Public sector enterprises need to perk up their human capital strategies to improve competitiveness in a globalised market, said M.L. Shanmukh, Director, HR, Bharat Electronics Ltd., here on Friday.
Once lauded as pillars of the nation’s economy, PSEs must rise to today’s challenges with innovative strategies to raise productivity, he said addressing a national convention on public sector enterprises organised by the Bangalore Management Association. They need to chart out a strategic vision with a strong focus on harnessing their human resource; they should try to attract and retain good talent besides training future leaders, he said. Post-1991, the integration of the Indian economy with global markets has thrown up serious business challenges [to PSEs]. It is essential that [they] emerge as globally competitive entities with global footprints and new benchmarks, with a social conscience, Mr. Shanmukh said.
Public enterprises contribute 22 per cent of the country’s GDP, six per cent of jobs and 20 per cent of taxes.
They still have a big socio-economic role to play, he said.
Planning Commission member K. Kasturirangan, who is a former ISRO Chairman, said that the 12th Plan — recently approved by the National Development Council — also stresses enhancing human resource potential across sectors.
There is a growing restlessness to revitalise the sector, which was considered doomed after the country globalised its economy in 1991, Dr. Kasturirangan said.
“We must learn to focus much more on productivity improvement across [big and small] businesses, farmers and government by multi-pronged initiatives and an improved regulatory environment,” he said.
BMA president Manje Gowda said that the association invited sponsors for its Rs. 16-crore Management Development Centre.