Trust, customers' respect essential for firms: Narayana Murthy

Infosys founder Narayana Murthy has stressed the critical importance of businesses earning the trust and respect of their customers to thrive and generate profits.

During his five-day visit to Vietnam, the IT industry veteran engaged in a chat with Vietnamese IT firm FPT's chairman Truong Gia Binh on a variety of subjects on Monday (20), ranging from the essentials of a successful business to Vietnam's potential to become a developed country in the coming years.

Reflecting on Infosys' longevity, he recounted how, since its inception, his company's goal has been to earn respect rather than just pursue profitability.

Murthy said he and his team were determined to make Infosys the most respected company in India.

"Respect from customers translates to profitability and attracts top talent...if you want to invest in the long term, businesses need to achieve this," Murthy said.

He added that many successful business persons around the world give up to 75 per cent of their shares to junior employees, a practice that Infosys also follows.

In addition to leaders providing benefits to subordinates, Murthy said employees themselves need to respect and preserve the company's assets.

He further said businesses must create favourable conditions to retain employees for the long term.

"In my opinion, money is not the most important thing, but human resources want respect and appreciation for their abilities," he added.

Expressing his confidence in Vietnam's potential, Murthy said Vietnam is poised to become one of the leading developed countries in Asia.

"Vietnam will bring prosperity to its people faster than many other countries in Asia. I have no doubt about your development in the future," he noted.

Murthy also met Vietnamese Prime Minister Pham Minh Chinh, who said India is a top priority in Vietnam's foreign policy. (PTI)