HRM 16.2 Supplement by HRM Asia

Unlocking entrepreneurship Ramping up networking skills ISSUE 16.2

Executive Education & Professional Development Guide 2016

EXECUTIVE EDUCATION AND PROFESSIONAL DEVELOPMENT NEWS

ACCENTURE SPENDS BIG ON LEARNING Consulting firm Accenture invested more than US$841 million on the training and professional development of its people in the 2015 financial year. This amounted to over 15 million hours of training, at an average of more than 40 hours per employee. The firm has turned its focus to the digital classroom and reinvented its approach to learning. It’s 373,000 employees now benefit from a blend of classroom-based training and a digital learning environment that links them to professional content and world-class experts from both inside and outside Accenture. Called Accenture Connected Learning, the initiative has enabled the company to develop highly specialised skills at scale, while also responding to quickly-changing business requirements. It offers more than 50 connected classrooms that enable Accenture employees from multiple locations to participate together in interactive and collaborative classroom sessions taught by Accenture’s senior leaders and world-class the subject-matter experts. Accenture plans to double the number of its virtual classrooms in 2016 financial year, to more than 100. “Accenture Connected Learning makes learning continuous, flexible and increasingly democratised,” said Ellyn Shook, Accenture’s chief leadership and HR officer. “Our people learn best by connecting, collaborating and practicing for the scenarios they will encounter in their work. “From basic skills to industry-specific content, learning is available to all our people anywhere, anytime – and, in many cases, no selection or approval is involved.”

INSEAD LEADS THE WORLD Graduate business school INSEAD has emerged tops in the annual ranking of Masters of Business Administration (MBA) programmes by the Financial Times. Harvard Business School, which had led the pack for three years, slipped to second place in the 2016 research. It was followed by London Business School, which ranked third. INSEAD achieved a “triple first,” according to the school. Its TsinghuaINSEAD Executive MBA and global Executive MBA programmes were also ranked at the top of their categories. According to INSEAD’s dean Ilian Mihov, the top ranking reflected the success of the school’s faculty and alumni, and was a result of significant improvements across a large number of parameters. “These include the salaries of its graduates, the percentage increase in salaries post-graduation, and return on investment for the degree, among other indicators,” he said. On the local front, the MBA programmes from Nanyang Technological University and the National University of Singapore were ranked 29th and 32nd respectively.

MBA DREAMS COME TRUE Two thirds of MBA candidates claim that they have either attained a better paying job or managed to climb the career ladder as a result of their studies, a new study has found. Conducted by the Advent Group, the study revealed that the prime motivation for getting an MBA degree was for the student to advance in their present firm. Some 47% of the respondents indicated this. The ability to get a better paying job was selected as the motivation by 37% of respondents, while 19% wanted to switch career lanes. But not all MBA graduates are fulfilling their dreams of a jet-setting career. Some 52% of

future and present MBA students expect the degree to set in motion a career of global travel and business, but only 17% of employed MBA graduates said they enjoyed such lifestyles. The Advent Group surveyed 2,000 prospective, current and past business education students from 24 countries.

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PROFILE

NTU NBS

Nanyang Executive Education

Empowering leaders of tomorrow C

onsistently ranked among the world’s top-tier business schools, Nanyang Business School is one of the most established providers of business and management education in the Asia-Pacific region. We have nurtured leaders from around the world, employing innovative pedagogy that melds rigorous academic theory with real-world business practice. As a college of Nanyang Technological University (NTU Singapore), we are able to draw on the strengths of a university on a rapid rise globally. Ranked 13th internationally, NTU is a research-intensive university, integrating non-traditional business and management topics into research and teaching. This holistic approach ensures that our student thrive and succeed in today’s increasingly dynamic and interconnected world. Our academic excellence and industry relevance is well recognised globally. Over the past 10 years, our MBA programme has been ranked regularly as one of Asia’s best. The Financial Times, for instance, ranked it the 38th best MBA programme in the world. It also rated our EMBA programme as the world’s 8th best in Nov 2014.

For more information, please contact us at (+65) 6592 3799 / (+65) 6592 3613. Email: nep@ntu.edu.sg

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We are accredited by the European Quality Improvement System (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB) – the world’s most widely recognised quality assurance standards for accounting and business education. Our research has also received outstanding ratings in various academic surveys, with several of our faculty recognised as global leaders in fields such as accounting, finance and culture intelligence.

