SMP Magazine December 2015 by SMP Magazine

Professor Ken Shao

DECEMBER 2015

CHINESE Opportunities In The Mining Downturn Julie Kong

Migration In Australia Jessica Indrawirawan

Thriving In A Manâ&#x20AC;&#x2122;s world

R U E N E R P A INTR FINANCE Raising Capital For Resource Projects

JUSTIN KWOK

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Are You An

Intrapreneur? www.smpmagazine.com.au

NEED HELP TO REALISE YOUR AUSTRALIAN DREAM? Contact: Tommy Adebayo Email: tommy@smpmagazine.com.au Phone: +61 430 209 803

CONTENTS IN THIS ISSUE

December 2015

Issue 4

13 22 BUSINESS: IT’S NOT BUSINESS, IT’S PERSONAL Enhance your business relationships with a personal touch

13 CAREER: THRIVING IN A MAN’S WORLD How women can get ahead By Jessica Indrawirawan

By Ron Gibson

Diversity CROSS-CULTURAL AWARENESS The importance of tolerance and acceptance in a multicultural society By Maryam Omari

Migration

Finance

MIGRATION IN AUSTRALIA How migrants are helping the Australian economy

IF YOU FAIL TO PLAN, YOU PLAN TO FAIL Tips to get your finances in shape

By Julie Kong

By Andrew Boyer

Finance

Motivation

HOME SWEET HOME Become a homeowner as a 457 visa holder

EMBRACING DIVERSITY The new normal

By Pamela Palmqvist

By Tim Healy

December 2015 | www.smpmagazine.com.au

CONTENTS December 2015

COLUMNS

IN EVERY ISSUE

7 9

Publisher’s Page Editor’s Letter

Issue 4

Is Your Glass Half Full Or Half Empty? Beat The Odds And Get Ahead

Business

Career

Gain A Competitive Edge In A Competitive Environment By Justin Kwok

YOUR CAREER COACHES

Reach Your Potential By Gishan Liyanage

Understanding Aussie Workplace Culture By John Tedesco

Being competitive When Times Are Tough By Andrew Cooke

Your migration assistant Migration In Australia By Julie Kong

Getting your finances in shape If You Fail To Plan, You Plan To Fail By Andrew Boyer

Your motivation guide Embracing Diversity By Tim Healy

Business

Migration

Finance

Are We Prepared Chinese Opportunities In The Mining Downturn By Professor Ken Shao

In-Depth look Raising Capital For Resource Projects By Carmie Olowoyo

Motivation

December 2015 | www.smpmagazine.com.au

Publisher’s Page Is Your Glass Half Full Or Half Empty?

any people, including SMP Australia members, continue to be battered by the slowing economy creeping around the world. This is particularly the case for countries that depend on resources, such as mining, oil and gas, for their GDP. Economists are telling us daily that the worst is yet to come and the situation might lead to another recession globally, so what do we tell people who are forced to pound the pavement trying to find a job? What do we say to the middle-class families who now represent the “new poor” in today’s society? To these people and to those facing similar circumstances, I ask you, do you see the glass as half full or half empty? I’m not being flippant – on the contrary – what I’m trying to say is that it’s time for you and me to stop whinging and start counting our blessings. These days, I spend a great deal of time listening to a barrage of complaints from friends, colleagues, employees, entrepreneurs and even family members. They are all bemoaning everything, including the seesaw economy, the lack of career opportunities, collapsing home values, the poor state of public education, and the list goes on. I will never say such grievances are without merit, as many are legitimate and worthy of our attention. I submit, however, that venting has never served as an antidote. I subscribe to the philosophy espoused by President John F. Kennedy who said, “our problems are man-made, and therefore, they may be solved by man. And man can be as big as he wants. No problem of human destiny is beyond human beings”. I, for one, am an unabashed optimist – I always see the glass half full. To realise my measure of success, I take responsibility for my actions, map out a strategy for personal and professional achievement and above all, retain an unshakeable belief in

