Blog List | People at work

Leadership Unwrapped: Hervé Richert

July 11, 2024

Corporate strategist, Hervé Richert, shares the unique privileges and challenges of external leaders in family businesses. Hervé Richert knows a thing or two about family businesses. This corporate lawyer by training has spent over 30 years working with prominent family-owned enterprises across Asia and Europe. Richert’s journey began with what he describes as “an extraordinary time” at the world’s largest tyre company, the French family-owned Michelin Group. He designed and executed the Asian expansion strategy for the late Édouard Michelin, great-grandson to the company's co-founder. Richert worked closely with the then-CEO through strategy meetings, negotiations, and numerous high-profile official meetings. Yet, among his most memorable moments was after the signing of a landmark strategic partnership agreement with Apollo Tyres in India. Richert received a personal invitation to Mr. Michelin's hotel suite to meet his spouse, Cécile, for the very first time. In that moment, surrounded by the warmth and pride of the heart of Michelin, Richert truly felt the unique and special privilege of working within a family business. At the Singaporean-Indonesian family enterprise, Giti Tire, Richert oversaw international operations and drove significant global growth, especially in the US. Leading the project to set up a factory there, he worked closely with co-founder Mrs. Liem, taking helicopter rides and traveling on SUVs across rugged terrain to survey sites. In France, as CEO of Lohr Industrie, Richert re-engaged this French private company back on the path of profitable growth. Owner and founder, Robert Lohr, had just saved the company from bankruptcy following the 2008 crisis, and Richert had been brought in to take over. With his new executive team and within the first year of his tenure, Richert put the ailing automotive division back in the black, ramped-up major contracts and led the foundations for the sustainability of the company. In India, Richert transformed Birla Tyres, part of the Birla conglomerate. He turned the unprofitable business around, demerged it from its parent company, and got it listed on the Indian stock exchange; he calls it “one of the most difficult tasks of my career.” In the following conversation with The People at Work, Richert offers a personal account of how external leaders can thrive in the intricate dynamics of family enterprises. He shares some unique challenges faced with hands-on founders, discusses the crucial role of trust, and reveals a simple daily ritual with family leaders that can make all the difference. “Despite being right in my views and in my position, I unintentionally offended the owner of the company. It took me months to restore trust.” Q1. You’ve headed many family businesses across Asia and Europe, in Singapore, Indonesia, India, France, and Germany. How different or similar were these experiences, given the diverse cultural context? They were all based on strong trust and as a result, I was granted a high level of authority. The personal relationship with the owner, once established, generates exceptional conditions for success when venturing into difficult and complex projects. Because there is trust, it is possible for the corporate leader to permanently look for the best interest of the company with no concern for internal politics. Where the experiences are different is how the trust is being lived and implemented, which will be very different depending on the culture. In Europe, going straight to the point is perceived as a positive approach. In Asia, it may be more appropriate to be subtle when communicating on a sensitive point. Emotions and spirituality may also play a different role depending on the culture. In India, for example, spirituality may play a key role in how business must be conducted and teams managed. I had a temple just outside my office and we had many Puja celebrations with the entire executive team at the house of the owner. Q2. In your experience, what are some key challenges unique to external leadership within a family business, and how did you navigate them? Family businesses, especially those run by their owners, often have a strong 'culture of doing.' The owner remains involved, expecting the external leader to handle everything personally—from finding new customers to conducting negotiations and resolving issues on the spot. This can conflict with my culture of transformational leadership, which emphasises teamwork, open communication, empowerment, and clear delegation of authority. My role as an external leader is to bridge these cultural differences, preserving team dynamics while meeting owners’ expectations. This requires hard work, resilience, and the ability to stay calm and confident under all circumstances. Another challenge unique to family businesses is the owner's personal set of Key Performance Indicators (KPIs). Despite efforts to establish a clear strategy and roadmap, the external leader's performance may often be measured against the owner’s own KPIs, which may differ from the agreed-upon metrics. It's