Graduate unemployment was 45.5 of overall jobless amid skills mismatch and demand for low-skilled jobs, says MIDF Research
PETALING JAYA: Youth unemployment was at its highest ever at 10.8% in 2017, of which graduate unemployment constituted about 40.5% or 204,000 of total unemployment due to skills mismatch amid a backdrop where demand for low-skill jobs continues to reign – which in turn may leave the government falling short of its 35% skilled workforce target by 2020, according to MIDF Research.
For every 100 jobs available, there are 76 jobs for elementary occupations and 10 jobs for plant and machinery operators and assemblers, which leaves 14 jobs for the high-skill and other low-skill occupations.
About 86.3% of job vacancies in 2017 were for low-skill jobs which was deemed less suitable for a fresh graduate while high-skill jobs such as professional, technicians and associate professionals, comprised 4.1% of the total job vacancies.
It noted that the high single- and double-digit unemployment rate among youth, defined as those between 15 and 24 years old, as being normal not only in Malaysia, but in Europe, the US and South Korea.
The high youth unemployment rate was mainly contributed by soaring graduate unemployment, despite the steady increase in tertiary-educated workers joining the workforce, which was also the fastest growing segment at 4.1%, followed by secondary at 3.2% and no formal education by 0.3%.
Employment share of professionals and technicians and associate professionals improved to 12.2% and 10.5% in 2017 expanding at 0.8% and 4.6% respectively.
“In terms of share, the rising stake of skilled-worker or tertiary-educated is in line with the Eleventh Malaysia Plan. Under the plan, the government estimated skilled-worker to total workforce ratio to touch 35% by 2020. Nevertheless, we view the ratio is not expected to reach the target at the current pace,” MIDF Research said.
“We forecast the skilled-worker ratio to register at 32% by 2020. Continuous improvement in production efficiency, resource allocations and better technology adoptions under the Industry 4.0 will facilitate and accelerate the productivity level in Malaysia in the long run,” it added.
The overall unemployment rate in the country remained low at 3.4% last year.
Malacca remains as the state with the lowest youth unemployment rate for the seventh consecutive year at 2.9% while Sabah recorded the highest at 13.5% in 2017.
Meanwhile, Selangor the largest employer, 23.2% of total national employment saw overall unemployment rate of 2.8% and youth unemployment rate of 9.4% last year.
The overall youth unemployment rate across all states registered poor performances compared with the previous year, 2016.
In 2018, the youth unemployment rate is expected to fall slightly to 9.9% and the overall unemployment rate to stand at 3.3%.
The job market outlook for commodity-based sectors is expected to improve in tandem with recovering commodity prices. This in line with anticipation of improvement in global trade, and higher demand for export products is expected to benefit industries such as electrical & electronics and mining.- sunbiz@thesundaily.com
May 9, 2017 - Based on the latest developments in global and domestic economies, we anticipate youth unemployment rate to slightly fall to 10.1% while overall unemployment rate to stand at 3.3% in 2017. Youth unemployment rate hits 10.5% with number of unemployed youth reached 273,400 persons in 2016. Youth ...
Apr 6, 2016 ... So if both the US and Malaysian Governments couldn't stem the fat tide in their
respective countries, who can? ... Putrajaya the obese-city!
People-centric logo: The Chinese character for ‘people’, rén, dominates the entrance to its office.
The growing usage of technology can help human resource achieve better performance
IT IS often said that managing people is a combination of art and science. But the increasing dominance of technology in workplaces opens up a new perspective and opportunities in how organisations most valuable resource – its human capital – is being employed.
One of the most obvious changes that can be observed among employers, says Accendo HR Solutions group chief executive officer Sharma KSK Lachu, is the realisation that maintaining the traditional functions of the human resource (HR) department – such as processing payroll and employees’ rosters – is not the way forward to excel in the digital age.
New approaches emphasising efficiencies and talent development are needed to excel in people management, he adds.
“The process of recruiting, retaining and developing talents within organisations has to be changed to meet the expectation of both employers and employees, which in turn could help translate into outstanding performance standards,” he says.
Sharma notes that rich data insights are the best tool to help organisations deliver more engaging content and meet growing customer expectations for highly relevant and targeted information in the workplace. He calls it the democratisation of data and information to help workplaces function more efficiently. This could also help employees lead a more satisfactory work life as functions and responsibilities can be streamlined with the help of data, enabling them to focus on higher-level work.
Bigger reach: Sharma says the company is also looking at expanding into other Asean countries.
