BREAKING THE GLASS CEILING

Chairperson and Managing Director (CMD), Shipping Corporation of India Ltd. (SCI), Harjeet Kaur Joshi is at the helm of India’s largest and most diversified shipping company. The first woman to hold this post, more than a year ago she was entrusted to take SCI to new heights, while also holding additional charge of Director Finance in a traditionally male-dominated sector. She has faced the headwinds admirably, whether the disinvestment announcement, the nationwide lockdown, the low sulphur fuel oil transition or the Ballast Water Management System. Yet, despite it not being the most comfortable of times, it has overall been a very satisfying experience for Kaur Joshi, with SCI performing admirably despite the challenges. In this interview, she discusses how key issues were resolved, the effect of the pandemic on the shipping industry, breaking the glass ceiling, and more

"Static lessons and ideas don’t work in today’s environment and the vision has to be far-sighted giving direction to the business which requires thinking afresh & generating ideas, motivating and confidence building in the different teams towards common organisational objectives"

Corporate Citizen: It has been more than a year since you became the first woman to hold the position of Chairperson and Managing Director (CMD), Shipping Corporation of India Ltd. What has the experience been like, being at the helm of India’s largest and most diversified shipping company?

Harjeet Kaur Joshi: The thought that a woman could lead a big organisation, the National Shipping Company of the Country was unfathomable at a point in time and the general public expectation would have been that I would fail due to apprehensions on various counts. So, when I took over the reins of Shipping Corporation of India (SCI), I was aware that by doing so I shall have a huge responsibility thrust upon me. I was not only entrusted with the reins of India’s premier shipping company but also that I now had to lead by example, to take SCI to new heights without any allowances or leniency from anybody; also, there could be no excuses for any shortcomings. All this, while I held the additional charge of Director Finance too in an industry which had been traditionally a male-dominated sector. This has truly enriched my experience of battling the storm and facing the headwinds. Being at the helm of India’s largest and most diversified shipping company for more than a year, I reflect and see that this was possibly the most challenging time that any CMD of SCI would have had. Although, it’s not been the most comfortable of times but I am happy that the company performed rather well through this time and overall, it’s been a very satisfying experience.

CC: As CMD, please give us a glimpse of your scope of work and key responsibilities at SCI.

To put it in simple words, I don’t think there are any boundaries to my scope of work and key responsibilities. Defining them shall be putting limits that I don’t believe in. It’s best to say I am a freelance advisor overseeing everything. I work to take care of the interests of all the stakeholders and to maximise the shareholders’ value while staying focused on Environmental, social and corporate governance (ESG). Decision-making eventually rests with me and in the tumultuous times that we have been through some strong decisions have been taken and we have sailed smoothly. Building the company’s culture is a top-down process and that’s been a focus area where we at SCI consider sustainable development as the key for future success. This role that I see for myself is so wide and all-encompassing that it can cover the complete spectrum.

A leader has to evolve with time to meet the ever-changing situations and face the challenges while effectively guiding and mentoring the team to perform. Static lessons and ideas don’t work in today’s environment and the vision has to be far-sighted giving direction to the business which requires thinking afresh and generating ideas, motivating and confidence building in the different teams towards common organisational objectives. I have been a hand’s-on CMD, a team player working very closely with all the teams and divisions and that is an ongoing job for capacity building.

SCI, as you know is a conglomerate, the largest and most diversified shipping company in India. We have interests in almost all shipping segments from crude oil tankers, product tankers, dry bulk carriers, LPG carriers, international as well as coastal container services, offshore services, managing vessels of other owners such as LNG ships, Floating Storage Regasification Unit (FSRU), Mobile Offshore Drilling Unit (MODU), specialised offshore vessels, passenger and cargo vessels, other specialised vessels, shipbuilding consultancy service, training etc. We also man and manage vessels on behalf of Government organisations, A&N Administration etc. The work responsibilities and scope are vast, it depends where you want to draw the line.

"We have been able to capitalise on the scarce opportunities that were available and have maximised the benefit. For FY 21, SCI has posted a record profit of Rs.618 crores which is highest in the last five years"

CC: Could you take us through some of the key challenges you encountered in this period and equally how they were resolved?

