Category: IIM

Size, diversity and social capital

Starting off with a “global” statement, life is full of tradeoffs.

When we listen to stories as kids, we think of “battles between good and evil”. When we watch sport, there is “our side and their side”. From stories, we are usually conditioned to “battles” where one side is superior to the other, and there is a clear “favourite” to root for.

Real life is not so simple. A lot of times, you have battles between two sides that are both bad (a lot of elections, for example). And frequently you come across situations where there are two “good” things of which you can only have one (and so the tradeoffs). One of the more famous of these is the “impossible trinity” of international economics.

In a completely different context (which I’m writing about today), two desirable things that are a tradeoff are diversity and social capital. The general theory is that the more diverse a society gets, the lower is the social capital (google is impossible in providing good links on this, so maybe ask ChatGPT).

The theory here goes that you fundamentally trust people like you and mistrust people who are not like you. The more homogeneous a society is, the more there are “people like you”, and so the more you trust. And if everyone trusts one another much more, there is more social capital.

A recent conversation and observations makes me wonder if social capital is also related to size. More specifically I’m thinking of size as in number of people in an institution.

One observation we had when we went for our reunion last week is that the campus is a lot quieter than in our time, and that a lot more rules are followed in letter rather than just in spirit (no, not that kind, but I’m talking about rules about that also).

For example, the basketball hoop in L^2 has been removed. While we pitched up a net and played tsepak in BEFG Square (where we always played it), current students informed us that they can’t play there because playing there is now banned. Students mostly hung out in their wings rather than in the common areas. After our first evening there we assumed all the students were out on holiday, while it turned out only the first years had a term break then.

I still remember my first night in IIMB (in 2004). I stayed in G Block, on one side of the aforementioned BEFG square. A bunch of people were playing Tsepak until late in the night, which meant I didn’t get good sleep (and for the rest of the week we had our “orientation” which meant I couldn’t sleep well then either). A few days later I just joined these people in playing Tsepak and making noise. “If you can’t stop them, join them”, was a perfect way to go about things back in the day.

What I remember is that, with a batch size of ~200, our social capital was pretty good. While there were some students who occasionally displayed elevated levels of conscience, we largely stuck by one another and tolerated one another (and, of course, massively trolled one another). Disagreements and fights always happened, but were largely resolved among us by dialogue, rather than inviting external parties.

With a much bigger batch size now, though, from what we were told, it appears it is not so simple to resolve things using dialogue and mediation. And people frequently take to inviting external parties. And the expected result (crane-mongoose effect) happens.

That some people want to study when others want to play now means that the former complain against the latter, with playing within the hostel being banned. Some people want to enforce the rules on spirits, and they bring in external parties, and the law is invoked in letter rather than spirit.

When social capital dwindles, in some ways, the minority rule comes into play – when there is a small but vocal minority that wants things a certain way, that becomes the way for everyone else as well. (With high social capital, the majority might be able to convince the minority that they need to be more tolerant)

Yet again, this is not a one way street. You can also argue that when social capital is too high, the minorities can tend to get oppressed (since their views don’t count any more), and so a high social capital society cannot be inclusive.

And so yeah, the Baazigar principle is there everywhere. To get something, you need to give up something. To get a more inclusive class, you need to be less majoritarian, and that means less fun on the average. When you have lots of intolerant minorities (a consequence of diversity), those “intolerant rules” get applied on everyone, and the overall payoff reduces.

A few random thoughts to end:

  1. It’s not just the class size, it’s also the fees. We paid ~ ?300,000 over 2 years as tuition fees. Many of us (who sat for campus placements) made almost twice that (post taxes) in our first year of graduation.

    Students nowadays pay ~ ?2,500,000 , so they are a lot more conscious about getting their money’s worth. And being able to study.

