Are women bad at finances? It can’t be, right. We know how deftly our grandmas, moms, aunts managed the household budgets. They even managed to surprise their family with some extra cash whenever the family needed money to take care of an unforeseen expense. Then why is it that many women proudly declare these days they are not good at managing money. We asked three women mutual fund advisors about their experiences – well, it confirms the stereotype that women typically don’t like to get involved in managing money. Read on
Deepali Sen, Founder, Srujan Financial Advisors:
We don’t see many women coming in with their spouses to take part in the family financial planning. The situation has improved in the last decade but we are still behind the time. Women who single-handedly take charge of the financial aspects are generally conservative. From my experience, most of these women are hesitant when it comes to taking big financial decisions. I believe that this comes from the deep-rooted traditional mindset that we are brought up with. We have seen our mothers not taking part in the finances of the house, even when they are the ones who manage the budget. A lot of men are also not comfortable with roping in their wives to such critical discussions. However, as a practice, I push all my male clients to bring their wives along. These women are generally unaware of even the obvious details with regard to money and that is quite scary.
Shifali Satsangee, Founder, FundsVedaa:
When I speak to women who generally come with their partners, I tell them to at least know the basics like where the husband has invested. You will be shocked to know that these women don’t even know about the bank accounts of their husband. The women who single-handedly manage their family finances are divorced, widowed or in some cases now- millennial single women. When these women enter this space after they are left to do it all by their self- they are overwhelmed. Until then they are complacent. The issue with most women, especially when I speak to these in non-metro cities, is that they believe it is not for them or it is not their job. They lack basic awareness about anything related to money matters. This has definitely to do with the kind of societal stereotypes and upbringing.
Majority of the women clients who come to me either come with their spouses or are widowed or separated. There are the new generation women who are talking full charge of their financial lives but they are a minority. Most of the women that come here with their partners do not take interest in the financial part of things. I think this is to do with the kind of upbringing we get in this society. We see the males of the family taking financial decisions and that gets etched in our minds. There are women who are doing all by themselves and taking care of their husband’s financial issues as well, but that’s mostly because the husband is either out of town or not available. So, I think women can do it but because they think it is not for them, they end up becoming complacent. Also, the service providers do harass their customers with multiple calls etc and women generally want to stay away from such behaviour.
Feeling let down. Well, get inspired by these five women who manage their money on their own: 5 women mutual fund investors share their journey (and one of them invests to buy an electric car)
The latest update comes after HMD initiated beta testing of Android Oreo on the Nokia 2 which will receive the update directly from Android 7.1.1 Nougat. However, the update can be accessed only in select regions and will be only rolled out when requested manually by heading over to Nokia’s site.
A week after rolling out Android 9 Pie to the Nokia 3.1 Plus, HMD Global has started seeding an update to its year and half old Nokia 2 smartphone. The latest update brings all the features of Android Oreo as the device gets a taste of Android 8.1 without ever receiving Android 8.0 in the first place.
The latest update comes after HMD initiated beta testing of Android Oreo on the Nokia 2 as we came to realise to realise that the Nokia 2 will receive an update to Android 8.1 directly from Android 7.1.1 Nougat. While HMD has indeed started rolling out the Android Oreo update to Nokia 2, the same can only be accessed manually unlike many other smartphones which receive updates over-the-air without any hassles.
How to update your Nokia 2 to Android 8.1 Oreo
Users who wish to upgrade their Nokia 2 to Android 8.1 Oreo will have to head over to Nokia will first need to head over to Nokia 2 upgrade page.
1. Once there, users have to note that the Android Oreo update can only be pushed to your Nokia 2 device if it’s pre-approved by your career and if the device passes eligibility for your region.
2. If your device is indeed eligible, you can sign in with your Nokia account.
3. In the next step, you enter your IMEI number which can be accessed by typing “*#06#” in your dialer. Besides that, the registering page also requires your location and operator details. After which you can “Agree” to terms for installing Android 8.1 Oreo on your Nokia 2.
4. As soon as you agree, you can click on “Request OTA” which will prompt about the latest update directly on your phone as a notification.
5. At this point, you can directly download the update by connecting your phone via an unmetered internet connection and install it to run Android Oreo.
The Nokia 2 was launched in India back in November 2017 for a price of Rs 6,999. The phone features a 5-inch HD LTPS display with a resolution of 720 x 1280 pixels coupled with Corning Gorilla Glass 3 protection. The major highlight of the device is the 4100mAh battery, which the company claims to last 2 days. The smartphone is powered by a quad-core Qualcomm Snapdragon 212 mobile platform clocked at 1.3GHz. The phone is backed by 1GB of RAM and 8GB of internal storage. On the camera front, the device features an 8-megapixel rear camera along with LED flash, while for the front, there is a 5-megapixel sensor for selfies and video calling.
Be it in New York City or a small town in Oklahoma, Target stores look similar in design, but not so when it comes to the way goods are stacked.
In a world where the placement of products is counted as a key driver of sales, even the positioning of a can of beans is significant. Often, the decision on where to place a product or how to highlight a brand is made halfway across the world, here in Namma Bengaluru.
At Target, decisions such as the floor plan and where to stock what are increasingly made with the help of experts in India’s technology capital. Data scientists here scan shop sales data to find patterns on customer spending and look for ways to nudge them to spend more. The team in Bengaluru also engages with the shoppers on smartphones to get them buy online from Target, rather than rival Amazon.