Cutting-edge Asian management education Nanyang Executive Education is the executive education arm of Nanyang Business School. Committed to empower the leaders of tomorrow, our executive programmes are designed to help motivated individuals to sharpen their competitive edge, enhancing their ability to lead in Asia’s dynamic markets. Nanyang executive programmes are designed to deliver enriching learning experiences in which you will connect with other driven and talented leaders as well as our internationally renowned faculty. These non-degree management development programmes are offered to corporate clients and the general public. Open enrolment programmes are short, specialised programmes that are ideal for executives who want to update and refine management skills.

TESTIMONIALS FROM PAST PARTICIPANT “We have worked closely with a very supportive NTU team over a number of years, and have successfully completed a number of development programmes for our executives at the school. Some of their faculty are world class, and they conduct learning sessions that are engaging, lively, and filled with practical real-world examples. Consistently, our executives have rated the NTU programmes highly” LEE CHONG, HEAD,CORPORATE HR, RGE

These programmes provide high-level, value-added business education where you will learn the latest in management thinking and industry best practices. They include: • Management Development Programme @ Nanyang • WDA-Nanyang SME Hi-Potential Leadership Programme For a full listing of programmes we offer, please go to www.execed.ntu.edu.sg. We also work with public and private organisations to plan and implement management training and development initiatives

through customised executive programmes. Such programmes focus on specific strategic objectives within the company and are tailored to suit various levels within the organisation. Please write to nep@ntu. edu.sg to start exploring how we can support the growth and development of your company.

FEATURE

EXECUTIVE EDUCATION

UNLOCKING ENTREPRENEURSHIP

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EXECUTIVE EDUCATION FEATURE

An MBA is not just about building business acumen. Rather, it’s also about encouraging a sense of entrepreneurialism which is becoming increasingly vital in the workplace. HRM reveals more Sham Majid

sham@hrmasia.com.sg

eorge Deeb, Managing Partner at Chicago-based consultancy Red Rocket Ventures, wrote in a 2013 online article on Forbes that there has been a “seismic shift in demand for an alternative business education” over the last decade or two. That’s come in part from the rising costs of education. He said students are now looking for courses that focus on entrepeneurial skills and the business of startups. “One that teaches the basics in starting your own business and being your own boss. One that is tapped into local startup ecosystems with access to venture capitalists and startup incubators. One that marries expertise in technology development, with startup business and marketing skills. A new breed of business education under the banner: a Master’s in Entrepreneurship,” he wrote. While a standalone Master’s in Entrepreneurship is gaining traction among individuals looking to launch their own businesses, Master of Business Administration (MBA) programmes are also incorporating entrepreneurialism into their curricula. “MBA programmes are increasingly focusing on entrepreneurship as an important part of the curriculum,” says Associate Professor Nilanjan Sen, Associate Dean of Graduate Studies at

Nanyang Business School. “Most students pursuing an MBA aspire to start something of their own either immediately or a few years after graduation.”

Making a comeback Sen says constantly advancing technology and growing emerging markets are enhancing the potential market size for new startup businesses,

Top 10 US colleges for entrepreneurship (graduate programmes in 2015) • Harvard University • Babson College • University of Michigan • Rice University • Stanford University • Northwestern University • Brigham Young University • University of Texas at Austin • University of Chicago • University of Virginia Source: Annual Princeton Review ranking

resulting in significant opportunities for those with entrepreneurial ambitions. “Governments across the globe are encouraging, supporting and investing in ecosystems conducive for innovation to thrive,” he explains. “The effects of traditional businesses on the environment, as well as climate change issues, are also highlighting the need for alternative sustainable approaches.” Michael Cope, Director of Studies, London School of Business and Finance, declares “entrepreneurship is making a comeback as far as MBAs are concerned.” “This is part of a trend originating from the US where increasing numbers of MBA graduates are setting up their own businesses after graduating, or even while they are still studying,” he elaborates. “This is especially apparent in MBAs that are at the ‘higher’ end or take students who have significant working experience.” Cope says some business schools have an emphasis on preparing students to enter executive positions in high-growth companies, or to become entrepreneurs in their own right. They also prepare to participate in entrepreneurial ventures without being the founder of the startup, also known as “intrapreneurship”. ISSUE 16.2 SUPPLEMENT