I started the journey with some odds, before I officially took over as CMD, SCI. The disinvestment was announced and within three months of taking over, the nationwide lockdown was announced. There were multifarious challenges but it was the operational challenges that I first encountered. The low sulphur fuel oil guidelines were to take effect from 1 January, 2020 and operationally transitioning from HFO to low Sulphur fuel oil seamlessly without any inventory buildup of either of the fuel oils as also strategising the procurements in a cost-efficient manner was my first project. I realised that there was no action plan on the ground and the countdown had begun.

The next was the Ballast Water Management System where the vessel drydocks were falling due in a couple of months and equipment procurement was to be planned. The lead time for the equipment, bundling of the equipment, following the government tendering systems was the next big challenge while ensuring that operations don’t suffer. These challenges were the opportunities I grabbed to work closely with my teams to guide them through major transformations, building their confidence and personally reviewing and monitoring the progress. Close on heels of all this, came the challenge of sustenance in the face of the pandemic. We decided to excel instead of just remaining afloat during these unprecedented challenging times. We charted out the first business continuity plan of the company to ensure smooth operations for the company, there was no precedence available for this and such a concept was non-existent in the company, so we started from scratch with just two officers and myself documenting the plan and we smoothly sailed throughout the lockdown.

In unprecedented times, there are no fallbacks and giving directions, navigating while keeping an eye on building up the propulsion to meet the end objectives of the organisation helped me to tide over the innumerable challenges that I encountered as soon as I got behind the steering. We have got resounding success in the midst of the pandemic as we were geared to capitalise as soon as the trade picked up since we were equipped to address the growing trade demand and act expeditiously, thereby having a positive effect on our bottom-line. This is evident from our financial results which have seen record-breaking milestones. The disinvestment has been a challenge no doubt, with all-round ramifications, which has also been handled well and reinventing, realigning and reskilling remain an ongoing process.

CC: You had taken charge of SCI when Finance Minister Nirmala Sitharaman had announced the government’s plan to sell its 63.75 per cent ownership in the company. How does this impact SCI both in the short and long term?

You are very right, I assumed formal charge as CMD, SCI on 19 December, 2019 and exactly one month prior to this on 20 November, 2019 the disinvestment had been announced. I entered the corner office in turbulent times, troubled, unchartered waters beckoned me. Any change is resisted and any news of disruption creates panic in the human minds. In the short run, it was like a panic attack in the corporation, a flight of talent looking for greener pastures and a dwindling board added to our woes. We geared to manage with whatever we have as fresh recruitment wasn’t possible at this stage as well as the response to the Board level positions had also become lukewarm with good talent eluding us in the face of the career uncertainties attached to the process. Since then, the transaction has progressed and so the situation in terms of attrition has only worsened. In the long term, the impact shall be dependent on the new owner and the new management want to steer the company.

"I broke the glass ceiling way back in 2015 itself when I was the first full-time functional woman director on the Board of the Navratna company, now I think I have shattered stereotypes and mindsets that go with it"

Republic Day 2021

CC: With the pandemic wreaking havoc on the economy worldwide and on the shipping industry as well, what path do you envisage for SCI?

At the present juncture, shipping is going through a difficult phase, in fact, it has been going through a bad patch for over a decade now. With a strong correlation between the stage of global economic activity and shipping markets, the fortunes of shipping companies have seen volatility since the onset of the pandemic depending on the segment that a company is operating in. However, being a diversified company, the impact has evened out for us. We have been able to capitalise on the scarce opportunities that were available and have maximised the benefit. For FY 21, SCI has posted a record profit of Rs.618 crores which is highest in the last five years.

However, with the strong second wave of the pandemic having severe implications, Covid-19 fatigue is also setting in, and the infections in the second wave have also been weakening the capacity of the employees both at shore as well as at sea posing newer challenges for us. The uncertainties of such waves do remain and until globally the vaccination drive takes effect and the economic activity is back on track, our objective shall remain to maintain the level of operations to the optimum level and be ready to capitalise on any new opportunities in the market and continue to grow.

CC: How have you personally and professionally coped with the changed work environment in the Covid-19 scenario?

I would categorise myself as a change agent and so it was relatively easy for me to adapt and adjust to the changed work environment. I made several adjustments as would have been the case with any other individual both at the personal and professional level to deal with the changing circumstances. It is but prudent for one to change as the situation demands it, lest they be led on the path of obscurity and obsolescence in absence of change and I am sure SCIs astounding performance over the last six quarters evidence that the entire team has coped rather well in the changed scenario.