Today’s workforce is different. There needs to be more incentive for employees to stay on in their jobs.
Citing the example of his own father, who stayed with a single company throughout his entire working life, Sharma says it would be a wonder for organisations today to have employees who would dedicate their entire working life to a single entity without asking much in return.
“He never complains about the lack of a pay raise, promotion or other perks from the management. But today’s working adults, especially the gen-Y and -Z, don’t share such values anymore,” he says.
Accendo relies heavily on technology, data and behavioural sciences in its approach to providing the right HR solutions for its clients to manage their manpower. The consultancy company is currently developing several tools, including artificial intelligence (AI) and HR management systems, for its corporate clients.
However, Accendo, which specialises in services such as talent acquisition, performance management, talent analytic and secession planning, puts the human element on the forefront of how organisations’ HR should function.
Technologies and people form the backbone of Accendo. A walk into its corporate office gives you the feel of a tech startup with open spaces and programmers in casual attire. But a reminder that people comes before technology is apparent in the form of a corporate logo, Rén – the Chinese character for ‘people’ – which dominates the entrance to its office.
Talent development: Accendo’s team consists of people with various skills to support client’s human resource needs.
New HR challenges
There is a need for a sharper and faster decision-making process, and the HR department has to be equipped to handle this. The aim is to help them to understand and grow their employees. This includes helping people who are pursuing career development opportunities at every age and are working longer than ever before.
Individual business leaders as well as business units should be looking at HR to provide support and strategic advice on everything from upskilling, motivating employees and future workforce planning to managing multiple generations of employees under one roof.
Therefore, specific solutions that are tailor-made and offer personalised learning opportunities for employees of all types will become the norm.
“Many organisations today still view manpower as a tool to maximise profit. But our mission is to promote a culture where companies develop the talents of their employees to contribute towards the growth of the company.
“We have turned down projects worth millions of ringgit because of the different viewpoint on how to develop and maximise the potential of employees. For us, our clients have to share our values, which is about organisations allowing their employees to own their career. We developed processes that would enable organisations to understand their people, and help develop their skills,” says Sharma.
Casual space: Accendos corporate office gives you the feel of a tech startup with open spaces and programmers in casual attire.
Prior to his return from Sydney, Australia, where he had his start in the HR industry, Sharma was exposed to how technology and data science could help in efficient decision-making processes.
One of his motivations to move back home 10 years ago to start his own business here was partly to prove a point that developing technology-based HR solutions using data science can be done successfully in Malaysia.
Founded in 2009, Accendo is majority-owned by Sharma, while his two other co-founders have minority interests in the company. The company has morphed from being a HR solutions provider to an integrated HR consulting company with their own their technology solutions.
It has since recorded an impressive growth rate and is now considering strategic partnership with either a financial or strategic investor as it seeks to scale up its operations internationally and fund its technology research and development.
Sharma says it is also looking at expanding into other Asean countries, as this region could benefit from data science.
As the profile and success of Accendo increase, the company has been attracting potential investors and is receiving an average of about one investor approach per month. It has held talks with one potential strategic investor but has not reached any agreement as yet, he says.
Accendo, however, will only consider an investor who shares the company’s values, in which human capital is considered as an asset to be developed and not as a commodity to be used in achieving corporate financial goals, Sharma adds.
A help mate: Amid concerns over the rise of technological unemployment, machines can help people work better. – Bloomberg
It has not seriously engaged with any party currently, but will do so if the right strategic or financial investor comes along.
The timing of a potential listing will also depend on the company’s capital requirements. Sharma says the company has been preparing for a possible listing by 2020, including making sure its financial reporting standards and company’s organisation structures are in line with that of a public company.
The majority of the company’s tech talents are local, but the company will not shy away from hiring foreign talents if necessary. Accendo currently has around 35 full-time staff members, but this will grow to over 50 by year-end as the company plans to hire more AI and other tech-related personnel, says Sharma.
Accendo is expected to record more than RM20mil of revenue this year. It has recorded an annual growth rate of 40% to 45% since it restructured its business model four years ago.
Its corporate clients include some of the most recognisable brand names in the market such as Astro
image: https://cdn.thestar.com.my/Themes/img/chart.png
, Maybank, KPMG, Nestlé, Bursa Malaysia and other financial institutions and large multinational corporations in Malaysia.