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It all begins at work A chief reason behind the rise of entrepreneurialism has been the fact that businesses are fostering an entrepreneurial culture among their own workforces. “Most successful organisations are encouraging an entrepreneurial mindset and providing financial support for their employees to gain a competitive edge,” explains Sen. “Significant technological enhancements and the evolution of the shared economy business model allow organisations to capture significant market share as they execute disruptive ideas in the market place.” “There is also an increased appreciation of the fact that relevant, and impactful innovation does not happen in a vacuum; it often comes from employees and other associated stakeholders.” Cope says entrepreneurialism encourages employees to treat the

employer as their own company and to put its interests first. “Employees are likely to be more innovative and creative as they tend to put new business ideas into practice and this will help them to develop and build the skills needed for personal growth.” Wynne Lim, Senior Manager of HR, London School of Business and Finance, cites tech giant Google as an example of a business that has entrepreneurialism in its very blueprint. “Google used to have a legendary programme where all employees were allowed to spend 20% of their work time on projects that could benefit customers,” says Lim. “These ‘20% projects’ have resulted in a number of very successful new products including Gmail, Google News, Google Maps, Orkut, and AdSense.”

“There are many more inspiring examples on how entrepreneurship programmes can drive business results.”

Fostering entrepreneurialism in HR Tellingly, entrepreneurialism is also a valued trait for HR professionals. Sen says the current market environment makes it important that HR professionals possess a good understanding of entrepreneurial skills, develop processes that assess entrepreneurial skills, and have training programmes available to develop such skills. “Organisations increasingly ask their employees to come up with new business ideas, or to start up new lines of business in response to increased competition and changing business conditions,” he explains. “HR can definitely help organisations to ensure that such

Cutting-edge programmes It comes as no surprise to Associate Professor Nilanjan Sen, Associate Dean of Graduate Studies at Nanyang Business School (NBS), that over the last few years, there has been a visible shift in demand for a different kind of business education. He says today’s students are increasingly seeking out learning experiences that encompass technology development, start-up incubation, as well as strategy and marketing skills. “Institutions need to constantly develop their programme curriculum to prepare students for the future business scenarios and offer electives related to entrepreneurialism,” he stresses. “Actively training for and participating in competitions is a great way to expose students to the world of entrepreneurialism. The Venture Capital Investment Competition, which NBS participates in, has evolved into a marketplace for entrepreneurs seeking investors and is a solid training ground for future venture capitalists.” In addition, Sen says mentoring by a pool of industry-relevant small and medium enterprise (SME) leaders is another way to get students thinking about entrepreneurship opportunities and challenges. “Governments and corporations across the globe offer grants to support start-ups. Building an effective ecosystem with business leaders and funding sources is a valuable offering for any business school,” he states.

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True to its word, NBS offers elective courses in entrepreneurship for its MBA programme participants. According to Sen, the SME track for its top-ranked Nanyang Executive MBA programme prepares participants for the unique challenges that SMEs face. “NBS has partnered with Spring Singapore, an enterprise development agency under the Ministry of Trade and Industry, to develop a cutting-edge curriculum to enhance the skillsets of business owners and entrepreneurs to be at the forefront of this competitive business area,” he says. “Every year, the cohort visits some of the most prestigious American universities like the University of California, Berkeley, where they take courses in innovation and entrepreneurship.” Michael Cope, Director of Studies, London School of Business and Finance, says his school’s MBA with Concordia University Chicago is designed to provide students with a thorough foundation on business and commerce and to prepare them for management roles. “We are consistently monitoring the market to design relevant programmes to working professionals,” he says. “There are plans to launch programmes to professionals who either wish to launch their own business or develop knowledge and skills that can be used within companies.”

EXECUTIVE EDUCATION FEATURE

‘intrapreneurs’ are spotted and receive the right support to be successful.” Lim agrees, noting that employees with entrepreneurial ability are vital to the sustainability and growth of a business. “Entrepreneurialism enhances performance management, productivity and, operational excellence,” he elaborates. “Possessing an entrepreneurial mindset or skills allows employees to embody the spirit of enterprise into their work, which will not only benefit HR professionals, but also the company.” “However, entrepreneurialism does not come easy, and the company has to make a conscious effort to nurture it.”

