In an in-depth conversation with entrepreneur, author, actor, and columnist Suhel Seth, the Group's Vice Chairman, Shashwat Goenka delved into various aspects of leadership,innovation, and the evolution of RP-Sanjiv Goenka Group, revealing the nuances of managing a legacy business in modern times.
Here are the key highlights of the conversation:
Early Experiences and Leadership Initiation
Shashwat recalled joining the Group at the young age of 22, right after graduating from college in the US. He spoke about the immense respect and responsibility he perceived towards the legacy of the Group. He felt a collective commitment among the senior leaders to advance this legacy, reflecting a deeply ingrained culture of reverence and responsibility within the Group.
Challenges and Evolution in Retail
Focusing on his initial experiences in retail, Shashwat Goenka discussed the sector's dynamic nature and the need for continuous adaptation. He spoke about the challenges posed by the pandemic, particularly for a predominantly offline retail business. The Group's quick pivot to online and digital services during the lockdown exemplified its agility, managing to keep 90% of its stores operational and servicing customer needs despite severe restrictions.
The Future of Retail and Consumer Behaviour
Shashwat Goenka said that he views retail as no different from other businesses where revenue growth, margin improvement, and cash flows are crucial. He spoke about the significant transformation in Indian retail, with a shift from predominantly unorganised to more organised forms, including the increasing role of e-commerce. He emphasised the need for the Group to stay abreast of these changes to effectively cater to evolving consumer preferences, which now demand more frequent and diverse interactions with retail businesses.
Vision and Inspiration behind RPGIS
Shashwat Goenka articulated the vision behind establishing RP Goenka International School, with the goal to contribute positively to society through education. The initiative was driven by a desire to lay a robust foundation for future generations at the primary level. Reflecting on his personal experiences, Shashwat Goenka highlighted the importance of creating an educational environment that fosters a life-long love for learning, cultivating future leaders who are not only inspired but also capable of inspiring others.
Leadership Philosophy and Talent Management
Discussing the leadership challenges, Shashwat Goenka highlighted the importance of aligning leadership with the organisation's current needs rather than past reputations or educational backgrounds. The focus is on practical experience and a "make it happen" attitude that aligns with the Group's strategic goals.
Group's Strengths and Opportunities for Improvement
Identifying the Group’s core strength, Shashwat pointed out the talent within the organisation as its most significant asset. However, he also acknowledged that the biggest challenge lies in rescaling ambitions and aligning them with a new definition of success, a task that involves recalibrating the entire organisation’s approach to goals and performance.
Vision for Digital Transformation
Addressing digital transformation, Shashwat said that while the Group has initiated several digital processes, much remains to be done. The goal is to move beyond basic digital transitions towards a more integrated and sophisticated digital strategy that permeates all aspects of the business.
Expansion into Ayurveda and Health Wellness
Shashwat Goenka shared exciting developments in the Group's foray into Ayurveda and health wellness, reflecting on the need to adapt traditional practices to modern consumer preferences and scientific validation.This initiative is seen as a strategic move to tap into the growing global market for health and wellness products that align with cultural heritage and modern science.
The conversation concluded with Shashwat Goenka reiterating the importance of agility and strategy in business. He emphasised on creating a forward-looking business poised for significant transformation, driven by traditional values as well as modern strategic imperatives.