CC: You completed your post-graduate studies in Commerce, specialising in Financial Management. You then began your career as a lecturer. How did these choices help your growth at that point in time?

I did B. Com (Hons) followed by M. Com and had also enrolled for my M. Phil in 1983. Being good in academics, I was a rank holder in my post-graduation and that was the springboard that landed me with a permanent lecturer’s post, so my choices at that time helped me in starting my career at the Delhi University within a month of my completing my post-graduation in a very respectable profession without much of a struggle. I was teaching commerce students both in Honours and the pass course streams as they were called and the experience helped me to firm my future career choices too.

CC: What prompted your entry into the corporate world in 1984?

Having taught undergrads Business Organisation and Accountancy for exactly a year, I felt I needed something more challenging while also feeling that I wasn’t doing justice to the students with my bookish and theoretical knowledge. Teaching these subjects infused me with curiosity about what business and commerce are all about beyond the textbook. In the actual business and corporate world, and as proof of the pudding is in eating, I landed into reality to experience and master my theoretical knowledge with practical experience. I was more into academics earlier, which is theory and my corporate experience has given me the practical side of it.

CC: In a career that spans more than three decades, what would you rate as some of your best highs?

If I look at the best highs it means that there were some lows too, fortunately for me, my career hasn’t been like the graph of the “Baltic Dry Index (BDI)” or the tanker index and there haven’t been many highs or lows or maybe I just take these in my stride and don’t think about them. In 1983, when I just passed out of college, landing with a permanent lecturership at the age of 21 at the Delhi University was the beginning and definitely a high, clearing the all-India competition and interview in December 1983 for ONGC and getting an offer was another high, topping the batch in 1984 in ONGC after the induction training evaluation was a high.

At a very young age working directly with the Managing Director and the Company’s Directors in ONGC Videsh Limited was risky but I continued for almost two complete decades, which was definitely a big high. This experience developed all my business skillsets and I thus knew the C-Suite nuances from a very young age. Moving from Delhi to Mumbai in 2007 with the challenge that I had no project office experience and with my corporate grooming, I shall not be able to have the same success and my going on to win a Team award in 2013 for the work in the largest gas producing asset of ONGC defied the limits and initiated the tipping point for my switching from ONGC to SCI in 2015. Being the first woman functional director on a Navratna board was also a high and then, being the first woman CMD of SCI while I was the only woman CMD amongst all CPSEs in 2019 and 2020 was an experience in itself. These highs draw out that I would have had many small highs to give me these major highs and on a daily basis, there are some highs when you feel you truly accomplished a feat.

"Effective leaders must possess, a Pied Piper-like “magic”, that enables them to call the tune heralding strategy change, confident in the knowledge that the vast majority will follow their lead"

All Women Sailing

CC: What, in your opinion, are the qualities required to be a successful and influential CMD?

That although seems like a simple and straight question, I think that’s really a tricky and difficult one, as ‘success’ and ‘influential’ are both relative as well as subjective and can have different meanings for different people and it depends on where and whose perspective are you measuring success and influence. As you haven’t specified whether it’s CMD of a private sector or a public sector, I shall restrict to what is common between both.

CMD at the apex is a leader and is ultimately responsible for leading the organisation successfully. If the company is meeting the objectives of the stakeholders as well as fulling the aspirations of the shareholders, the CMD is successful. But to achieve this, the CMD needs to lead his or her team effectively to deliver and meet the targets and expectations. So, let’s see what would be the requirements of a successful leader who necessarily shall have to be influential to be successful. Influential at all levels bottom up like a ‘Pied Piper’. This Pied Piper ability to influence others is perhaps the most essential skill a leader can have who has the ability to influence others even in normal circumstances when major change is not an issue and more so during adversity when the team trusts the leader to take care of them as well as of the business and the organisation. A leader without followers is a contradiction in terms, so all leaders, to some extent, must be Pied Pipers.

Effective leaders must possess, a Pied Piper-like “magic”, that enables them to call the tune heralding strategy change, confident in the knowledge that the vast majority will follow their lead. Now that brings me to the second part which is a success, so what are the qualities that can make you a successful Pied Piper? You are playing the tune and are also on a blind turn at the same time, as you do not have a crystal ball to see the future. So, it’s a risky proposition and not for the frail hearted to begin with. To play the tune well you should have all the skill sets, the grit and the breath to not falter or break while playing the tune smoothly and effortlessly while seeing where you are heading. So, vision and foresight which comes from experience play a vital role to ensure you are heading in the right direction with your entire team behind you. This is the simplest way to sum up your difficult question without getting into the details of what those skill sets are to play the tune well as well as to lead the organisation well in the midst of challenges and uncertainties to meet its objectives while continuing to play the tune uninterruptedly.

