Lala Lajpatrai Institute of Management

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ISK

MANAGEMENT DEVELOPMENT PROGRAMME (MDP) / EXECUTIVE EDUCATION (EE)

MDP / EE on “Implementing Proactive Human Resource Strategies for Organizational Transformation” at ISK AUTO INDUSTRIES, Rajkot, Gujarat on 20-04-2024 from 10.00 a.m. – 5.00 p.m.

About ISK Auto Industries

ISK Auto Industries is one of the leading Three Wheeler spares manufacturer in India. The Company started its manufacturing operations in 2010 under the name and style of ISK Bearings Industries. Always committed to deliver quality and cost- effective products to the customers; ISK Auto Industries has continuously invested in its manufacturing facilities, serving products in Domestic as well as in International Markets.

The Management Team

About Lala Lajpatrai Institute of Management (LLIM)

Lala Lajpatrai Institute of Management, established in 1995, is one of the best Management Institutes located in South Mumbai.The Institute offers an accessible learning experience that integrates education, internships, and research for students by providing a multifaceted, cross-disciplinary learning environment, in order to foster a habit of life-long learning. LLIM strongly believes in the freedom of spirit and wishes to equip its students to carry forward the same spirit and enables them to dream and believe not only to be effective and efficient leaders but also to be visionaries with the faith and courage to redefine limits and rise above the ordinary. LLIM has been ranked high in B-School surveys conducted by various esteemed bodies and publications.

  1. Lala Lajpatrai Institute of Management has been ranked 88th amongst Top MBA Colleges in India in The IIRF – Indian Institutional Ranking Framework B-School Survey in February 2024 conducted by The IIRF – Indian Institutional Ranking Framework.
  2. Lala Lajpatrai Institute of Management has been ranked 95th amongst India’s Top 100 B-Schools in Mumbai in the Times B-School Ranking Survey in February, 2024 conducted by The Times Group
  3. Lala Lajpatrai Institute of Management has been ranked 4th amongst Outstanding B-Schools of Excellence in India in CSR-GHRDC B-School Survey in November, 2023 conducted by Competition Success Review-Global Human Resource Development Centre.
  4. Lala Lajpatrai Institute of Management has been ranked 35th amongst Top B-Schools West-Zone in The Week-Hansa Research B-School Survey in November, 2023 conducted by THE WEEK Magazine.
  5. Lala Lajpatrai Institute of Management has been ranked 65th amongst India’s Top 100 in Return on Investment in India’s Best B-Schools A BT – MDRA Survey in July 2023, conducted by Business Today.

About the MDP / EE:

The Management Development Program (MDP) on Implementing Proactive Human Resource Strategies for Organizational Transformation aimed to equip the senior level professionals with the knowledge and skills needed to drive organizational change through proactive HR strategies. Lala Lajpatrai Institute of Management (LLIM) provides executive training aimed at rendering improvement in productivity and profit-making skills, enhancement of cross functional competencies in development of high performing work space culture, efficient management skills and preparation of result-oriented senior executives. The program addressed several key themes, including the Leaking Bucket Theory, Lifetime Value, Opportunities and Challenges of Fintech, as well as Leadership and Team Building. LLIM faculties ensure that the programme should be a balanced combination of interactive discussions, insightful case role- playing and group exercises to cover vital areas of any business.

 

Key Themes:

  1. Leaking Bucket Theory and Lifetime Value: The Leaking Bucket Theory posits that organizations experience talent attrition over time, akin to water leaking from a bucket. The MDP highlighted the importance of understanding and mitigating this talent loss by implementing proactive HR strategies. Participants learned to identify factors contributing to attrition, such as lack of career growth or poor work-life balance, and develop retention strategies to maximize the lifetime value of employees. By investing in training, career development, and creating a positive work environment, organizations can plug the leaks in their talent bucket and retain valuable employees.
  2. Opportunities and Challenges of Fintech: The MDP explored the impact of Financial Technology (Fintech) on HR practices and organizational transformation. Participants discussed the opportunities presented by Fintech, such as automation of HR processes, data-driven decision-making, and enhancing employee experience through digital platforms. However, they also examined the challenges, including cybersecurity risks, adapting to new technologies, and ensuring regulatory compliance. HR professionals were encouraged to embrace Fintech innovations while developing strategies to mitigate associated risks and capitalize on opportunities for organizational growth.
  3. Leadership and Team Building: Leadership and team building were central themes of the MDP, emphasizing their critical role in driving organizational transformation. Participants learned the importance of cultivating effective leadership skills, such as vision setting, communication, and emotional intelligence, to inspire teams and navigate change. Team building exercises and case studies encouraged participants to explore strategies for building high-performing teams, fostering collaboration, and leveraging diverse talents to achieve organizational goals. Effective leadership and team building were identified as key enablers of proactive HR strategies, facilitating innovation, and driving employee engagement.