In the longer term, Sharma says Accendo aims to be the platform for all things related to work technologies and solutions, from HR staffing technologies to meeting specific needs and reinventing performance in the workplace for optimum efficacy and maximum success. - by C. H.Goh, The Star
HAVE you ever grabbed an offer without any hesitation, simply because the price is too cheap to resist?
Many of us have this experience especially during sales or promotional campaigns. We tend to spend more at the end or buy things which we are uncertain of their quality when the deal seems too good to say no.
It may be harmless if the amount involved is insignificant. However, when we apply the same approach to big ticket items, it can cause vast implications.
Recently, I heard a case which reinforces this belief.
A friend shared that a property project which was selling for RM300,000 a few years ago is now stuck. Although the whole project was sold out, the developer has problem delivering the units on time.
The developer is calling all purchasers to renegotiate the liquidated and ascertained damages (LAD), a compensation for late delivery.
One of the homeowners said he is owed RM50,000 of LAD, which means the project is 1½ years late. When we chatted, we found that he purchased the unit solely due to its cheap pricing without doing much research in the first place.
The incident is a real-life example of paying too low for an item which can leave us as losers, especially when it involves huge sum of investment, such as property.
To many, buying a house maybe a once-in-a-lifetime experience, a decision made can make or break the happiness of a family.
A good decision ensures a roof over the head and a great living environment, while an imprudent move may incur long-term financial woes if the house is left uncompleted.
Nowadays, it is common to see people do research when they plan to buy a phone, household item, or other smaller ticket items.
Looking at the amount involved and implication of buying a house, we should apply the same discretion if not more.
It is always important for house buyers to study the background of a developer and project, consult experienced homeowners regarding the good and bad of a project before committing.
I have seen many people buy a house merely based on price consideration.
In fact, there are more to be deliberated when we commit for a roof over our heads. The location, project type, reputation of a developer, the workmanship, the future maintenance of the property etc, are all important factors for a good decision as they would affect the future value of a project.
Beware when a discount or a rebate sounds too good to be true, it may be just too good to be true and never materialised. If the collection or revenue of a housing project is not sufficient to fund the building cost, the developer may not be able to complete the project or deliver the house as per promised terms. At the end of the day, the “price” paid by homeowners would be far more expensive.
In general, the same principle applies elsewhere. It is a known fact that when we pay a premium for a quality product from a reliable producer, we have a peace of mind that the product could last longer and end up saving us money. Some lucky ones will end up gaining much more.
For instance, when we purchase a car, we should consider its resale value as some cars hold up well, while others collapse after a short period. Other determining factors include the specifications of the car, the after sales service, and the availability of spare parts.
Quality products always come with a higher price tag due to the research, effort, materials and services involved.
In addition to buying a house or big ticket items, other incidents that can tantamount to losing huge sums are like money games, get-rich-quick scheme, or the purchase of stolen cars or houses with caveats.
When an offer or a rebate sounds dodgy, the “good deal” can be a scam.
Years of experience tells me that when what is too good to be true, we should think twice. I always remind myself with a quote from John Ruskin (1819-1900) who was an art critic, an artist, an architect and a philosopher. “It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money – that’s all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do.
“The common law of business balance prohibits paying a little and getting a lot – it can’t be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.”
Food for thought by Alan Tong
Datuk Alan Tong has over 50 years of experience in property development. He was the world president of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.
Under the Galvin family, Motorola had soaring achievements. This was the
company, remember, that invented the cellphone. Those days are over.
What went wrong?
Click below and Scroll or arrow down to keep reading.
IPOH: The Batu Gajah District Council (MDBG) has become the first in Perak to require dog owners to seek consent from their neighbours if they want a dog licence.
It is now running a trial on this, covering residents who want to get a pet dog for the first time.
“This is to ensure better management of the pets and to ensure there are fewer complaints from the people,” said council president Nurdiana Puaadi, adding that the Ampang Jaya Municipal Council had a similar requirement which had been proven to be successful.
Nurdiana cited cases of a household keeping three dogs but only one was licensed, adding that the MDBG had received numerous complaints about dogs that barked non-stop.
“Once the neighbours give their approval, they cannot complain to us,” said Nurdiana, adding existing dog owners should also get their neighbours’ approval.
“This will also help keep stray dog problems in check,” she said.
The application form states that residents staying at terrace lots need the consent from neighbours from both sides.
Those staying in bungalows, semi-detached and cluster homes need the agreement from neighbours on both sides and at the back. Owners also need to put up a sign to show that they have a dog.
