystem in the continue to draw funding appearing and the ecosystem is prepared
world after the US and China, and from both the public and to attain the next level in 2022, given
the speed of progress isn’t giving private sectors in 2022. the significant flood in the number of
any indications of the downturn. planned unicorns and more companies
India is known for its abundance of going big. As they thrive and expand, In-

things. Despite this, India has an excep- By Pooja Malik dian tech startups will continue to draw
tionally dynamic and quickly develop- funding from both the public and private

ing startup ecosystem. The nation is cur- sectors in 2022.

rently home to around 50,000 unique Indian startups, and

there are, as of now, in excess of 5,000 active investors in the Digital Payments Are Becoming More Popular

Asian country. The ecosystem in India is the third biggest in The year 2021 has been amazing as the digital payments

the world, with the nation having produced more than 80 industry has achieved numerous achievements. With over

unicorns as of now. This shows that there are a ton of Indian 1.16 billion remote telecom memberships, the world’s sec-

startups to watch in 2022. ond-biggest web populace, almost 1.5 billion cards, and an

In the Indian startup space, 2021 has ended up being a abundance of innovative digital payment methods, India

landmark year with record capital inflows, a remarkable num- is ready to be one of the biggest and fastest developing

ber of startups entering the unicorn club, and young startups digital payment markets in the world. According to the

going public. 2021 was definitely the most promising year for Redseer report, India’s BNPL market is expected to reach

the Indian startup ecosystem. India’s startups aren’t aliens to $45-50 billion by 2026, up from $3-3.5 billion currently.

engaging in external investments. The sector raised a com- The limits between banks, fintech, and innovation players

bined $36 billion in funding in 2021, which is three-fold of are probably going to lessen, and players can use appropri-

the amount raised in 2020. This shows rapid development in ate freedoms to move up the value chain and grow their

the Indian startup environment. The sectoral achievement income pools. The acceptance of UPI payments in metro

has been wide-based, from e-commerce businesses to SaaS, and tier-I markets is solid. It is visible that banks, fintech,

BFSI to logistics factors, and from B2B commercial centres to and controllers are zeroing in on creating items to accom-

life sciences, development has been brilliant and has matched plish comparable achievements in semi-urban and rural

the investment that has pursued these startups. While fintech, spaces in the country. According to experts, UPI payments

SaaS, health tech, and edtech keep on being top of the brain through phones will be one of the greatest distinct modifi-

for investors and VCs as the prosperity potential remains cations in 2022. Exploratory exercises around digital mon-

colossal, social commerce, Thrasio-styled roll-up businesses, etary forms will furnish clients with an alternative to cash.

crypto, agritech, D2C play, and EV are different regions that

are timing a consistent stockpile of capital. The Unicorn Tag

In 2021, the Indian startup sector saw an evident transfor- The Indian startup ecosystem is set to observe a three-fold

120 | BW BUSINESSWORLD | 12-25 January 2022

growth by 2025 in valuation and an ample With nearly a of leadership that might be utilised to more
acceleration in the number of new uni- 1,000 unicorns, readily comprehend and characterise lead-
corns, which currently stands at more than ership. An individual who gets what genu-

80, and the number of startups in the coun- the industry ine leadership involves can create great
try will bounce to 1 million from 55,000 at anticipates that outcomes and be a great ally.
present. As per a report by venture capital
2022 will be a tough year for HR as they

fund 3one4 Capital, the unicorn trail is ex- the creation of grapple with leadership challenges, ac-
pected to endure in 2022 too, with market new decacorns cording to a New DDI Report. The report
experts assessing about 150 startups to join also shows that HR has been driven into

the Indian unicorn club in 2022. This year will continue at a a receptive mode, as their organisations
PE, VCs, and hedge funds are hoping to put steady pace frantically need a strong HR procedure
resources into high-growth organisations to fabricate administrative capacity. The