essential to discuss and explain why different KPIs need to be applied. Initially, it may be important to accept some of the owner’s KPIs to avoid conflict and build trust. Ultimately, only positive business results will overcome this challenge. Q3. In family businesses, decision-making often intersects with family dynamics. How do you navigate these unique aspects of corporate governance and culture to ensure both business objectives and familial relationships are maintained? Make sure, at all times, to put family and business first! Family first, because the foundation of the involvement of the external leader in a family business is the trust established with the owners. Hence, the preservation of the relationship must be an absolute priority. At all times. And business first, because otherwise, in today’s highly competitive environment, there would be a high risk of jeopardising the long-term sustainability of the business. The external leader cannot compromise on corporate governance and must stay true to its leadership principles. It is up to the external leader to manage these two priorities together and simultaneously. Always finding ways to communicate, explain, and convince when family dynamics seem to conflict with business objectives, put things into perspective, and take a long-term view. Another practical approach is to remain flexible on the pace and the order in which initiatives get implemented. Keeping the big picture in mind and, when necessary and possible, accepting to slow down a bit or switching the order of certain initiatives, without compromising, of course, on key strategic priorities. Q4. Trust is the backbone of any team, and setbacks can happen. How do you approach establishing trust and repairing trust after a misstep, and could you give us an example of how you would navigate this delicate situation? Establishing trust doesn’t happen overnight. It takes time, one step at a time. I have applied core values which I have learned from my parents and followed all along my professional career: integrity, humility, and simplicity. Integrity is the cornerstone of the approach. It implies reliability, which is key to trust. Humility is what allows you to navigate through different cultural environments and challenging situations. Listening, asking questions, and showing interest will take you a long way. And finally, simplicity. Trust should not be complicated. It implies simplicity in the relationships, in the way you talk and communicate, in the way you explain, in the way you behave Repairing trust is again not easy. I have found that applying my core values facilitates the process. Acknowledging the misstep, extending an honest apology helps. But sometimes the misstep isn’t the result of a wrong action of the external leader. Sometimes, the misstep is more due to the wrong perception by the owner. It has happened to me in India. Despite being right in my views and in my position, I unintentionally offended the owner of the company. It took me months to restore trust and I was finally able to turnaround the situation by inviting the owner to a Christmas lunch, together with my wife. The lighter atmosphere, the presence of my wife and the meaning of Christmas helped! Q5. Share an instance where being an outsider brought a fresh perspective or advantage to the family business? At Giti Tire, at the very start of my tenure, I was asked to design and engage a major transformation programme to enable the company to move from being mostly manufacturing-driven to become more market-oriented and customer-centric. It required not only a complete reset of the strategy but also a major reshuffle of the governance and general organisation of the company. My colleagues, all family members, had tried before. Being a trusted outsider enabled me to convince the founders of the need for change. They agreed not only with the new strategy but also with the new way of running the business. I remember one meeting in particular with the Founder’s wife. Her son-in-law and her nephew, both in senior positions in the company also attended the meeting. We were discussing the new governance , the set-up of an Executive Committee and the need to hold regular monthly meetings. She asked whether she and her husband would have to attend every meeting. I told her ‘Yes’ and if not, there was no need to even try to start the transformation journey. She agreed, took out her agenda and fixed the date for the first meeting of the newly created ExCo. We embarked on the journey. Revenue and financial results grew dramatically. And within a few years, Giti Tire entered the Top 10 Ranking of Global Tyre Manufacturers. Q6. What is your advice for those considering a role or already in the role of an external leader in a family business? Make sure you know yourself. Stay honest with yourself. Don’t compromise on core personal values. Stay calm under any circumstance. Celebrate successes. Prepare to accept setbacks. Preserve your private life, family, friends. Practise sports, listen to music or go to the theatre. And read the book of Chin-Ning Chu to “Discover the Hidden Power of Giving In."