“Organisations increasingly ask their employees to come up with new business ideas, or to start up new lines of business in response to increased competition and changing business conditions” Associate Professor Nilanjan Sen, Associate Dean of Graduate Studies at Nanyang Business School

Melbourne University launches Master of Entrepreneurship programme From 2016 onwards, Australia’s Melbourne University will be offering a one-year Master of Entrepreneurship degree which will generate graduates who are “start-up ready”. According to the Melbourne launches Master of Entrepreneurship online article written by Chris Parkes, the course will be located at the custom-built Wade Institute for Entrepreneurship at Ormond College. The Master of Entrepreneurship will arm students with the knowledge and skillsets needed foster and embark on innovative new businesses, successfully commercialise products and services, and craft successful business models. Students will be guided by entrepreneurs and will accumulate hands-on experience in prototyping new products and services, running a pop-up business, and cultivating a start-up business idea to pitch for real venture capital. The Wade Institute for Entrepreneurship, designed by renowned Melbourne architectural and heritage consultant Lovell Chen, will offer a unique setting for budding entrepreneurs to unlock their creative potential.

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MDIS

Management Development Institute of Singapore (MDIS) F

ounded in 1956, the Management Development Institute of Singapore (MDIS) is Singapore’s oldest not-forprofit professional institute for lifelong learning. MDIS has two main subsidiaries: Management Development Institute of Singapore Pte Ltd to oversee its Singapore academic operations, and MDIS International Pte Ltd to further its globalisation strategy. MDIS offers wellaccredited courses in Business and Management, Engineering, Fashion Design, Information Technology, Health and Life Sciences, Mass Communications, Psychology and Travel, Tourism and Hospitality Management. These programmes are offered in collaboration with highlyacclaimed universities in Australia, France, the United Kingdom and the United States of America. The EduTrust Certification, first awarded in 2010 and subsequently renewed for

Management Development Institute of Singapore (MDIS) MDIS Campus, 501 Stirling Road, Singapore 148951 Tel: 6247 9111 MDIS Dhoby Ghaut, 20 Orchard Road, Singapore 238830 Tel: 6372 1000 Email: etc@mdis.edu.sg Web: www.mdis.edu.sg

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another four years in 2014, attests to the Institute’s exemplary education and business excellence standards. MDIS is also amongst the first batch of Private Education Institutions to be registered under the Enhanced Registration Framework. MDIS also has representative offices in China, India, Indonesia, Sri Lanka, and Thailand, as well as agents throughout Southeast Asia.

MDIS Business School The MDIS Business School (MBS) is the largest and most established school within the Management Development Institute of Singapore. MBS

offers an industry-relevant and a multi-disciplinary approach to education, preparing students for career commencement and advancement for today’s complex business environment. To meet global challenges, MBS offers a plethora of business programmes ranging

from professional certificates to master’s degrees, from its four renowned university partners namely: • Bangor University (UK) • Grenoble Graduate School of Business (France) • Southern Cross University (Australia) • University of Sunderland (UK)

FEATURE

NETWORKING SKILLS

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NETWORKING SKILLS FEATURE

How can professional utilise their networks of contacts to enhance their careers? HRM finds out

Naadiah Badib

naadiah.b@hrmasia.com.sg

etworking is most often viewed as a strategy to help individuals achieve new heights in their professional career. Enhancing one’s business circle also plays a crucial part in seeking new job opportunities or pathways to advance in the workforce. Despite the prevalence of online job search mediums, networking is still deemed to be the best way to get around in the corporate environment. According to a recent University of Phoenix School of Business survey, 89% of both working adults and job seekers believed that networking was beneficial. Another 27% of respondents stated that those who don’t do enough networking miss out on job opportunities as a result. “Meeting your contacts faceto-face can fuel chemistry and add clarity to the content of your business communications,” says Linda Ong, Undergraduate Career Services Director, Nanyang Business School. “Whether at corporate luncheons, industry conferences, or an alumni gathering, networking with fellow professionals is one of the most effective ways to build relationships ISSUE 16.2 SUPPLEMENT

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NETWORKING SKILLS

and bring your business and career to the next level.” While maintaining a network of contacts has become quicker and easier through social media platforms, the “old fashioned” way of networking still holds a place in modern society. “A firm handshake is still worth its weight in gold, compared to a convenient ‘click’ on Facebook,” Ong adds. Kwek Kok Kwong, CEO of NTUC Learning Hub, underscores that there is more to networking than just adding people blindly on online media. “It is not just about collecting name cards and befriending new friends,” he explains.