  2. In general, cultures change over time, so coming back after 15 years and complaining that “things aren’t the way they used to be” isn’t very nice. So yeah, this blogpost can get classified in the “not so nice” category I guess (not like I’ve ever been known for niceness)
  3. I wonder how much changed during the pandemic, when students were off campus for nearly a year, and had severely curtailed interactions even once they were back. With a 2 year course, it only takes 1 batch to “break culture”, making the culture far more malleable. So again I’m wrong to complain.
  4. All that said, it’s my duty to pontificate and so I’ll continue to write like this

Girard and reunions

Thanks to my subscription to Jim O’Shaughnessy’s Infinite Loops podcast, I have been exposed to some of the philosophy of Rene Girard. A few times, he has got philosopher Johnathan Bi on the show, to talk about Girard’s philosophy.

 

Bi has also done a series of YouTube lectures on Girard’s philosophy, though I haven’t watched any of them.

In any case, Girard’s basic thesis (based on my basic understanding so far) is that we are all driven by “mimetic desire”, or a desire to mime. This means we want to do things that others want to do.

So you see an instagram post by a friend who has gone to Sri Lanka, and you want to go to Sri Lanka as well. Your cousin has invested in Crypto, so you want to invest in crypto as well. Everyone in your class wants to do investment banking, and so you want to do that as well.

(actually now that I think of it, I was first exposed to mimetic desire by a podcast episode sent by my school friend Hareesh. In a way, Bi’s appearance on Infinite Loops only enhanced my liking for this philosophy).

 

This is yet another of those theories that “once you see you cannot unsee”. You see mimetic desire everywhere. Sometimes you copy the actions of people who you want to impress (well, that’s how I discovered Heavy Metal, and that has now turned out to be my most-listened-to genre of music, because it turned out I like it so much).

The theory of the “mirror neuron” is unclear (at least I’m yet to be convinced by it), but either by gene or by meme, we are conditioned to mime. We mime people’s actions. We mime their desires. We do things because others do them.

As the more perceptive of you might know from my previous post, we had our 16th year IIMB reunion this year. Not many turned up – about 30 from my class (2006) and 45 from the class of 2005 (thanks to covid both our 15th year reunions had been postponed, so we ended up having our 16th and 17th year reunions respectively).

It was an amazing experience. I don’t know what it was, but I liked it far more than the 10th year reunion.  One major thing was the schedule – the 10th year reunion lacked a focal point on the main day (I’ve written about it) because of which we were rather scattered around campus. The 10th year reunion also had a much more formal structure, with “sessions” which meant we had less time to chat.

This time round, the Saturday schedule was very good – an interaction with the current director RTK from 10 to 11, and then NOTHING. That interaction was enough of a focal point to get us in one place, so everyone was accessible.

Then, fewer people having turned up meant we ended up having deeper conversations. We spoke about life, philosophies, kids, spouses, divorces, other people’s divorces, random gossip and all such. Absolutely no small talk, and infinitesimal work talk, and that made it more satisfying.

This morning, Bi tweeted again about Girard and mimetic desire.

One of the corollaries of Girard’s theory is that people get into conflict not when they are different but when they are similar. And mimetic desire means that people will try to become more similar to each other, and that increases conflict.

If not anywhere else, that is true in a business school, especially one where the class is rather homogeneous. Mimetic desire means everyone wants the same jobs, the same grades. And so they compete. And get into conflict.

16 years post graduation, we have drifted apart, and not in a bad way. Over this period, a lot of us have figured out what we really want to do and what we really want, and understood that what we want is very different from what others around us want. Not really being around our former peers, we have no desire to mime them any more, and that has freed us up to do what we really want to do, rather than just signalling.

And so, when we meet at a reunion like this, we are all so independent that we just never talk about work. There is no sense of competition, and we just focus on having fun with people we went to school with. The time apart has helped us get out of our desires to mime, and so when we get together, we compete less.

Maybe I should read / understand more philosophy. Or is this desire just mimetic?

 

 

Hanging out with the lads

One of my favourite podcasts this year has been The Rest is History with Tom Holland and Dominic Sandbrook. It is simultaneously insanely informative and insanely funny, and I’ve been listening to it as regularly as I can this year.

