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FayrEdge's 'Experience Dialogues' series on "Reimagining Stakeholder Experiences," made a power packed debut with it's maiden episode between industry veteran Bharat Wakhlu and Anurag Mohit, CEO of FayrEdge. Bharat and Anurag kicked off the series exploring how 'Intentional Organizations can be a Conscious Force for Good'.
In an era where businesses are constantly evolving to meet the demands of a market that is characterized by ongoing unpredictability and increasing complexity, understanding and prioritizing stakeholder experiences is crucial. This was the central theme of the inaugural FayrEdge 'Experience Dialogues' episode on "Reimagining Stakeholder Experiences.
Mr. Bharat Wakhlu, a seasoned business leader and the Founder and President of The Wakhlu Advisory, was the apt choice as the esteemed guest to champion the dialogue on Stakeholder centricity. Targeting entrepreneurs, business leaders, and the C-suite audience in India, the session delved into the theme of 'Building Intentional Organisations', exploring how businesses can consciously realize their purpose of delivering win-win outcomes for all stakeholders.
The discussion had the audience in rapt attention as it focussed on the following core themes
Stakeholder centricity
The conversation delved deep into the significance of values, purpose, and stakeholder centricity. Wakhlu, with his rich experience at the Tata Group, emphasized that organizations, irrespective of size, cannot afford to neglect the experiences of their stakeholders. He underscored the fact that startups, often driven by short-term goals, must embed strong values from inception.
Short-term goals vs long-term goals
A recurring theme throughout the discussion was the role of leadership in shaping organizational culture. Wakhlu asserted that CEOs and MDs must prioritize long-term goals over short-term pressures, often influenced by investors and shareholders. The Principles of Responsible Investing (PRI) were highlighted as a framework for mitigating short-term pressures and fostering a long-term perspective.
Organizations value is non-negotiable
Intentional organizations, as Wakhlu described, are characterized by clarity, purpose, learning agility, and a steadfast commitment to all stakeholders. Wakhlu succinctly captured this by stating, “Intentional organizations pursue with great focus and clarity, value for stakeholders.” Values, he emphasized, are non-negotiable as they form the bedrock of organizational culture. Compromising on values can lead to harmful actions, inviting stricter regulations and stifling business growth. If the founder of a startup says I don’t have time to focus on values, then that entity is bound to fail, asserted Wakhlu.
Listening actively to stakeholders
The conversation between the two leaders also underscored the importance of active listening to stakeholders. Leaders must engage in continuous dialogue to understand their needs and concerns. This process, while demanding, is crucial for identifying real issues and driving meaningful change.
Strategic thinking, clear communication, and collaborative teamwork
Wakhlu's wisdom was evident in his advice to leaders. He emphasized the need for strategic thinking, clear communication, and collaborative teamwork. Decision-making, he suggested, should be primarily data-driven. Moreover, leaders must actively promote stakeholder-centric discussions within boardrooms.
Here are Key Takeaways from the session dialogue.
The discussion was rich with insights on the importance of intentionality in organizational leadership. Here are some of the most significant points highlighted during the event:
Long-term Sustainability through Stakeholder Focus: Organizations, regardless of their size, must focus on all stakeholder experiences to ensure long-term sustainability. Ignoring any stakeholder group can lead to adverse outcomes, ultimately jeopardizing the organization's future.
Foundational Values in Startups: For startups, the importance of founding the business on the right principles was underscored, highlighting the necessity of embedding strong values from the very beginning.
Balancing Short-term and Long-term Goals: CEOs often face the dilemma of prioritizing short-term goals due to pressures from investors and shareholders. The Principles of Responsible Investing (PRI), introduced in 2006, were discussed as a mechanism to mitigate these pressures and encourage a long-term focus. CEOs and senior leaders were advised to keep these principles handy to align their strategies with sustainable growth.
Defining Intentional Organizations: Intentional organizations are built with clarity, a focus on values, and a purpose-driven approach. They are learning organizations committed to delivering value to all stakeholders.
The Non-negotiable Nature of Values: Values are non-negotiable as they shape the culture of an organization, which in turn influences stakeholder experiences. Compromising on values can lead to harmful actions affecting both people and the planet, paving the way for stricter regulations that can stifle business operations.
Leadership Responsibility and Proactivity: The responsibility of an organization's actions and impacts lies with the CEOs, promoters, and upper echelons of leadership. Proactive engagement in bringing all stakeholders' focus to the board’s agenda is crucial. Leaders must listen to stakeholders repeatedly over time to identify and address real issues.
The Role of Self-regulation: Wise leaders incubate self-regulation based on their values, rising above external regulatory pressures. This proactive approach can prevent the imposition of stifling regulations.
Mr. Wakhlu's urged leaders across all segments to work collaboratively without egos and make investments in building their teams for future readiness. The event concluded with a strong call to action for business leaders to prioritise stakeholder experiences and build intentional organizations. By embracing values, purpose, and a long-term perspective, organizations can not only thrive but also contribute positively to society.