Vidarbha Industries Association (VIA) recently conducted a talk on the topic – Managing by Evidence – at VIA Auditorium in Udyog Bhavan, Nagpur. The event, which was organsied by VIA’s HRD Forum, had Dr Ashutosh Paturkar, Professor and Dean (Academics) at Dr Ambedkar Institute of Management Studies and Research (DAIMSR) as its guest speaker.
Dr Ashutosh Paturkar said that with dynamically changing market places of current times, it becomes serious for businesses to keep pace for survival and city entrepreneurs to keep their businesses ahead of the change. Paturkar primarily spoke on business practices that analysed customer behaviour, employee retention and market trends.
Paturkar said, “Various business frameworks, which are 20 years old, might be obsolete today. Not necessarily that these frameworks don’t work. But in today’s world, where technology is constantly changing, using the same concepts of doing business in tandem can work wonders.”
He cited an example, where a particular company penetrated the existing market of consumer goods with a unique selling prospective. The company’s business philosophy adopted this principle, which made a connection with consumers at an individual level. Paturkar stressed that this maybe one of the reasons why their market presence has overwhelmed its competitors. He said, “The companies were able to identify what customers were looking for in the products which gave the company an edge over its competitors.” Retaining workforce is an issue companies have to tackle with, to ensure that the daily business is carried out smoothly. He restricted offering monetary incentives to a particular limit as it ceases to serve its purpose at one point.
Paturkar added, “In the first place, it is important for the management of the company to investigate what makes employees leave organisations. Position in the organisation and work environment are aspects employees consider while joining. Therefore, asking an open-ended question, which provides critical details about their preference is critical.”
Talking about strategy development, he said that framing questions is the other tough challenge, and it’s one of the most important yet underappreciated aspects of strategy development. “Strong organisational performance is fuelled not by isolated interventions but by a combination of three or four carefully selected complementary ones,” added Paturkar.
According to Paturkar, employee retention strategies like ‘carrot and stick’ and ‘isolated key performance indicators’ are now outdated. “More importantly, individuals in a company should feel that their roles are clearly defined rather than giving big work titles. There also needs to be an environment, which encourages openness, trust and challenges for employees,” said Paturkar.
Earlier, Suresh Rathi, Vice President at VIA and Hemant Lodha, Chairman at HRD Forum welcomed Dr Ashutosh Paturkar with flowers and also spoke on the importance of HR practices in today’s time. Neelam Bowade, programme coordinator introduced the speaker and also proposed a formal vote of thanks. Prominently present were Naresh Jakhotia, Jt Secretary at VIA, renowned industrialists and quite many HR professionals.