The Indian supplier industry stands at a crossroads, grappling with a dichotomy in leadership and operational practices. While some companies are progressive and transparent, others lag behind, clinging to outdated methods. This disparity raises a critical question: Can the industry attract and retain top talent to achieve global leadership?
The Indian supplier industry is a study in contrasts. On one end of the spectrum, we have forward-thinking giants like the Kalyani-Bharat Forge Group, the TVS Group, and TACO. These companies are open about their operations and capabilities, setting benchmarks for transparency and innovation. On the other end, small manufacturers remain entrenched in old-school practices, some even considering email a waste of time.
Consider a recent incident involving a leading supplier of brake shoes near Delhi. The plant was running profitably, yet the management decided to cut the unit head's salary, questioning the need for his high pay now that the plant was successful. This decision has left the unit head searching for new job opportunities, highlighting the industry's struggle to retain talent.
The Indian supplier industry's approach to talent management is a significant concern. According to a report by McKinsey & Company, companies that invest in talent development are 2.5 times more likely to be high performers (McKinsey & Company). Yet, many Indian suppliers fail to recognize this, leading to high attrition rates and a lack of skilled professionals.
Indian suppliers' presence at international trade conferences and seminars is alarmingly low. This lack of exposure hampers their ability to understand global trends, network with international peers, and showcase their capabilities. The Automotive Component Manufacturers Association of India (ACMA) often has to hold their hand, guiding them to international platforms. It's high time these suppliers take the initiative themselves.
For the Indian supplier industry to thrive, several steps need to be taken:
The Indian supplier industry is at a pivotal moment. By embracing modern practices, investing in talent, and increasing global exposure, it can overcome its current challenges and achieve global leadership. The time for transformation is now.
For more insights on the Indian supplier industry, visit The Auto Diary.
This article has been fact-checked and expanded to provide a comprehensive overview of the Indian supplier industry's current state and the steps needed for its transformation.
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