A few months back, a prequel to The Lord Of The Rings called “Rings of Power” came out on Amazon. To commemorate that, Rest is History did a few episodes on JRR Tolkien. It’s a fascinating profile, but one line especially stood out.

Holland was talking about how Tolkien found himself a steady girlfriend when he was 13 (and got himself excommunicated from the church in the process – he was Catholic and she was Protestant, I think). And then he said “that part of his life having been settled, he now focussed on other things, such as hanging out with the lads”.

I find this to be a rather profound line. “Hanging out with the lads”. And having found myself a steady girlfriend for the first time relatively late in life (when I was nearly 27), I can look back at my life and think of the value of this phrase.

When you are single, among other things, you become a “life detector” (this phrase comes from one friend, who used it to describe another, saying “she is a life detector. She puts blade on anything that moves”). Especially if, as a youngster, you have watched good but illogical movies such as Dil To Pagal Hai.

You may not realise it until you are no longer single, but being single takes a toll on your mental health. Because you are subconsciously searching for a statistically significant other, you mind has less time and space for other things. And you miss out on more enjoyable things in life.

Such as “hanging out with the lads”.

I have written (forgot where, and too lazy to find the link now) about how being no longer single was fantastic in terms of simply appreciating other women. You could say they were nice, or beautiful, or intelligent, or whatever, and it would be a simply honest comment without any “ulterior motives”. More importantly, you could very simply tell her that, without worrying whether she will like you back, what caste she belongs to (if you were into that kind of stuff) and so on.

I listened to the podcast on Tolkien when it came out a few months ago, but got reminded of it over the weekend. I spent most of my weekend in IIMB, at our 15th year batch reunion (ok, it’s been 16 years since we graduated but our party was postponed by a year due to Covid). As part of the reunion (and unlike our 10th reunion in 2016), we had a real “L^2 party” (check here to see what L^2 parties used to be (for me) back in the day).

So effectively, this Saturday I was at my first ever L^2 party after I had graduated from IIMB. In other words, I was at my first ever L^2 party where I was NOT single (my wife wasn’t there, though. Pretty much no one from our batch brought spice or kids along).

However, despite the near 17-year gap from the last L^2 I had attended, I could feel a different feeling. I found myself far more willing to “hang out with the lads” than I had been in 2004-6. I had a lot of fairly strong conversations during the time. I held random people and danced (thankfully the music got better after a while).

Through the entire party I was at some kind of perfect peace with myself. Yeah, you might find it strange that a 40-year-old guy is writing like this, but whatever. Early on, I sent a video of the party to my wife. She sent back a video of our daughter trying to imitate the way I was “dancing”.

And it was not just the party. I spent a day and a half at IIMB, hanging out with the “lads” (which included a few women from our batch), having random conversations about random things, just laughing a lot and exchanging stories. Nobody spoke about work. There was very little small talk. Some conversations actually went deep. It was a great time.

With the full benefit of hindsight, I had as much fun as I did in this period (ok i might be drawing random connections, but what the hell)  because I was secure in the fact that I am in a steady relationship, and have a family. And it took me a long time to realise this, well after I had stopped being single.

 

 

 

 

Luxury and frugal managers

You remember very random things from business school, nearly two decades on. Usually none of this is academic – the lessons are only “internalised”, not “learnt”. A lot of it is from outside the classroom, silly things someone said or did or posted on the internal bulletin board. Most of the stuff you remember are rather arbitrary things that professors said, and made it seem like something profound.

“Management is like making music”, one professor lectured to us in the first week of classes at IIMB, back in 2004. “First you make music with what you have, and when you don’t have that, you make music with what you have left”. It was rather random, but random enough to stick in my head 18 years on.

It has been another disappointing season beginning for Liverpool. I didn’t watch the Crystal Palace game last night, but I clearly remember feeling at multiple points during the draw at Fulham that this was “like 2020-21 all over again”. The sort of mistakes that Virgil Van Dijk made. The length of the injury list. More players (Thiago) going off injured midway through the game. Nat Phillips starting. And add some new issues – like having your shiny new striker getting himself sent off and suspended for 3 games for a stupid show of anger.

