Workshop Report
Mr. G.S. Chawla introduced the participants to the emerging paradigm in corporate governance wherein management is a specific distinguishing organ of any and all organizations and not merely restricted to business management. In present days, there is nothing like one right organisational structure or one right way to manage people. Nowadays, organisational structures vary as per people and they need to be managed differently. He highlighted various political, economic, socio-cultural and technological factors which are affecting corporations globally. These forces are driving organisations to become responsible not only to the shareholders but to a wider community of stakeholders.
In such a dynamic setup it becomes imperative for the organisation to take some action steps, like building cellular and matrix organisational structures with few players, coping with constant change, organising around networks, and encouraging interdependence as well as mass customization. Further, the focus of good governance would be on maximising the total wealth rather than shareholders return, decisions for the well being of the larger stakeholders, and having representatives of critical stakeholders on the board. Rethinking process of management and corporate governance will lead to a new management paradigm. Mr. Chawla thus invoked the rethinking process of management and corporate governance which would possibly lead to a new management paradigm which would have traits distinct from the old paradigm. The traits of new paradigm would give emphasis to appropriate consumption, cross fertilisation of work, cooperation, ethics and decentralised operations. Accordingly, the new paradigm revolves around teamwork, participation, learning and improved communication with employees; integration, collaboration and closer interaction with customers, suppliers and other stakeholders.
On the basis of his experience in corporate world, Mr. Chawla concluded his talk by presenting following suggestions to improve the effectiveness of management:
- To become self-regulated bodies
- To create value for community of stakeholders as well as everyone in the organisation
- To accept importance of human capital
- To communicate and interact more
- To be flexible with respect to your systems, organisation and mindset
- To innovate constantly
- To love challenges, love change and aspire more
- To strive for excellence with enthusiasm and not with negative stress
- To tread on unchartered path and explore emerging markets
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