Feeling Lonely at the Top? You are Not Alone

May 16, 2024

By The People At Work Intellectual loneliness strikes even the most experienced CEOs at the top of their game. Left unchecked, it can skew judgment, precipitate burnout and even affect the entire company's performance. But what exactly is intellectual loneliness, and what do experts recommend for dealing with it effectively? On a chilly London morning in 2011, António Horta-Osório walks into Lloyds Banking Group as the new CEO. He’s ready to tackle the fallout of a financial crisis that has left the iconic UK bank on the edge of viability. At 47, Antonio is a seasoned leader with a proven track record for steering businesses through rough waters. Yet, as he braces to steer Lloyds’ course, Antonio is not prepared for the unseen spectre that haunts the high echelons of corporate leadership —intellectual loneliness. An Invisible Foe As António sets about infusing life back into Lloyds, his new role begins to gnaw at him. Now, just eight months into the job, the strain of constant, critical decision-making and the isolation at the helm is taking a severe toll. António cannot sleep at night. He suffers from intense insomnia, experiencing, at times, up to five straight nights of sleeplessness. He calls it “torture”. His physical and mental health rapidly deteriorates. Antonio is left with no choice but to take an extended medical leave. At a critical juncture for Lloyds, his sudden departure sends shockwaves through the financial community, and, of course, shareholders and the board. Many question whether he is ever returning. The banking world watches intently as one of its brightest stars vanishes from the public eye. The board is now faced with managing the bank and considering the implications for its future leadership. Silence in the C-Suite Away from prying eyes, Sir António focuses on recovery. Two months on he emerges rejuvenated and transformed. Returning to Lloyds, he wastes no time putting into motion strategies to stabilise the bank's financial health and reinforce its structural integrity. He spearheads a series of initiatives that streamlines operations, reinforces customer trust, and ultimately leads to the repayment of the government bailout. Ahead of schedule! With these financial improvements, António introduces a culture of mental well-being, integrating support systems for staff and leadership alike. In banking circles, it is thought that this dual approach — restoring fiscal strength while nurturing the human element— marked the bank's turnaround under his leadership. Legacy of a Leader Antonio’s leave prompts a wider conversation about the importance of mental health, particularly at the senior executive and board levels. It leads to a re-evaluation of how such pressures are managed and acknowledged within the corporate sphere. His knighthood in 2020 for services to mental health care and the financial services industry was a testament to his impact in C-suites, boardrooms, and beyond. Sir António's saga at Lloyds and the tumultuous chapter at Credit Suisse thereafter continue to serve as poignant reminders of the hidden struggles faced by top executives. His experiences shed light on the critical need for mental health awareness in the high-pressure environment of corporate leadership and the importance of support systems that understand and mitigate the challenges of intellectual loneliness. Why This Matters The well-being of the leader is deeply linked to the well-being of the organisation. Data from Harvard Business Review shows that loneliness affects half of all CEOs, impacting their job performance. Additionally, research by the Stanford University highlights that first-time CEOs often grapple with feeling isolated, which can cloud their judgement. The ripple effects of a leader’s loneliness can touch every part of an organisation, potentially leading to wider issues like reduced employee satisfaction and turnover. The best leaders are those who recognise their struggles and learn to seek and offer support along the way. Intellectual Loneliness: What it is and What To Do About It Intellectual loneliness occurs when high-ranking leaders are isolated from meaningful intellectual and emotional companionship. This condition can manifest as emotional isolation, decision-making in a vacuum, superficial social interactions, the burden of confidentiality and misalignment with corporate culture. To effectively address intellectual loneliness, experts recommend the following strategies: B. Brown, Leading Researcher and Expert on Empathy and Resilience: Encourage Vulnerable Communication. Create environments where leaders can openly share their challenges without fear of judgement, enhancing mutual understanding and support (B. Brown, Leading Researcher and Expert on Empathy and Resilience). S. Cain, Best-selling Author and Advocate of Introvert Empowerment: Designate Quiet Spaces Support introverted leaders by providing them with the space and time to recharge alone, away from the bustling corporate environment, which can help in maintaining their mental well-being. S. Sinek, Motivational Speaker and Proponent of Purpose-Driven Leadership: Build Peer Networks Establish networks that foster peer-to-peer support among leaders which can diminish feelings of isolation by sharing load and experiences. V. Murthy, Physician and Public Health Advocate: Implement Wellness Programmes Develop comprehensive wellness initiatives that promote overall health, thereby reducing the stress and loneliness associated with leadership roles. A. Edmondson, Professor of Leadership & Management at Harvard Business School: Promote Psychological Safety Ensure leaders feel psychologically safe to express vulnerabilities, which can strengthen trust and communication within the team. These collective expert strategies may help in alleviating intellectual loneliness, enhancing leadership effectiveness, and individual and organisational wellness. Leaders who recognise and address these signs proactively may foster a more supportive, productive, and inclusive corporate culture. At The People At Work, we understand the unique challenges faced by top executives and offer tailored search and advisory services to support leaders and organisations in navigating these complex dynamics. Let us help you enhance your leadership journey with the right support and insights.

