Here’s a book for the young and the restless who want to be a part of the India’s growth trajectory but have always been bogged down by different issues and didn’t know where to seek answers from. Parag Saigoankar’s book The Perfect Storm launched recently at Indian School of Business gives an insight into the corporate life, its opportunities and challenges. With his wide experience as a corporate leader and now as a principal with Deloitte Consulting for the India market, Parag has seen the Indian corporate environment up close and is well acquainted with the enthusiasm and passion of young managers.
Excerpts from an interview.
What prompted you to be a writer?
I did not want a ‘gyan-giving book’. Most books are about people that they might worship; I wanted to write a book that could connect with this crowd. It’s writing based on stories in a simple narrative. I also wanted us ‘so-called leaders’ to come across as ‘humans’ with our own challenges
What were the reasons for naming the book ‘The Perfect Storm.’?
A lot of things coming together at the same time including: Great economic opportunities; Stable government; Multi-nationals ‘doubling down’ on India; Indian MNCs expanding; Entrepreneurial culture blossoming; Gen Ycoming into the workforce very confused. “Who do you ask for career advice?” Typical answer is ‘My parents’ who unfortunately do not typically understand the opportunities and issues. There are very few mentors and these professionals entering the workforce do not have easy to access advice. Hence a ‘Perfect Storm’ is developing in India full of opportunities and challenges
What are the challenges faced by young corporatesin today’s world?
They have far too many choices now unlike the choices that their parents had; New professions from animation, fashion design, sports marketing, etc. are popping up. In the 70s and 80s, it was either go into medicine or become an engineer if you were really smart, otherwise continue a family business or hope for a job with a bank or PSU. Finally if you ‘won the lottery’ you could figure out how to go abroad. While the new money and relative wealth is great ( with that comes the responsibility of being the primary earner for the ‘extended’ family … supporting grand-parents, perhaps a younger sibling as well. Added to this are the increasing social pressures leading to health issues and family challenges including divorce, etc.
What do you think of entrepreneurship in India?
Speaking at several campuses, graduates are choosing entrepreneurial options over big banks, consulting and large MNCs. I love the enthusiasm and innovative business models that will succeed not only in India but globally … Love the the “jugaad” mindset
Do you think Indian corporates are ready to tackle global challenges.
There are increasingly more Indian-origin CEOs coming up lately, who are supportive of India’s growth. The challenge with most corporate houses in India today is translating their competitive advantage in India to other countries.
The ability to manage and take advantage of government bureaucracy is not always a replicable competitive advantage. The future winners from India will be those who can leverage this talent pool, allow them to think laterally and build business models that transferable and are ‘world beating’.
How do you think one can improve management leadership and rise above the competition?
India is all about talent, it is management’s ability to allow new talent the breathing room to succeed. Middle management and top management cannot feel insecure about this. Reality is that the new talent coming in from the better colleges and universities speak English better, are technologically more literate and probably have a better entrepreneurial spirit. They probably lack discipline, experience and probably patience. How corporates can manage this talent and mould it will be a differentiator. Providing opportunities for ‘situational leadership’ is one example. No one wants to wait for 15 years to become a so called ‘leader’ … they want to demonstrate situational leadership now!
Having an opportunity to interact with young professionals, wWhat is the one common point you see among young professionals them?
The good ones have ambition and are not afraid of getting out of their comfort zone. They ask questions, read a lot, perhaps even are learning a new language like Mandarin or Spanish. They understand that the only path to success is not necessarily a flight to the US.
How was it balancing your writing time and profession?
I travel a lot so have long flights overseas. I leverage that time and time in airport lounges! I try not to cut into family time but being on the road gives me ample time to think and write. The book leverages five years of blogs that I wrote internally for my firm while being the regional managing director. I needed to connect with the talent pool
Are you planning any other book in the future?
Nothing in the works for now but if this book is a success that might be a good motivator.