The types of dogs not allowed to be kept include Akita, American Bulldog, Dogo Argentino, Fila Brasileiro, Japanese Tosa, Neapolitan Mastiff, Pit Bull Terrier, American Pit Bull and Staffordshire Bull Terrier.
Rottweilers are allowed but owners need to produce health reports from the Veterinary Services Department for new applications. Those who have been keeping Rottweilers can renew the licence until the pet dies.
It also states that those living in bungalows, semi-detached or terrace corner lots can keep a maximum of two dogs, while residents in terrace end lots and terrace intermediate lots can only keep one.
Other stipulations include urging owners to keep their dogs clean and healthy and to ensure pets do not disturb neighbours with incessant barking.
Owners must also ensure their dogs do not roam unsupervised and must be muzzled and leashed when they are out. Dogs three years or older found without a licence can be impounded and put down.
Owners can also be fined a maximum of RM2,000 or jailed not more than a year or both if found guilty under any provisions of the Dog Licensing and Dog Breeding House By-laws.
Do we need specific initiatives to help female entrepreneurs? Some say no, because men and women face similar obstacles in business. However, there can be no denying that women face challenges not experienced by their male counterparts.
LAST May, the SME Association of Malaysia organised a talk on women entrepreneurship at its regular SME Club get-together. We were worried that the topic would not be interesting, but to our surprise, the event was well received.
About a hundred people participated in the talk.
When we told the SMEs that we were going to have a talk on women entrepreneurship, some of them asked: Why talk about women entrepreneurship? Does it matter? Why bother?
After all, business is a men’s world. The place for women is at home.
Others said there was no need to differentiate women entrepreneurs from entrepreneurs in general, as many of the barriers faced by female-owned SMEs were similar to those faced by male-owned SMEs.
To this, I would say: Yes and no.
While male and female entrepreneurs may face similar constraints in general, women face specific barriers and challenges not experienced by their counterparts.
While women make up about 50% of Malaysia’s population, less than 20% of the SMEs are owned by women. Even though the number for women entrepreneurs is small, it’s nonetheless encouraging as it shows that women no longer buy the stereotype of business being a male domain.
There are several key reasons for women to get into business. Running your own business provides flexibility in managing career and domestic responsibilities.
Also, it gives some degree of personal freedom to women who are dissatisfied with “fixed” employment. Job flexibility, like work hours, office location, environment, and the people they work with, is appealing to many women.
Other reasons for women to start a business include income security and career satisfaction. Some women become entrepreneurs due to some personal circumstances, like being laid off, divorce, or the retirement of their spouse. They start a business to improve or maintain their social or economic status.
Some women who do not have any previous work skills or experience start a business in order to prove that they can be productive and useful.
The majority of women-owned businesses are smaller outifts than those owned by men, and they are mostly concentrated in the service sector (about 90%). Many of these businesses are likely to be unregistered micro-enterprises operating in the home or on temporary premises, with few employees and limited capital for expansion.
Access to financing is one of the biggest challenges. They are less aware of the options relating to loan and grant opportunities. In addition, women usually lack the collateral required compared to men, stemming in part from restrictions on asset ownership.
Women entrepreneurs are also less likely than their male counterparts to have a history of interaction with formal financial systems, lowering their credit-worthiness and potentially raising interest rates on loans assumed.
They also encounter obstacles in accessing opportunities to acquire knowledge and skills that underpin successful entrepreneurship. This may be due to impediments in access to education, training and job experience. These are usually compounded by the demands of domestic responsibilities.
Time constraints further limit women entrepreneurs’ formal networking, which, in turn reduce access to skill and capacity-development opportunities. Formal networks, such as business associations, provide a wealth of information on business opportunities, access to government officials, grants and support programmes, as well as credit credentials and access to loan packages, to name a few.
Good networks provide good access to information and resources. First-hand information allows entrepreneurs to move one step ahead and grab the opportunities. A good pool of resources would help entrepreneurs to survive in bad times and to expand more effectively.
The Government needs to take a proactive role in promoting women entrepreneurs. We need to put in place gender-responsive policies and capacity-building initiatives to address the structural, institutional and socio-cultural inequalities.
It would perhaps be best to start by enhancing their access to finance, which is essential in building a good business foundation.
By Datuk Michael Kang who is the national president of the SME Association of Malaysia.
Mind your finances
Up to 36 of business failures are caused by inadequate financial management, according to a report by the ACCA. —123rf.com
IN GENERAL, more than 50% of startups fail within five years, and up to 36% of business failures are caused by inadequate financial management, according to a report by the Association of Chartered Certified Accountants (ACCA) entitled “Financial management and business success - a guide for entrepreneurs”.
