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Agnel Victor is the Head- Human Resources for Avendus Capital and its subsidiaries. Agnel's mandate is to help the organization envision, develop and implement its people strategy.
He joined Avendus from Kotak Mahindra Bank Ltd where he headed the Human Resources function for several of its group companies, for a span of over 16 years. He was a key member of the team that set up many diverse businesses like wealth management, retail broking, asset management, private equity, alternate investments, investment banking, institutional equities and the international subsidiaries.
Agnel has experience of over 25 years in Human Resources of which 21 years have been in the arena of financial services. He has worked largely with start-up businesses, nurturing and building the talent pools therein.
An Occupational Psychologist by profession, he started his career in the HR Consultancy division of the Indian Hotels Company (the Taj Group) and then moved into financial services. He subsequently worked with TimesBank, and post its merger, with HDFC Bank.
Deeply committed to helping youngsters and those at risk, Agnel works as a practicing Counsellor on a voluntary basis during weekends.
ET: Some would call financial sector employees (wealth managers, investment bankers, etc.) as Knowledge Workers. In your opinion, is this the right definition for these professionals?
AV: I agree. The single product that Wealth Managers and Investment Bankers deal with is leveraging on knowledge platforms. Their skill in navigating across complex, challenging situations in their role as Advisors is based on strong domain expertise and relevant experience, translating into largely tacit knowledge that is not captured by formal Knowledge Management (KM) systems.
ET: What are the unique challenges of managing such professionals in the financial sector?
AV: Managing such professionals is challenging because the organization must necessarily provide an environment to nurture and meet their career aspirations. They are unique because the standards they set for themselves are always high and in turn they expect the same of the organization. Hence, above all, the organization must be empathetic and professional.
ET: Automation, AI and machine learning, among other advancements, are slowly making its way into Knowledge Worker industries. How can firms in your sector ensure that their staff are ready to cope with these challenges?
AV: Technology has a huge role to play in making the life of the Knowledge Worker easier and in harnessing their skills more efficiently. Effective CRM that enables predictive analytics, risk management and automation, will bring greater efficiency in back office services. However, in the domain of financial services, relationship management remains the key and that cannot be substituted by technology. It would be fair to say that while technology is invaluable, it is not a substitute for the human interface provided by the relationship/advisory team.
ET: It is sometimes believed that measuring the performance of Knowledge Workers is difficult as their work tends to be nebulous and not easily defined in specific terms. What methods/tools would you recommend for assessing the effectiveness and productivity of such professionals?
AV:
Measurement of performance is difficult but not impossible. The metrics need to mirror the requirements of the role. For Knowledge Workers, client feedback would be an interesting dimension as well as peer feedback for team centric roles. One needs to bear in mind that more often than not, the lead time from inception to conversion is much higher in the case of relationship centric roles and brings in the dimension of reward for effort.
ET: As a senior HR leader, what is your advice to professionals aiming to empower Knowledge Workers?
AV: The following is key:
Building and enabling a conducive work environment, that fosters sharing and innovation.
Training managers to be demanding yet empathetic.
Never sacrificing professional standards - giving clarity on expectations and values.
Trust and patience.
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