(pre-IPO). With nearly a 1,000 unicorns in 2022 Covid-19 pandemic has sped up changes
and counting, and 90 of those valued at $5 in the manner we work — and incited a

billion to $10 billion, the industry antici- huge number of HR patterns to which the

pates that the creation of new decacorns will continue at a whole human resources work should react in an organised

steady pace in 2022. manner. The total number of abilities/skills needed for a

solitary position is expanding at 6.3 per cent every year,

Reformulating Captainship and new abilities are supplanting old ones. 29 per cent of

Groundbreaking leadership, worker leadership, and en- the abilities that were available in a normal work posting

trepreneurial leadership are a portion of the various sorts in 2018 will be out of date by 2022. .

Photograph by Indiapicturebudget 121 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Insurer Focus
on Changing
Customer
Behaviours

By Kamlesh MD & CEO Aditya Birla Sun
Rao Life Insurance

IN THE LAST ONE YEAR, the life insurance industry continued to take some of its The sector
biggest leaps. Though it had its share of challenges owing to the pandemic and matured and
lingering uncertainty, increased awareness and need for protection helped collectively
the industry to turn headwinds into tailwinds. Life insurance selling, which held its
was heavily dependent on in-person interaction, moved to predominantly ground in
digital channels and self-service. In addition to the pandemic induced uncertain- 2021, and it
ties, turbulent markets and falling interest rates played a key role in increasing is preparing
demand for pure protection plans, and solutions offering guaranteed returns and well to make
assured savings. 2022 another
differentiated
The need for adequate life insurance and being covered with right products will year”
take a leapfrog. Fear of global uncertainty and the flight to safety will further push
the need to stay protected with life insurance solutions. People will focus on prudent
financial planning. Turbulent markets and the uncertain job market will encourage
individuals to secure their savings with long-term guaranteed return plans.

The industry witnessed a radical shift in customer’s needs, behaviour, and expec-
tations, which disrupted insurance operations prompting an overnight shift to virtu-
alisation. The sector streamlined and simplified its tech experience to become more
agile and offered innovative digital propositions to enhance customer journeys.

The sector certainly matured and collectively held its ground in 2021, and it is
preparing well to make 2022 another differentiated year. So, what would be the
next year like? 2022 will witness insurers focusing on these changing customer
behaviours to play an expanded role — from payer to a caring partner to preventer.

Growthtocontinue,backedbyincreasedawarenessanddemand: Pandemic
firmed up the growing customer confidence towards insurance as a safe financial
instrument especially in times of uncertainty. This mind-shift of people perceiving
life insurance as one of the best safeguards against risk and not merely a savings

122 | BW BUSINESSWORLD | 12-25 January 2022

instrument will continue in 2022. The industry will carry on help companies to launch new products rapidly, integrate
witnessing increased demand of pure protection products widespread multiple channels for consistency, and enable
(Term plans) across age-groups and demographics, despite effective policy service and timely problem resolution, lead-
the hike in its prices. ing to enhanced customer experience and understanding.

Customer engagement will take centre stage: Omni- Product disruptions and transformations: Need for
channel sales and novel ways of interacting with the cus- adequate life insurance and being covered with appropri-
tomers through hyper-personalization and more intimate ate products, will take a leapfrog in 2022. Life insurers will
digital sales interaction will encourage companies to explore continue to focus on simple, innovative, and differentiated
newer ways to enhance customer engagement and expe- products to offer better customer experience. There can be
rience. Customer preference for easy process and digital innovations in the space of protection and health-related
channels will continue to be on the rise. Insurers will focus covers. These solutions will be simple to understand, will
on expanding service channels, providing more options to have hybrid features or bundled offerings, available across
engage — physical branches, phone-based contact centres, channels. The focus will be on creating hyper-personalized

chatbots, WhatsApp, Mobile Apps, social media, etc. Phy- customer-centric offerings to cater to poli-
gital will be the way to go. cyholders’ emerging needs.