The report says many entrepreneurs are not equipped to make informed and effective decisions about their financial resources.
“Having the right financial capabilities remains vital throughout the life of a business, whether you are just starting out, have an established business or are looking towards a final exit from a firm,” explains Rosana Mirkovic, ACCA’s head of SME policy.
“Businesses are changing and innovating more rapidly than ever, and the financial management needs of organisations must continue to evolve alongside their developments. Recognising the right financial management capabilities is therefore imperative to their success,” she explains.
Mirkovic adds that understanding financial information is vital for offsetting the risk of business failures as it reveals the early warning signs of impending problems.
The report by ACCA addresses the financial literacy skills gap, potentially serving as a guide to those starting their own businesses and are new to financial management.
Business planning plays a critical role at every stage of the business, says the report.
“Preparing a business plan pushes you to identify and assess the opportunities and threats facing your business. It helps ensure that you have an in-depth understanding of your market, the competition and the broader business environment,” it elaborates.
Effective planning takes into account long-term goals, objectives, strategy, tactics and financial review.
ACCA also advises startups to seek good financial advice and involve their accountants or individuals with financial expertise at the planning stage to take full advantage of their expertise in areas such as business planning, raising business finance, tax planning and setting up financial management systems.
Significant financial expertise may be needed to understand and evaluate the different financial options entrepreneurs may have. This includes knowing the company’s financial strength, financing cost, financial flexibility, business control, financial risk, personal finances and business strategy.
“Good financial control offers far more than just keeping track of purchases and sales. Rather than approach financial control as a chore to be left to the bookkeeper, your aim should be to see how the right capabilities can improve your business,” the report advises.
ACCA notes that business owners should gradually develop the capabilities of their in-house financial team.
“Choosing the right solution for your particular business takes careful planning. Your overall investment in financial capabilities — whether you are paying for additional employees, higher salaries for more skilled employees, training costs, use of external providers or upgraded systems — must be affordable and offer value for money,” it adds.
But financial management is at its most powerful when used to drive improvements in business.
Moreover, for many entrepreneurs, it could also lead to a successful business exit. Preparation for a successful exit typically begins far in advance of its final date.
Effective exit planning needs to start early and take into account a whole range of issues like timing, succession, management systems and tax efficiency.
Jun 4, 2016 ... The solution, said Jim and other global leaders speaking in Copenhagen, lies in
investing in women and girls, a strategy that is crucial to ...
Do we need specific initiatives to help female entrepreneurs? Some say no, because men and women face similar obstacles in business. However, there can be no denying that women face challenges not experienced by their male counterparts.
LAST May, the SME Association of Malaysia organised a talk on women entrepreneurship at its regular SME Club get-together. We were worried that the topic would not be interesting, but to our surprise, the event was well received.
About a hundred people participated in the talk.
When we told the SMEs that we were going to have a talk on women entrepreneurship, some of them asked: Why talk about women entrepreneurship? Does it matter? Why bother?
After all, business is a men’s world. The place for women is at home.
Others said there was no need to differentiate women entrepreneurs from entrepreneurs in general, as many of the barriers faced by female-owned SMEs were similar to those faced by male-owned SMEs.
To this, I would say: Yes and no.
While male and female entrepreneurs may face similar constraints in general, women face specific barriers and challenges not experienced by their counterparts.
While women make up about 50% of Malaysia’s population, less than 20% of the SMEs are owned by women. Even though the number for women entrepreneurs is small, it’s nonetheless encouraging as it shows that women no longer buy the stereotype of business being a male domain.
There are several key reasons for women to get into business. Running your own business provides flexibility in managing career and domestic responsibilities.
Also, it gives some degree of personal freedom to women who are dissatisfied with “fixed” employment. Job flexibility, like work hours, office location, environment, and the people they work with, is appealing to many women.
Other reasons for women to start a business include income security and career satisfaction. Some women become entrepreneurs due to some personal circumstances, like being laid off, divorce, or the retirement of their spouse. They start a business to improve or maintain their social or economic status.
Some women who do not have any previous work skills or experience start a business in order to prove that they can be productive and useful.
The majority of women-owned businesses are smaller outifts than those owned by men, and they are mostly concentrated in the service sector (about 90%). Many of these businesses are likely to be unregistered micro-enterprises operating in the home or on temporary premises, with few employees and limited capital for expansion.
