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Showing posts with label Business & Economics. Show all posts
Showing posts with label Business & Economics. Show all posts

Sunday, 22 December 2024

Leading through change

 

LIKE many Malaysians, I often have to remind my colleagues, neighbours and friends that chat groups are not the best place to discuss politics, especially topics on race relations and religion.

Some of us often forget that participants in chat groups may not necessarily share the same sentiments and enthusiasm. Chat groups are created for specific agendas and purposes, but we do go off-track sometimes.

The workplace is no different. Divergent opinions can lead to creativity and better ways of doing things once a consensus is reached. However, it can also result in strong disagreements and even conflict, potentially breaking a team.

As managers, we are familiar with such situations. Managers must always think about how best to manage divergent opinions in professional settings.

As we come to the end of 2024 and brace for an uncertain 2025, in times of political upheaval, such as the new US president and increased geopolitical tensions affecting every region in the world, it is also a good time to focus on managing our backyard.

With 2025 on the horizon, it is a good time to focus on managing our backyard

The bigger challenge requiring managers’ attention in 2025 is the march of AI

AI will impact every department and section, with no exceptions

Being respectful and professional is always key, according to the Chartered Management Institute’s (CMI) tips for managers – be brave enough to shut down conversations if they make some colleagues feel uncomfortable.

It is important to remind teams that the workplace is not always the best place for heated political discussions, especially if they prove unproductive and inconsequential to work.

The bigger challenge requiring managers’ attention in 2025 is the march of artificial intelligence (AI) in the workplace. Forget about scheming and untrustworthy politicians.

AI is the number one priority – the better it is managed, the more likely organisations are to adopt it successfully and avoid potential pitfalls. The good news is that the Malaysian Employers Federation (MEF) believes that a significant portion of companies in Malaysia are proactive in this regard.

MEF president Datuk Syed Hussain Syed Husman cites the Cisco AI Readiness Index survey conducted in November last year, which revealed that 46% of Malaysian organisations are prepared to adopt AI technology in line with the Fourth Industrial Revolution (IR 4.0). The study indicated that 13% of these entities are fully ready, with an additional 33% classified as partially ready.

For AI to take off, the positive impact of management and leadership on organisational performance is well-documented, including by Haskel et al (2007) in the United Kingdom and Bloom et al (2010), which found better management led to productivity increases of 13% to 17%.

Data from the UK’S Office of National Statistics shows that companies with high management practices are significantly more likely to drive tech and AI adoption. The research found that companies with top-tier management scores are significantly more likely to adopt AI (37% in the top decile compared to just 3% in the bottom) and to recognise its relevance.

While only 32% of top-performing companies see AI as inapplicable, this figure rises sharply to 74% among those with lower management scores.

However, CMI research reveals that anxiety around AI technologies remains widespread, with over two in five (44%) UK managers reporting concerns raised by colleagues and direct reports about new and emerging AI tools within their organisations.

Alarmingly, fewer than one in 10 managers (9%) believe their organisation is adequately equipped to work with AI, with most receiving little to no training on how to manage or integrate these technologies effectively.

Researchers have found that managers will increasingly play a critical role in interpreting Ai-generated insights, ensuring these align with organisational goals, and making judgment calls that require human intuition and ethical consideration.

AI will impact every department and section, with no exceptions. For the human resources manager, they will need to determine whether AI is writing recruits’ curriculum-vitae and cover letters.

If so, should this be a cause for concern? Are graduates making themselves more attractive to employers by demonstrating a willingness to use AI? Or does this come across as lazy or lacking in creativity?

What does it tell potential employers? Is it deceitful or clever? And should employers be using Ai-detection software?

For news editors in TV studios and newsrooms, shouldn’t they be leading the charge to use AI to eliminate tedious work, allowing staff to focus on creativity and more purposeful tasks?

As we end the year, some companies are still struggling with hybrid working.

It is safe to say that most Malaysian employers have insisted their staff return to the office physically.

This will also be the last year when public listed companies are allowed to conduct annual general meetings for shareholders solely online.

Beginning next year, public listed companies must have physical annual general meetings, with online participation as an additional option.

As we approach the fifth anniversary of the pandemic, the challenge for 2025 will be for managers to ensure they get it right.

For Malaysian managers still holding on to the hybrid workplace, they would know by now if it is still effective. - WONG CHUN WAI Award-winning veteran journalist and Bernama chairman

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Risk management in era of escalating risks



Tuesday, 5 September 2023

NIMP 2030 is the ‘key to the future’

 

KUALA LUMPUR: High-value job opportunities are among the focuses of the newly launched New Industrial Master Plan (NIMP) 2030 as Putrajaya seeks to expand the middle class, says Prime Minister Datuk Seri Anwar Ibrahim.

He said global trends such as the rising role of IR4.0 technology, climate change and sustainability practices, demographic shifts and the globalisation of value chains are changing the nature of jobs.

