The Hindu Business Line : Bringing back values in management

Values are not frills, but elements of business strategies. Corporates must attach importance to customer values, shareholder values, employee values, societal values and leadership values.

RENOWNED MANAGEMENT GURU Dr M.B. Athreya

Don't just manage, but lead," management guru Dr M. B. Athreya urged young practising managers.

"Value-based management is a good recipe for long-term success of a corporate. Living on principles and values is a must for every corporate manager," stressed Dr Athreya.

He said a good leader must have a firm and fair style. "He or she must follow sresta dharma (best practices) and samathva (equitability)."

Dr Athreya was in Chennai to make a presentation on "Values in Management," in a workshop for practising managers organised by Tattvaloka, a socio-religious monthly brought out by Sri Sharada Peetham, Sringeri.

In the competitive world, corporate entities need to find their own markets for the products so that their business may flourish and they can acquire wealth. With players seeking a share of the same pie, the market place becomes a battlefield with different marketing strategies and tactics to capture the target audience. Is there space for values? Is there any room for ethics?

Terming disreputable a mainstream argument that values and business are two different things and that bringing ethics into business can prove to be quite dangerous, Dr Athreya said that, "We must rediscover values in business."

Values and ethics are key elements for the success of a business. "Through competence alone no company can succeed in the long run," he said. "In fact, values are not frills, but elements of business strategies to succeed."

Elaborating on the essence of the teachings of our Vedic masters and the still-relevant ancestral wisdom, he said corporates must focus on values and leadership development to succeed in the long run.

Citing Wipro, Infosys, Ranbaxy and Bharat Forge as examples for good corporate culture, Dr Athreya said, "Corporates must focus more on leadership development than just on management training."

It is a must for any corporate to attach importance to customer values, shareholder values, employee values, societal values and leadership values, he emphasised. Good corporate governance is the one that focuses on customer satisfaction. The company must give value for money to its customers. This ensures a good, mutually beneficial relationship between the company and its customers.

Insisting that companies should focus on enhancing shareholder wealth, Dr Athreya said there must be an equitable, not necessarily equal, distribution of wealth among CEOs, employees and shareholders. "Sustained returns to shareholders and transparency in business dealings are also equally important," he said.

Today, any management faces many pressing problems to survive and grow in a competitive world. Even in this environment, corporates must be whole-heartedly committed to human resource development and corporate social responsibility.

Highlighting the importance of corporate social responsibility, he said companies must vow to bring prosperity to all.

More Stories on : Management | Human Resources

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Don't take it personally

The changing role of succession management

Bringing back values in management

Be democratic, open-minded

`Controlling ego is important'

Taming the `quant' section

Marketing's urgent makeover

How they dit it

You can choose the way you think