Innovation: More than just a buzzword

Paramjit Singh Nayyar had one of those life-changing moments while walking down the street in Delhi. He was preparing for his MBA examination when, suddenly, it dawned on him that he didn’t want to spend his working life doing transactional jobs in sales or operations. With so much more out there to explore, the pressure to restrict his studies and future career to only one facet of business was ultimately too much for this future member of the C-suite. Instead, Nayyar says, his desire to impact the lives of people, coupled with the natural knack to engage and enable others, morphed into a career in HR. “I wanted to do something where I can make much larger impact, help people realize their true potential, and work seamlessly across the functions to create business value,” says the now CHRO of Apollo Munich Health Insurance.

Nayyar’s road to CHRO

Nayyar had stints at the Aditya Birla Group, Triveni Industries, Bharti Airtel and VLCC before joining Apollo Munich. He credits his passion for learning to two things: his middle class upbringing and somewhat nomadic history with his father, who served as a banker with State Bank, a job that that calls for relocation every few years.

As a CHRO, he’s well-aware of the challenges facing leaders in India today. Amongst them, two most important are to find the right leaders who are not only able to fit in culturally, but at the same time challenge the status quo and facilitate a culture of innovation.

“We consciously look for talent with diverse exposure in multiple industries and cultures. These candidates add substantial value in the decision making process due to their varied perspectives, and will appreciate and solve business challenges more effectively.”

Throughout his career, he has learned the following about hiring and leadership and offers it up for those in similar positions.

Focus on high impact priorities

Nayyar’s frequently able to ace most challenges that come his way. “For me, I put 80 percent of my efforts into 20 percent of the things that matter.” The 80/20 principle is known as the Pareto Principle, but it’s touted by business leaders as just the opposite to what Nayyar does - in that one is meant to focus 20 percent of efforts on tasks that produce 80 percent of the results. Instead, Nayyar says “most HR leaders focus only on input parameters, but it is important to focus on results and achievements. We are in a dynamic environment where solutions are not one-size-fits-all. A constant eye on milestones helps one to re-align the input strategy and increase chances of success.”

Forget perfection, focus on facilitating change

This is an exciting time for the insurance sector in India. The health industry is buzzing with more than 60 players that is constantly evolving with machine learning and AI. Nayyar admits that he is not a perfectionist and advises others against it. “If you focus on perfection, you might miss the chance to capitalise on other opportunities waiting for you. A CXO should have the ability to manage multiple priorities simultaneously to make the most of this sunrise industry. HR leaders can lead transformation by acting as the catalyst of change and advocating a culture that encourages a certain level of risk and experimentation,” he adds.

Nayyar continues to share his hard-earned insights in the full version of his article. Have a read, then see the other top leaders who are Powering India's Future.