Access to financing is one of the biggest challenges. They are less aware of the options relating to loan and grant opportunities. In addition, women usually lack the collateral required compared to men, stemming in part from restrictions on asset ownership.
Women entrepreneurs are also less likely than their male counterparts to have a history of interaction with formal financial systems, lowering their credit-worthiness and potentially raising interest rates on loans assumed.
They also encounter obstacles in accessing opportunities to acquire knowledge and skills that underpin successful entrepreneurship. This may be due to impediments in access to education, training and job experience. These are usually compounded by the demands of domestic responsibilities.
Time constraints further limit women entrepreneurs’ formal networking, which, in turn reduce access to skill and capacity-development opportunities. Formal networks, such as business associations, provide a wealth of information on business opportunities, access to government officials, grants and support programmes, as well as credit credentials and access to loan packages, to name a few.
Good networks provide good access to information and resources. First-hand information allows entrepreneurs to move one step ahead and grab the opportunities. A good pool of resources would help entrepreneurs to survive in bad times and to expand more effectively.
The Government needs to take a proactive role in promoting women entrepreneurs. We need to put in place gender-responsive policies and capacity-building initiatives to address the structural, institutional and socio-cultural inequalities.
It would perhaps be best to start by enhancing their access to finance, which is essential in building a good business foundation.
By Datuk Michael Kang who is the national president of the SME Association of Malaysia.
Mind your finances
Up to 36 of business failures are caused by inadequate financial management, according to a report by the ACCA. —123rf.com
IN GENERAL, more than 50% of startups fail within five years, and up to 36% of business failures are caused by inadequate financial management, according to a report by the Association of Chartered Certified Accountants (ACCA) entitled “Financial management and business success - a guide for entrepreneurs”.
The report says many entrepreneurs are not equipped to make informed and effective decisions about their financial resources.
“Having the right financial capabilities remains vital throughout the life of a business, whether you are just starting out, have an established business or are looking towards a final exit from a firm,” explains Rosana Mirkovic, ACCA’s head of SME policy.
“Businesses are changing and innovating more rapidly than ever, and the financial management needs of organisations must continue to evolve alongside their developments. Recognising the right financial management capabilities is therefore imperative to their success,” she explains.
Mirkovic adds that understanding financial information is vital for offsetting the risk of business failures as it reveals the early warning signs of impending problems.
The report by ACCA addresses the financial literacy skills gap, potentially serving as a guide to those starting their own businesses and are new to financial management.
Business planning plays a critical role at every stage of the business, says the report.
“Preparing a business plan pushes you to identify and assess the opportunities and threats facing your business. It helps ensure that you have an in-depth understanding of your market, the competition and the broader business environment,” it elaborates.
Effective planning takes into account long-term goals, objectives, strategy, tactics and financial review.
ACCA also advises startups to seek good financial advice and involve their accountants or individuals with financial expertise at the planning stage to take full advantage of their expertise in areas such as business planning, raising business finance, tax planning and setting up financial management systems.
Significant financial expertise may be needed to understand and evaluate the different financial options entrepreneurs may have. This includes knowing the company’s financial strength, financing cost, financial flexibility, business control, financial risk, personal finances and business strategy.
“Good financial control offers far more than just keeping track of purchases and sales. Rather than approach financial control as a chore to be left to the bookkeeper, your aim should be to see how the right capabilities can improve your business,” the report advises.
ACCA notes that business owners should gradually develop the capabilities of their in-house financial team.
“Choosing the right solution for your particular business takes careful planning. Your overall investment in financial capabilities — whether you are paying for additional employees, higher salaries for more skilled employees, training costs, use of external providers or upgraded systems — must be affordable and offer value for money,” it adds.
But financial management is at its most powerful when used to drive improvements in business.
Moreover, for many entrepreneurs, it could also lead to a successful business exit. Preparation for a successful exit typically begins far in advance of its final date.
Effective exit planning needs to start early and take into account a whole range of issues like timing, succession, management systems and tax efficiency.
Jun 4, 2016 ... The solution, said Jim and other global leaders speaking in Copenhagen, lies in
investing in women and girls, a strategy that is crucial to ...
No, I don’t have a daughter for you to marry and we’re not going on a road trip to hand out wedding invitations. this isn’t that kind of Journey.’- Photos: GSC Movies
Journey To The West gets a slightly Westernised treatment this time around, and turns out better than the first movie.