 

 

The objectives of the MDP / EE focused on Implementing Proactive Human Resource Strategies for Organizational Transformation were:

 

  1. To understand the concept of proactive HR strategies and their importance in organizational transformation.
  2. To explore the Leaking Bucket Theory and its implications for talent management.
  3. To analyze the concept of Lifetime Value and its significance in HR decision-making.
  4. To discuss the opportunities and challenges presented by Fintech in HR practices.
  5. To develop leadership and team-building skills necessary for driving organizational change.

 

The MDP was executed by LLIM’s Director, Dr. H. J. Bhasin, along with full-time faculty members Dr. Arati Kale and Dr. Kinjal Shah. It combined lectures, interactive sessions, case studies, and experiential learning to delve into key themes of proactive HR management. Faculty members shared insights, while participants engaged in real-world applications and networking to foster a dynamic learning environment.

 

This training programme was developed for senior level managers in the domain specific modules of Strategic Management, Marketing, Finance, Operations and Human Resource. Around 18 participants participated in the program and comprehended the intricacies and significance of management strategies.

 

SESSION SCHEDULE on 20-04-2024

 

DETAILS

TIME

SPEAKERS

 

Inaugural Address

10:00 a.m. to 10:25 a.m.

 

Session 1

Leaking bucket theory and Lifetime value

10:30 a.m. to 12:00 noon

Dr. H. J. Bhasin

 

Lunch Break

12:00 p.m. to 12:45 p.m.

 

Session 2

Opportunities and Challenges of Fintech

12:45 p.m. to   2:15 p.m.

Dr. Kinjal Shah

 

Tea Break

2:15 p.m. to 2:30 p.m.

 

Session 3

Leadership and Team Building

2:30 p.m. to 4:00 p.m.

Dr. Arati Kale

 

Q & A and Valedictory

4:00 p.m. to 5:00 p.m.

 

 

Session 1 :- Leaking bucket theory and Lifetime Value by Dr. H. J. Bhasin

Dr. H. J. Bhasin started his online session (last minute change from offline to online mode of conducting session, due to personal medical emergency) with the innovative topic of “Leaking Bucket Theory and Lifetime Value”. He explained that all businesses lose customers but some businesses lose customers at a faster rate, than others. The problem is known as Customer Churn – the number of customers who leave the company in a given period. There are two ways to deal with this. The first is to look for new customers to make up for the loss. The second is to use Customer Relationship Marketing techniques to develop strong bonds with existing customers, so they keep coming back for more. Marketers explain this concept using the metaphor of the Leaking Bucket. He emphasized that Lifetime Value or LTV is an estimate of the average revenue that a customer will generate throughout their lifespan as a customer. This ‘worth’ of a customer can help determine many economic decisions for a company including marketing budget, resources, profitability and forecasting. He highlighted that every interface with the Customer should not be a ‘transaction’ but a ‘relationship’.

Session 2:- Fintech and Crowd funding by Dr. Kinjal Shah   

Dr. Kinjal Shah began her session by highlighting the concept of FinTech (Financial Technology) which is a catch-all term referring to software, mobile applications, and other technologies created to improve and automate traditional forms of finance for businesses and consumers alike. FinTech can include everything from straightforward mobile payment apps to complex blockchain networks housing encrypted transactions. She covered Crowdfunding, explaining how businesses, organizations or individuals fund a business without traditional means with small donations from many people. By receiving the necessary boost to cash flow, these ventures can get off the ground or launch new projects. Most of these campaigns happen via internet platforms, have set time frames for when money can be raised and disclose specific monetary goals.