Insurance on the go, anytime, anywhere: Custom- The 2022 policyholder: 2021 saw in-
ers will expect services to be available on their fingertips, dividuals becoming aware, realizing the
wherever they are. Speed will emerge as a differentiator, need and the real potential of life insur-
and companies will enhance use of alternate data for better ance. 2022 will witness the trend continu-
customer insights and rely on technological advancements ing. Fears of uncertain global events and
and intelligent automation to enable faster turnaround the flight to safety will provide an ongoing
time. 2022 will see more and more insurers transitioning push to the need for adequate protection
out of legacy platforms to collaborate with ecosystem play- solutions. Individuals will opt for secur-
ers to speed-up their game. Modernizing core systems will ing their savings with guaranteed return
plans. There will also be increased demand
for child products and retirement solu-
tions. Customers will ask for enhanced
transparency in coverage details, on the
go access, and speedy transactions. They
will look for an insurance partner which
thinks like a customer, understands their
needs well and offers custom-fit solutions.

Looking ahead with confidence: Dig-
ital adoption, value-based personalised
purchasing, and increased awareness will
further shape customer behaviours and
will redefine the next year. Such trends will
be a game-changer for the life insurance
industry and will provide an opportunity
for the industry to think beyond the usual,
innovate and offer granular, value-based,
and integrated products to meet customer needs. The focus
will be on insurance offerings which will combine risk trans-
fer with proactive and value-added services and emerge as a
differentiator. It will be critical for insurers to stay relevant
and adapt with the changing times.
The life insurance sector is at a pivotal moment. The low
product penetration in India will continue to provide ample
headroom to grow. Given these trends, 2022 will be a year
wherein the demand for suitable life insurance offerings will
remain strong, and the long-term opportunities for growth
will remain as compelling as ever.

123 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Flexible Office Will
Dominate Workspace

By Rahul National Business Skootr
Sarin Head FinSave

A DVANCES IN TECHNOLOGY, a more mobile workforce and an uncer- just gone by.
tain economic growth are reshaping the business environment and The fiscal year 2020-21 had varied
transforming the occupier approach to real estate decision-making.
Although the traditional priorities of location, specification and cost consequences for the real estate sector.
remain critical, this structural shift has led to stronger occupier demand One foremost area which has contribut-
for more flexible lease terms, better quality building services and enhanced offerings ed largely to the real estate economy has
and experiences for end-users. Occupiers are opting smart flexi business solutions been the management of office spaces.
such as Sale and Lease back for stronger growth. In order to better understand the With the pandemic in place and remote
future trends, let us quickly recap some of the crucial trends that emerged in the year working opportunities gradually be-
ing considered as the accepted norm of

124 | BW BUSINESSWORLD | 12-25 January 2022

working, flexibility in terms of B2B perspectives and employee Benefits of sale and lease back

perspectives has captured significant interests from the par- There are a number of benefits of the sale and lease back

takers. This has facilitated the need for more innovative and model. At the outset, this turnkey option converts property

improvised approaches to managing workspaces. assets into capital without the need of the occupier losing

Corporate real estate occupiers in India are moving towards control of the office space they occupy. This is extremely sig-

core portfolios by accelerating their use of flexible space as they nificant benefit. There are other benefits as well. Take, for

look to ensure flexibility of contract term (i.e. lease length), example, the savings it offers vis-à-vis the conventional option

reduce up-front costs, or evaluate new markets. Flexible space of debt financing. The sale and lease back model prevents

can range from traditional serviced of- expenses associated with conventional

fices to relatively newer formats such debt financing for real estate transac-

as incubators, accelerators and turnkey tions such as brokerage, valuation, and

solutions such as Sale and Lease back. bank commitment fees.