The Dragon’s Flair: Perceptions of Zodiac-Inspired Leadership

February 22, 2024

By The People At Work What do business visionaries like Jack Ma of Alibaba, Hong Kong tycoon Li Ka-shing, and Jack Dorsey, founder of Twitter, have in common? Beyond their well-documented successes and game-changing innovations, they share the birth year of the Dragon—a detail that, particularly in Asia, is thought to have a significant bearing on their leadership destiny. In Asian culture, zodiac signs are sometimes taken into consideration in various aspects of life, influencing business decisions, career paths, and leadership selection. More likely to be found in traditional , family-run businesses, the beliefs and practices influenced by astrology may subtly affect business decisions and relationships in the workplace. While these practices may not be overtly acknowledged in company policies or HR strategies, they are often interwoven in the social and cultural fabric of Asian society and may co-exist with merit-based selection processes. Enter the Dragon Among all the signs, the Dragon stands apart as the most auspicious and revered, often associated with the most dynamic and successful leaders, symbolising strength, fortune, and charisma. In the corporate landscape, this translates to the belief that Dragon leaders possess the foresight, dynamism, and boldness necessary to navigate the complexities of modern business. How to Spot a Dragon Traditionally, those born in the years that fall under the Dragon sign come every twelve years, with recent ones being 2024, 2012, 2000, 1988, 1976, and so on, tracing back through the decades in this cyclical zodiac. But to pinpoint a Dragon year accurately, one must refer to the lunar calendar, as the Gregorian calendar we commonly use does not align perfectly with the zodiac cycle. Dragon at the Helm The ‘Dragons’ in the corporate sphere are usually believed to be leaders who exhibit exceptional foresight, adaptability, and decision-making prowess. They are thought to be good at anticipating market trends and adapting their strategies proactively to stay ahead of the curve. Dragons are often highly regarded for their ability to inspire innovation, encourage calculated risk-taking, and foster a culture where creativity thrives. To empower their teams, these leaders invest in developing the skills and talents of their members, ensuring that the entire group is equipped to meet the demands of an ever-changing business landscape. The belief is that the strength of the Dragon is not just in his or her own might, but in their capacity to uplift others, enabling the team to rise to new challenges collectively. Flying with a Dragon To thrive under a Dragon leader requires understanding their leadership style. One is often encouraged to: 1) Embrace Vision: Dragon leaders are often visionary. They appreciate team members who understand and embrace the grand vision. 2) Be Proactive: Take the initiative. Dragon leaders value individuals who are self-started and can anticipate needs and challenges ahead of time. 3) Communicate Effectively: Keep lines of communication open. Provide clear, concise updates, and be ready to speak up with your own insights. Dragon leaders respect confidence and directness. 4) Show Resilience: Dragon leaders can be intense and their high expectations may create a demanding work environment. Show that you can handle pressure and bounce back from setbacks. 5) Pursue Excellence: Aim for high standards in your work. Dragon leaders strive for excellence and they expect their team to do the same. 6) Learn Continuously: Commit to learning and self-improvement. Dragon leaders often lead by example in this regard and will respect those who invest in their own professional development. 7) Support Your Team: While Dragon leaders may lead the charge, they need a cohesive unit behind them. Be a unifying presence with your team. 8) Be Decisive: Make decisions effectively. Dragon leaders make quick decisions and they value team members who can do the same when the situation calls for it. 9) Offer Solutions: When facing challenges, present solutions alongside the problems. Dragon leaders are solutions-oriented and appreciate a problem-solving mindset. We invite you to reflect on the style and strategies of leadership that resonate within your organisation. How might the qualities of the Dragon inspire your leadership approach or the way you champion others to lead? Share your thoughts in the comments.At The People At Work, our approach to executive search is grounded in an intimate understanding of the cultural and business landscape in which our clients operate. We prioritise not only a leader’s track record and expertise but also the subtler nuances of cultural fit and their capacity to drive and embody our clients’ long-term visions.

The Unique Role of Outsider CEOs in Family Businesses

February 15, 2024

By The People At Work The People at Work discusses: Why externally appointed CEOs in family businesses are in a league of their own. External CEOs in family businesses are indeed a different breed. Often, they are brought in during times of need – such as when navigating a complex generational transition, providing a bridge between generations where there is a talent gap, when there is a desire for international expansion, or when the family business is seeking a transformation from within. Whatever the purpose, these CEOs are expected to be the catalysts for change, yet they must achieve this without disrupting the delicate familial ecosystem. Unlike their peers in non-family enterprises, they operate in a world where the business narrative is deeply interwoven with the family's identity. They manage the company’s balance sheet along with its emotional ledger. What Makes an External CEO for a Family Business Special? Foremost, is their approach to decision-making. In a typical corporate environment, decisions can be driven by shareholder value and business results. However, in a family business, decisions are often more long-term, aiming to preserve the company’s legacy and ensure its longevity for future generations. Thus, an external CEO must balance the need for immediate and tangible success with strategic, sustainable growth. Communication, too, takes on a different dimension. In a family business, the external CEO is often the bridge between the family, other stakeholders, and the wider company. They must be adept at dealing with stakeholders who may comprise family members as well as long-time trusted business associates while translating the family’s vision into a language that employees understand. This requires not just business acumen but a deep sensitivity to the nuances of the family’s communication style and expectations. Moreover, beyond the matter of appointing a successor, succession planning involves mentoring and preparing the next generation while respecting the family’s choices and timing. The external CEO is often instrumental in this process, identifying and nurturing potential within the family or the company, ensuring that when the time comes, the transition is smooth and the business is in capable hands. To thrive in this unique environment, an external CEO must be a consummate leader, constantly adapting to the evolving landscape of the family business while also bringing in fresh perspectives and knowledge. They must possess the humility to recognise that they are part of something that predates and will likely outlast their tenure and the courage to make tough decisions that will shape the future of family enterprise. The family business demands that the CEO must be a master tailor, crafting strategies and solutions that fit the specific contours of the business and its family. This role, complex and demanding though it may be, offers a unique opportunity to impact lives and legacies in a way that few other leadership positions can.