I see the list of substitutes.

  • 2
    Joe Gomez (s 63′)
  • 8
    Naby Keita
  • 13
    del Castillo Adrian
  • 14
    Jordan Henderson (s 63′)
  • 21
    Konstantinos Tsimikas (s 63′)
  • 28
    Fabio Carvalho (s 79′)
  • 43
    Stefan Bajcetic
  • 72
    Sepp van den Berg
  • 42
    Bobby Clark

Yes, there are youngsters (unlike 2021-22) but that is fully understandable. What I don’t understand is seeing youngsters I’ve never heard of. Two games in, I’m already getting the feeling that this will be a really hard league campaign.

I wonder if Klopp is more of a “luxury manager” than a “frugal manager”. These are two very different management styles, requiring very different skillsets. The names are fairly descriptive.

Luxury managers need luxury. They need resources for “option value”. In the corporate context, they need large budgets and space and little control over how they operate. And given all of this, a lot of the time, they deliver big. Yes – there are cases where they spectacularly fail (in which case they don’t stay on in their management jobs), but when they do deliver they deliver big.

Frugal managers don’t need any of this luxury. They are experts at making the most of whatever they have been given. In Ramnath’s words, they are adept at “making music with what they have left”. Any kind of luxury, any kind of optionality, seems like a waste to them. Why pay the option premium when you can get the same payoff through a complicated basket of one deltas?

And just like any other dichotomies (think of studs vs fighters, for example), luxury and frugal managers struggle in the opposite settings. Without the luxury, luxury managers are simply out of their depth. They are necessarily wasteful (a bit like Salah) and cannot produce if they are not able to waste some. However, they win big when they do.

Frugal managers are good at eking out solutions in terms of adversity, but abundant resources can overwhelm them. They won’t know what to do with it. More importantly, they are unable to deal with the expectations of delivering big (which come with the luxury) – they have been experts at delivering small against nonexistent expectations.

What about teams though? If you’ve been used to working for a luxury manager, what happens when you get a frugal manager? And the other way round? I don’t have immediate answers for this but I suppose you will struggle as well?

Returns to experience and business school career choices

Go to any elite business school, especially one where the average years of pre-MBA industry experience is low, and ask students what they want to do. Most first year students will tell you that they either want to do “marketing” or “investment banking”. Second year students will still say this, but some will also say “consulting”.

With the benefit of a lot of hindsight (it’s nearly 16 years since I graduated from business school), there is definite merit in these being primary career choices for business school students – rather than other seemingly equally valid careers such as B2B sales, or product management, or not-for-profits, or data analytics, or logistics.

It has to do with reversibility, and “one-way doors”.

Different professions have different levels of “returns to experience”. In some professions, all that mattters is the total amount of contiguous experience you’ve had in that particular profession.

I figured this out the hard way, for example, in my brief flirtation with getting back to becoming a banking quant in 2017. I had left the profession (banking quant) in late 2011, to become an independent consultant. A series of financial services projects later, I wondered if I could get back to what I was doing earlier. Except that they wouldn’t have me back – all they cared about was that I had “been out of the industry for 5 years”, and what experience I got in those 5 years didn’t really matter.

In other words, investment banking is a “high returns to experience” industry, where your experience within the industry is highly valued, but anything outside is completely disregarded.

Marketing (though not “digital marketing”) is also similarly – your experience outside the field is not valued at all. So even if you look to get into consumer goods marketing at a later point of time in your career, you will most likely have to start right at the bottom, at an entry level position. All your years of experience doing something else are of no use here.

You notice a pattern (despite the small number of data points I’ve offered)? Popular out-of-business-school careers are professions with a high “perceived returns to experience”. The reason why so many business school students want to do marketing or investment banking is because they are irreversible choices. You either get in from school, or get in later on but start at the bottom anyway. So you might as well get in straight from school.