Also falling into the category is In this model, the rental payments

managed office space and co-working, are tax-deductible. Another key benefit.

which can be operated by mainstream Then, if there is borrowing on the asset

landlords or third-party providers and Corporate it will remove the associated debt from
is attracting the strongest occupier de- the balance sheet and improve the com-

mand in the current fiscal year. real estate pany’s debt to equity ratios

Flexible workspaces occupiers Fit-out as a service
Unpredictable economic growth or Fit-out as a service is a unique concept

contraction, shorter business cycles in India to service the office fitout requirement
and rapid advances in technology re- are moving without any capital investment, capex
quire companies adapt to futuristic converted to opex, yet the entire design
changes in business conditions more and execution as per client’s specifica-
quickly than ever before. Occupiers are tions. Whether it’s a low cost investment

transforming their approach to real towards core or a high-end interior, all a client has to
estate decision-making, enabling them pay is a fixed rental.

to rapidly increase or decrease their of- portfolios by Also, flexible rental options are of-
fice footprint on demand. fered to the companies that allows nu-

While conventional long-term leas- accelerating merous benefits such as tax benefits,
es remain the norm, companies are as- leasing office fitout offers, lucrative tax

sembling office portfolios by choosing their use of benefits as payments are 100 per cent
options from a broad range of formats tax-deductible. Fitout as a service can al-

such as managed office, co-working, flexible low companies anywhere between 15-20
serviced offices and turnkey solutions. space” per cent savings over traditional capex.
As per a CBRE report, India’s 36 mn
sq. ft flexible space segment is likely to Asset management services
rise by 10-15 per cent (y-o-y) in the next There are several aspects to running a

three years. With enhanced demand functional office space and managing

for customised and private spaces, assets can be one of the alarming costs

corporate occupiers are focusing their and headache as seen by the CFOs and

investment portfolio in managed office spaces. CREs. Outsourcing of all asset related issues such as asset tag-

ging, MIS, disposal of asset, inventory churning and residuary

Sale and lease back – a turnkey solution risk management. One of the important options available to

Taking over the depreciating assets, currently owned assets the client is sale and lease back of their existing assets and ad-

are bought and leased as a customised solution. This allows ditionally provides an option to buy furniture, fixtures, fitout,

direct cash influx enabling you to focus on the core business servers and other IT assets allowing cash injection and leasing

without displacement from existing workspace. The company them back allowing tax savings on the rentals paid.

can keep on utilising same asset without possessing it. This Thus, the balance sheet would become lighter, financial ra-

option injects a direct in-flow of liquidity for the company tios would improve and companies can invest the cash in core

while simultaneously improving the company’s balance sheet. business rather than staying invested in depreciating assets.

