The need for qualified finance professionals is becoming threateningly large in the Indian financial sector.

Driven by high growth in wealth management, equity brokerage, investment banking and private equity, the financial services sector is on an upswing. Consequently, the sector is now witnessing a manpower crunch, which can be answered by trained professionals who can handle financial matters with all their ramifications. However, finance departments in corporate organizations, though recruiting selectively are finding it hard to find high calibre professionals, especially for top rung posts like Vice President, Chief Executive Offices and chief Operating Officer. Consequently, the few qualified and available honchos are jacking up their salaries to unprecedented figures. Explains Sridhar Chari, Director, March (Marketing Consultancy and Research), “it is not that the few qualified individuals who are now available are extraordinary deserving of the exorbitant pay package that they are demanding. But those in a position to manage the show are so few that a race has begun in the corporate world tolure, recruit and retain the rare talent.”

Simply, with the country entering the financial sector so aggressively, there is an urgent need for skilled and knowledgeable financial professionals at every level and more so at the higher and executive levels. “Any financial company worth its salt will require an in-depth understanding of international markets and industries, for its success. It is not far when Indian Companies will start looking at adequately qualified ‘foreign options to fill stop or high level positions for carrying out financial functions,” adds Chari.

Echoing the sentiment is K. Ramkumar, Chief Human Resources Officer, ICICI Bank. The need for a steady supply of suitable, high calibre financial professionals, he says, is ever increasing. Job opportunities are set to soar in the next few years in the life and general insurance companies, wealth management, mutual fund and private equity firms. “If we do not act fast enough to equip our executives with the relevant knowledge and skills, corporate will soon start looking elsewhere to fill finance related vacancies,” warns Ramkumar.

And this is no exaggeration. Several domain specific recruitment majors, national and international, are getting ready with financial services executive search solutions. “These special genre firms can be tapped for upper-end financial services a comprehensive skill base, databases and specialized domain knowledge and for extensive global contacts as well “says Mark Runcres, a former senior British diplomat, whose last position was that of Minister and Deputy British High Commissioner in India. He has now moved into a Directorial role at Sheffield Haworth, a leading global financial services executive search firm in the UK. It is all set to serve its Indian customers through its equity joint venture company Sheffield Vermark.

Besides, assisting in recruiting top performing executives for senior management positions such recruiting majors will also help integrate the Indian financial services talent. As India’s economy becomes a global hub, the financial services sector here will inevitably need to be part of the global network. That means access to a global talent pool and it also means much more circulation for Indian financial services professionals in overseas markets. We facilitate Indian executive’s requirement here in India as well as the world over by exporting and importing talent across continents,” says Deepak Verma, MD of Sheffield Vermark.

Spirit Of Leadership

Prarameshwaran, Vice President, Human Resources, Servion Global solutions, highlights five qualities that the head of a company or department should posses in order to lead the team and organization towards success.

1) Adaptability: Adapting oneself to the changing dynamics of the work environment spells success and sound leadership qualities. Today, a leader faces many challenges – those of new markets, new trends, new technologies and the like. The mark of a great leader lies in the skill to adapt to any kind of change and turn stumbling blocks into stepping stones.

2) Avoid being critical: Do not always be critical. Try to be constructively discontent than just being critical. Instead of saying that there is a better way of doing a thing, try and come up with a new idea for doing the same.

3) Resolving Conflicts: do not spend much time in resolving conflicts. The success of a manager lies in his/her ability to effortlessly transfer conflicting issues to a larger canvas of decision – making. This requires sound conflict resolution skills, and the perfect emotional balance to empathise with the team.

4) Integrity: One should learn to combine words and actions with inner values. It means sticking to these values even when an alternative path may be easier or more advantageous. A leader with integrity can be trusted and ends up being admired for sticking to strong values. They also become a role model for people to follow, thus building an entire organization with powerful and effective values.

5) Openness: you should be open to all ideas and patiently listen to what they want to say. This indicates that the viewpoint of each individual is important and builds up trust within the team/organization. This can help generate new ways of doing things.

Arm yourself with that extra skill essential to achieve your goal

If you are looking to climb up the corporate ladder, you must have a definite plan in motion, advise experts.  You may not think it is necessary but it does come in handy.

First take a look at your career choice. What is it that you need to additionally arm yourself with? Is it an extra skill set or a crash course in computer software? What ever it is make a note of this and make this your main goal. Reaching that goal is only possible when you are determined to get ahead. No point in making plans that may fall by the wayside.

If communication seems to be your Achilles heel, learn to become a more effective speaker. Most people don’t look at enhancing their personal profiles. Take a look at yourself. do you need to dress better, speak better, and write better? Now with your personal goals as well as your professional goals written down, make a schedule of how you are going to fit these into your working life.

You  may want to join a gym in the evening after work or take some early morning computer classes or do both. All these have to fitted into your working timetable.

Give yourself enough time. Set a deadline for yourself that is generous. You want to have to show that not only did you have the initiative to accomplish what you set out to do, but you also dis it successfully.

Always set goals that are realistic. Setting Goals that are different to achieve will leave you with less motivation to continue with your career plans. If you find that your are not meeting your goals in the time frame you had set for yourself, consider reviewing them.

And once you have achieved what you set out to do — you will find that you will go up the ladder of working life with much greater ease and as a more rounded personally.

NEW DELHI: Following the success of the inaugural Australian studies fellowships this year, the Australia-India Council (AIC) has announced that the fellowships for the study of Australia would be available in 2004.

Welcoming the continuation of the fellowships, Australian High Commissioner to India Penny Wensley said strengthening educational links between the two countries, including links between academics and institutions, was a key priority for the Australian Government.

Six of the prestigious fellowships would be awarded next year. Applications are encouraged from areas such as Australian literature, politics and history, environment and health, tourism, film, media communication and the performing arts, gender issues, multiculturalism and indigenous issues, an Australian High Commission press note said.

The fellowships are supported and administrated by a consortium of Australian universities, it said.

Besides, the AIC’s Australian Studies Programme included two-way exchanges of academics between Australian and Indian institutions, the provision of material to Indian institutions providing Australian courses as well as a teacher exchange programme. — PTI

LONDON: More than 100,000 British financial services jobs are likely to be lost to overseas locations, such as India and China, as insurers and banks struggle to cut costs. An official for the financial services consultancy Troika said up to 20,000 jobs had already been moved to India, or less than 5 per cent of back-office staff in life and pensions, general insurance, retail and investment banking and mortgage and credit-card processing.

At least 40,000 jobs in the life and pensions and general insurance industries and 60,000 in banking are likely to be moved abroad within five to seven years, he said.Coupled with the advent of cheap global communications and the emergence of skilled workers in developing nations, the temptation for companies to shift jobs abroad was high. More efficient processes are likely to include outsourcing and off-shoring to India and South Africa, where costs are roughly £ 10 per policy, as opposed to £ 30 plus in the UK.

The prediction comes just days after Ms Patricia Hewitt, Trade and Industry Secretary, said it was important to avoid protectionism on job transfers. She spoke amid controversy over the Lloyds TSB bank shifting 750 full-time jobs from Newcastle to India. — PTI