As the world’s largest retail companies look to tank up on technology skills to stay ahead, they are flocking to Bengaluru. Out of 25 Fortune 500 retailers, about 10 have set up technology shops in India and smaller retailers are following their larger rivals, show data from IT industry lobby Nasscom. When they are not setting up their own captive units, these retailers are working with Indian IT companies to outsource services.
The early entrants came in the mid-2000s and as they experienced success, rivals started facing the ‘peer pressure’ to join them. From US-headquartered Walmart and Target to Japan’s Rakuten and Chile’s Falabella, retailers are expanding their engineering workforce in India and even more are looking to set shop here.
“We are talking to about 80% of the top retailers, not just in the US but in Europe as well, and almost everyone is looking at setting up captives in India. They are at different stages of the plans, but three years out, I would expect about 80% of the world’s top retailers to have a presence here,” Lalit Ahuja, CEO of consultancy ANSR, told ET.
Ahuja’s firm has helped about three dozen companies set up inhouse centres in India. As many as 11 of these were in the retail sector and four in consumer products.
If the early players came looking for the technology talent that India offered, they now realise that the country has not just technology but a concentration retail expertise, he said. Others too have similar views.
“Initially, everyone saw what Amazon did and tried to replicate it. Now they want to go beyond Amazon and India has everything — digital native talent (and) a thriving retail and ecommerce market that is open to experimentation,” KS Viswanathan, vice president of industry initiatives at Nasscom, said. “The cost of failure is lower here as well.”
Amazon has had executives working on global product development for more than 12 years in India, long before the 2013 launch of its marketplace in the country.
No single company is as invested in beating Amazon as Walmart. The world’s largest retailer got its India tech foothold through an acquisition, of Kosmix which it rebranded Walmart Labs. The country is now key to its tech plans.
“We have four chief technology officers in Walmart and we meet every week and we’re constantly talking about growth plans and how many seats in Bangalore we get. Bangalore is the one place we all are. It’s serving as the seed for the new models,” Jeremy King, executive vice president and chief technology officer at Walmart, told ET. King said Walmart had begun piloting robots in stores to help clean spills and spot empty gaps on shelves.
In addition to its $19 billion acquisition of ecommerce company Flipkart and boosting talent at Walmart Labs, the Bentonville, Arkansas-based company is scouting for startups it can take over for the talent they have. ET reported that the company made its second acqui-hire, Int.AI, in India last month, as part of its plan to buy about five startups a year in the country. It even has a unit of what it calls the CIA — competitive intelligence analytics — in India to help win the global ecommerce race.
Even for those companies that have come to Bengaluru initially to handle customer calls and process employee payrolls, their operations here have advanced to handle more critical business roles.
“Over the years, our business at Bengaluru has evolved from being a shared service to a business service model. Technology has evolved from service delivery, to a ‘Dev-Ops’ model,” said Sumit Mitra, chief executive of Tesco Business Services and Tesco Bengaluru. “Some 78% of all our Technology colleagues working here are engineering-focused.”
The scale at which retail companies are growing is leading to a massive hunt for talent with senior leadership coming from homegrown ecommerce players. Walmart’s India Lab is headed by Hari Vasudev, who was previously a senior vice- president of engineering at Flipkart. Online commerce and Internet company Rakuten’s India unit is also headed by a former Flipkart executive, Sunil Gopinath.
“We have been able to grow Rakuten as a technology brand in India. If you look at the kind of talent we are getting, we are hiring people from Amazon, eBay, Flipkart, from fin-tech companies like Paytm, startups and from big software companies like Oracle. There is probably no top company in Bangalore that is not represented as a hire by Rakuten,” Gopinath told ET in a recent interview.
Rakuten’s India headcount is currently about 450 and the company plans to double that in the next 12-18 months. Indian talent is also part of its operations in Japan — out of the 2,500 engineers in its home country, about 60% are non-Japanese, from India, China, the US and Korea.
Smaller retailers that have established centres in India are also expanding their technology operations here. Jobs at these companies span the spectrum, though, unlike traditional IT services, there are limited requirements for freshers. Mid-level jobs are more common and senior leaders are also in demand.
For some companies, the employee growth rates have been significant. Lowe’s began its India operation four years ago with 20 employees. It now has 1,600, and expects to add more. “In the coming years, we plan to hire more people to join our team in Bangalore, to enable our technology transformation initiatives and be a part of our growth story,” said James Brandt, senior vice president and managing director of Lowe’s India.
Lowe’s employees work on ecommerce and digital solutions, data management and analytics, finance, infrastructure, quality and operations.
Given the long distance between Bengaluru and the retailers’ locations across the globe, companies go the extra mile to keep the operations here connected to their global strategy. Minneapolis, Minnesota-based Target, one of the earliest retailers to bet on Indian talent, has a yearly strategy meeting that takes place at the start of the financial year for its Minneapolis and India leadership. Its CEO and chairman, Brian Cornell, and his executive team attend the annual India meeting.
“Visits by our team members to our headquarters in Minneapolis help them get a better sense of the Target experience and our guests. Team members collaborate at every level. A matrixed approach to organisational structure is adopted where product ownership lies wherever the expertise is,” Ankur Mittal, vice president of Digital Technology for Target India, said. Target has nearly 3,000 employees in India, Mittal said.
Retailers are also focused on hiring and keeping the best employees. Most companies are transferring the ownership of products to Bengaluru — to allow employees here to make decisions without needing to constantly check back with the headquarters, and help motivate them. “It comes to the quality of work. As long as you are able to drive the right models of ownership, then that is the number one motivator,” Walmart’s Vasudev said. “Money alone has stopped being a motivator.”