Technology and data and product management and B2B sales and corporate strategy and logistics and general management are all rather more forgiving – a large number of employers offering these jobs give adequate weightage to experience outside of the field as well. Which means it is easier to switch into these professions at a later point of time in one’s career.

Putting it another way, starting your career in a hard-to-enter (or “enter-at-bottom”) field is a risk-averse way of building your career. If you don’t like it, you can always move to a more welcoming career path. Start in a more welcoming place, and you’ll find it harder to move to a less welcoming career.

So that explains marketing and investment banking, but what about strategy consulting? Surely, strategy consulting should value diverse experience, for that will make you a better consultant? The difference here is between strategy consulting and “brand name strategy consulting”. If you work for a “brand name strategy consultant”, you’re not only offering your own advice – you are also offering advice on behalf of that firm.

This means, in order to do so, you need adequate training in the ways of the firm. And so there will always be (less than 100% of course) a discount on the rest of your experience – in order to learn the ways nad means of the firm that you are going to represent, you will need to start at a more junior level than your experience dictates. So once again you might as well get in right upfront, straight out of school.

So the next time a business school student tells you she wants to do marketing or investment banking or strategy consulting, don’t berate her for “being too cliched and not open minded enough”. She is just being rational, and playing the optionality in the way it should be.

Not all minutes are equal

I seem to be on a bit of a self-reflection roll today. Last night I had this insight about my first ever job (which I’ve  said I’ll write about sometime). This morning, I wrote about how in my 15 years of professional life I’ve become more positive sum, and stopped seeing everything as a competition.

This blogpost is about an insight I realised a long time back, but haven’t been able to quantify until today. The basic concept, which I might have written about in other ways, is that “not all minutes are created equal”.

Back when I was in IIT, I wasn’t particularly happy. With the benefit of hindsight, I think my mental illness troubles started around that time. One of the mindsets I had got into then (maybe thanks to the insecurity of having just taken a highly competitive, and status-seeking, exam) was that I “need to earn the right to relax”.

In the two years prior to going to IIT, it had been drilled into my head that it was wrong to relax or have fun until I had “achieved my goals”, which at that point in time was basically about getting into IIT. I did have some fun in that period, but it usually came with a heavy dose of guilt – that I was straying from my goal.

In any case, I got into IIT and the attitude continued. I felt that I couldn’t relax until I had “finished my work”. And since IIT was this constant treadmill of tests and exams and assignments and grades, this meant that this kind of “achievement” of finishing work didn’t come easily. And so I went about my life without chilling. And was unhappy.

The problem with IIT was that it was full of “puritan toppers“. Maybe because the exam selected for extreme fighters, people at IIT largely belonged to one of two categories – those that continued to put extreme fight, and those who completely gave up. And thanks to this, the opinion formed in my head that if I were to “have fun before finishing my work” I would join the ranks of the latter.

IIMB was different – the entrance exam itself selected for studness, and the process that included essays and interviews meant that people who were not necessary insane fighters made it. You had a rather large cohort of people who managed to do well academically without studying much (a cohort I happily joined. It was definitely a good thing that there were at least two others in my hostel wing who did rather well without studying at all).

And since you had a significant number of people who both had fun and did well academically, it impacted me massively in terms of my attitude. I realised that it was actually okay to have fun without “having finished one’s work”. The campus parties every Saturday night contributed in no small measure in driving this attitude.

That is an attitude I have carried with me since. And if I were to describe it simply, I would say “not all minutes are created equal”. Let me explain with a metaphor, again from IIMB.

The favourite phrase of Dr. Prem Chander, a visiting professor who taught us Mergers and Acquisitions, was “you can never eliminate risk. You can only transfer it to someone who can handle it better”. In terms of personal life and work, it can be translated to “you can never eliminate work. However, you can transfer it to a time when you can do it better”.