Beyond Bloodlines: Securing Success with outsiders in the Family Business

January 25, 2024

By The People At Work The Insider-Outsider Spectrum Joe Bower, in his book "The CEO Within," presented a compelling argument for what he termed "Insider Outsiders" – internal candidates who harbour an independent view akin to an outsider's perspective. These individuals often possess a more objective view of how a company needs to adapt, an attribute that can be incredibly valuable for family businesses in transition. Family enterprise thought leader, John A. Davis, posits that CEO selection is “more complex for family companies.” He believes family businesses must weigh the merits of different leadership archetypes. The "Family Insider" knows the business intimately but may lack the necessary impetus for change. The "Family Outsider" returns with a wealth of experience, poised to infuse new life into traditional models with entrepreneurial verve. The "Non-Family Outsider" often brings in a trove of fresh perspectives and industry best practices but must tread carefully to respect the ingrained culture. The "Non-Family Insider" understands the company from an internal vantage point while not being bound by family ties, which could be advantageous in pushing through tough but necessary decisions. In the journey towards selecting the best incoming CEO, due diligence is the compass that guides the family business. It's about uncovering a leader who respects and complements the family's values and traditions but is also poised to steer the business into the future. This process goes beyond evaluating skills and experience to include assessing cultural fit and the capacity for visionary leadership. Setting the Stage for Success Clear expectations must be established from the outset. The incoming leader must align with the family's vision and values, while also being afforded the freedom to enact their expertise. It's this partnership, founded on mutual respect and a shared vision, that underpins a successful transition. The Integration Phase is Critical A structured mentorship programme can lay the foundation for successful assimilation, fostering understanding and respect between family members and the new leader. This close collaboration ensures that the new leadership can effectively blend into the company's fabric. However, the path is not without its challenges. Resistance from existing employees, cultural mismatches, and differences in leadership styles can all present hurdles. Open lines of communication, ongoing support, and a shared commitment to adapt are essential for navigating these challenges. Ultimately, bringing new leadership into the family business is a nuanced art. It requires a deep respect for the company's past, a judicious eye for talent that can adapt to the present, and a strategic vision for the future. By carefully considering the various types of leaders and focusing on those who can best balance tradition with innovation, a family business should have a great chance of charting a new course toward sustained success and growth.