my abilities. I believe we must strive to be the best at whatever we do, as we relentlessly pursue the next career or build a new revenue producing opportunity. As we progress towards the end of 2015, I urge all SMP Australia members to get ready to wipe their slates clean in December and decide to turn a new leaf in 2016. We have strategically collated a series of articles in this issue that will assist our members to progress towards attaining their career or business goals. Australia is a land of the free and home for the brave. Opportunities are everywhere, but we need to search for them and make ourselves a sought-after candidate in this competitive economy. The team at SMP Australia is very excited for 2016, as it will be pioneering the first Perth migrant professional’s seminar. It will also be launching the first migrant-managed employment service, which will be assisting professional migrants prepare for and obtain employment that matches their experience and background. I encourage everyone to always view the glass as half full, but if you find one that happens to be empty, know that you have all the resources you need to fill it to the top.

See you at the top! Guest Publisher Jeff C.H Ha, Litigation Paralegal (Hong Kong) SMP Australia Non exe director

Our problems are manmade, and therefore, they may be solved by man. And man can be as big as he wants. No problem of human destiny is beyond human beings John F. Kennedy P.O.BOX 5201 Canning Vale South WA 6155 Perth Australia. Tel: (08) 9398 3671. Email: info@smpmagazine.com.au, Website: www.smpmagazine.com.au

December 2015 | www.smpmagazine.com.au

Western Australia (WA) 199 Oxford Street, Leederville, Perth, WA, 6007 PO Box 5201, Canningvale South, Perth, WA, 6155 Tel: +61 (08) 6317 0217 New South Wales (NSW) PO Box 20428, World Square, Sydney, NSW, 2002 Tel: +61 (02) 8098 7889 Australian Capital Territory (ACT) PO Box 2586, Jolimont Centre GPO, Canberra, ACT, 2601 Tel: +61 (02) 6102 1125 Victoria (VIC) PO Box 5, 440 Collins Street, West Melbourne, VIC, 3007 Queensland (QLD) PO Box 243, Main Beach, QLD, 4217 Tel: +61 (07) 3503 6788 Editor

Emily Williamson EDITORIAL Guest Publisher Jeff. C. H. Non-Executive Directors Peter Godwin Max De Vietri Eve Howell Jeff Ha Zeeshan Pasha Proof Readers Lee Miles Rumbi Chekeche Article Contributors Andrew Boyer Andrew Cooke Carmie Olowoyo Gishan Liyanage Jessica Indrawirawan John Tedesco Julie Kong Justin Kwok Ken Shao Maryam Omari Dr Moses G Adepoju Pamela Palmqvist Ron Gibson Tim Healy

CEO

Tommy Adebayo PRODUCTION Technology Director Patel Dipen Website Designer Daniel Ngari Creative Director Zoran ZarkoviÄ&#x2021; Photo Coordinator Farhad Mobarra Operations Manager Andrew Kaniki Brand Manager Melvin Hachuma App Designer Patel Dipen

BUSINESS DEVELOPMENT Managing Director Tony Wright General Manager Lee Miles Sales Manager Julia Buchholz Sales and Marketing Officers Kathleen Haug Bernard Ganyani Subscription Manager Bola Adebayo Skilled Migrant Professionals Magazine (ABN 18169512618) is published quarterly by Skilled Migrant Professionals Australia, 199 Oxford Street, Leederville, Perth, WA, 6007 Australia. PO Box 5201, Canningvale South, Perth, WA 6155. Tel: +61 (08) 6317 0217. To subscribe to SMP Magazine or to receive our free monthly newsletter and online exclusive, log on to www.smpmagazine.com.au. CUSTOMER SERVICE: for service on subscription, including renewal, change of address or other customer service matters, call +61 430 209 803, send an email to subs@smpmagazine.com.au.

