Nyrika Holkar is the fourth-generation family member on the board of Godrej & Boyce Mfg. Co. Ltd. Established in 1897, the company has interests in consumer goods, construction, appliances, aerospace, and many other businesses across 10 diverse industries. As Executive Director of Godrej & Boyce, she leads digital strategy, brand, legal and M&A of the…
A solicitor by training, you are now running the family business. Can you share your experiences?
I always knew that I wanted to join the family business. But I felt that it’s important to also get some external experience and thereby, exposure to different aspects of the business before joining Godrej & Boyce (G&B.) As a subject, the law always fascinated me, and therefore after graduating I chose to do my LLB and LLM, and then went on to work for a US law firm in London. I moved back to India and worked at another law firm for about six years before joining the Business. Soon after joining Godrej & Boyce, I also did an executive MBA program. Since I’m not a pure-play engineer, the learning curve at G&B has been quite steep. When I first joined the business, I was looking at our electronics and electrical business that does EPC projects for power distribution and transmission. There were large exposures and minimal oversight on terms that were finally agreed upon. I saw the need to institute an end-to-end contract and risk management system which would make processes more transparent and ensure more control over contract terms. Today, I’m more focused on our furniture, furnishing, and interior businesses; markets that are changing and evolving significantly. It’s still 70% unorganized and hence we see huge headroom for growth. People’s preferences and needs have also changed quite drastically. There is a need to address those changing needs by looking specifically at the whole price-value equation of products, go-to-market strategy and portfolio gaps in products and services.
Were you inspired by anyone in the family? And was there any specific anecdote or anything that you would like to share?
My grandparents have always been a source of inspiration. When my great grandfather and great grand uncle set up the company and factories in Vikhroli, it was very difficult to get people to join owing to the lack of infrastructure in the location. There was nothing around. So, my great grandfather and grandparents took it upon themselves to create an industrial township in Vikhroli. This was realised in several world-class manufacturing units, which offered quality ‘Made in India’ products. The township also provided housing, schooling and healthcare for all, thus leading to an environment where our workers and their families prospered. My grandparents believed that industries and nature should co-exist and hence also were committed to preserving hundreds of acres of mangroves- the second largest green belt in Mumbai- to date. My grandmother set up the Udayachal school and my mother has been instrumental in its growth. It’s been a fantastic example of how education has shaped the community. We have had many inspirational stories of children of members of our shop floor and security guards, who’ve gone on to have leadership roles in some of our companies. So, I’ve grown up in an ecosystem that is equally committed to all 3Ps- people, planet and profit. Some of these learnings have been very important in my journey as well. My grandparents have always inculcated in me the importance of creating my destiny, working hard and ensuring that at the end of the day, people in the organization feel fulfilled, engaged, and driven and do not have to worry about basic amenities like accommodation, health care and education. We must provide our people with these as a safety net. We believe that this will empower them to focus on their work and be able to contribute to the advancement of the country.
Does it put a lot of pressure on you that you are going to play a definite role in shaping the character and the output of the company?
There is pressure. And I think it’s a good kind of pressure. It’s motivating. This role is also important for me since it allows me to give back and be able to help in whatever way I can, to grow the company to the best of my ability. What will be your focus for the next ten years? For any business, the use of new technologies, especially digital technologies has become very critical today, and I think its impact accelerated manifold during COVID-19 both from an adoption perspective as well as from the market perspective. Adoption has opened up a lot of possibilities for people on how to pivot the governance of the organization. I also believe that there are a lot of opportunities on the product side. It’s important to ask ourselves questions like - How do we connect our products? How do we create strong ecosystems? How do we pivot some of our traditional business models that have been very product-centric to being service oriented? How do we do more to enable end-to-end smart manufacturing and digitalization of the supply chain? How do we bring about much more transparency? And how do we become more insight-driven as an organization to provide services and products that appeal to a younger generation of consumers that have different priorities and think very differently? For instance, today, although the younger generation may not have the buying power they are significantly influencing the decision-making of a household. Data allows us to understand the buying lifecycle better. People will be a big focus area over the next few years. Attraction and retention of talent, ensuring that we are giving folks flexibility in their work, yet holding them accountable for outcomes, and creating fulfilling careers for all our people is our goal. There are considerable opportunities both on the consumer-facing side and the industrial side on account of the Government’s focus on Atmanirbhar Bharat, which we will be focused on over the next few years. We plan to augment our ESG proposition which we have been doing for several years now but there is much more to be done. Our targets are to reduce carbon intensity by 60% and to double energy productivity by 2030.
Do you look at only those kinds of start-ups that are relevant to your business or are you agnostic?
It’s increasingly important to collaborate and to have partners instead of trying to reinvent the wheel. We are always scanning the landscape for relevant partners for our businesses. For instance, we have invested in a battery storage start-up that’s looking at different battery chemistry to lithium-ion. I feel it is very important to connect with educational institutions. We are currently working with IIT Kanpur on a project to enhance the durability of recycled concrete.
What is your perspective on reporting sustainability metrics? Where does India stand?
It is a very niche area today but growing. The younger generation seems to be prioritizing it more. Even in our company, I think the reporting levels could improve significantly. A lot of global companies have started on this journey in a meaningful way, and I think we can take inspiration from them. But it’s important to craft metrics that are relevant for India given that India is a growing economy. I think it is important to also have hybrid metrics that combine both profitability and growth metrics with sustainability metrics so we look at sustainability holistically and not as an ancillary priority. This is something we are working on currently.
What would your message be to women out there who are looking up to you as a role model?
I’ve been fortunate to be part of a family that has founded one of India’s leading conglomerates. I had that advantage. However, once I had children, I realised the challenge that women face in balancing their familial and work commitments. It is important for companies that want to improve their gender diversity ratios, to give flexibility to women. There have been enough and more studies that qualify the incremental impact that women employees have on priorities, productivity and profits of an organization. Moreover, I think it’s important for women to ensure they do not have to choose between pursuing their careers and nurturing their families and it’s the responsibility of businesses to ensure they are providing this flexibility to women. My advice would be to never stop believing in yourself even if others around you doubt your capabilities. Be focused, get into the details but don’t lose sight of the big picture. Never be afraid to speak the truth to power.
What are your hobbies? What do you do in your free time?I love photography, hiking, and wildlife. I also enjoy yoga, running, and reading. And of course, spending time with my family and friends.
I love photography, hiking, and wildlife. I also enjoy yoga, running, and reading. And of course, spending time with my family and friends.
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