Leadership Unwrapped: Kevin Wee

December 7, 2023

Leading with a Grateful Heart GM & Director of Sales for Reflex Winkelmann APAC and a self-professed “Mr Fix-It”, Kevin Wee, encourages rising corporate leaders to embrace gratitude as a guiding force that can turn leadership into a fulfilling and impactful endeavour with rippling effects. Leaders often face a multitude of tough and thankless tasks—navigating turbulent waters, taking on the weight of decisions, shouldering the responsibility for livelihoods, and the relentless pressure for profits. Accolades are scarce and the spotlight is often harsh. Baptism by Fire No stranger to this isolating and demanding environment, Wee recalls the first time, in his early 30s, when he was thrust to revive a struggling organisation. The board members doubted his capabilities, and the challenges were immense—from addressing the financial deficit and potential shutdown of operations to dealing with the concerns of workers, clients, and board members. “In the journey of leadership, where challenges are aplenty and recognition is rare, the role of a mentor becomes paramount,” Wee asserts. He adds, “For me, that mentor was Chang Yew Kong. His teachings have left an indelible mark on my leadership philosophy.” Amidst the chaos, Chang imparted a timeless lesson for Wee: Leaders don’t just DO more; they have to BE more. Becoming More “For a good leader to become a great one, it is not merely about actions. A leader’s character needs to be stronger, with a higher stress threshold, more patient, more appreciative. More everything,” Wee explains. Transparency, weekly updates, and tough conversations with the team became his tools for overcoming the challenges. “The experience was a crucible, forging my leadership skills and resilience,” Wee shares. “My commitment to the team’s success, coupled with admitting mistakes and taking responsibility, helped foster an environment where everyone could thrive. “Mr. Chang’s guidance was invaluable. He not only believed in me but also coached me on preparing for board meetings and stood by me, keeping me honest and stayed focused on the bigger picture. There was no time to dwell on setbacks; it was about facing the next step and the next problem.” This experience taught Wee that sustainable growth requires a tremendous amount of human element—a genuine concern for the well-being and success of the team. It reinforces the principles Chang instilled in him: be humble, believe in your team, show empathy, be authentic, and create an environment for people to succeed. The outcome was the successful turnaround of the company in just one year. “Mr. Chang’s impact extended beyond that crucial period. His lessons shaped my long-term approach to leadership. Beyond a personal sentiment, the gratitude I feel towards him has become the driving force in my personal leadership legacy,” says Wee. “Thank you, boss.” “As I reflect on my journey, I am reminded that leadership is not a solo endeavour but a collective effort, nurtured by the wisdom of good mentors like Mr. Chang and the dedication of a committed team. Gratitude, I have come to realise, is more than a feeling; it is a catalyst for personal and collective success. “To Mr. Chang Yew Kong, I express my deepest gratitude. You taught me how to lead and showed me the heart of leadership, one filled with humility, belief in others, and a genuine commitment to their success.” Kevin Wee’s Leadership Principals: Be Humble and Grateful: Humility, admitting mistakes, and expressing gratitude builds a leader’s character and sense of integrity. Believe in Your Team: Nurture trust and create an environment for your team’s success. Put Yourself in Others’ Shoes: Empathy and understanding foster a positive work environment. People excel because they genuinely feel cared for. Create Opportunities for Success: Empower individuals to succeed. Recognising and leveraging their strengths, compensating for their weakness Set Realistic Expectations: Do not expect individuals to perform beyond their current skills. Understand the capabilities of the team is crucial, and more importantly create room for growth Walk the Talk: Consistency in actions and words is vital for a leader’s credibility and influence. Develop Other Leaders: Look for opportunities to raise other leaders. Plan Ahead: Ensure longevity and succession. Stay Driven: Never lose sight of your purpose. Keep your job fulfilling and fun. Gratitude is Contagious One profound aspect of Kevin Wee’s leadership philosophy is the understanding that gratitude is contagious. When a leader embodies gratitude, expressing it in words and actions, it creates a ripple effect throughout and beyond the organisation. Team members gravitate towards gratitude and are more likely to adopt a positive and appreciative mindset, fostering a collaborative and supportive culture

Asia’s Rising Cybersecurity Concerns are Shifting the Role of Boards

November 2, 2023

By The People At Work In today’s world, where data is gold, underinvesting in cybersecurity is a ticking timebomb. Consequences range from reputational damage and financial losses due to data breaches and potential espionage, to intellectual property theft, and even national security threats. The loss of trust from stakeholders, regulatory penalties, and disruption of core operations can range anywhere from disruptive to outright devastating. In Asia, home to the world’s most dynamic and fastest-growing digital economies, the call for boards to adapt, understand, and lead in the realm of cybersecurity governance is no longer an option but a matter of survival. Here’s why: According to an IBM report, APAC was the most attacked region in 2022, with 31% of attacks globally. A Check Point report indicates that the weekly average number of attacks in APAC in Q2 2023 increased by 22% year-on-year. More than half (59%) of all APAC organisations say they experienced cyberattacks in 2022. The 2023 Thales Data Threat Report states that 47% of those surveyed spoke about an increase in attacks on their organisations. A July 2023 survey by Cloudflare that involved more than 4,000 cybersecurity managers in Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, The Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam showed that 78% experienced at least one cybersecurity incident in the last 12 months. 80% reported four or more incidents, while 50% reported 10 or more. 63% estimated the financial impact of cyber incidents at a minimum of $1 million, while 14% reported losses exceeding $3 million. Despite the rising frequency of attacks, only 38% of those surveyed by Cloudflare described their organisations as being well-prepared to deal with cyber threats. More than one-third (36%) lack an incident response plan and are therefore vulnerable to attacks. Threats go where innovation is; rapid digital development has not always been accompanied by bolstering cybersecurity, while the region's attractiveness to cyber criminals has only increased. The growing dependence on technology makes cybersecurity a top priority for governments, businesses, and individuals. With cyber threats increasing and growing in complexity by the day around the world, the expectations and responsibilities placed on corporate boards in companies and organisations across Asia must acknowledge such threats to their business and customers. Boards must evolve more urgently to be more proactive, informed, and engaged in cybersecurity matters. Cybersecurity is not just the problem of “that IT guy” and later shoved aside; it needs to be viewed as an essential aspect of corporate governance at the highest levels in an organisation. Share your thoughts in the comments and let’s keep the conversation going.

