I am a steadfast promulgator of sound fundamentals that prop up personal explicit performance. From my macro exposure in the corporate realm over 3 decades cum a decade in consulting work, I have become a fundamentalist. The points I am sharing now are based on my personal multifarious work experiences and practical observations, having been assigned to different roles during my active engagement era. I believe these bullets can give valid insights to career enhancement aspirants.
The fundamentals that I cite were the ones that I applied in my past assignments. I dare not say the results were outstanding, yet there were some conspicuous attainments. Being a retiree presently but still rendering freelance services to financial institutions, my intention is to encourage young corporate officers who enthuse to uplift their career status. Note: I will share one actual example in the later segment of this article to substantiate the validity of my points.
I must admit the "formulae" are not my own innovation but a combination of principles adopted from different respected sources. Nevertheless, the narratives herewith represent my efforts to present the platter in my own style. Anyway, the sources of the adopted principles are cited as I narrate the elaborations now.......
Fundamental No. 1: "BEGIN WITH THE END IN MIND" (Caption Source: Dr. Steven Covey's programme on "7 Habits of Highly Effective People")
Right at onset, an aspirant for performance efficacy should first form a firm vision where he/she desires to head for - attainment goals, objectives, longer term career/vocational destination etc. He/she should be clear in conjuring a mental map of the journey chart. The journey chart outlines a list of priorities, viz. determining the vital tasks to embark on first.
I narrate an analogy for illustration. Say, a new chief executive of a life insurance corporation has been commissioned by the board of directors to uplift the last few years of uneventful premium growth to multiple levels. He is required to submit his proposition to the board for view and approval. First things first, he should formulate his vision for the company - like on specific targets he is confident to achieve, attained performance ranking of the company in the industry, image status, set timeline etc. In addition, he needs to lay out the supporting mission, viz. the roadmap to reach the vision. It includes naming the officers to be drawn in for meting out specific accountabilities relating to the mission.
Fundamental No. 2: "BE PROACTIVE" (Caption Source: Dr. Steven Covey's programme on "7 Habits of Highly Effective People")
Being proactive means being cognizant (fully aware), observant (watchful/close scrutiny) and anticipative (predicting incoming events) of the prevailing environment or situation. Factors encompassing the work/vocation/industry environment will somehow impact the end results, either positively or negatively. The aspirant needs to constantly keep abreast with the trends taking place from time to time so as to devise appropriate development action plans. Proactivity helps to thwart risks while looking out to capitalise on advantages which avail in a particular situation.
Again, on the example of the new chief executive of an insurance corporation......not only the main focus is on new sales in order to net in higher premium volume, additionally he (presuming he is male) should keep himself updated about the events that likely have bearing on the industry. For instance, if statistics indicate the cost of medical treatments in hospitals will be escalating to enormous rates in the next few years, he ought to consider the following - whether to revise the premium rates for medical cover or stay at the same, or to launch new plans with revised cover features. He ought to be cognizant of the investment climate both locally and globally so that he can identify the right funds to support the life cover plans, for sustaining returns meeting the expectations of policyholders. On the other hand, he ought to know which volatile funds to avoid since it is the obligation of the company to protect policyholders' expectations, likewise also protect the company's image.
Fundamental No. 3: "S.W.O.T." (Caption Source: Albert Humphrey/Stanford Research Institute)
S = Strengths W = Weaknesses O = Opportunities T = Threats
SWOT promulgates a structured analytical methodology that garners the logistics essential for cultivating proactive analysis regarding the circumstantial facts at hand, in essence supporting Fundamental No. 2. Without SWOT, it is like driving to an unfamiliar destination without an electronic navigation guide like WAZE. The best that the driver by himself could rely on is intuition, hoping the presence of luck for arriving at the right destination in good time. That would then be arduous if not remote.
Depending on the quality and quantity of available resources, every entity possesses specific strengths on one hand and weaknesses on the other. The resources entail manpower, capital, financial situation, equipment/logistics, empowerment scopes bestowed by the board/owners to the management, outside network connections etc. An aspirant aiming to hit company goals should fully comprehend the company's strengths and weaknesses in respect of the resources for deployment. Very important, the chief executive must perceive its strengths and weaknesses before making revamps.