All articles, advertising, contributions and material supplied to SMP are the opinion of the advertisers, contributors and authors of the article/material. No responsibility is taken by SMP. Opinions published are not necessarily those of the editor.

www.smpmagazine.com.au | December 2015

ARTICLE PROPOSALS and unsolicited articles can be emailed to tommy@smpmagazine.com.au. @2014 SMP Australia Media. All rights reserved. Material may not be reproduced in whole or in print in any form without prior written permission. Printed in Australia.

Editor’s Letter Beat The Odds And Get Ahead

Guidance on how to develop your entrepreneurial spirit and achieve great business success.

he current economic environment in Australia is putting the pressure on many of us, and as investment in mining declines, it is time for Australia to focus on other profit-making initiatives. Despite these challenges, however, it has not all been doom and gloom. Consumer confidence is slowly returning, housing investment has strengthened, and exports have continued to expand. Although there is still some way to go, it is important that we all stay positive and look to the future. In this edition we look at ways you can get ahead and put yourself in the best position for a prosperous career and happy life. In ‘If You Fail To Plan, You Plan To Fail’, we look at the importance of planning your financial affairs. We never expect the worst could happen to us, but what if it did? What would happen if you were to suddenly lose your job tomorrow? How would you manage if you were struck down with a severe illness? Could you cope if you had an accident that prevented you from being able to work? These events can happen to any of us and it is important to make sure we are prepared for them. We provide you with five tips to get you started on making sure your finances are healthy and can weather the storm.

noticed. One of the most important things you can do is be prepared to invest in learning and development. Employers want candidates who are committed to learning and taking up new opportunities, because it means your services will stay relevant and you are enthusiastic about your chosen field. Make sure you are prepared to tackle new challenges, take risks, stay positive and celebrate your achievements along the way to your overarching goal. Perfectly complementing this article is ‘Are You An Intrapreneur?’, where we look at how you can become a valuable asset to your employer. Simply put, an intrapreneur is someone who does not own the business they work in, however, they understand and appreciate the risks that affect that business. Intrapreneurs take new initiatives without being asked and they focus on innovation and creativity. They seek to transform ideas into a profitable venture or a more cost-effective procedure, all while operating within the organisational environment. We give you five skills you can adopt to become an invaluable intrapreneur. With an abundance of tips, advice, inspiration and insights, we hope you enjoy reading this issue as much as we enjoyed making it. Happy reading,

If you are looking to grow professionally and get that promotion, ‘Reach Your Potential’ may have just the answers you need. Even without the support of your company, there are ways to increase your value and get

Emily Williamson

December 2015 | www.smpmagazine.com.au

Career

Reach Your

POTENTIAL SEVEN TIPS FOR ATTAINING PROFESSIONAL GROWTH

hy does your career growth and development matter? Because it is essential to continually challenge and stretch ourselves, and not get stuck in a job where we don’t feel we are growing or learning. There is more potential inside us than we can imagine and it is up to us to live up to it. Noting that we are living in a fast-paced and constantly evolving world where everyone wants immediate gratification, it’s now more important than ever for us to continue to grow professionally and personally. Here are seven steps to help you grow professionally, even without the support of your company.

1. Invest in learning and development There are so many free webinars on practically every subject imaginable. Carve out some time each day or each week to watch a webinar or two. Book yourself for short courses that will help you to stay on top of what’s going on in your industry.

2. Take on new challenges and take calculated risks It can be risky, stressful and sometimes confusing, and it’s a perpetual cycle, but it is a great thing to experience. High-performing companies thrive on the number of challenges it is able to solve, so why should you as an employee, shy away from challenges? Sometimes it may seem that new problems crop up as fast as you solved the old one, but that just means you are getting better and stronger at what you do.

