Modern management theories which evolved in the last 150 years were due to the industrial organisations of the West which began grow rapidly. Generally, we are always made to believe that renowned companies adopt best practices and manage their organisations very well.
According to a study made in 1997, the average life of Fortune 500 companies was 40-50 years! Moreover, 1/3rd of companies listed in Fortune 500 in 1970 had vanished by 1983 and 40% of all newly created companies last less than 10 years. Looking at the above scenario, the world started looking out for various alternative management lessons in various other unexplored places.
The characteristics of good governance are:
3 Following the rule of law
4. Effective and efficient
5. Being Accountable
6 Staying Transparent
7 Being Responsive
8 Equitable and inclusive.
We have read about those in the previous article. The objective of this article is to redefine the principles of Governance in the minds of management practitioners and help them realize the enormous potential of ancient Indian texts in this area.
Srimad Bhagwad Gita, is one of the most popular texts in the field of Indian Spirituality. It gives us a complete road map to lead a practical life. In the Bhagavad-Gita, Sri Krishna has not directly instructed Arjuna on the art of good governance but many of the verses by Sri Krishna relate to governance of self, corporate to global. Thus, the verses from the Bhagavad-Gita are universal in nature and can be interpreted effectively to gain knowledge on good governance.
Following are the few lessons on Governance we can derive from Gita :
(righteousness): accountability of self, family, organisation and society for order and progress. It is the right path, which will uphold the family, organisational and the social fabric. Hence, it helps in the long term upliftment of all living beings and ensures welfare of society
Transparency of work for public benefit and societal welfare. Thus, corporate behavior should be guided by larger social interest. Moreover, one should perform actions =keeping in view the welfare of the society as a whole. Thus, an enlightened collective interest should guide the actions. One should not act in selfish interest. In the context of corporate organisations, it shows that corporate behavior should be guided by larger social interest.
Optimization and sustainability. One should optimally use resources. This increases efficiently and productively. Thus, the judicious use of resources and preserving the resources for future generations
Constant creativity and innovation control of resources for societal welfare. Beyond survival, business has to be the ‘engine’ of innovation constantly seeking more effective solutions to meet their economic and social expectations. Hence, such innovations are required in processes, products, materials, machines, organisations, strategies, systems and people. VComply is a platform which supports this principle at large and helps an organization to sustain and flourish in the complex GRC environment.
Continuous learning to improve or continuous improvement
Change and continuity will coexist. So, there is a need to have to keep learning from the feedback loop from society and through internal processes of question, challenges, debates and training
Companies all over the world can have a thorough reading of the Bhagavad-Gita principles in the development of good governance. It is possible by studying the principles of good governance from a different perspective.