Women on Boards Across Asia: Progress with Hidden Challenges

October 19, 2023

By The People At Work Summary: Gender diversity in the boardroom is a global conversation, and Asia is no exception. A large part of recent conversation has been about encouraging greater female representation on corporate boards—it is not disputed that board gender diversity brings a wider range of perspectives for decision-making and arguably contributes to a better bottom line. Across Asia, more nations are embracing gender quotas or targets to boost female participation on corporate boards. Controversial as they may be, quotas seem to have shown promise in breaking old behavioural patterns. Countries like Hong Kong, South Korea, and India have seen positive shifts, particularly in the short term. In a 2022 Deloitte study, Southeast Asian countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, have recorded an average of 17.1% women in board seats, up from 14.3% in 2018. But as women gain access to boardrooms, they encounter challenges. Unconscious affinity bias can emerge in male-dominated boards, potentially side-lining female voices. Being a minority, women may struggle to assert themselves fully. There’s also the risk of being perceived as quota-fillers, which may undermine their credibility. While quotas provide an initial push, they remain a remedy for symptoms rather than the systemic issue. Achieving true gender diversity in corporations may demand a more multifaceted approach.

9 Fears That All Leaders Face

September 21, 2023

By The People At Work Inspired by Sun Tzu’s “Art of War” Summary: Fear, like laughter, is one of those things that unites us all as humans. Whether you’re in bustling Asia or anywhere else in the world, fear knows no boundaries. Sun Tzu’s ancient text, “The Art of War”, often associated with military tactics adapted to strategic brilliance in business and leadership, also offers unique insights into the common fears that all leaders face. Sun Tzu’s wisdom is a reminder that while fear is a universal experience, it is often also the source of empowerment and success in leadership, strategy, and life itself. And the first step to overcoming fear is acknowledging it. 1. Fear of the Unknown Just as generals confront the unknown on the battlefield, leaders at work face the uncertainty of venturing into uncharted territories. Sun Tzu’s anecdote is pragmatic: actively gather market intel, analyse trends, and devise tailored strategies. Armed with specific insights and a well-crafted plan, you’re in a better position to chart the course with better chances of success. 2. Fear of Failure Sun Tzu sheds light on this ever-present spectre in battlefields and boardrooms. In either domain, preparation and adaptability are key. Prepare by understanding your markets and competition, and be ready to seize opportunities. The act of seizing opportunities not only defies fear; it also creates momentum for success. By being decisive, you transform fear into a catalyst for growth 3. Fear of Losing Control Micromanagement, stifling of creativity, and even paralysis are symptoms of this fear. Sun Tzu’s philosophy advocates for flexibility—the ability to pivot and adjust to change. He stressed the importance of focusing on outcomes rather than being bogged down in the minutiae of daily operations. By giving your team the leeway to use their own judgement, you empower them to face their own fears and foster a collaborative environment where success is shared. 4. Fear of Conflict Conflict, whether in warfare or business, evokes apprehension. Hence, Sun Tzu’s advice for leaders was to choose their battles wisely. He emphasised that the only wars worth engaging in are the ones that contribute to your larger strategy. Be proactive and initiate action to control the situation so that every step is not a reaction to circumstances. When you dictate the terms of engagement, you mitigate the fear of getting caught off guard or being forced into a conflict on unfavourable terms. 5. Fear of Being Outsmarted Leaders often fear being outwitted by opponents or competitors. Sun Tzu encouraged anticipation and understanding of the enemy’s moves while embracing the elements of surprise. In his words, “He who is prudent and lies in wait for an enemy who is not will be victorious.” By patiently studying the tactics, motivations, and patterns of your opponents, you can uncover their vulnerabilities and opportunities that might otherwise go unnoticed. 6. Fear of Betrayal In the world of strategy and leadership, fear of being betrayed is a constant concern. Sun Tzu’s teachings underscore the importance of alliances, trust, and loyalty. Select capable and trustworthy individuals, and cultivate a culture of trust. Sun Tzu’s philosophy also advocates for transparency and open communication. When you maintain clear lines of dialogue with your team and allies, you can address concerns, dispel doubts, and prevent misunderstandings that might otherwise fester into betrayal. 7. Fear of Resource Scarcity When supplies and resources run low, it can impede operations, lead to competitive disadvantages, necessitate difficult decisions, threaten survival, and result in strategic vulnerabilities. Sun Tzu’s teachings emphasise resourcefulness and strategic allocation. His famous aphorism, “In war, the way is to avoid what is strong and to strike at what is weak,” highlights the importance of astute resource allocation. Rather than confronting powerful adversaries head-on, identify and target areas of weakness or opportunity to optimise the use of your limited resources. 8. Fear of Stagnation Leaders are apprehensive about remaining static, either in strategy or innovation, as this can lead to missed opportunities and eventual decline. Sun Tzu’s wisdom advocates for continuous learning, adaptation, and the pursuit of opportunities. By challenging the status quo and facing difficult situations head-on, leaders will not only survive but thrive in evolving circumstances. Actively seek and embrace change. By confronting challenges, questioning assumptions, and being open to new possibilities, fear becomes your driving force for progress. 9. Fear of Overextension This fear arises from the recognition that committing too many resources or efforts to a single objective can lead to negative consequences. Sun Tzu’s advice for leaders is to be prudent. When an enemy pretends to flee, do not chase them blindly, as it might be a trap. Similarly, avoid picking fights with opponents simply because they are eager to fight. Instead, be smart and use your resources wisely. Don’t fall for tricks, and avoid unnecessary conflict that can drain your energy and resources. This emotion, deeply ingrained in the human experience, resonates with all levels of executives. Embracing vulnerability and nurturing growth constitutes an essential odyssey for leaders. As we explore these universal fears through the prism of Sun Tzu’s timeless wisdom, we are reminded that leaders are fundamentally human, grappling with a tapestry of emotions every day. In this recognition of our shared humanity, we extend our compassion to all leaders, acknowledging the remarkable resilience they embody and the paths they courageously tread.

