At the time of uncertainty, the management must be open and honest
What is your reaction to the present economic scenario in India?
India’s GDP growth has declined in the last quarter to the lowest in a long time, so it is prudent to assume that we will face difficult economic scenarios ahead. However, while this will impact the general macro economic environment in India, it also makes the business scenario more competitive and challenging. It is important for organizations to re-invent and prioritize to continue to win.
What is its implication on your talent strategy?
We have great people at HP and we are focused on investing in our people. There has not been any adverse impact on our HR programs. HP is committed to investing in its employees at all times and in the talent acquisition, engagement and training and development initiatives that we offer.
In this backdrop, what role must leaders in India Inc. play to ensure business sustainability and growth?
Leaders need to re-look at their opportunities and re-prioritize. They need to leverage their core competencies, formulate viable strategies, create new business models and lead internal transformations. Leaders in tough times are expected to make prudent financial and organizational decisions, communicate effectively with the customers and employees, and instill confidence in their leadership teams. As business conditions become more difficult, the employees and investors would want two things from them - to know the impact of these conditions on the health of the business and the plans leaders have to mitigate this impact.
How can you keep employees engaged even in tough times?
Being transparent and clearly communicating with employees on the prevailing macroeconomic sentiments, health of the business and impressing upon them the importance of their contributions to the company, is critical. At the time of uncertainty, it is paramount that the management be open and honest about the prevailing conditions and the measures taken to address them. Effort must be made to make employees feel they are part of a broader vision and that their contributions matter.