ALSO READ: Govt urged to do its share

“Skills transformation is key to developing future competencies and this has been set as a focus of our industrial strategy,” he said when launching the NIMP 2030 at Menara Miti here yesterday.

Anwar said the NIMP 2030 will see the implementation of a progressive wage system that promotes skill development and career advancement.

ALSO READ: Manufacturing sector set to get a boost

“Public-private collaborations will be enhanced in the TVET (Technical and Vocational Education Training) and STEM (Science, Technology, Engineering and Mathematics) programmes, ensuring the acquisition of skills required by the industry,” he added. Anwar said the government’s Economy Madani framework and NIMP 2030 are both aligned in their focus on improving the lives of the people through projected higher returns from the national economic targets.

“This includes employment with meaningful wages and wealth-sharing to build a more equitable and prosperous society,” he said.

Anwar also said employment will see a projected growth of 2.3% from 2023, which is set to provide employment for 3.3 million people by 2030.

ALSO READ: ‘Whole of nation’ approach to drive manufacturing

“The industry’s growing employment trajectory is due to the creation of high-skilled jobs as the country advances towards higher value-added activities and via improvements in automation and technological advancements,” he added.

Most importantly, said Anwar, through interventions under NIMP 2030, the median salary for the manufacturing sector is expected to grow to reach RM4,510 from RM1,976, which is below the national average.

“This 128% increase from 2021 will be driven by the shift of the industry towards higher value-added activities and the high-skilled job opportunities being created,” he said.

Anwar also said the NIMP 2030 will create more opportunities for local small and medium enterprises (SMEs) to grow through specific action plans. He said SMEs in manufacturing currently contribute only 8% to the GDP (gross domestic product) and 9% to exports.


For a more prosperous society: Anwar (centre) launching the NIMP 2030. He is flanked by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi (left) and Tengku Datuk Seri Zafrul. — Bernama

“There is a lot of potential to grow our SMEs in manufacturing, in line with our Economy Madani aspiration to strengthen firms of all sizes,” he said, adding that the plans to develop SMEs’ capacities will enable them to be positioned higher in the global value chain.

“This, in turn, will help them scale up into mid-tier companies that could help Malaysia make more foreign exchange earnings.”

Anwar also said he was made to understand that the International Trade and Industry Ministry will launch a new framework in a few weeks to build SMEs’ environmental sustainable goals (ESG) capacity.

“This is important to ensure SMEs’ continued participation in ESG-compliant multinational vendor ecosystems and continued access to ESG-sensitive export markets,” he added.

The NIMP 2030 outlines Putrajaya’s plans to transform Malaysia into a high-tech, industrialised nation.

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Related stories:

Govt urged to do its share

Manufacturing sector set to get a boost

‘Whole of nation’ approach to drive manufacturing

Sunday, 28 May 2023

"The New China Playbook – Beyond Socialism and Capitalism"

 

 

The New China Playbook: Beyond Socialism and Capitalism

.

Keyu Jin

Associate Professor of Economics

Department of Economics

Keyu Jin

LSE

https://www.lse.ac.uk › economics › people › faculty
Faculty page of Dr Keyu Jin. ... Keyu Jin. Associate Professor of Economics. Department of Economics. Email. k.jin@lse.ac.uk. Room No. SAL.1.17.

 

Summary

“Keyu Jin is a brilliant thinker.” —Tony Blair, former prime minster of the United Kingdom

A myth-dispelling, comprehensive guide to the Chinese economy and its path to ascendancy.

China's economy has been booming for decades now. A formidable and emerging power on the world stage, the China that most Americans picture is only a rough sketch, based on American news coverage, policy, and ways of understanding.

Enter Keyu Jin: a world-renowned economist who was born in China, educated in the U.S., and is now a tenured professor at the London School of Economics. A person fluent in both Eastern and Western cultures, and a voice of the new generation of Chinese who represent a radical break from the past, Jin is uniquely poised to explain how China became the most successful economic story of our time, as it has shifted from primarily state-owned enterprise to an economy that is thriving in entrepreneurship, and participation in the global economy.

China’s economic realm is colorful and lively, filled with paradoxes and conundrums, and Jin believes that by understanding the Chinese model, the people, the culture and history in its true perspective, one can reconcile what may appear to be contradictions to the Western eye.

What follows is an illuminating account of a burgeoning world power, its past, and its potential future.

* This audiobook edition includes a downloadable PDF of charts, graphs, and other key visual aids from the book.

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More countries complain US' reckless 'decoupling' from China hurts their economies

Some traditional allies of US like Australia and UK have recently complained that the US' reckless “decoupling” from China has led to losses to their economies -- a phenomenon that experts said indicates the harm caused by Washington's bashing-China policies.

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Debate emerges over college students raising children; Chinese demographers call for more open-mindedness

 

 

  Children ride hoverboards at a kindergarten in Nanjing, capital of East China's Jiangsu Province on April 21, 2023. Photo: VCG   Gett...

 

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