The current outlook on business appears to be a blend of high prospects for growth on the one hand, and serious concerns about its impact on the society and environment, on the other. Today, it has become extremely important for a company to align its interests with those of the stakeholders. Corporate governance, which advocates transparency and accountability in the system, is a tool for corporate excellence. It is essentially a conscious, deliberate and sustained effort on the part of an organization to strike a judicious balance between its own interest and the interest of various constituents of the environment in which it is operating. Good governance implies that an organization runs for the optimal benefit of its stakeholders. The stakeholders may either be internal—like promoters, members, workmen and executives, or external—like customers, lenders, dealers, vendors, bankers, community, government and regulators. Due to a number of instances, where well-regarded corporates have deceived their shareholders for the personal gains of their managers or owners, corporate governance has acquired utmost importance. Mangers at senior levels experience pressures leading to two broad options—the right and the wrong. Their training, knowledge, skill, judgment and conscience lead them to follow the right way. And it is here that the role of a human resource professional comes into play. This paper is an attempt to study corporate excellence as an outcome of good corporate governance practices in the present scenario of scams, and also to determine the role of HRM in the accomplishment of good corporate governance.
The last decade has witnessed a paradigm shift in material concepts, technological advancements, leadership and innovations in the corporate world. As a consequence, corporate excellence has received considerable attention. Today's rapidly changing business climate challenges companies to continuously improve performance, with a commitment towards corporate excellence. Increasing competition across the globe compels business organizations to change with time and bring about quantitative improvement in productivity, quality, and satisfaction—to not only the customer, but also its employees. A company in the present world has to justify its existence by fulfilling the aspirations of various stakeholders. The objective is to improve its performance in all the spheres, i.e., planning, organizing and controlling. Corporate governance has now become the buzzword, for fulfilling the above-mentioned objectives. |
