In The Age Of Artificial Intelligence, You Need Decision Intelligence: Jogendra Singh Of Hero Enterprises Bats For DI At Retire Smart, Ludhiana

During the Ludhiana edition of Retire Smart Financial Wellness Leadership Series, a collaborative initiative by PFRDA and Outlook Money, Jogendra Singh, President & Group CFO, Hero Enterprises, talked about the need for Decision Intelligence (DI) in the age of AI or artificial intelligence. In his Special Address, titled "The Technology Edge: Reimagining Employee Wellbeing", Singh said that while technology is a powerful tool and enabler, the person who makes the final decision is most important.

Talking about technology in employee well-being, he asked, “What has technology done for us? Today, we cannot think of anything without technology.”

“I attend many forums like this, and they all start with Artificial Intelligence. AI is everywhere. Artificial Intelligence is good, but first, use your natural intelligence too. Isn't that necessary? AI has also caused some major blunders. We all know big firms were slapped with heavy fines because they submitted AI-generated reports as-is, containing errors.”

He shared a formula and said that what you need is Decision Intelligence (DI), but how do you reach DI?

AI+BI+HI=DI

(Artificial Intelligence + Business Intelligence + Human Intelligence = Decision Intelligence)

“We must keep the human in the loop. Technology is an enabler that simplifies many things for us, whether it's NPS, Mutual Funds, stocks, or general investing. Sitting here for the last hour, I was approving transactions worth a few crores right from my phone. It is a powerful tool, but it should strictly be viewed as a tool. Who makes the final decision? That is what's most important,” he said, stressing the need for human decision-making.

Here are some more quotable quotes from Jogendra Singh’s insightful Special Address at Ludhiana Retire Smart:

1. "Vasudhaiva kutumbakam"- the entire earth is our family. When we talk about the whole earth being our family, the smallest unit that begins right after our own family is our workplace. How can we prepare and help each other grow at the workplace? That is something very important for all of us to really think about.

2. Ludhiana is a place of entrepreneurs. I often say that Ludhiana is truly a city of entrepreneurs. We have seen Hero, Bharti, Vardhman, Oswal, Avon, and many, many more. In Ludhiana, an entrepreneur exists even in the smallest unit: in a tiny shop, operating a single machine. Many years ago, as part of the CII, I gave a proposal that we should have an Innovation University in Ludhiana. Why an Innovation University in Ludhiana? There was a very special reason for it: as much as you know, we don't always take it in a positive sense, but take it positively here, we talk about "jugaad". The amount of jugaad that happens in Ludhiana, I don't think exists anywhere else in the country. I've travelled and seen the whole world. What is that jugaad? Today, we call it innovation. But when that innovation goes through a proper channel, it formally becomes "innovation." Somebody doing it in a very crude manner is calling it jugaad.

3. In all our companies, we launch many policies for employees. Employee Engagement Surveys happen a lot in our companies, especially in larger, organised companies. The kinds of questions we ask in those engagement surveys are: "Are you feeling satisfied? Are you getting proper respect? Is your leader good?" These are the kind of things. But one thing we actually leave out is financial safety. That is the very reason why he is working. We work so that we are financially safe and secure. Yet, this is something that is truly not asked in any Employee Engagement Surveys. The employee cannot keep his financial insecurities at the door; they come along with him onto the shop floor or into meetings while he is thinking about the next EMI due.

4. So, how do you really think of including financial freedom and financial security in overall employee well-being? Whenever we talk about employee well-being, we say: reimagine it. Let's think from the very beginning about what we have missed.

5. In Japan and Europe, the institutional support system and social security system are still very strong. What support system do we have? Therefore, it is important for all of us to think about how we can build a financial support system right from the start.

6. And when we say start, we mean right from the very beginning. It has been said that from our first paycheck.

7. If I look at the older generation, they saved out of habit, sometimes starting in the name of tax-saving schemes, which wasn't always efficient, but it was there. We still have some tax-saving schemes today; even NPS offers tax benefits. But relying only on that aspect isn't enough.

8. When you talk about "Retire Smart," it's a topic we don't discuss enough. Youngsters often say, "Retirement is far away. There are many years left. The party has just begun!" Yet, on the first day of every month, those same youngsters sing the same song we sang 40–50 years ago: "Khush hai zamana aaj pehli tareekh hai" [The world is happy today because it's the first of the month]. So, how do you integrate technology into investing? Technology gives you an edge, so you know what you are doing, can track your progress, and stay in control of your steering wheel. You can make adjustments or utilise your investments however you wish. Ultimately, financial well-being is built on trust.

9. Speaking of the power of compounding, beyond financial examples like investing Rs 10,000, there is a famous self-improvement analogy: If you improve by 1 per cent every day, you can become nearly 38 times better in a year. Imagine where that growth can take you.

10. If you start investing from day one, by the time you reach retirement and need that money, it will feel like a blessing. If companies make this a structured part of payroll decisions, like Corporate NPS, when caring for employee well-being, employees will truly see the fruits of it when they retire. Therefore, resolve today. Show resilience and reimagine employee well-being both as organisations and as individuals. When you reimagine, real reform happens.