CC: You have been honoured with several awards over the years, including the CMA CFO Award 2014 from the Institute of Cost Accountants of India, Most Influential CFOs of India Award from Chartered Institute of Management Accounts, UK, for two successive years, to name a few. How does it feel for your work and commitment to be thus recognised?

Every award and reward places immense responsibility to stand up to that recognition that has been bestowed and to continue on the path of excellence rather than resting on the laurels achieved. It is only human that one would feel proud, honoured and at times overwhelmed at the national and international recognition of one’s efforts but believe me, it doesn’t go to my head. I don’t bask too long over the recognition and after a while, I feel I have to move on to the next stage, and I need to now take up a new challenge and to perform even better, now with additional responsibility, maybe that’s why I have a long string of awards. I feel that I owe it not only to myself, to my organisation and to my team but also to my family, my parents and to all those who supported or criticised me and in doing so they guided me to do better and be the best version of myself.

"It’s a ‘Man’s world’ is a myth, and let’s not hide behind that. Enjoy your work and be passionate about it and strive to excel at all times without asking for concessions and thereby making yourself weak"

CC: As a woman breaking a glass ceiling to become the first woman CMD of SCI, did you ever feel additional pressure to prove yourself?

I broke the glass ceiling way back in 2015 itself when I was the first full-time functional woman director on the Board of the Navratna company, now I think I have shattered stereotypes and mindsets that go with it. I don’t think the additional pressure is so much to prove myself as it is for making most of the available time and not losing time in the given situation as time doesn’t wait for anyone and we all have limited time to make the difference, there are miles and miles to go before I sleep. The multiple roles and responsibilities are actually a perfect recipe for disaster and not allowing that to happen does create pressure and since I have handled that too, I would now like to let go as I don’t think I need to prove myself anymore, I am on my path of self-actualisation now.

CC: What would be your advice to budding female corporate professionals?

It’s a ‘Man’s world’ is a myth, and let’s not hide behind that. Enjoy your work and be passionate about it and strive to excel at all times without asking for concessions and thereby making yourself weak. If you can do this, you would never see the need to play the gender card.

CC: In a wider vein, what would be your tips for success?

There is no short-cut to success. While some may succeed because they are destined to, but most succeed because they are determined to. One needs to work hard with passion and dedication wrapped in confidence and conviction not waiting for opportunities but creating them. Instead of dreaming about being successful, working towards it is more meaningful. I came across a lovely message which explains this perfectly, “The sea is same for all, but some find pearls, some find fishes, while some just get their feet wet”. Push yourself out of your comfort zone, while challenging your limits, concentrate on delivering quality at work with sincerity and commitment and pursue excellence. Occasional setbacks are challenges to be overcome and criticism actually builds success. A famous quote by Malcom-“If you have no critics, you’ll likely have no success” holds great appeal for me.

CC: Is it genuinely possible to strike a work-life balance in your position?

In my position, as has been for the last eight months with three major portfolios I shall be candid in admitting that yes, it’s been difficult for me to maintain a work-life balance. It’s my social life that takes the hit first. With discipline, planning and clarity on your priorities, a fair work-life balance is very much doable if I had only one portfolio to handle. I always feel it’s the quality of time rather than the quantity which matters but somewhere something does take a hit and invariably there is always a tradeoff. One has to prioritise and you shall find the time for what is important for you.

CC: Are there any hobbies/relaxation methods you pursue to beat stress?

A lot of people ask me this and I don’t have an answer as I don’t focus too much on success and maybe that’s why I don’t feel the stress. However, hobbies are very important for your work-life balance too and they are truly relaxing. I have plenty of creative and constructive ones which rejuvenate and energise me and keep me going.

CC: Are there any heights still left to be scaled, professionally? What changes, if any, do you envision for yourself in the future?

Growth is evolution and at every stage of life one should keep evolving and growing and one should not stop. I too shall endeavour to keep doing so and I look forward to more changes and challenges yet again in the future, I definitely don’t see this as the end. “Die Empty: Unleash Your Best Work Every Day” by Henry Todd of course remains the ultimate aim.