125 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

Health Insurance Driven improve health outcomes. This will
by Technology enable in creating a digital backbone
for an integrated healthcare delivery
By Mayank Bathwal, CEO, Aditya Birla and also make the communication be-
tween all stakeholders seamless and
Health Insurance bring in standardisation to the whole
process.
WITH THE
onset of Providing coverage to the missing
the pan- middle: As per the recent Niti Aayog
demic, the report, while the Ayushman Bharat –
health in- Pradhan Mantri Jan Arogya Yojana
surance industry has under- (AB-PMJAY) and state government
gone sea change over the last extension schemes, provide compre-
two years. The pandemic hensive hospitalization cover to the bot-
has made everyone realise tom 50% of the population, another
the uncertainties of life and 20% are covered through social health
their unpreparedness in case insurance, and private voluntary health
of any health related emer- insurance. The remaining 30% of the
gency. Whilst we have seen population is devoid of health insur-
a rapid growth of the over- ance; and is termed as the missing
all health insurance sector, middle. The existing infrastructure
some key changes/ trends to of Ayushman Bharat can be utilised
look out for the next year are: to extend cover to the missing middle
population.
Consistent growth mo-
mentum: The growth en- New distribution channels: We
gine/ trajectory will contin- will see the emergence of large con-
ue as the health insurance sumer tech platforms as distribution
category has gained the at- channels for health insurance. With
tention of the consumers. the rising need and value of health in-
With a major shift in consumer perception of the industry, the focus has surance, such newer channels will defi-
gradually moved from sickness insurance to health insurance. The underlying nitely aid in a much refined customer
cause of this change has been the rising cost of hospitalization that has made experience along with enabling to cre-
people understand the need of buying health insurance. Consumers have now ate a curated offering with personali-
started viewing health insurance as an essential investment that brings in a zation. This will also help in creating
wholesome health cover. a model that is both transparent and
personalised.
Newandinnovativeofferings: There is a growing opportunity for the indus-
try to come up with new and innovative product offerings that fulfil the unmet Technology & digitisation: There
needs of the customer. A large part of the customer segments still doesn’t have will be a growing use of technology
specialised health policies for them. There is a big gap in the market currently and digital to create new opportuni-
that is waiting to be filled with innovative and customised products. For e.g., ties, not just to acquire customers,
offerings for people with certain conditions from Day 1, offerings to cover out- but also in helping customer lifecycle
patient expense coverage, look at certain segments of customers whose needs management. If health insurers have
have not been fully met yet, etc. transitioned to remote sales and ser-
vice teams, customers too have become
Common Health Claims platform: Swasth alliance, a collaborative, was quite adept in availing digital services
launched last year by Swasth Digital Health Foundation (a Not-for-Profit ini- in every step of the typical health in-
tiative) to leverage digital technologies that will drive healthcare inclusion and surance process. Customers have now
started extensively using their health
insurers’ apps and website for access-
ing information and processing re-
quests. We expect this rise in use of dig-
ital services to be a permanent fixture
in the domestic insurance industry.

126 | BW BUSINESSWORLD | 12-25 January 2022

YEAR AHEAD WHAT TO EXPECT IN 2022

CREDIT Top Asia- and Hong Kong’s zero-Covid tolerance stance points to
Pacific Risks the occasional imposition of localised lockdowns. Conse-
quently, the risk of economic disruption remains high.
for 2022
Risk #3: Higher inflationary pressures and interest
China’s economic deceleration,
rates
global monetary tightening, and Persistently high input prices driven by global high demand
and supply bottlenecks could fuel inflation. Major central
the emergence of Covid variants banks may be forced to tighten monetary policy while inves-
tors may demand higher premiums or tighten financing as
such as Omicron pose the biggest they reset expectations. Financial and real assets repricing
could hit currency exchange rates and capital flows, expos-
risks to Asia-Pacific credit ing borrowers reliant on US dollar funding to higher debt
servicing costs.
conditions in 2022
Risk #4: China policy stance clouds credit and
By Eunice Tan, Head of
Credit Research, APAC growth trajectories
& Sector Lead, APAC, The Chinese government’s intent to reduce income disparity
Insurance Ratings, S&P and reduce dependence on foreign technology and econo-
Global Ratings mies increases the likelihood of lower economic and in-
come growth. First, crackdowns on real estate, technology,
RISK#1: Unevenincome gaming and education may widen to other private-sector
and profit recovery industries. Second,on‘dualcirculation’,furtherweakening
amplify debt over-
hang of US-China relations would raise the cost
With debt levels high, of trade, intellectual property, investments
some borrowers remain vulnerable and financial transactions between these
to credit deterioration and default if economies. Third, China’s enforcement
income recovers more slowly than ex- of environmental regulations has led to
pected—especially if the cost of debt power outages, affecting production and
starts to rise. As extraordinary govern- supply chains. Fourth, should geopolitical
ment stimulus tapers, pressures will disputes over the South China Sea area in-
build on industries that may not fully tensify, it would be detrimental for invest-
recover earnings before late 2022. Highly indebted SMEs ment, trade and supply flows.
may be unable to rebuild revenues and earnings before their
financing costs rise to pre-Covid levels. Structural Risks
Climate change and government envi-
Risk #2: Recurring Covid outbreaks weigh on ronmental policies: Governments are
recovery expectations likely to impose environmental policies
The Omicron variant threatens the reimposition of extend- affecting business operations and costs.
ed mobility and border restrictions by governments, given More financing providers shying away
the uncertain efficacy of existing vaccines against it. China from presumed non-climate friendly
industries and borrowers. Low-carbon
developments can challenge established
business models. Adverse climate events
could impact economic activity and raise insurance costs.
Technology disruption and cyber-attacks exposes busi-
ness vulnerabilities: Advances in digitalisation, artifi-
cial intelligence, and other technologies raise the risk that
borrowers may fail to adapt to technological changes, and
threats, such as cyberattacks. Business models for banks
and corporates remain vulnerable to technological disrup-
tion while cyber risk could pose as a systemic threat and
significant single-entity event risk.

