India's electoral process, involving over 900 million eligible voters and a possible voter turnout of around 66%, showcases the scale and engagement of its democratic exercise. This level of engagement, is something corporations can aspire to achieve with their stakeholders through strategic communication and inclusive practices. India's vibrant democracy offers a masterclass for corporations navigating an ever-evolving landscape. Here, success hinges on the 6 P's:
- Perception Creation: The creation of perception can significantly influence public opinion and, ultimately, election outcomes. Similarly, in a corporate setting, the ability to shape perceptions is crucial for leadership. Shape public perception by aligning actions with values, just like political parties. Highlight social responsibility or diversity initiatives to build trust. A 2023 Edelman Trust Barometer survey reveals that 63% of Indians trust businesses to do what is right.
- Performance Amplification: Just as political parties highlight their achievements and plans to the electorate, companies must amplify their performance outcomes to stakeholders for eg GDP projected to grow at 7.2% in 2024 [IMF, World Economic Outlook. Don't just boast about achievements. Showcase tangible results with data, similar to how parties highlight economic growth.?
- Progressive Vision: The ability to articulate a clear, forward-looking vision is a hallmark of successful democratic leaders and corporate executives alike. Embrace a forward-thinking vision that prioritizes speaks to next gen, provides roadmap for growth and highlights purpose/ sustainability alongside profit.?
- People Inclusion: Democracy thrives on inclusivity, drawing strength from the diverse voices and votes of its populace. In a similar vein, corporate leadership requires the inclusion of diverse perspectives to foster innovation, drive performance and promote diversity. A 2020 McKinsey report reveals that companies with diverse leadership teams outperform others by 36%. ?this mirrors how successful parties avoid alienating segments of society.?
- Point of View - Openness: In democratic processes, accommodating multiple points and encouraging diverse viewpoints leads to better decision-making. This applies in the corporate world too. Open dialogue & dissent prevent groupthink, the phenomenon behind the 2008 financial crisis. Foster open conversations on relevant issues, similar to party debates. #diversity #inclusion #opendialogue #decisionmaking
- Platform of Ideology: Finally, just as political ideologies shape the policies and directions of parties, a company's core values and culture influence its decisions and strategies. The platform of ideology help in building a cohesive identity and purpose, essential for guiding organizations through challenges and changes. Remember 64% of consumers expect companies to take a stand - Edelman Trust Barometer 2023
Just as in politics, where the pulse of the people guides decisions, in business too, a deep understanding of and engagement with all stakeholders is the key to enduring achievement. By working on these 6 P's, corporations can navigate the complexities of today's world, just like a winning political party navigates the intricate steps of Indian democracy.
