Think Differently: Looming Trends of Advisory Services
Background: When I joined service after passing my CA and CS the retirement age was 58 years but subsequently the same was increased to 60 years. Most of organization have retirement age of 60 Years but have increased age for senior management people to 62 years.
This is happening due to better health awareness which is backed equally by easy medical diagnostic, health insurance and better medical facilitates. Further there is increasing trend of Yoga, Gym and other physical activities which has lured to corporate people.
Many corporate houses provide yearly health checkup compulsorily for their employees. Their work place also provides this health fitness services free of cost. The new labour code has also incorporated annual health checkup of employees as mandatory.
These initiatives have increased the average age of people working in corporate. Sector. After retirement these people feel bored without work and feel fit to work for advisory role where there is no more travel but with limited assignments. The corporate houses have found them interestingly to engage these people on advisory roles
Advantages:
A) The Corporate get quality people at reduced price which may be ranging from 75 % to 50 % of their last salary. Experience always matters in business. It is fine knowledge which always prevails and add value to business, it matters great to achieve organizational goal.
B) The business gets specialized knowledge which can be helpful for prompter to take quick decisions as these advisors are subject specialist.
C) Promoters get stability as advisors has no interest in moving here and there after retirement. Their expectations are to get due respect with reasonable remuneration where as there is lot of movement among young people due to their aspirations for better remuneration and designations. There is hardly stability in leadership seen in last 10 years except few exceptions.
D) These advisors during their active life time developed many people under them, they often bridge the gap in case of any crisis in managing manpower.
Disadvantages:
A) Fit and skilled person survive in this role.
B) Advisor do not take any responsibility because there will be always disclaimers with their opinion.
C) Advisors are not legally responsible for any misfire
Conclusion:
The market for advisors is increasing day by day due for their specialized knowledge and skill in last 10 years. Business gets mature knowledge which often helpful in running successful business and even running various ministry. Examples need not to be mentioned as there are lot of examples in our life near every nook and corner.
Way forward
There is unorganized market for such advisors. Traditionally, advisors getting work based on call from their past employers.
It would be better in case any platform is there for keeping their data bank like independent Directors created by Ministry of corporate affairs or any e commerce company to get their services.
Indian philosophy is to use even garbage to create wealth where as these are highly talented people of their time.
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