The X-Factor In Executive Job Interviews

August 31, 2023

By The People At Work Storytelling: Elevate Your Interview Game in 7 Steps Summary: Before claiming your coveted leadership role, you face the challenge of executive job interviews—the series that tests even the most confident. Yet interviews offer you a valuable platform to showcase your persuasion skills, convincing strangers of the value you bring to the role and securing your spot in the next round. Rather than dreading the process, embrace it by harnessing the skill of storytelling to make your journey to the top smoother and more enjoyable. Storytelling etches your uniqueness into the interviewer’s memory Sharing your achievements and experience through storytelling can offer a multitude of benefits beyond just showcasing your skills, character, and abilities. First of all, stories have a way of putting people at ease. As you narrate your experiences, you are essentially guiding both yourself and the interviewers through your achievements. It’s a process that naturally takes the edge off, creating a more relaxed and engaging atmosphere. By weaving your achievements into a narrative, it becomes less likely that you will forget key points. The structure of a story inherently prompts you to mention the challenges, the actions you took, and the outcomes achieved—a more holistic representation of your skills and abilities. Storytelling can also transform the interview from a one-way street into a dynamic two-way conversation. Rather than merely answering questions, you’re leading the discussion. This portrays you as an engaging communicator who can foster open dialogues — another critical trait for top-level positions. “Your resume showcases your experiences and achievements, but it’s your skill to relay them in a relatable manner that sets you apart.” Unlock the storyteller in you While your stories are based on your actual experiences, crafting them effectively and delivering them well is not easy. It requires thoughtful preparation and plenty of practice. Here are 7 key steps to incorporating storytelling into your interview preparation: 1. Connect with the Role Align your narrative with the specific requirements of the role you are interviewing for. Highlight anecdotes and experiences from your professional career that directly demonstrate the skills, leadership style, and problem-solving abilities desired for the position. 2. Identify Key Themes Look back on your career and find key moments that showcase your strengths such as instances of innovative solutions, collaborative teamwork, or conquering obstacles. 3. Give Structure Structuring your stories effectively can enhance their impact. Create a framework, by thinking along these lines: Challenges or opportunities facedConflict that arose or forces in oppositionMain actions takenDetails of approach and decisions madeOutcomes achievedLessons learned 4. Keep It Real Don’t shy away from sharing moments of vulnerability or setbacks in your stories. Beyond recounting events, reveal how these experiences made you feel. Authenticity can build a stronger connection with interviewers, demonstrating your capacity to adapt and learn from challenges and your knack for deep connections – all prized traits in leadership. 5. Be Culturally Aware As businesses span the globe, sharing stories on your ability to adapt and collaborate across diverse cultures can be key. For instance, if you are interviewing as a foreign candidate in Asia, share stories that underscore your ability to navigate specific cultural dynamics. Recount instances where you successfully adjusted your communication style to connect with your colleagues or led diverse teams to achieve common goals. 6. Quantify Impact Numbers speak volumes. Whenever possible, quantify the impact of your actions — whether it is revenue growth, cost savings or degree of market expansion. 7. Practise, Practise, Practise Rehearse your stories until you can convey them naturally and confidently. Storytelling can be a strong asset Learning to tell compelling stories in an authentic way is not just about acing interviews; it’s a valuable skill that will continue to serve you well throughout your career and life.