Meritocracy Or Heritage? What Will Thrive In the Business World?
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The world of business and its processing is totally different from what it used to be a few decades back. Where the family was prioritized when it came to succession, today's entrepreneurs have a new outlook where they want to focus on the right leadership rather than lineage.
When asked to make a choice between merit and lineage, entrepreneur Harsh Mariwala believes that there is no right answer as 'the the best man could be either in the family or even outside." Mariwala himself successfully transformed Marico from a family business to a professionally managed firm worth Rs 5,700 crore in turnover. His experience says that it is for the organization to make this decision than just one person. The values for different organizations may differ, which they should consider before choosing a leader and at the end all that matters is that it should be fair.
While succession through lineage is reducing and meritocracy is coming up, according to Harsh Mariwala, this model is here to stay because, "the business has to thrive in a highly competitive environment, so you need the right leadership".