Dr Ashutosh Paturkar, Professor and Dean (Academics), Dr Ambedkar Institute of Management Studies and Research (DAIMSR) said that with dynamically changing market places of current times it becomes serious for businesses to keep pace for survival and city entrepreneurs to keep their businesses ahead of the change. He was delivering a talk on ‘Managing by Evidence’ organised by HRD Forum of Vidarbha Industries Association. He focused on business practices which analyse customer behaviour, employee retention and market trends.
Dr Paturkar said, “Various business frameworks from even 20 years ago may be obsolete today. Not necessarily that these frameworks don’t work. But in today’s world where technology is constantly changing, using the same concepts of doing business in tandem can work wonders.”
He cited various examples which penetrated the existing market of consumer goods with a unique selling prospective. The company’s business philosophy has adopted this principle which has made a connection with consumers at an individual level. Paturkar stressed this maybe one of the reasons why their market presence have overwhelmed its competitors. “The companies were able to identify what customers were looking for in the products which gave it an edge over its competitors.” Retaining workforce is an issue companies have to tackle with to ensure that the daily business is carried out smoothly. He warned offering monetary incentives to a particular limit as it ceases to serve its purpose at one point. “In the first place, it is important for the management of the company to investigate what makes employees leave organizations. Position in the organization and work environment are aspects employees consider while joining. Therefore, asking open-ended question which provides critical details about their preference is critical.”
He said that framing questions are the other tough challenge, and it’s one of the most important yet underappreciated parts of strategy development. Strong organizational performance is fuelled not by isolated interventions but by a combination of three or four carefully selected complementary ones.
According to Dr Paturkar, employee retention strategies like the ‘carrot and stick’ and ‘isolated key performance indicators’ are now outdated. “More importantly, individuals in a company should feel their roles are clearly defined rather than giving big work titles. There also needs to be an environment which encourages openness, trust and challenges for employees.”
Earlier, Mr Hemant Lodha, Chairman – HRD Forum welcomed the guest speaker with floral bouquet & told the importance of HR practices in today’s time , he also said that it’s very important to implement new ideas for any organisation Suresh Rathi, Vice President – VIA, in his welcome address said as today’s topics, most of the things is done by evidence, in audit also supporting documents required for evidence, interpretation and there are many types.Mrs Neelam Bowade, Program Coordinator introduced the speaker and also proposed a formal vote of thanks. Prominently present were Mr Naresh Jakhotia, Jt Secretary – VIA, industrialists and many HR Professions.