Business Today 14th January 2018 - Page 48

The Best Management Lesson I Learnt ‘Values Create Value’ With a purpose of Doing Well and Doing Good, Piramal Foundation drives initiatives in the areas of youth leadership, education, healthcare and drinking water. BY AJAY PIRAMAL Chairman, Piramal Group and Shriram Group bout a decade ago, we invested time in finding out how various stakeholders, including our employees, viewed our group, and what the reasons for its continued growth were. The year-long study revealed that it was our values that were the common thread that bound people across a diverse set of busi- nesses, geographies and functions. While we had always lived by our values, we then went on to articulate these as ‘Knowledge’, ‘Action’, ‘Care’ and ‘Impact’. From these values was born our Gyan Mudra logo, which is now our group’s signature. Why are values important? At their heart is the desire among people to live by virtues which their kin can be proud of, and to leave behind a legacy for them. One of the biggest lessons I’d like to share is that Values cre- ate Value. Let me cite a few examples from our own businesses. Almost a decade ago, we decided to enter into manufactur- ing of bottles for the cosmetics and perfumery industry. Until then, this market had been dominated by European compa- nies. We acquired deep expertise in the field with a combina- 48 I BUSINESS TODAY I January 14 I 2018