The Monkey King 2 Director: Soi Cheang Cast: Aaron Kwok, Gong Li, William Feng, Xiao Shenyang, Chung Him Law, Kelly Chen
CGI- heavy blockbusters from China, Hong Kong, India, or any other Asian countries for that matter – except for maybe Japan and South Korea – have always been hit- and- miss affairs.
Despite scoring US$ 168mil in China alone, there’s no denying that 2014’ s The Monkey King was plagued by cheap- looking and even just plain bad CGI and visual effects, not to mention a slapdash narrative that barely made sense despite being based on something as familiar as Wu Cheng’en’s classic novel Journey To The West.
Returning to the director’s seat for this sequel, up- and- coming genre whiz Soi Cheang ( of cult hits like Motorway, Accident and Dog Bite Dog) again directs this one without any of the cool edge and personality that made him so beloved by Hong Kong genre fans across the globe, but makes amends for the many sins of The Monkey King.
Probably because The Monkey King 2 concentrates on the more familiar chapters in Journey To The West, scriptwriters Ran Ping, Ran Jianan, Elvis Man and Yin Yiyi have kept things simple, linear and relatable, concentrating on the push and pull between the personalities of main characters Sun Wukong, aka the Monkey King ( Aaron Kwok, taking over from Donnie Yen) and young monk Xuanzang ( William Feng), to generate drama and emotion.
After 500 years of imprisonment beneath Five Element Mountain, Wukong is accidentally freed by Xuanzang and is then tasked by the Goddess Guanyin ( Kelly Chen) to escort the monk on his journey West to retrieve some ancient sutras.
The impetuous, impulsive Wukong and calm, benevolent Xuanzang’s contrasting personalities are severely tested when Wukong’s “kill first, ask questions later” approach and Xuanzang’s “enlighten instead of killing” philosophy clash almost every step of the way as they meet all kinds of demons, dangers and challenges.
Also joining them on their journey are Wujing ( Chung Him Law) and the gluttonous, horny halfman/ half- pig Baije ( Xiao Shenyang). Because this sequel is obviously set on Earth instead of the heavenly settings of the first movie, the use of real locations here helps immeasurably in making the CGI and VFX look much better and more believable.
There’s even an obvious attempt to make the fantastical imagery slightly less Chinese and more Western- friendly, with one of the kingdoms they visit looking more like something out of The Lord Of The Rings or Game Of Thrones rather than Legend Of Zu.
This is even more apparent in their approach to the villain of the piece, the White Bone Spirit Baigujing, played by a radiant and show- stealing Gong Li, whose outfits and character design will no doubt evoke memories of Angelina Jolie in Maleficent and Charlize Theron in Snow White & The Huntsman. Even her back story echoes that of Maleficent, in which an innocent young woman is driven to evil because of others’ wrongdoings.
Soi Cheang even gets the humour right this time, thanks to the absurd combination of Aaron Kwok’s slightly more macho approach to playing Wukong and the general monkey business that monkeys get up to, not to mention Baije’s antics whenever he comes across women and food ( yes, in that order).
Ultimately though, these are still very minor updates to a story that’s been told countless times, and it certainly doesn’t come anywhere near the bold approach of crowd favorites like Jeff Lau’s A Chinese Odyssey movies or even last year’s animated hit The Monkey King: Hero Is Back.
But as a Chinese New Year holiday blockbuster to bring the whole family to, it’s done more than well enough to do even better at the box- office than The Monkey King. It is, after all, the better movie, and definitely an entertaining and enthusiastic enough welcome to the Year of the Monkey. Review by Aidil Rusli The Star/Asia News Network
The ‘Monkey Do, Monkey Don’t
Talk about ‘Planet of the Apes’
“What got you here won’t get you there.” – Marshall Goldsmith
Someone once said, “I love people, I really do, it is just their behaviour that I cannot stand.” When it comes down to what really frustrates organisation leaders, it is not the lack of skills or knowledge of their employees. Rather it is a shortfall of desired behaviours.
As we usher in the Chinese Lunar New Year, it is a timely reminder that new results and new performance expectations cannot be achieved with the old behaviours of yesteryears. BAU (Behaviours As Usual) cannot be an acceptable leadership culture if the organisation desires to move collectively towards the place of sustainable high performance.
Upon the threshold of any fiscal year, company leaders are usually abuzz about the strategies going forward and are eager to witness a transformation in results and key performance indicators.
Yet, we all instinctively know that a well-written proposal and a persuasively-designed PowerPoint presentation cannot guarantee the delivery of results. Here is one often-neglected truth about performance – culture produces results.
