Thursday 20 October 2016

Let the Project Management Begin!!



The account is closed and the monies start rolling in.  We’ve bagged the client and it’s a brand name that is worth bragging of for the years to come.  The account manager has earned his incentives for a job well done.
Then begins the interesting albeit overwhelming phase of project management.
The question that most project managers grapple with is this: Is Project Management the SCIENCE OF MANAGING THE PROJECT OR THE ART OF MANAGING THE CLIENT? There are some sticky situations that we, as project managers tend to get into. I’ve touched upon a few key ones below:





Sticky Situation 1: Creepy Crawlies
The client asks for additional deliverables that were not accounted for in the project scope. These requests creep in subtly but may soon snowball into a large-ish scope extension which impacts the project financially
What can we do? Ask the right questions initially which will define the scope of the project more tightly. Also evaluate the client request to see whether it can be accommodated with minimal cost and resource implication

Sticky Situation 2: Pass the Parcel
Your internal delivery team members are not on the same page as you when it comes to what needs to get delivered for the client. This is a sticky situation which presents itself more often when there are multiple delivery consultants working on the same project.
What can we do? Communication is the key! Always keeps the communication flowing between client and delivery consultants. You need to make sure that any recent information is passed on to the other party with the suitable context so that there is no room for misinterpretation


Sticky Situation 3: You just missed the bus
How often does it happen that you’ve communicated the deadline for a client delivery internally to the project team and delivery team right at the beginning of the project and they still miss the date?  You had prepared a detailed project plan and even marked a reminder on your calendar.  But you end up losing credibility with the client.
What can we do? It’s a good idea to have in-process steps within your project plan. For example, if a communication mail needs to be sent out on 15th September, it’s not merely enough to have the 15th September highlighted in your project plan. Plan for the interim steps and work backward so that you have a deadline of 10th September to create the draft invite, 12th September for internal approval, and so on. Also, have a reminder in your calendar to remind your project team of the approaching deadline!
Sticky Situation 4: Oh oh! Didn’t see this coming
The faster you learn that you are not God, the better! Not everything is in your hands and unexpected circumstances at the client end can change the scope in a project sometimes.  You haven’t accounted for this change and now your entire plan around costing and resourcing flies out the window
What can we do? Ever heard of a ‘Plan B’? At the inkling of an unexpected scenario, sit with the client and discuss the potential risks to the project. Then, do the same with your internal project and delivery team. Pick on each other’s brains to come up with contingency plans around the given cost and resources. You’d be surprised to find out that the dumb-looking guy on the project team is actually the brightest bulb!

Sunday 9 October 2016

Building Human Capital and Emotional Intelligence - By the Numbers

The valuation of companies is driven significantly by their intangible assets. In the last decade, competition has become so fierce that any edge gained by the introduction of new processes or technology is short- lived. Companies can no longer rely on investment in capital or physical assets to provide a competitive advantage. People have taken the centre stage in achieving sustainable economic growth. Given the significant financial impact of people in organizations we often refer to them as ‘human capital’.
A survey conducted by TMI across the world and organizations threw up alarming results pertaining to employee engagement at a given point in time in most organizations:
One out of 10 employees was on the lookout for a new job
4 out of 10 employees were not proud of their organization and spoke negatively about it
8 out of 10 were indifferent towards their organization – did not feel responsible for achieving its goals and were at best committed with their minds
Only 2 out of 10 employees were proud of their organization, they were committed both with their minds and their hearts.
80% of decisions are made emotionally. And today’s business winners will be those who best connect emotionally and empathetically. » K. Roberts, CEO, Saatchi & Saatchi



The Need to Develop Emotional Intelligence
At the heart of Building Human Capital, is the leadership of the organization. Research today is attributing almost 40 % of business results in organizations to its leadership.
70% of all change initiatives fail due to people issues – inability to lead, inability to deal with change.
A survey of US employers reveals that:
More than 50% of employees lack the motivation to keep learning and improving
4 in 10 people cannot work cooperatively
Only 19% of entry level applicants have adequate self-discipline for their jobs
Leadership development programs yield disappointing results, wasting billions of dollars
70% of all change initiatives fail due to people
issues—inability to lead, lack of teamwork, unwillingness to take initiative, inability to deal with change, etc.
Primary derailer of top executives: a lack of impulse control


Given below are a few examples of how Emotional Intelligence is a key success factor in organizations across industries:
US Air Force –
Used a EQ module to select recruiters for the Air Force’s front-line HR personnel
The Air Force found that by using emotional intelligence to select recruiters, they increased their ability to predict successful recruiters by nearly three-fold
Savings of $3 million annually
At Loreal –
Sales agents selected on the basis of certain emotional competencies significantly outsold salespeople selected using the company’s old selection procedure
On an annual basis, salespeople selected on the basis of emotional competence sold $91,370 more than other salespeople did, for a net revenue increase of $2,558,360
At Infosys –
Infosys's 2010 annual report also includes a "comprehensive intangible assets score sheet" that can be used as a decision-making tool to determine how successful the firm has been at investing in its people from year to year.
Research estimates that while companies could easily add 10-20% to their operating income by better utilizing human capital management, only a small number even reached the 0.5% mark. Suffice it to say, companies are leaving a wealth of value in their intellectual assets unrealized.