The LIDA Award honours outstanding Enterprise 2.0 leaders and will be conferred for the first time at this world's largest trade fair showcasing ICT. The award recognises Nayar for pioneering ‘the revolutionary corporate philosophy of Employees First, Customers Second, which acknowledges employees as the most important capital a company has.’ The result of Nayar’s vision is to bring together the three pillars of the Enterprise 2.0 management strategy: transparency, openness and networking.
HCL’s Employees First, Customers Second (EFCS) philosophy is centred on the belief that organisational focus and structures should be inverted to focus on the ‘value zone’ — the place where frontline employees interact with customers and create real value for them.
Under Vineet Nayar’s leadership and fuelled by the EFCS philosophy HCL Technologies had embarked on a transformation journey in 2005 during which the company’s revenues increased by over 3.6 times, net income rose by 91 per cent, and Market Cap doubled. Its most testing validation however happened during the 2008-09 economic recession when HCL Technologies became the fastest growing IT Services company in the world. This path-breaking success of the company has been captured as a case study, which is currently being taught at the Harvard Business School.
Nayar recently took centre stage globally through the release of his book ‘Employees First, Customers Second - turning conventional management wisdom upside down’ which has been ranked No. 7 on Amazon UK’s listing of ‘Best Business Books of 2010’ and also been rated amongst the ‘Best Business Books of 2010’ by the Library Journal of America. This Harvard Business Press bestseller has been welcomed with rave reviews across the globe by business leaders and scholars alike.
Mr Jorg Bode, Minister for Economy of the German county Lower Saxony and member of the judging committee said, "In the time of networking and Web 2.0 it is clear that networking and transparency are becoming critical issues for Top managers. As a visionary leader of HCL Technologies the CEO Vineet Nayar was able to use new technologies with an extremely positive effect for his company. This is why we awarded him with this prize.”
“It is truly wonderful to be recognised and rewarded with this top industry citation. I would like to thank the jury for the privilege of being the first leader in the world to receive this honour,” said Vineet Nayar, Vice Chairman and CEO, HCL Technologies. “The Digital age is powered by human knowledge and HCL’s Employees First, Customers Second philosophy is a testament of this basic truth. We believe that organizations need to put humans back into business by unleashing their potential and passion towards value creation and innovation”.
Through his blog and other dialogues Nayar outlines his hope to take the principles of EFCS to the next generation in pursuit of ‘new leaders’ beyond the traditional corporate hierarchies.
The award will be presented at a ceremony during the CeBIT 2011 conference in Hannover, Germany on 2 March 2011.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on ‘transformational outsourcing’, underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of ‘Employee First’ which empowers our 72,267 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 3.1 billion (Rs. 14,101 crores), as on 31st December 2010 (on LTM basis). For more information, please visit www.hcltech.com
HCL is a $5.5 billion leading global technology and IT enterprise comprising two companies listed in India - HCLTechnologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing, HCL is a global transformational enterprise today. Its range of offerings includes product engineering, custom & package applications, BPO, IT infrastructure services, IT hardware, systems integration, and distribution of information and communications technology (ICT) products across a wide range of focused industry verticals. The HCL team consists of over 77,000 professionals of diverse nationalities, who operate from 29 countries including over 500 points of presence in India. HCL has partnerships with several leading Global 1000 firms, including leading IT and technology firms. For more information, please visit www.hcl.com
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