Earlier this evening I was staring at the huge pile of vessels in my sink (we need to get some civil work done before we can buy a dishwasher, so we’ve been putting off that decision). I was already feeling tired, and in our domestic lockdown time division of household chores, doing the dishes falls under my remit.

My instinct was “ok let me just finish this off first. I can chill later”. This was the 2002 me speaking. And then a minute later I decided “no, but I’m feeling insanely tired now having just cooked dinner and <… > and <….. >. So I might as well chill now, and do this when I’m in a better frame of mind”.

The minute when I had this thought is not the same as the minute an hour from now (when I’ll actually get down to doing this work). In the intervening time, I’ve would’ve had a few drinks,  had dinner,  written this blogpost, hung out with my daughter as she’s going to bed, and might have also caught some IPL action. And I foresee that I will be in a far better frame of mind when I finally go out to do the dishes, than I was when I saw the pile in the sink.

It is important to be able to make this distinction easily. It is important to recognise that in “real life” (unlike in entrance exam life) it is seldom that “all work will be done”. It is important to realise that not all minutes are made equal. And some minutes are better for working than others, and to optimise life accordingly.

If you’ve gotten this far, you might think this is all rather obvious stuff, but having been on the other side, let me assure you that it isn’t. And some people can take it to an extreme extreme, like the protagonists of Ganesha Subramanya who decide that they will not interact with women until they’ve achieved something!

Diversity and campus placements

I graduated from IIMB in 2006. As was a sort of habit around that time in all IIMs, many recruiters who were supposed to come to campus for recruitment in the third or fourth slot were asked to not turn up – everyone who was in the market for a job had been placed by then.

The situation was very different when my wife was graduating from IESE Business School in 2016. There, barring consulting firms and a handful of other firms, campus placements was nonexistent.

Given the diversity of her class (the 200 odd students came from 60 different countries, and had vastly different experience), it didn’t make sense for a recruiter to come to campus. The ones that turned up like the McKinseys and Amazons of the world were looking for “generic management talent”, or to put it less charitably, “perfectly replaceable people”.

When companies were looking for perfectly replaceable people, background and experience didn’t matter that much. What mattered was the candidate’s aptitude for the job at hand, which was tested in a series of gruelling interviews.

However, when the jobs were a tad more specialised, a highly diverse campus population didn’t help. The specialisation in the job would mean that the recruiters would have a very strong preference for certain people in the class rather than others, and the risk of not getting the most preferred candidates was high. For specialised recruiters to turn up to campus, it was all or nothing, since the people in the class were so unlike one another.

People in the class were so unlike one another for good reason, and by design – they would be able to add significantly better value to one another in class by dint of their varied experience. When it came to placements, however, it was a problem.

My IIMB class was hardly diverse. Some 130 out of 180 of us were engineers, if I remember correctly. More than a 100 of us had a year or less of real work experience. About 150 out of 180 were male. Whatever dimension you looked at us from, there was little to differentiate us. We were a homogeneous block. That also meant that in class, we had little to add to each other (apart from wisecracks and “challenges”).

This, however, worked out beautifully when it came to us getting jobs. Because we were so similar to one another, for a recruiter coming in, it didn’t really matter which of us joined them. While every recruiter might have come in with a shortlist of highly preferred candidates, not getting people from this shortlist wouldn’t have hurt them as much – whoever else they got was not very dissimilar to the ones in their original shortlist.

This also meant that the arbitrarily short interviews (firms had to make a decision after two or three interviews that together lasted an hour) didn’t matter that much. Yes, it was a highly random process that I came to hate from both sides (interviewee and interviewer), but in the larger scheme of things, thanks to the lack of diversity, it didn’t matter to the interviewer.

And so with the students being more or less commoditised, the incentive for a recruiter to come and recruit was greater. And so they came in droves, and in at least my batch and the next, several of them had to be requested to not come since “everyone was already placed” (after that came to Global Financial Crisis, so I don’t know how things were).

