The first thing you notice about Zarin Daruwala, the first ever woman CEO of Standard Chartered Bank India in its 150-year history, are her dimples. One is hard put to match this pretty, petite lady of flawless complexion with the kind of financial risk appetite and corporate nerve she is known for.
But after hearing the mother of two speak at an interactive session titled ‘Women and Empowerment at the Workplace’ organised by Young Ficci Ladies Organisation (YFLO) on July 4, one comes away not only awed by her achievements but also enriched by her clarity of thought and practical approach to life.
As married working women continue being asked how they are managing both work and home — strangely married men never get this question — t2 took notes that may be of interest to women employees, male and female bosses and entrepreneurs, as well as companies keen on retaining women in their middle and senior management.
Trained as a chartered accountant and company secretary, Daruwala is in her early 50s and lives in Mumbai. On Monday, she spoke about her corporate journey, the first 26 years with ICICI, and since April 2016, with Standard Chartered Bank.
The ICICI way l I often get asked, ‘What is it that ICICI Bank does that it produces so many women leaders?’ My answer always has been that ICICI doesn’t do one big thing, what ICICI does is many, many, many small things that really ensure that women stay.
♦ Most women take a break from their career when they have children. ICICI actually allows women to take a one or two-year break and come back. Because the moment a woman takes three or four or five years off, she finds it very difficult to get back and then she finds that she has lost out on her career. My advice has always been take a year or two off, not more.
♦ There is something very cute that ICICI does. It’s called fertility leave. A lot of women today don’t conceive (naturally), because of the pressures of the job, or whatever. I have had a girl under me who took fertility leave and when she got a baby, she WhatsApped me saying, ‘It’s all due to you.’ And that really feels good. These are the small things that ICICI does that make a difference.
Role models
I have had five women bosses in my career. As a woman, when you have a woman boss, it becomes an aspirational thing. They become like role models. My first boss, Lalita Gupte, would send meals from home when we were working late, she would be very concerned about whether we were being dropped home. A lot of us emulated the women that we worked with. I have worked with Chanda Kochhar (MD & CEO of ICICI Bank) as her deputy for 12-14 years and I have learnt so much from her.
Childcare
Standard Chartered has 30 per cent women, even at senior levels, globally. One of the things that we have done is start a creche right in Bandra-Kurla Complex for our women employees. We have 60 kids there.
Twenty-two per cent of women who graduate take up corporate jobs. The attrition is highest between 28 and 35 years of age. That is the time if corporations give support to women, like a creche or a break, you find that women really bounce back.
Compartmentalise
Women are great at multitasking. But I have compartmentalised my life. I spend five days in office and two days at home. I don’t carry my work pressures home and I don’t carry my personal pressures to work. I feel good having been able to compartmentalise.
Be practical
I am practical about things. I would celebrate my children’s birthdays on weekends even if it was in the week so that I could do a special birthday party for them, when they were little.
Never say die
I joined ICICI Ltd in 1989, I was a CA. I felt as a CA I was ill-prepared for the real world. I didn’t know anything about banking, those days ICICI was quite advanced with regards to computer usage, and I felt quite unprepared. But I have this never-say-die attitude. In six months, I felt that I had settled down and then there was no looking back.
The storyteller
Raveendra Balivada, head of investment advisory (private banking) at Standard Chartered India, later spoke to the ladies about investing right and investing early. And the need for women to plan for their own financial
well-being.
Using engaging tales and fables, Balivada highlighted “the power of compounding”. The beauty of compounding is that the interest that you get grows at the same rate that the principal is growing.
Here’s another tip. To have
Rs 1cr at the age of 45, you have to set aside Rs 1.7 lakh a year, growing at the rate of 10 per cent, if you start at age 25. If you start at 35, you have to set aside Rs 5.7 lakh a year. Moral of the story? Start NOW!
Organiser speak
“Being at the helm of a foreign bank is a rare achievement, and I hugely admire Zarin’s success, her mettle and her humility. She is a role model for us and there is a lot to learn from her disciplined life, her dedication to work and personal life, her sincerity and zeal to outperform. It was an enriching experience to hear Zarin speak on women empowerment, work-life balance and the basics of financial management,” said Puja Goenka, chairperson, YFLO.
Text: Samhita Chakraborty
Pictures: Rashbehari Das
