“One can be based out of India and operate a global leadership role”

Vikas Vasal is the global tax head at Grant Thornton International, a network of independent assurance, tax and advisory firms. Perhaps the first India-based partner to head a global service line at a major accounting firm, Vasal believes that ‘geography is now history’. Edited excerpts:You are perhaps the first India-based partner to lead a service line globally for a major accounting firm. What does this mean for the industry and professionals looking to pursue a global career?It’s a global role in a large professional services firm and offers an opportunity to contribute to the growth of the profession and global tax policy initiatives. India is both a capital importing and capital exporting country, and is at the forefront of adopting new technology and policy changes like digital tax / equalisation levy, significant economic presence, foreign trade agreements etc. All these policy changes offer an opportunity to the industry and professionals to understand and adapt their business models, and ensure full compliance with the emerging regulations in India and overseas.A number of Indian leaders are in prominent positions globally. What is your advice to Indian managers aspiring for leadership positions at a global level? Do you see it opening more career avenues for professionals in this sector?There is an increasing acknowledgement and recognition of Indian talent by global businesses. Multiple factors have contributed to it, including the rising economic stature of India in the global economy, global companies looking at India and Asia as a large consumer base need leadership talent that understands the requirements of the local markets, and Indians in the top leadership positions in large Indian and global companies have contributed significantly to the growth of their respective companies. A combination of all these factors offers immense opportunity to qualified, talented and hardworking Indian managers to think and adapt to the global requirements and take up leadership roles.Given the pandemic, can one be based out of India and operate at a global leadership level?Given the pandemic, one point on which there is a consensus amongst business leaders is that ‘geography’ is now ‘history’. Any global role demands agility and adaptability, to connect with different time zones, irrespective of the physical location. This, combined with the aid of technology, [ensures that] one can be based out of India and operate a global leadership role.What changes should organisations make to identify the right leaders and what process changes can be brought about to create a fertile ground for leaders keeping in mind the future of work and the way in which work cultures are changing?An organisation’s culture plays an important role in grooming talent and shaping its future success. Global mindset, agility, understanding global trends and market requirements, acknowledging cultural differences and language barriers, all go a long way in nurturing talent. This, along with the right mix of coaching, focused learning and development programmes, help in shaping the future leaders.What kind of impact has `work from anywhere’ had on the tax consultancy industry?Grant Thornton was amongst the first to announce a ‘work from anywhere’ policy, right at the start of the pandemic, to ensure the health and safety of our employees. Over time, most professional firms and large corporates have adopted similar policies. There is an increasing realisation that a large part of the work can be successfully and cost effectively accomplished with the use of technology. Of course, face-to-face physical meetings will continue to play an important role. However, many of the daily tasks which have shifted to online and video conferencing are likely to continue that way. Interestingly, the government has also shifted a large part of tax and other compliances, including faceless assessments and now faceless appeals, to virtual mode. All this will further help in the flexible working policy of corporates.What are the new skills that employees working in this industry should develop for better career prospects?Besides the domain knowledge acquired during academic orientation, one needs to skill and re-skill continuously due to the dynamic nature of the businesses. As new business models evolve, the tax and regulatory environment also adapts and new legislations are brought in. Further, one needs to have a good understanding of the technological advancements in one’s field, so that one is not caught off guard, as technology is replacing routine functions in every industry. Thus, continuous focus on self-development, understanding client and market requirements, adoption of technology, and always being eager to learn and adapt to the changing world, are time tested learning techniques that ensure better career prospects.This article features in the weekly Worklife+ newsletter which you can subscribe to here