3. Make small changes one step at time, review and get feedback Forget the super-hero approach. You don’t have to leap over buildings in a single bound; consistent action on a daily basis is easier to manage. When you make small changes, you will build momentum and confidence and reach your goals faster than if you try to attack a big goal in one fell swoop.

www.smpmagazine.com.au | December 2015

By Gishan Liyanage, Director at Nelara HR Consulting

4. Detox negativity and be positive Rid yourself of people or things that drain your energy and make you feel bad. Choose to associate with other people that build you up, support you, and challenge you to be better.

5. Add fun and celebrate success Celebrate your victories, both small and great. For every goal, include a reward for completing it. Find the fun in all that you do, even if it it’s just whistling while you work. The more you enjoy your work and life, the happier and more accomplished you will become.

6. Write your own success story Writing is a powerful way to achieve abundance and dream fulfilment. Keep a journal to record your dreams, goals, your past success, brilliant thoughts, and action plans. Your writing will become instructions to your subconscious mind. Thinking on paper is a big key to getting ahead.

7. Get a mentor/career coach for exposure, motivation and direction Look around in your company for someone to mentor you. If one is not available, reach out to thought leaders through LinkedIn, community groups or a professional networking association. It’s important that you have a connection with the person who will mentor you.

Career

THE DO’S AND DON’TS OF HOW TO FIT IN

Understanding Aussie Workplace Culture A

n important issue for new migrants working in Australia is to understand Australian (Aussie) culture, and a crucial part of this is knowing how to fit in at work, with your team, and within the organisation generally. A lot has been written about culture at work because it is so powerful. So much so, that it is often rated as being more important than all other business resources, such as finance and technology. Culture is about people and what motivates them, which is important to understand as all work is done by people (even computers or robots cannot work without a person to program them). While there are many academic definitions of culture, it basically refers to the values and behaviours practised by a group of people. Behaviours, such as language and dress, are the most obvious and day-today factors that make up a culture. Values are deeper in peoples’ psyche and are reflected in the many decisions that are made each day at all levels of an organisation.

Mateship Australians place a high value on friendly relationships, reflected in the term ‘mate’. With a relatively small population, it is important to get along with everyone, as you never know when your paths may cross again. This leads to a win-win negotiating style, since having everyone come away with positive feelings can help to facilitate future business dealings.

Modesty Australians are very down-to-earth people and are always mindful of not giving the impression they think they are better than anyone else. They dislike pretentiousness and value authenticity, sincerity, and an open and frank manner.

By John Tedesco, Planning and Governance Manager with the Rottnest Island Authority

Australians prefer a modest and self-deprecating approach, so a sense of humour is highly valued. They generally do not draw attention to their job or academic achievements and tend to distrust people who do. Downplaying personal success, however, can often mask a fiercely competitive spirit, as reflected in their love of sport.

Egalitarian Aussies like to perceive themselves as being reasonably equal in terms of status and wealth, even though increasingly they are not. They loathe people flaunting personal wealth, authority and status, although they generally respect people who achieve in these areas. This egalitarian value is evident, for example, in the use of people’s first names at work, whether it’s the CEO or the cleaner. Another example is that they don’t accept anyone ‘jumping the queue’ no matter who they are.

Practical The common good, or a practical worthy cause, is more motivating and powerful than an intangible goal or vision. Australians like to help solve a practical problem or address a customer or community need. As an example, supplying a customer’s product on time is more motivating than winning an Australian customer service award or similar achievement. The following do’s and don’ts will give you some practical help on how to fit in at an Aussie workplace:

December 2015 | www.smpmagazine.com.au

Career

Do:

• Be friendly and open, e.g. ask people about what they did on their weekend • Be modest about your personal successes and generous in your praise of others • Be a team player, do your fair share of the work, including the boring stuff • Share the success and failures with others • Be positive, as reflected in the saying ‘she’ll be right mate’ • Display honesty and integrity in your work activities • Offer practical solutions to problems and suggest improvements • Be willing to help, e.g. volunteer for committees and projects • Join in with the joking, but be careful to not offend • Join in on friendly competitions, e.g. the office football tipping

Friendship yes, but no gossips!

