Message from MD – January 2017
01 January 2017
The term demonetisation has become a household name since the government pulled the old Rs 500 and Rs 1,000 notes out of circulation. While as per dictionary demonetisation means “ending something, that is no longer the legal tender of a country”, one needs to see if there is anything more to the word. The aim of the demonetization effort being led by PM Modi is to wash the stock of “black money” out of the economy and get it into the licit, banked and taxable, part of the economy. The microeconomic effects here seem, as I’ve said in the last edition, to be beneficial. There have long been concerns about terror financing through forged notes for example. There’s quite obviously substantial tax revenue going uncollected. And perhaps the biggest effect is that large portions of the population feel that the basic system is unfair. They’re locked out of that easier world where matters are settled in large amounts of cash, where tax is not paid and where favours are bought.
However, we should also think about the macroeconomic effects also. And that’s difficult–because we’re not even sure what the sign of the effect will be, positive or negative, let alone the size of it. It’s actually possible for this to run either way. Lets all hope for the best and welcome 2017!
As all of you know another year of great expectations is born. This new year, let us view the world with a positive outlook, speak our heart out with confidence, listen to others as well as our inner voice and we all will be on the correct road in the correct direction. I also take this opportunity to wish you a peace filled life, warmth and togetherness in your family and much prosperity in 2017! Happy New Year!!!
Friends, Today’s disruptive business environment demands that organizations empower their team members to be their most innovative and productive selves. To be truly successful, members in an organization not only need quick access to all the relevant information but should also be able to trust it enough to act upon it. This can only be achieved when the organization takes conscious steps towards openness and transparency. The question that emerges at this point is – how can organizations become more transparent and gain employees’ trust?
‘Transparency’ is all about putting all the facts on the table, even when some of them are uncomfortable. It’s about being honest and open about what actions are taken, by whom and on what grounds. It also provide all of us with the opportunity to question the existing decisions in the pursuit of making them better. The best organizations recognize the benefits of an open work culture and feature numerous examples where they have successfully created transparent, trust-based cultures. We should strive to be One such organization!
Leaders who focus on building a culture where employees constantly build trust between each other and between them and the customers, create a high-performance organization. Trust tank is a term used to describe the level of trust between individuals. Trust takes time to be built. Certain actions of a leader might add to a feeling of trust, such as communicating transparently and openly, while other actions might reduce the feeling of trust, such as reneging on a promise.
In a great organization, the management always tries to operate in a way that creates a high-level of trust or adds to the trust tank. Employees are likely to respond to a high-trust environment by also acting in ways that build trust, by giving more of themselves to their work and to work relationships, resulting in more successful outcomes. In any organization, the trust tank can be diminished by poor actions or inaction, such as the mishandling of a crisis or lack of appreciation for people’s contributions. Overall, keeping the trust tank replenished can help a company to be more successful in good times and to weather the hard times. When a team member goes above and beyond for a customer, sees a colleague in trouble and willingly lends a hand without being asked, or shares an idea with the company for an improvement to a process, they are adding to the trust tank. When a leader interacts with his team members in this way, they invest more time, effort or energy, thought, or concern for another person, and in doing so, they add to their trust tank.Trust tank is one of the most significant ASSET that a company possesses and leaders in organizations should invest on.
This new year lets all strive to make our trust tank filled with passion , commitment, responsibility and ownership. Wish you all a wonderful year ahead !!