Dubai: KEL hosts interaction with Sudhir Shetty on Delegation of Authority
Media Release
Dubai, Mar 20: An interaction with KEL members was held recently at the India Club with Sudhir Kumar Shetty, chief operations officer, global operations of UAE Exchange.
A true veteran in the remittance industry, Sudhir Shetty has been leading UAE Exchange since 1991. During these 22 years with the company, his charismatic leadership, technological know-how and operational expertise have transformed UAE Exchange into a truly global brand. Today acclaimed as the World’s Trusted Money Transferrer, UAE Exchange is one of the leading remittance and foreign exchange brands, globally. Its fast growing international presence spans more than 30 countries across five continents, with over 650 direct offices. UAE Exchange also has strong correspondent banking relationship with over 150 major global banks. Xpress Money, the instant money transfer service, has more than 170,000 agent locations in more than 150 countries and is fast consolidating its presence on the globe.
Under the enigmatic leadership of Shetty, UAE Exchange has always pioneered in setting new standards in the industry with diversified product and service offerings, customer service excellence and emergent technologies. For the customers, the name has now become synonymous with quality and is considered as the most trusted brand to send money back home, to their loved ones.
During his presentation, Shetty mentioned that it has taken less than 2 decades for UAE Exchange to become a global brand. From operating in a single country with 4 branches in 1992, today UAE Exchange operates in 30 countries with over 700 branches. Currently, UAE Exchange has a turnover of over $ 47 billion and contributes to over 6 percent of the global remittance business. It serves over six million customers world-wide with the help of over 8,500 employees representing over 40 different nationalities.
He said that every organisation has five different stages of growth – Growth through Creativity (Phase 1), Direction (Phase 2), Delegation (Phase 3), Co-ordination (Phase 4) and Collaboration (Phase 5). During the initial stages, the growth is solely through creativity and the challenge is on the leadership qualities of the entrepreneur as he is the key player in the organization. The focus is on selling products or services and the reward emphasis is on salary.
When the organization grows to the next stage (Phase 2), the management focus is on efficiency of operations and the entrepreneur’s role is now in providing the right direction for the company’s growth. In Phase 3, the management focus is on growth and so market expansion becomes the core objective. Now the organization slowly starts getting de-centralized and the top management starts delegating several responsibilities. Achievements are rewarded through individual bonuses during this phase.
When the organization gets into Phase 4, the focus is on consolidation and the top management is more like a watchdog. The dependency is on the success of the various departments and product groups and they are incentivized through profit sharing. The last stage of growth is through Collaboration where the management focuses on problem solving and innovation. At this stage, the management style is more participative with the various core teams and the incentives are in the form of team bonus. Details of the impacts are provided in the chart below.
This was followed by a question and answer session, with Sudhir Shetty answering all the questions with practical examples. It was an enriching two hours for the members and guests to listen to the rich experience of Shetty.
President of KEL, Alfred Vaz welcomed the gathering and Albert Rodrigues, events director proposed the vote of thanks. The event concluded with dinner.