Here’s one simple diagnostic question to ascertain if behavioural issues are holding your organisation back from achieving the intended key results: If everyone in your organisation continues to think and act in the same manner as they do today, can they achieve the expected results in the stated timeframe?
If the answer is a resounding “No”, then your organisation would need to embark on a cultural design initiative to determine the right cultural standard for achieving the right results. Companies with a thriving business do not leave their culture to chance, rather culture is intentionally designed and delivered.
Left on its own, the culture tends to degrade to a situation of territorialism whereby specific individuals create their own brand of sub-culture – their own monkey kingdoms.
How then do we address this monkey culture and rally the behavioural changes towards a common vision?
Behaviour is caught, not taught
It is what you do when no one is looking that determines the worth of your contribution.
It is interesting that the most common feedback I receive at the end of each behavioural-related training workshop is this, “Is my boss attending the same training as well?”
This highlights our human need for a moral reference when it comes to the motivation for changing our own personal behaviours and attitude.
Here are five common mistakes made by organisation leaders when they are too quick to implement strategic plans without giving thought to the foundational need for behavioural alignment.
Communicating the results without clarifying the overall vision of the company.
Growing the numbers without a specific plan to grow the employees.
Non-performers are still rewarded – sending an inconsistent signal to those who do perform.
Sending employees for training without involving the direct supervisors.
The performance appraisal criteria do not reflect the desired behaviours.
Behaviour requires a moral standard
Everything is not relative.
When it comes to behaviour, one cannot assume that people, by default, would know what to do.
In fact, when left on our own, our behaviour tends to degrade towards the fulfilment of selfish agendas, not that of the common good.
I recall facilitating a visioning workshop where almost everyone in the room had their own interpretation of the company’s values, and it was a challenge coming to a consensus. It was not until we were crystal clear with the expectations of the group chief executive officer that there was a decision on the way moving forward.
In other words, we needed to first establish the true north as the absolute by which all other behaviours are measured against. Without a fixed reference, behaviours are just personal preferences leading to territorial mindset.
Here are three questions to ask when communicating behavioural expectations:
Are the recognition practices consistent with the behaviours we want to promote?
Are the leaders aware of their own behaviour and seen to be walking the talk?
Are managers trained in the skill of having accountability conversations when there are misbehaviour and attitude issues?
Behaviour reinforces values
A child is known by his actions, not his intentions.
Many organisations are too hung up about corporate values until it becomes a copywriting debate.
The fact of the matter is that corporate values are there as a directional guide while a more
specific delivery guide requires something more observable.
Here is where we need an executable concept called key behaviours. Key behaviours are personal accountability statements that are communicated as behavioural expectations for every employee.
In Leaderonomics, we have five key behaviours which operationalise our core values:
Be Accountable: “I take personal ownership to deliver on all expectations entrusted to me.”
Be Excellent: “I accept challenges and exceed expectations in all that I do.”
Be Synergistic: “I actively seek out and lead collaborative opportunities.”
Be Courageous: “I am open to honest and authentic conversations.”
Be Agile: “I find opportunity in all circumstances and will adapt myself to thrive in them.”
Does your company have a set of key behaviours which are non-negotiable accountability statements for every employee?
Just propagating core values alone is insufficient to set the tone for real change that will impact productivity, profits and people. If your corporate values are just statements on the walls with little behavioural clarity, then do not be surprised if the culture does not reflect the aspiration.
Monkeys vs donkeys
In social experiments, monkeys have been shown to display mob mentality behaviours i.e. they will all do what is the social norm, but it requires a few brave ones to set the tone and then have it reinforced through a series of risk-and-reward responses.
Now, when it comes to setting the cultural tone of an organisation, we can also take a cue from this observation in that we need a few courageous ones to set the tone and make a stand as to what is expected from everyone else – in other words, change begins with courageous leadership.
The other option is to go the way of the donkey which makes a lot of noise but refuses to budge due to stubbornness. In this year of the monkey, let’s not go down the path of the donkey.
By JOSEPH TAN Leaderonomics.com
Joseph Tan is CEO of Leaderonomics Good Monday. His passion is to work with performance-focused leaders to capture the hearts and minds of their employees through a strengths-based and accountability-driven approach. Much of what is shared in the article above comes from his work as a Gallup-certified strengths coach. If you would like to enhance the engagement level of your organisation, email joseph.tan@leaderonomics.com for more details. For more Be A Leader articles, click here.
Malaysia needs structural reforms says global investor 