Don’t:

• Criticise the past efforts of staff or the organisation • Show off or brag about your achievements • Gossip about people, especially fellow staff and bosses • Cover up your mistakes: better to own up, apologise and try to fix the situation • Go around your supervisor to get a favourable decision from someone more senior • ‘Dob’, or tell others about someone’s mistake, unless reporting a serious matter

JOHN TESESCO John Tedesco is the Planning and Governance Manager with the Rottnest Island Authority. A graduate of the Curtin Graduate School of Business in Western Australia, his passions at work are strategic planning and culture. John grew up in a family that migrated to Australia.

www.smpmagazine.com.au | December 2015

Career

Thriving in A

Man’s

World Five Ways Women Can Get Ahead

ince I was young, I knew I wanted to become the first female engineer in my family and make them proud. In 2004 and again in 2007, I fulfilled this dream when I graduated from Curtin University with an Electrical Engineering degree and then a Masters. It was my father, Hendra, who led me to choose a career in engineering. He is an amazing role model and one of the best engineers I have ever known. Today, I now have more than 10 years of experience across the mining, industrial and commercial sectors. I have also recently returned from maternity leave after having my first child, Alyssa, who turned one in September 2015.

By Jessica Indrawirawan, Senior Electrical Engineer at Norman Disney & Young

I am honoured to be working as one of the engineers at Norman Disney Young (NDY) – a world-renowned company with offices around the globe. Based in the Perth office, which is located on level 11, 200 St Georges Terrace, Perth, Western Australia, I truly am fortunate to be employed in my dream job. NDY is an amazing company that offers multi-disciplinary services including electrical, mechanical, hydraulics, fire, comms, security, acoustics, energy efficiency, asset management and sustainability studies. What I love most about working there is the team spirit, friendly faces and a diverse multi-cultural environment. The company does everything it can to look after its employees and making them feel like part of the family. NDY have also been very progressive and supportive of me and my needs as a young mother. The purpose at NDY is to ‘Make Spaces Work’ and my job is to deliver an effective, high-quality solution that produces 100 per cent reliability for our clients. I am also responsible for supporting the bigger team, building strong client relationships, and executing and managing projects through every stage. The team at NDY make sure that the client gets what the client wants and it is rewarding to see them happy and satisfied with the end result. The part I love most, however, is building worthwhile relationships along the way.

December 2015 | www.smpmagazine.com.au

Career FIVE TIPS TO THRIVE IN A MALE DOMINATED INDUSTRY

Make A lasting First Impression

The first impression is a lasting impression and people make that impression from the way we conduct ourselves, how we dress, our level of eye contact, a firm handshake, confidence in our voice, and our posture, self-esteem and attitude. Make time to study books on body language and communication skills, because the best investment you can make is in yourself. It’s also very important to learn people’s names, as they will appreciate you for remembering. It’s all about stacking the odds in your favour from the start – you only get one chance at a first impression, so make it count!

Become A Master Conversationalist

Life is all about relationships with people, so it is a necessity to improve our people skills if we want to excel in life. Connecting with the right people will open doors you never even thought possible. As former US President Theodore Roosevelt said: “People don’t care how much you know, until they know how much you care”. When we improve our people skills and communication skills, it enables us to build a significant and relevant network with the potential to create long-term clients, suppliers, mentors, and possible future career paths. You must also try to never burn bridges, as you never know when you might need them and where they will lead.

Be Professional And Respectful

In my opinion, being professional comes down to two key characteristics: integrity and accountability. Integrity means sticking to your guns no matter what, as well as being honest and transparent. Being accountable means that if you said you would do it, then you do it. These two things ensure we act responsibly, truthfully, reliably and consistently in our actions. Respect is very simple; treat others as you wish to be treated. In a professional context this means respecting people’s time by

being punctual, keeping promises, respecting people’s trust and never belittle or ridicule anybody. By sticking to these rules we ensure everyone’s ego is intact and protected.

