Why Standardization may help in current financial problems?

Not all variations are good. Nature loves diversity. But each variation needs some care. In financial world Diversity does not make sense.  Standardization is the only solution. Each vendor , company, country , state , and authority should be limited in their format demands and regulatory expectations. This diversity has created huge mess in transaction processes. Financial processes should be simple, safe and secure. It is only possible , if we have the following.

Engagement & Potential

We all have potential. Right engagement or utilization is needed. I strongly feel, HR still lack of tool to fit people to right place. It requires change management, which is painful part. Many high potential employees keep moving in system. They may not be used ever. HR hardly map people to their potential. Some are working at 5%, 10%,20%..etc.

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Loyalty and reward

No kingdom, family, or organization can survive without glue of loyalty. Two soul rested today. APJ Kalam and Yakub Menon. Both made missiles. Kalam made it for me. So we loved and respected him. Yakub made it for others. We punished him. Kalam had Indian secrets and Yakub for them. Both secrets were same and to be used for mass destruction. Respect for both soul was different for similar job. It may be possible at broader level , both may be treated same.

Team Behavior

People and process are two key aspects. We start six sigma project in great enthusiasm. We arrange team meetings. Discussion happens at its peak. Many people contributes positively. In end, many projects ends in quick fix. In team meetings, many people have apprehensions about cost approvals, additional responsibilities, or failure of previous efforts.

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Functions or Kingdoms

Many times functions get develop naturally. Power tussle define boundaries. There is no standard way to define function or power boundary. Then never ending game of consolidation and decentralization starts. Power hungry functional heads always tries to protect their boundaries.

More the functions are more inefficiency you build. Functions have more side effects over benefits. Benefit is defiantly ease of management.  Side effects are

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Loyalty and productivity

Loyalty is best rewarding attribute. In personal life too, we reward loyalty and punish disloyalty. “ I Trust you” is bigger word than “I Love you”. Love can fade , trust remains. In organizations, people are spend years to show loyalty. They also get reward. But sometimes, I feel, is it worth? People are sitting in cabins and doing nothing.

Multitasking and productivity

Multitasking works, but only in few scenario. Multitasking is biggest culprit in delay in projects. Managers love to work on multiple projects. They complete very few in end. Multitasking gives feeling of productivity. But in end, we keep jumping from one task to another.

Multi-tasking is the act of stopping a task before it is completed and shifting to something else. Each time a person has to re-start a task, time is required to become re-familiarized with the work and get re-set in where he was in the process.

Load balancing

Organizations miss this opportunity. Ideal load balancing is not possible. However, we must put efforts to judge loads on our key people. No one is superhuman here. HIPO should get consistently challenging assignments. This is one area where HR, quality and operation should work together. Larger organization may have pockets of low productivity and high productivity based on business scenario. It is unfair to load single asset, HIPO or person on high expectations. He will collapse. In diversified arena, business has to evaluate its need, efficiency and flexibility.