Considerations like whether the existing senior officers at large are equipped with the right acumen for embarking a new mission has to be determined first. If they are not up to mark, then does the chief executive want to apply for extra expenditure budget so that he can recruit new blood? Or should he enhance the role of the resourceful employees whilst re-assigning some to other roles? Only by capitalising on existing strengths and rectifying some weaknesses based on prevailing resources, will a corporation thrust successfully forward. Likewise, a similar message to chief executives - know your strengths and weaknesses; for without recognising these, you will not understand your prowess for executing changes expediently and neither can you avert pitfalls consciously.
Equally vital is to recognise the threats and opportunities that hover the industry concerned at any one time period. I am still impressed by the prose picked up in my younger days from a corporate trainer. It goes somewhat like this: "In every adversity, there are also possible opportunities." I think it is a modification of Albert Einstein's original quote. Below is an actual example for elaboration.......
In Hong Kong, travel firms had been badly affected by the drop in both out-tour and in-tour ticket bookings at the height of the Covid infection scourge. While the pandemic threat to the tourism industry was unavoidable, an operator which depended on ferrying foreign visitors in its large fleet of bus coaches to various popular visit spots in the island faced a slump. However, the directors saw an opportunity on the side line. Being cognizant that many local residents had developed insomnia (sleep disorder) due to life pressures as reported in news portals and social news websites, they conjured a niche business idea to venture into the "sleeping bus tour service". They discovered from a sleep research clinic that insomnia-afflicted people could easily fall asleep in a comfortable moving bus because of the vibrating movements. They re-deployed the fleet of double-decker buses for this new alternative venture by arranging for a 5-hour slow drive cross the island colony.
Fares ranged from an affordable below HK$15 to over HK$50, depending on seat bookings either on the lower or upper deck, and also whether side amenities like ear plugs, eye masks, refreshments etc. were required. Each bus ride made a short stop at a scenic spot for those who wished to take a fresh air break or stretch their legs, while the rest could continue their snooze in the bus. Obviously this tour firm thrived despite facing a significant drop of business from foreign tourists by being aware of the side opportunity.
Recommended Objectives Action List: * Establish the committed vision and mission statements (to support the general direction earmarked at the BEGIN WITH THE END IN MIND initial phase. * Determine the coveted goals which may be challenging, yet aspiring and attainable. * Determine the targeted dates for accomplishment, i.e. short term (1 year), middle term (2-3 years), longer term (within 5 years). The objectives should be in line with Peter Drucker's S.M.A.R.T. goals formula (S = Specific; M = Measurable; A = Achievable; R = Results Orientated; T = Time Bound).
Recommended Methods Action List: * List out the practical execution strategies. * Set the calendar for successive reviews. * Formulate the required reference template for reviews. * Formulate the apt catch-up approaches for execution where needed.
Recommended Evaluation Action List: * Note down the specific attainment levels vis-a-vis short tenure, middle tenure, longer tenure, based on actual to-date facts prevailing at each tenure phase. * Itemise the plausible remedies to alleviate the shortfall situations, if any. * Itemise which activities to maintain and which to discontinue.
Fundamental No 5: "THINK WIN-WIN" (Caption Source: Dr. Steven Covey's programme on "7 Habits of Highly Effective People")
Personal performance efficacy does not mean relying on lone efforts without collaborating with other individuals in the same entity. It is invariably due to the aspirant willing to spearhead joint efforts with relevant peers. No man is an island......no individual can survive well alone......for somehow, somewhere, in some trying circumstances, he will need the help of another fellow in a matter of time. The selfish creed of "I must win without regard for the interest of peers" can never ever thrust forward gallantly. Consider the following quotes on Think Win-Win from Dr. Steven Covey's programme:
# I get better results in my relationship by cooperating interdependently than by competing independently.
# I seek the benefit of others as well as my own.
Think Win-Win also encourages an aspirant to listen more, stay in communication longer and communicate with more courage.
To Sum Up:
I now share a real episode that involved me in 2007 when I was heading the special product promotion unit in an international life insurer. The challenging assignment cast down hard by the top management to me and a peer (Ms. "ASC") who helmed the product development unit, was to shore up Single Premium (SP for short, i.e. one lump sum premium) growth to multiple folds. The SP volume at that time was negligible compared to Regular Premium contribution. We deliberated and then envisioned a minimum achievement of RM200 million might be a bit far-fetched but yet attainable with a niche captivating promotion strategy in place (Begin With The End In Mind).