Batch sizes at IIM have increased and diversity, too, on some counts (there are more women now). However, at a larger level I still think IIM classes are homogeneous enough to attract campus recruiters. I don’t know what the situation this year is with the pandemic, but I would be surprised if placements in the last few years was anything short of stellar.

So this is a tradeoffs that business schools (and other schools) need to deal with – the more diverse the class, the richer will be the peer learning, but lesser the incentive for campus recruitment.

Of late I’ve got into this habit of throwing ideas randomly at twitter, and then expanding them into blog posts. This is one of those posts. While this post has been brewing for five years now (ever since my wife started her placement process at IESE), the immediate trigger was some discussion on twitter regarding liberal arts courses.

 

The Business Standard is innumerate

I guess there is not that much information in the headline here – claiming that a bunch of journalists and editors are innumerate is like saying that the sky is blue. You would be hard-pressed to find journalists and editors who can actually parse numbers, though I must mention that I’ve been lucky enough to work with a few editors who actually understand arithmetic!

So what happened today? Basically in today’s front page, BS journalists (one Vinay Umarji in particular) and editors have displayed an utter lack of understanding on how relative grading and percentiles work. The context is CAT results, which came out yesterday.

(I’ve put a scan since the online version is behind a paywall).

There is information in saying that “number of candidates scoring 100 percentile is lowest in six years”, and the information I take out of that is that the number of test takers this year is the lowest in six years.

And for four of those six years, the numbers were inflated, since double the number of people who were supposed to get 100 percentile actually got 100 percentile. Since CAT percentiles are given to two decimal places, you get 100 percentile if you are in the top 0.005% of all candidates who took the exam. Or – if your “percentile” is higher than 99.995, it gets rounded up to 100.

For three years in the middle, the CAT administrators (usually they’re Quantitative Methods professors at IIMs), for whatever reason, rounded up everyone who got a percentile higher than 99.990 to 100. I’d written about that in my article for Mint three years back.

Coming back, CAT is an exam that follows relative grading. All that someone  has got “100 percentile” means is that they are within the top 0.005% of all candidates who wrote the exam. So if more candidates write the exam, more people will get “100 percentile”. In my time, for example (CAT 2003-4) some 1.3 lakh people had written the exam, so 7 of us got “100 percentile”. Nowadays the number of test takers has gone up, so more people get that score.

And then I found the rest of the article funny in a way as well, trying to do some sort of sociological analysis of the backgrounds of the people who had scored highly in the exam.

PS: The graph doesn’t give out much information (and I don’t know why the 2019 data point is missing there), but I guess it’s been put in there to make the journalists and editors seem more numerate than they are.

 

Not-working events – IIMB alumni edition

So yet another event that was supposedly for networking purposes turned out to be so badly designed that little networking was possible. The culprit in this case was the IIM Bangalore Alumni Association which organised the London edition of Anusmaran, the annual meet-up of IIMB Alumni which is held in different cities across the world.

Now, I must mention that I had been warned. Several friends from IIMB who have lived in London for a while told me that they had stopped going to this event since the events were generally badly organised. I myself hadn’t gone to one of these events since 2006 (when I’d just graduated, and found a lot of just-graduated classmates at the Mumbai edition).

So while I didn’t have particularly high expectations, I went with the hope that it “couldn’t be that bad”, and that I might get to meet some interesting people there. At the end of the event, I wasn’t sure if anyone interesting attended, because the format didn’t allow me to discover the other attendees.

Soon after I entered, and chatted briefly with the two professors there, and one guy from the batch before mine, one of the organisers requested everyone present to “form a huddle”. And then the talks started.

For some reason, the IIMB Alumni Association seems to have suddenly started to take itself too seriously in the last few years. The last few editions of the Bangalore edition of Anusmaran, for example, have featured panel discussions, and that has been a major reason for my not attending. The idea of an alumni event, after all, is to meet other alumni, and when most of you are forced to turn in one direction and listen to a small number of people, little networking can happen.