127 | BW BUSINESSWORLD | 12-25 January 2022

COLUMN By Astro Friend Chirag Bejan Daruwala

What the Stars week. Not everyone you meet will be
Foretell for You worth trusting. Those in the medical
A profession, need to be vigilant at work.
RIES: Ganesha says you will Don’t be distracted by competing ideas.
enter a new phase in your Follow your own workflow. You must SCORPIO: You will act more indepen-
life. The latter part of the avoid investing too much in the share dently now than you usually do and this
week will be very profitable market this week. This is an auspicious attitude will make you pragmatic. On
period for a religious ceremony. the professional front, you may not make
for engineers and those deal- monetary gains but will profit from the
LIBRA: You will feel more active as good experience. Your 6th house being blessed
ing with metallurgy. If you energies will surround you. You have by the Sun, brings you in touch with peo-
been feeling diverted for long. Situations ple who could further your career.
own a sole proprietorship business, you around you will help you get aligned this
SAGITTARIUS: This week your hard-
will benefit from the transition of Jupiter core efforts will pay off. You will indulge
in festivities and events. Legal issues
in your 11th house. pertaining to fixed assets will see im-

TAURUS: This week brings you provement. It is a fortunate time
peace and tranquility. The prop- to be on the money market and in-
erty you have had an eye on, will traday transactions. Opt for home
be available at a bargain. You will remedies for throat infection and
be able to add a few more digits to infected tonsils.
your income level. Not a good time
to deal in share markets and digital CAPRICORN: The planets will be
currencies. aligned in such a manner that you
will attain positive results in eve-
GEMINI: Your hopes will be high rything you do. You will be strong
and you will be able to see your on the professional front, but a mi-
goals clearly. You will get yourself nor financial crisis may affect you.
into a new business or find the best Students or those enrolled in new
suitable partner for your existing courses, will be able to adapt to
business. Financial losses cannot most things.
be ruled out, though. Be careful of
minor infections. AQUARIUS: Even though your
year did not start with a Big Bang,
CANCER: You will step out of your Astrologer: Chirag Bejan Daruwala this week will bring you lots of posi-
comfort zone and explore multi- tivity. It will see fruitful outcomes of
ple career options. If you are in the WHAT DOES THE your past investment. If you are in-
banking sector, your methods will need 11-17 JANUARY 2022 volved in manufacturing or automobiles,
some alterations. Do not trust the opin- PERIOD HAVE IN STORE your O.E.E will improve. Old debts may
ion of others. Academics and those ap- FOR YOU? CARRYING bother you a little. Weather changes may
pearing for exams, will do well. FORWARD THE LATE BEJAN affect your health.
DARUWALA’S LEGACY, THE
LEO: The position of Mars indicates AUTHOR GUIDES YOU SO PISCES:You will be able to make new
that you will have some amazing money YOU MAY MAKE THE MOST resolutions and proper plans for your
dealings from earlier endeavours. In- OF WHAT LIFE HAS TO career and professional life. Things you
vestments in the stock exchange or treas- have been admiring since long will fi-
uries are likely to bring unanticipated OFFER nally find their way to you. The transition
returns. Watch your health if you have of Venus in your 4th house will resolve
diabetes or blood pressure issues. monetary issues.

