How to run your business successfully & The idea behind 'Achhe Din Aane Waale Hai' - By Dr. Subhash Chandra
If an organisation is a car, the workforce is the fuel that essentially helps it set in motion. Finding that right mix of workforce is akin to separating wheat from the chaff. However, the human resource scenario is dynamic with the spontaneous market fluctuations with continuous attrition and retention.
With a focus to educate and inspire young minds 'The Dr. Subhash Chandra show', in its 20th edition showcased two special sessions. The first one saw over 200 entrepreneurs who wanted to know how to avoid politicizing work towards organisation's objective and how to grow forward. The other session witnessed students listening to Dr. Chandra in rapt attention.
In the first session, Dr. Chandra solved the impending queries of entrepreneurs related to running one's business successfully. To put the business forth, post induction, an employee is trained, invested over the years and relied upon. Yet, there are some bad eggs. How to manage employees who are dishonest?
Dr. Subhash Chandra answered, "99% of people are honest. Without an ethical system in place, an honest person may also turn dishonest" Moreover, he advised while selecting an employee, make sure the values in an employee meets the value system of your company.
A dynamic and competitive environment often exhibits a high attrition ratio. When asked, Dr. Subhash Chandra said that a 5% attrition rate is recommended since mediocrity and complacency sets in the organisation, which needs the removal of bottom rung. But 10-12% attrition is too high and indicates brain drain from the organisation. Having said that, he also cited an example where 5 years ago, even amidst cutthroat competition in Media & Entertainment Industry, ZEE had firmly decided not to poach employees from competition and there was a drastic decrease in the number of employees who moved.
But how do we identify the entrepreneurial mindset and readiness in the employee? Dr. Subhash Chandra elaborated by describing the usual 5 types of employees in an organisation.
- Detractive employees - They are certain that an allotted piece of work cannot be done.
- Passive employees- This type won’t contribute much to work, but will know how to be in the employer’s good books.
- Participative employees- These are who will complete the work, but may not complete it on their own.
- Contributive employees- This type will go beyond the call of duty and take in more work.
- Generative employees- This type has the desired quality for an entrepreneur; one who generates ideas, risk-ready and ready to break rules.
After identifying the employee from the set, a CEO must spend maximum time with the best performers and analyze how they're working.
And how does one retain their key employees?
Dr. Chandra concluded the session by stating that the key employees are bound to stay if they have pride in the brand and the value system of the company. A CEO needn't worry about the employees who leave for a small increment in the monetary compensation.
This and several other life experiences were shared by Dr Subhash Chandra, chairman, Essel Group and ZEE.
The second session had students where Dr. Subhash Chandra explained the true meaning of 'Achhe Din', how the campaign came into being and how today’s youth can contribute in attaining 'Achhe Din' thereby turning India into a power state.
To propel India ahead, he advised of a contributive frame of mind instead of a detractive one. A contributive person generates dynamic ideas. However, for any idea blueprint, they need to be assessed for risks before they are put to implementation. Dr. Subhash Chandra advised to think on these terms to assess the ideas:
The idea is bound to be affected by:
- Company specific gravitation
- Industry specific gravitation
- Country specific gravitation
- Culture specific gravitation
One needs to remember that, no industry is saturated, our mindsets can be. Hence, it is essential to change our orbit of thinking, to mould the idea to get it market ready.
Starting with just Rs. 17 and after building an empire called Essel Group which is worth $3.5 billion, Dr. Chandra still believes in challenging himself to think beyond the existing possibilities - to pioneer.
No wonder for his contributions to the industry, Dr. Chandra was awarded the 2011 International Emmy Directorate Award, thus becoming the first Indian ever to receive a Directorate Award recognizing excellence in television programming outside the United States.
Concluding the session Dr. Chandra advised that whatever may be the idea, post assessing all risks, one should never give up, keep focused, even if failure beckons and to continuously innovate to be market ready.
This and more such inspirational knowledge sharing sessions by Dr Subhash Chandra show are aired on Zee Business at 7 pm and on Zee News at 10 pm every Saturday.