THRUST vs TRUST networks Deddi Tedjakumara, Executive Director of the Prasetiya Mulya Executive Learning Institute, says there are two key types of networking that professionals should practice. They are: • Thrust network This consists of the people who are involved in a daily work activity, be it internally or externally. These people can be connected to the individual’s current or future business ecosystem and their relationships are heavily tied to business motives • Trust network This network consists of people who individuals feel secure with. In many cases, this network comes from non-work related field as there is no conflict of interest in the relationships. “Professionals have the tendency to only pay attention to the Thrust network and forget to build their Trust network,” Tedjakumara says. “The higher they climb a leadership ladder, the more they need the Trust network.”

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“It is more about keeping the relationship and friendship warm, and helping others when they need help and seeking help through this network when you need it.”

A career boost In the same University of Phoenix survey, working adults and jobseekers who actively networked reported that it had benefited them through new job opportunities (32%) and by winning the support of a more senior colleague (23%). Additionally, 18% said they gained a new customer through networking, followed by those who received an increased salary (14%) and those given a promotion (11%). Ong says that at work, networking can help new hires deepen their understanding of the organisation and allow them to connect with colleagues at all levels. It can also strengthen an individual’s circle of influence outside of work as the network of contacts can help to connect the dots of opportunity and potentially act as an enabler. “Success in your career can be achieved through the people who know you, and what they know or think about you may affect your reputation,” Ong explains. The opportunity to interact with people outside of a regular social circle

is especially evident during networking sessions. Kwek says individuals ought to be curious and be helpful to others so that they will also return the favour in times of need. “There are many people out there who could form your resource for knowledge on open positions, careers, growing companies, industries, and skills required,” he shares. “Tap on these resources to help you make important career decisions.”

Networking issues While networking plays an essential role in career advancement, some professionals would rather avoid such opportunities. The University of Phoenix School of Business research also revealed that 25% of respondents avoided networking because did not know the best way to go about it, while another 23% felt that they were already in a good place career-wise. Other reasons cited for neglecting professional networks included that they required too much time (16%), having insufficient experience to make networking worthwhile (15%) and that there was little to no return on the investment (11%). “Unfortunately, most people tend to brush off the idea of networking because they feel insecure in

NETWORKING SKILLS FEATURE

environments where they are required to mingle with unfamiliar faces, especially those with senior corporate titles or who serve in roles of greater influence and power,” Ong says. “The thought of having to make small talk in a room with many strangers makes them uncomfortable.” Deddi Tedjakumara, Executive Director of Prasetiya Mulya Executive Learning Institute highlights that on top of lacking the skills to make connected communication, a person’s personality can also be a cause. “An introvert, for instance, must force themselves to feel comfortable with networking, despite their relational skills,” he says. Yet, it may just be a matter of time for individuals to come out of their comfort zones and meet new people, Kwek suggests. The instinct of networking and operating outside of the comfort zone can be developed until it becomes second nature, he says. “Put aside your mobile device and commit attentively to every new conversation that you start,” Kwek advises. “Do not isolate yourself to your device or you will lose the opportunity to talk to or know someone new.” According to Ong, the trick to network better is to focus on a

“A firm handshake is still worth its weight in gold, compared to a convenient ‘click’ on Facebook” Linda Ong, Undergraduate Career Services Director, Nanyang Business School

person, and not their job title. “Bear in mind, hierarchy or seniority shouldn’t influence your style and approach,” she explains. “It should only make you more aware of the appropriate topics that can be discussed.”

Maintaining quality relationships Networking is a two-way street. Relationships ought to be nurtured in order to bring mutual benefits to both parties. Ong explains a key method is to do regular follow-ups through phone calls or otherwise keeping in touch. “You can forward them articles which may be of interest because of

their line of work, or congratulate your contact or their organisation about positive news that you come across,” Ong shares. Yet, the prevalence of social media platforms has been deemed to make networking much easier. “If you overlook this, you may lose touch with the contacts you already have,” Ong adds. “Make sure that you diligently nurture your relationships and not waste the time you have already invested.” “Consequently, it might make sense to prioritise those relationships which are more aligned to your career goals or personal objectives.”