VIRGO:You’ll take risks and see what’s The author is the reknowned astrologer Bejan
in the carton for your corporate future. Daruwalla’s son and carries forward his legacy

128 | BW BUSINESSWORLD | 12-25 January 2022

LAST WORD Sanjeev Kapoor

Authentic local flavors combined
with sustainability will lead the way

CelebritychefandPadmaShrirecipientSanjeevKapoor,whoisalsothefounderof FoodFoodTV
and Wonderchef, sees transition to sustainable, healthy, and fusion foods gaining ground in 2022

COVID-19 HAS COMPLETELY transformed the anti-inflammatory properties of curcumin,
our way of living. With most cities under a compound present in turmeric. To put it sim-
lockdown for months,
consumers’ shopping ply, indigenous everyday foods have
and eating habits have become the new superfoods. More
significantly altered. Over time, con- people have started including mil-
sumers have become more aware lets, oats, seeds, seasonal fruits, and
of what they eat and are gradually vegetables more than ever.
making more responsible choices.
Healthy eating habits are becoming To meet changing consumer be-
a reality. And what began as a new havior, the food industry is looking to
trend in the early days of the pan- adopt and bring back more natural
demic has had a significant impact sources of nutrition. Meanwhile, the
on the food industry. As we embark trend of fusion food will continue.
on the journey ahead and welcome Earlier it was more of an internation-
another year, transition to sustain- al thing, but now more Indian fusion
able, healthy, and fusion foods is foods are coming into the picture.
gaining momentum. With the ongoing experimentation
in the food industry, we will see more
exciting and new fusion foods.

Sustainable eating choicess Going back to the roots

Speaking of daily diets, consumption The global health crisis has stirred

habits are progressively chang- While the pandemic the need for hygienic food that

ing. More and more focus is on prompted the shift, homegrown, is healthy too. A few years ago,

sustainable eating practices. traditional, and authentic foods will thrive. consumers always preferred

The upcoming year will wit- Moving with the times, the new eating restaurant-style food. However,

ness more ingredients that are trends will be a brew of tradition the scenario is changing. Fresh,

environment-friendly. Besides, and innovation hygienic, and everyday ghar ka

having a healthy diet goes hand- khana is in high demand. People

in-hand with sustainability. Addition- are increasingly looking for home-style

ally, the food industry is gradually moving away food when dining out or ordering in.

from plastic packaging to rule out the evil of environment Traditional authentic food with regional flavors is gradu-

degrading practices. Today, the younger generation looks for ally becoming a trend too. The younger generation is looking

food brands that support environment-friendly packaging. for authenticity in their food. For example, they expect the

In the wake of the pandemic, the main focus was on hygiene authenticity to be preserved if they want Kanchipuram idli,

when it came to food. The trend toward hygienic yet sustain- using local flavors, ingredients, and aroma. Furthermore,

able packaged food will likely continue in the coming years. the value of regional and seasonal foods has grown signifi-

cantly. While the modern fad has caused people to eat more

Immunity boosting foods processed foods, the current craze is returning people to their

Peoplehaveagainstartedtobelieveinthepowerofherbsand traditional cuisines.

spices. More leverage is being given to the wide spectrum All in all, eating habits are gradually shifting. While the

of foods and recipes to improve immunity. Medicinal and pandemic prompted the shift, homegrown, traditional, and

nutritional foods are gaining popularity. For instance, haldi authentic foods will thrive. Moving with the times, the new

milk or turmeric latte is getting popular globally because of eating trends will be a brew of tradition and innovation.

129 | BW BUSINESSWORLD | 12-25 January 2022





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