Session 3:- Leadership and team building by Dr. Arati Kale 

  • Leadership Learning through Blindfolded Obstacle

Blindfolded obstacle is a unique and challenging way to develop leadership skills. By removing the sense of sight, participants are forced to rely on other senses, communication, trust, and teamwork to navigate through the obstacles. Leadership and a sense of direction is associated with this blindfold obstacle activity. A non-blindfolded person (leader) in the back of the line will give directions through non-verbal cues to complete a task. This will develop key skills such as trust-building, effective communication, collaboration, problem-solving, adaptability, and emotional intelligence. This activity can be a valuable tool for leadership development and enhancing teamwork in various settings.

  • Leadership Learning through Blindfolded Obstacle

Blindfolded obstacle is a unique and challenging way to develop leadership skills. By removing the sense of sight, participants are forced to rely on other senses, communication, trust, and teamwork to navigate through the obstacles. Leadership and a sense of direction is associated with this blindfold obstacle activity. A non-blindfolded person (leader) in the back of the line will give directions through non-verbal cues to complete a task. This will develop key skills such as trust-building, effective communication, collaboration, problem-solving, adaptability, and emotional intelligence. This activity can be a valuable tool for leadership development and enhancing teamwork in various settings.

  • The Marshmallow Challenge

The Marshmallow Challenge is a popular team-building activity that involves building the tallest freestanding structure using spaghetti sticks, tape, string, and a marshmallow. The objective is to place the marshmallow on top of the structure, and the team with the tallest standing structure wins. This challenge has the ability to teach valuable lessons in teamwork, collaboration, innovation, and problem-solving. The background of The Marshmallow Challenge stems from the need to develop skills that are essential in today’s rapidly changing and complex work environments.

  • Geometrical Pictionary – The Right Communication Geometrical Pictionary is a game that combines the elements of the classic drawing game Pictionary with geometric shapes and figures. Instead of drawing objects or words, players use only geometric shapes to represent various objects, concepts, or words. The challenge lies in effectively communicating the intended message using only geometric shapes and symbols to the person who will be drawing and guessing the article. Typically, he / she is not allowed to ask questions to the instructors while drawing. This game proved how hard it is to give clear instructions as well as how hard it is to listen, and can also show how things are easily misunderstood or misinterpreted. The programme was much appreciated and well received by the participants.

Mr. Vinod Babubhai Sakariya – Founder-Chief of ISK Auto Industries enthusiastically attended the entire event and congratulated the trainers and trainees for the interactive sessions. As the Founder and Chief of our organization, participating in the MDP on Implementing Proactive Human Resource Strategies for Organizational Transformation was a profoundly enlightening experience. The program delved into crucial themes such as the Leaking Bucket Theory and Lifetime Value, providing invaluable insights into optimizing our human resource investments for long-term success. Exploring the Opportunities and Challenges of Fintech opened my eyes to the transformative potential of technology in shaping our industry landscape. Moreover, the emphasis on Leadership and Team Building equipped me with essential skills to nurture a cohesive and high-performing team culture, vital for driving organizational growth and adaptation. I highly recommend this MDP to fellow founders and leaders committed to navigating organizational transformations with foresight and efficacy.

Mr. Raj Vinod Sakariya – Managing Director; thanked the entire LLIM trainers for the knowledgeable session. He further added that the skills and knowledge acquired will definitely contribute to overall organizational growth, increased productivity, and improved employee engagement and coordination. The Managers can become catalysts for positive change, implementing best practices and driving innovation within their teams and departments. Even though embracing change comes with challenges and risks, effective change management, stakeholder engagement, and a supportive organizational culture are key to maximizing the positive impact of embracing change while minimizing potential disruptions.