And that is exactly what happened at the London event today – the talks started, unannounced (there had been no prior communication that such talks would be there – I’d assumed it would be like the 2005 event in London that I’d helped organise where people just got together and talked). Some two or three alumni spoke, mostly to promote their businesses. And they were long talks, full of the kind of gyaan and globe that people with long careers in management can be expected to give.

So it went on, for an hour and half, with people speaking one after other and everyone else being expected to listen to the person speaking, rather than talk to one another. The class participation reminded me of the worst of the class participation from my business school days – people trying to sound self-important and noble rather than asking “real” questions.

When the organiser asked everyone to introduce themselves in a “few seconds each” (name, graduating batch, company), most people elected to give speeches. I exited soon after.

Based on the last data point (of people giving long speeches while introducing themselves), it is possible that even if I had the opportunity to network I may not have met too many interesting people. Yet, the format of the event, with lots of speeches by people mainly trying to promote themselves, was rather jarring.

This is not the first time I’ve attended a networking event where little networking is possible. I remember this “get together” organised by a distant relative a few years back where everyone was expected to listen to the music they’d arranged for rather than talking. There was this public policy conference some years ago which got together plenty of interesting people, but gave such short tea breaks that people could hardly meet each other (and organisers ushering people who overstayed their tea breaks into the sessions didn’t help matters).

Sometimes it might be necessary to have an anchor, to give people a reason apart from networking to attend the event. But when the anchor ends up being the entirety of the event, the event is unlikely to serve its purpose.

I’d written about Anusmaran once before. Thankfully the organisers of today’s event had got the pricing bit right – the event was at a pub, and you had to get your own drinks from the bar, and pay for them.

I’d also written about the importance of giving an opportunity for networking at random events.

 

More on focal points at reunions

On Friday, just before the IIMB reunion started, I had written about reunions being focal points that help a large number of alumni to coordinate and meet each other at a particular date and venue. What I’d not written about there was the problems that could potentially be caused with the said venue being large.

In this case, the venue was the IIMB campus itself. While all official events, meals and accommodation for outstation attendees had been arranged in a single building (called MDC), the fact that people would explore the campus through the event made the task of coordination rather difficult.

The whole point of a reunion is to meet other people who are attending the event, and so it is important that people are able to find one another easily. And when the venue is a large area without clear lines of sight, finding one another becomes a coordination game.

This is where, once again, Thomas Schelling’s concept of Focal Points comes in. The game is one of coordination – to land up at locations in the venue which maximise the chances of meeting other people. While our class WhatsApp group enabled communication, the fact that people wouldn’t be checking their phones that often during the reunion meant we could assume there was no communication. So when you arrived at the venue, you had to guess where to go to be able to meet people.

Schelling’s theory suggested that we look for the “natural, special or relevant” places, which would be guessed by a large number of people as the place where everyone else would coordinate. In other words, we had to guess what others were thinking, and what others thought other others were thinking. Even within the reunion, focal points had become important! The solution was to search at those specific points that had been special to us back in the day when we were students.

On Saturday morning, I took about ten minutes after entering campus to find batchmates – I had made poor guesses on where people were likely to be. And once I found those two batchmates at that first point, we took a further twenty minutes before we met others – after making a better guess of the focal point. Given that the reunion lasted a bit more than a day, this was a significant amount of time spent in just finding people!

 

 

A simpler solution would have been to start with a scheduled event that everyone would attend – the venue and starting time of the event would have defined a very obvious focal point for people to find each other.

And the original schedule had accommodated for this – with a talk by the Director of IIMB scheduled for Saturday morning 10 am. It seemed like a rather natural time for everyone to arrive, find each other and go about the reunion business.

As it happened, revelry on the previous night had continued well into the morning, because of which the talk got postponed. The new starting point was to “meet for lunch around noon”. With people who were staying off-campus, and those arriving only on Saturday arriving as per the original schedule, search costs went up significantly!

PS: This takes nothing away from what was finally an absolutely fantastic reunion. Had a pretty awesome time through the duration of it, and I’m grateful to classmates who came from far away despite their large transaction costs.