Anybody who is anybody in the IT industry will by now be surely aware of the ongoing Mindtree, L&T narrative. Ever since the 80 year old engineering and construction company has announced its intent to acquire significant interest in Mindtree, in an all cash transaction, founders and employees of the latter have openly expressed disapproval on social media platforms.
With campaigns like #SaveMindtree to open letters to employees, founder Subroto Bagchi is fighting a transparent battle and is not making an attempt to hide his emotions. Mr Bagchi has even compared the takeover to the likes of a ‘tree’ being chopped down by ‘bulldozers and chain saws’ to be replaced with a ‘shopping mall’.
Also, imminent from the public posts and tweets from Mindtree founders and employees is the fact that this emotion stems from the ‘Mindtree work culture’, which the company claims is unique to their organization. “Mindtree has not been designed as an “asset” to be bought & sold. It is a national resource. It has a unique culture that humanizes the idea of business. It sets the standards of corporate governance,” said Subroto Bagchi on Twitter, a thought that echoes the mindset of several Mindtree employees.
“I want every Mindtree Mind to know that our values are Collaborative Spirit, Unrelenting Dedication & Expert Thinking. These guide the spirit which is all about our customers. We live because of our customers. Let no emotion, no passion come between you and your customer,” he adds.
The above is being conveyed not just by the founders but also by the workforce of Mindtree, both present and former. There are various sites such as Indeed, Quora and Glassdoor wherein several people who have worked at Mindtree have shared their experience with the company. Barring a few, most have said that the best part of working in Mindtree was the people and the culture. Employees add that the management ‘treats them like family’ and strives to provide employees with a professional and personal life balance. Apart from a ‘friendly management’, job security and career growth are something members of the Mindtree workforce talk about.
“My coworkers at Mindtree were family. The passion, genuine care, & thoughtful problem-solving of Mindtree Minds is unparalleled. Regardless of position, location, or any variable. The people are its culture & they’re what make the company 1 in a million,” tweets Samanth Rist.
Apart from the work culture, Mindtree also takes pride in the fact that it has over a hundred engineers dedicated to working towards a digital platform for social inclusion. The company states the need to use the potential of technology to benefit not just businesses, but societies as well. Mindtree has the following Digital Platforms for farmers, wastepickers and unskilled labours:
- I Got Crops: A farmer empowerment platform to enable the farmer to sell directly to the consumer and earn more income.
- I Got Garbage: A total waste management platform to improve the livelihood of a waste picker and ensure fewer landfills for the citizens.
- I Got Skills: A skills management platform that enhances individual skills and helps get a job of one’s choice.
- I Got Knowledge: An education platform to enrich rural education ecosystem, and so on.
In addition to this, also noteworthy is a fact that Mindtree has a total of 20,000 employees as of January 2019, of which 31% are women.
Subroto Bagchi emphasizes on the fact that a ‘Tree’ is meant to give back, and in his open letter to employees he mentions that Mindtree ‘has given great fruits to everyone that ever came, the Tree has held nests for birds and given shade and food to animals, in times of scorching Sun and the tempest, people have taken shelter under its strong branches’. This core value is something that investors confirm is unique to Mindtree. Nalanda Capital, the biggest institutional shareholder in Mindtree, has released a letter on Times of India that states the same.
Despite everything, several developments are expected to come as the L&T, Mindtree chronicle is far from over. With industry experts discussing the pros and cons on this particular case it would be thought-provoking and compelling to see what happens on this M&A deal. However, what would you as viewers have to say about this issue? Do let us know in the comment section below.