Method in Toughness

(Published in Banking Services Chronicle November 2002)

When the going gets tough, the tough get going. You must have heard that umpteen times from your parents, teachers and even friends. But often the saying is casually uttered. Have you ever given thought to what the toughness lies in? The tough are not mad, but methodical. They are experts at exploring new openings.

The tough also know that in a difficult scenario, targets too get lowered. Though extra efforts have to be made, there is no need to panic if you are not able to match your previous best. The important thing is not to be out, though you may remain down. Life is a Test match where Dravid’s solidity is preferable to Sehwag’s brilliance.

At the same time the solidity is not sustainable if the scoreboard does not keep ticking. At least regularly, if not rapidly. Let us see what a few corporate leaders have done in the recent economic slowdown that threatened business across the world.
Britannia found that it was no longer possible to rule as the undisputed ruler in the biscuit market. So what did it do? It decided if you can’t be the leader in a segment, divide the segment into niches and become a leader in the niche. As a result, its focus shifted from biscuits to glucose biscuits. And Britannia emerged a ‘Tiger’ here.

Market leaders have a keen eye on the market. They know they can’t bask in their glory for too long. Bajaj Auto, known for ‘Hamara Bajaj’ scooters, found that the scooters market fell through. It was motorbikes that now caught the fancy of the Indian masses. Realising how the market was behaving, it turned its attention to motorcycles with a renewed vigour. And it has now emerged as a strong No. 2 in this segment, thereby reaping rich dividends for the company.

Improvisation has also become important to sustain oneself in a market where new ideas get old very soon. One may have to take steps which defy convention or ordinary logic. Says JP Naik, executive director of Larsen and Toubro (L&T): “Although international cement prices are not attractive enough, we have to increase exports as there is anyway a glut in the domestic market.” And so L&T has recently started exports to Spain.

The public sector banks realised that they had become too crowded. Not so much with customers as with employees. The realisation came from two sources. One, the increasing competition from private sector banks where the efficiency is remarkably high. Two, the advent of technology which has made manpower redundant at a number of places.

And therefore the public sector banks decided to offer a voluntary retirement scheme (VRS). Which, in its effect, has proved to be successful. According to a report presented to the Parliamentary Standing Committee on Finance, despite the additional burden on account of VRS, overall staff costs of public sector banks have come down while profit per employee doubled in 2001-02.

Sometimes it also makes sense to learn from what our ancestors practised. The corporate world today seems to have accepted the value of the wisdom of the ancients. Spirituality is once again gaining centrestage. Says Arun Maira, Chairman, Boston Consulting Group: “There’s no doubt that interest in workplace spirituality is building. A lot of companies are convinced of the value of spirituality.”

And that is why new age gurus like Swami Sukhbodhananda are attracting large corporate audiences. Says he: “A corporate leader should have a sense of fulfilment in life... the power to train intellect to be proactive rather than reactive. This can be achieved by imbibing spiritual values within oneself.”

Spirituality acts as a big problem-solver and adds to your toughness. It helps you in being methodical, in developing a one-step-at-a-time approach. And since it refreshes the weary mind, ideas and solutions come smoothly to a clear head.