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Acknowledging that the business environment continues to be uncertain and volatile, Tata Group chairman Cyrus Pallonji Mistry has called upon the employees to re-look at some of the group’s strategies, recalibrate business models and fine-tune their execution capabilities.
In a year-end letter to the employees, Mistry who on December 26 completed a year at the helm of affairs at the $100-billion conglomerate has been candid in stating, “Stagnant or sluggish economic growth across some of our key markets such as India and Europe has impacted the performance of several Tata companies.”
To overcome these, the chairman called for a culture of openness and pooling of resources across companies and focus on innovation and remain agile.
“To succeed in an uncertain and volatile environment, it is critical that our businesses evaluate alternate scenarios of the future while crafting our strategies. Our organisations will need to embrace agility, powered by teams with the aptitude and capability for continual learning,” Mistry has said.
Underlining the distinctiveness of every Tata enterprise, he has said “each needs to be viewed in a manner that is appreciative of its uniqueness”.
Spelling out key factors to remain relevant in an increasingly competitive world, he said: “We shall put innovation capability at the core of each of our companies’ operating structures and will invest in R&D and grow top talent”.
Calling for more synergy among the over 100 operating companies of the group, Mistry said: “As a group, we must also continue to seek opportunities for our companies to pool resources to co-create shared value. There is so much that collaboration between our companies can offer, be it in areas like innovation, management of technology, or identifying the emerging needs and wants of consumers.”
Highlighting factors that will influence on how successful the group will be in achieving its goals, he said, “Principal among these will be our ability to foster a culture of openness across the Tata Group, and develop a performance oriented framework that values each colleague’s contribution as well as cultural fit with the group. This requires significant investment in people development and in encouraging diversity in the workplace.”
Asking the employees to play their part in the betterment of the society, Cyrus Pallonji Mistry said, “With over half a million employees, the Tata Group today constitutes a global force not only for doing good business, but being in the business of doing good for society, and I