Mumbai, Dec. 31: A year after he assumed office as the chairman of the $100-billion Tata group, Cyrus Mistry has exhorted his over half-a-million colleagues spread across 100 group companies to pool resources, collaborate, innovate and foster a culture of openness.
“This is a time for us to re-look at some of our strategies, recalibrate our business models, fine-tune our execution capabilities,” Mistry said in his first New Year’s eve message to the group’s employees.
He said the external environment had been volatile and the only way to survive was to “evaluate alternative scenarios of the future” and remain agile. “We shall put innovation capability at the core of each of our companies’ operating structures and will invest in research and development and grow top talent,” Mistry added.
Urging the employees to carry forward the legacy of the group’s founder Jamsetji Tata, whose 175th birth anniversary is being commemorated, Mistry said stagnant or sluggish economic growth across some of the group’s key markets such as India and Europe impacted the performance of several Tata companies.
“Our organisations will need to embrace agility, powered by teams with the aptitude and capability for continual learning,” Mistry said.
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 such as innovation, management of technology, or identifying the emerging needs and wants of consumers.”
Mistry said the group could achieve its goals if the group fostered a culture of openness, developed a performance oriented framework that valued 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,” he added.
Asking the employees of the Tata group to play their part in the betterment of society, 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. I am absolutely confident we will deliver on our core purpose of long-term stakeholder value creation,” he said.
Quoting the words of anti-apartheid champion late Nelson Mandela, Mistry said, “... let me quote a giant of a human being, one who left this world a far better place than he found it. ‘Do not judge me by my successes; judge me by how many times I fell down and got back up again’. There is a lesson in these words of Nelson Mandela, and by taking them to heart we can build on the unique platform that our founder and those who followed him created.”
At the start of the year, Mistry had told employees that the conglomerate would pump in over Rs 45,000 crore over the next two years and would continue expanding in the overseas markets particularly in Asia, Africa and parts of Latin America.