 

Ms. Nishita SakariyaFinance Head; “As the Finance Head, participating in the MDP was a game-changer for me and my department. The program seamlessly integrated crucial themes like the Leaking Bucket Theory and Lifetime Value, offering a comprehensive understanding of how human capital impacts financial outcomes. Exploring the Opportunities and Challenges of Fintech shed light on innovative solutions to streamline financial processes and enhance efficiency. Moreover, the emphasis on Leadership and Team Building provided invaluable insights into fostering a cohesive and high-performing team culture, essential for driving financial success. I highly recommend this MDP to fellow finance professionals looking to align HR strategies with financial objectives for organizational transformation.”

 

Mr. Amit PrabhakarMarketing Head; appreciated the wealth of knowledge and practical insights gained during this MDP / EE. He found the program content relevant, engaging, and applicable to their professional roles. He was convinced about the digital marketing concept as it offers businesses powerful tools and techniques to capture and retain customers effectively. By leveraging targeted marketing, personalization, data-driven insights, and continuous communication, businesses can build strong customer relationships, enhance loyalty, and drive long-term success.

 

According to Ms. Pooja Chavda – HR Executive; “As an HR Executive, participating in the MDP was a career-defining experience. The program adeptly wove together essential themes such as the Leaking Bucket Theory and Lifetime Value, offering profound insights into optimizing human capital investments. Exploring the Opportunities and Challenges of Fintech provided me with a deep understanding of how technological advancements can reshape HR practices and drive organizational growth. Moreover, the focus on Leadership and Team Building equipped me with practical strategies to foster collaboration and cohesion within our teams, essential for navigating organizational transformations successfully. I highly recommend this MDP to fellow HR professionals seeking to stay ahead in a rapidly evolving business landscape.”

 

According to Mr. Satish Chavan – Purchase Head; “As the Purchase Head, participating in the MDP on Implementing Proactive Human Resource Strategies for Organizational Transformation was a truly enlightening experience. The program seamlessly integrated key concepts such as the Leaking Bucket Theory and Lifetime Value, providing me with valuable insights into optimizing our human resource investments to drive organizational efficiency. Exploring the Opportunities and Challenges of Fintech allowed me to grasp the potential of technology in revolutionizing procurement practices. Moreover, the emphasis on Leadership and Team Building equipped me with essential skills to foster a collaborative and motivated workforce, essential for navigating organizational change. I highly recommend this MDP to fellow Purchase professionals looking to enhance their strategic HR approach for organizational transformation.”

 

As per Mr. Shashirath Reddy – Business Development Head; “As the Business Development Head, participating in the MDP was an invaluable investment in my professional growth. The program masterfully integrated key themes such as the Leaking Bucket Theory and Lifetime Value, providing profound insights into optimizing human resource allocation for sustainable business expansion. Exploring the Opportunities and Challenges of Fintech illuminated innovative avenues for enhancing our market reach and operational efficiency. Furthermore, the emphasis on Leadership and Team Building equipped me with essential skills to cultivate a dynamic and cohesive team culture, essential for driving strategic initiatives forward. I wholeheartedly recommend this MDP to fellow Business Development leaders seeking to leverage HR strategies for organizational excellence and growth.”

Conclusion

The MDP on Proactive Human Resource Strategies for Organizational Transformation delivered an all-encompassing understanding of proactive HR methodologies and their pivotal role in steering organizational evolution. By exploring critical topics such as the Leaking Bucket Theory, Lifetime Value, Fintech Opportunities and Challenges, Leadership and Team Building, participants acquired invaluable insights and practical expertise to effectively spearhead HR endeavors. The program underscored the significance of perpetual learning, adaptability, and ingenuity in navigating the intricate modern business terrain. Armed with newfound knowledge, attendees departed primed to implement proactive HR approaches that propel organizational advancement, resilience, and enduring prosperity.

 

LLIM extends sincere thanks to ISK Auto Industries for their steadfast support in making the MDP / EE a success. Participants valued the program’s content quality, faculty expertise, and engaging learning atmosphere. Incorporating industry linkage into the program, provided participants with industry-specific knowledge, insights, and networking opportunities, enhancing its effectiveness. ISK Auto Industries’ commitment to employee growth was evident, benefiting both individuals and the organization. LLIM remains dedicated to delivering excellence in Management Education and Development and is poised to support future Talent Development initiatives.