10:32 PM | 123KB/s Z::- all sll GD: € READING MATERIAL Overview Research studies inform us that Indians are among the most successful managers globally due to their managerial and entrepreneurial abilities. Mr. R Gopalakrishnan Executive Director — Tata Sons Ltd., in this video, talks about the reasons “why Indian managers are amongst the most successful globally.” Learnings Mr. Gopalakrishnan in this video shares the top 4 learnings on how entrepreneurs can improve managerial efficiency and make their businesses successful. #1 Decode the Secret Behind the Success of Indian Managers Worldwide Managers born and brought up and educated in India achieve a lot of success in the foreign lands, as compared to the managers of other nationalities. ¢ In Fortune 500 companies, among the non- American managers, Indians are ranked number 1. e Indian managers are the most successful against their Chinese, Brazilian and Vietnamese counterparts. Mr. Gopalakrishnan gives the following reasons behind the success of the Indian managers: ¢ Ability to Remove Obstacles: In India, Raanlala HEA in antanalad unth ahatanian nuans a (C} <410:32 PM | 57.1KB/s Z=* wraatll sal G+ € READING MATERIAL ¢ Ability to Remove Obstacles: In India, people's life is entangled with obstacles every day. They are involved in removing day-to-day obstacles all the time. This actually sharpens their ability to remove obstacles in business too. Ability to Seize Opportunities: When Indians, who are quite used-to to deal with obstacles, do not find any obstacles in the developed countries, they manage to invest their entire intellectual ability to seize the best possible opportunities. Adaptiveness: Indian children have the native ability to adapt in every condition. o Every Indian speaks at least 2-3 languages ° Indians are accustomed to sharing whatever they possess such as living space, food etc. o They develop the ability to learn multiple things since childhood The above-mentioned characteristics help Indians learn business skills quickly when they are working abroad. #2 Build an Emotional Balance Sheet of the Managers Just like a financial balance sheet, which balances the company’s assets and liabilities, there should be an “emotional balance sheet” to maintain the relationship of the people with the company. The two components of an emotional balance sheet are: Pehla nan. 1 enfaen ta tha thinan that nannla nunant a (C} <410:32 PM | 20.0KB/s 2: wraatll sal G+ € READING MATERIAL Privileges: It refers to the things that people expect from a company like: ° Salary e Perquisite « Home e Promotion ¢ Foreign training ¢ Rotation Obligation: it comprises the things that people commit to the company like: © Hard work ¢ Loyalty ¢ Results #3 Balance the “Emotional Balance Sheet” The key to success lies in “balancing the emotional balance sheet” by making your people contribute more towards the growth of the company. However, balancing the emotional balance sheet does not mean to reduce people's privileges, but to increase their obligations. It is pointless to convince the people to reduce their privileges while asking them to fulfill more obligations. What works today is you increase the obligations of people without reducing their privileges For example: Earlier children used to get their first watch at the age of 18 years, but today the same doesn’t apply. Today, a child gets his watch when he is just 3 years old and then you gradually teach him to tell a (C} <410:32 PM | 8.0KB/s Z *++ all sll GD: € READING MATERIAL years old and then you gradually teach him to tell the time. Similarly, the secret is to give your employees/managers privileges while increasing their obligations. Strike a Balance between Obligations and Privileges To make people more responsible and accountable, you have to strike a balance between their privileges and obligations. To increase the obligations of the people you have to engage with them at a deeper level. The more people engage with you, the more will be their obligations. To balance the privileges and obligations use following steps: e Increase engagement with the people « Encourage them towards their duties © Cultivate their capabilities « Make them accountable #4 Grow the engagement of the Managers Some of the quick ways to build engagement are: ¢ Build a good relationship with the people © Connect and engage with the people emotionally ¢ Develop the feelings and understanding with people ¢ Apart from financial, give an “emotional share” in the success to the people ¢ Help the people emotionally and financially during bad times a (C} <4For example: While protecting the guests at Taj Hotel during the 2008 Mumbai terrorist attacks, the employees laid down their lives, just because of their emotional bonding with the company. Outcomes Build the ability to remove the obstacles on the way of success Develop the ability to seize the opportunity out of obstacles Build “adaptiveness’” in every condition to build managerial ability Build emotional balance sheet of your managers Define the responsibilities of your managers to make them accountable Strike a balance between the obligations and privileges of your managers Increase the obligations of your managers by engaging them Don't reduce the expectations and privileges of your employees Build an emotional relationship with people to increase their engagement Build engagement by developing feelings and understanding with people