How do you prefer to network? When communicating with other professionals in the industry, most Chief Financial Officers (CFOs) prefer to network via emails. This was a key finding from a recent Robert Half survey. The survey revealed that 50% of CFOs would rather keep in touch with their colleagues through e-mail correspondence. When they were asked, “How do you prefer to network professionally?” Their responses were: • E-mail correspondence: 50% • Attending professional events, meetings, conferences: 25% • Networking online (social media): 18% • None/ Do not network: Seven percent

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INSTITUTE OF SINGAPORE CHARTERED ACCOUNTANTS PROFILE

Sharpen your skills to make a distinct impression D

iscover limitless opportunities for professional development, increase your market value and be recognised as an accountancy professional through your membership with the Institute of Singapore Chartered Accountants (ISCA). Continue your learning with the over 800 Continuing Professional Education (CPE) courses that ISCA conducts annually as well as the plethora of technical resources and publications

produced by ISCA. Hear from industry experts during breakfast talks, technical seminars and conventions. ISCA’s networking events will also give you the opportunity to widen your network of like-minded professionals. Established in 1963, ISCA is the national accountancy body of Singapore and confers the Chartered Accountant of Singapore – CA (Singapore) – designation. ISCA is also an Associate of Chartered Accountants Worldwide – supporting, developing and

promoting over 325,000 Chartered Accountants in more than 180 countries around the world. There are over 29,000 ISCA members making their stride in businesses across industries in Singapore and around the world. Join them and make

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PROFILE

PRASETIYA MULYA EXECUTIVE LEARNING INSTITUTE

The preferred partner for

business leaders P

rasetiya Mulya Executive Learning Institute sees itself as a partner for business leaders who believe that people are the primary resource in developing and maintaining sustainable growth. Prasetiya Mulya Executive Learning Institute has become the trusted partner for many national, multinational companies and government related agencies in developing human capital to face the challenges of organisation and business. Our solutions are contextual and systematically designed to solve problems. They are also aligned with the different stages of an organisation and its strategic direction. Prasetiya Mulya Executive Learning Institute works in synergy with corporate universities, corporate learning centres and Human Capital Department in developing customised intervention programs

through consulting, as well as designing, executing, and evaluating learning and development programs. The intervention itself can be delivered in many forms, such as in class programs, business improvement projects, executive coaching, team building and other development programs. One of our success stories is the customised program that we created for Indonesia-based pharmaceutical company, Kalbe Farma. “Prasetiya Mulya Executive Learning

For more information Prasetiya Mulya Executive Learning Institute Prasetiya Mulya Campus, Building 2 #2203 Jl. R.A Kartini (TB. Simatupang), Cilandak Barat, Jakarta Selatan 12430 – Indonesia Tel: +62 21 751 1140, +62 21 751 1126 ext. 1009 – 1011 Mobile: +62 81808737773 Fax: +62 21 7500460, +62 21 7511143 Email: information.eli@pmbs.ac.id Web: www.pmeli.ac.id

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Institute is a partner who understands the needs of Kalbe in developing future leaders. Started in 2011, the Kalbe Middle Management Program was designed with the objective of changing mindsets, and building systematic and comprehensive thinking. After 15 batches, the program has proven to help Kalbe in improving the thinking alignment between superiors and subordinates. It enables us to implement ‘excellence in execution’ when facing competitive circumstances as well as dynamic and challenging business situations”, said Lanny Soputro, Corporate Human Resources Director of PT. Kalbe Farma., Tbk. The institute also provides public programs that inspire and enrich business perspectives, and help participants acquire deeper business knowledge and insights.

Riyadi Suparno, Executive Director of The Jakarta Post stated, “Certification and Short Course Programs from the Prasetiya Mulya Executive Learning Institute refresh knowledge and insights, trigger new ideas, increase motivation, and elevate confidence in business practices among our managers. In addition, public programs give us an opportunity to leverage our business network with various executives and business practitioners from different industry backgrounds. They are facilitated by consultants who have expertise in their respective fields.” Our long experience and dedicated team of consultants make us exceptionally resourceful in designing development program material, methods of delivery and evaluation approaches for a superior level of effectiveness.

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