We conducted a brainstorm session (Diagnose) with the senior officers of the dedicated Agency and Bancassurance (tied bank relationship) channels, acknowledging these two business distributions were the main contributors to the company's overall premium revenue (Be Proactive). We knew the two channels had extensive outreach of clientele base (Strengths, Opportunities), thus our selling point to secure the officers' collaboration was that the result would add weight to their performance index if the initiative became successful (Think Win-Win). All of us concluded to target at the high net worth clients of the agents and partnered banks (Objectives) who intended to plan for the well-being of the next two generation lines, viz. parents/grandparents for children/grandchildren. The Group Insurance division was not included because it mainly focused on providing basic insurance cover at low premium rates to ordinary employees of enterprises which paid the costs. At the same time we knew we could not rely on the dedication of insurance brokers and independent financial advisors toward our campaigns as they served various insurers in the market (Weaknesses).
During the first decade of the 21st century, Australia was the favoured country for tertiary education overseas to children of affluent Malaysian parents. The brainstorm team acknowledged this was mainly because the exchange rates from Ringgit to Australian Dollar at around RM2.80/AUD1 were comparatively lower than with American Dollar or British Sterling Pound. Moreover the quality of Australian institutions offering courses like Business Management, Medicine, Architecture, Accounting, Engineering were compatible to those in USA and Britain. We anticipated AUD would appreciate against RM few years from then, as indicated by various commentaries of economists (Be Proactive).
Being cognizant of the above trends, the team jointly concurred to roll out a few strategic moves (Methods) as follows:
# Engaged a third party fund manager to launch two tranches of structured note products in AUD: 3-year tenure and 5-year tenure offered at minimum AUD50,000. The respective annual dividend coupon rate at 4% and 5% would be accumulated until product maturity. The maturity value at the end of 3rd/5th year would be refunded in AUD - left to the holders whether to deposit into an AUD bank account, or convert to RM and deposit into a local RM bank account.
# The senior officers in charge of the agency channel identified agents who had wide contacts with high net worth clientele. We communicated with these sales players to convince them the idea that the two products could attract the attention of their clients who planned for the benefit of their next generations. Roadshows were also conducted to present the products to the agency force throughout Malaysia.
# Senior officers of the Bancassurance segment encouraged their counterparts in partnered banks to approach their premier customers.
# Conceptualised two captivating slogans: * Gift of love to a beloved child (established by a parent/grandparent). * Leaving a legacy to the young generation. The two concepts would resonate with the wishes of well-to-do parents/grandparents to set up an early education fund or gift of love for the younger generation.
# Seven months on from the launch of the campaign at the beginning of 2007, the score came quite close to our original target of RM200 million. There was still another 5 months to the end of the year. Our review assessment revealed sales pace for the two tranches was simmering down (Evaluation). To try stretching the overall SP results as far as possible above RM200 million, we required another strategic drive, which was to elevate the sales of the other (existing) SP product portfolio in RM by adding a couple of "attractions". With an approved budget of RM110,000, we selected two latest Rolex watch models at RM11,000 each - one for male, the other for female. We committed to acquire 10 watches from an esteemed dealer when our Rolex Watch Lucky Draw Contest closed at the end of the year. Every RM50,000 SP in quantum would be entitled to 1 lucky draw coupon. For example, a client who signed up for a RM1 million case would be entitled to 20 coupons; the more coupons earned, the better chance of being picked up as one of the 10 winners.
To supplement the Rolex Watch Lucky Draw initiative, we connected with a fund manager of an international investment institution to mould a niche fund comprising a composition of 4 assets - bonds, fixed income, equity and cash. The composition ratios could be varied by the manager according to his mandate parameters, befitting the actual market conditions at any point in time for gaining potential upside.
The final result at the end of 2007: RM345 million!!! Till today, at this juncture of sharing, the figure still stands as the record for highest SP achievement in the corporation thus far. With regard to the two AUD tranches, the Australian currency appreciated by the third year (2010) from RM2.80 to around RM3.20 per AUD1, much to the elation of the holders.
Conclusion: My intention of sharing the above actual events in 2007 is to emphasise that performance efficacy will not come about easily unless with a structured process for diligent follow-through from beginning to trail end, bolstered by sincere spirit of mutuality with pertinent peers. Credit for any achievement should be attributed to the team engaged in a group synergy, not just to the person assigned to execute the initiative. My commendation goes to "Ms. ASC", the senior officers of the agency and bancassurance channels, and the fund managers for reflecting the fine example of winning together.
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