Humble Intelligence

From time to time, you will get people who ask tough questions and have made it their mission to make your life difficult. My advice is to never be caught off guard. Study your company so you know the projects, history, industry, designs, alternative methods, other services, and potential issues. Make sure you have a solid understanding of your role within the company, as well as your colleagues’ roles. Who is your go-to person? What is your plan B, C and even D? If you are unsure, reply confidently that you want to double check and get back to them ASAP. It’s very important to have a good mentor, or even have multiple. Connect with as many as you can and stay humble and teachable – a pupil is only as good as its master.

What Is Your X-Factor?

We all have certain qualities that would be advantageous in the industry. If you are not sure, ask your supervisor or someone who works closely with you. If you are not able to do this, a personality trait test will give you a good indication. Focus on your strengths to make them the best in your industry and work away in the background to improve your weaknesses. Your X-Factor will make you shine so bright everything else will appear dull against you. Standing out from the crowd and getting ahead can be a challenge, but with the advice given above and determination, it is just a matter of time before others start noticing you and you become the cream of the crop. I look forward to seeing you at the top!

When we improve our people skills and communication skills, it enables us to build a significant and relevant network with the potential to create long-term clients, suppliers, mentors, and possible future career paths 14

www.smpmagazine.com.au | December 2015

Business

How you can gain a competitive edge in a competitive environment

Are You An INTRAPRENEUR? T

he idea of intrapreneurship has become increasingly popular as large companies struggle to find ways to maintain their competitive edge in a challenging economy. This is particularly the case for well-established companies that have become entrenched in policies and procedures, which may blind them from subtle (and even not so subtle) market changes. In simple terms, an intrapreneur is someone who does not own the business they work in, however, they understand and appreciate the risks that affect that business. They believe they are a business servicing the commercial needs of their client (their employer). Intrapreneurs take new initiatives without being asked and they focus on innovation and creativity. They seek to transform ideas into a profitable venture or a more cost-effective procedure, all while operating within the organisational environment. For example, companies such as Google, Facebook and 3M, which have successfully fostered entrepreneurial spirit in employ-

www.smpmagazine.com.au | December 2015

ees, have not only reaped the benefits of more engaged and satisfied employees, but they have also been able to capitalise on the new business ideas they generate. As investment appetite and consumer confidence declines, business risks unfortunately start to increase. Clients become harder to win and harder to keep, and margins on products and services have to decrease. The level and quality, however, still has to improve to respond to the more desperate competitors, or the threat of more affordable and effective substitutes. The scenario should be no different to the intrapreneur except that their client is the employer. Employees who act as intrapreneurs are more relevant and critical to the financial survival of a business, because they seek to understand their clientâ&#x20AC;&#x2122;s commercial challenges. Whether it is to improve their quality of service, increase their service offering or adjust their costs to mirror market changes, intrapreneurs will strive to develop ways to mitigate those challenges.

Business

By Justin Kwok, Director at Orion Law

THERE ARE FIVE CORE SKILLS THAT CAN MAKE YOU A SUCCESSFUL INTRAPRENEUR

You will need to engage in your employer’s business to understand it comprehensively. In other words, understanding the purpose and strategy of the business, its services or products, its place in the market, its competitors, and its internal structures. You should also seek to expand your knowledge of the business because if you can’t look beyond your job description, you risk becoming irrelevant without even knowing it. Having a broad understanding of the business additionally enables you to identify opportunities, such as where you may be able to add value, or it may help you to identify risks before they eventuate.

value to the employer changes according to market conditions and the business’ fortunes, so you need to be willing to adapt to survive. For example, the business may consider it too risky to retain your position on a permanent full-time salaried position, because the number of clients in your business area has decreased. Self-awareness would allow you to understand that your fixed salary is no longer appropriate to the business, however, it may prompt you to suggest that you continue working on a commission model instead. This therefore, reduces the employer’s fixed capital outlay, while still allowing it the opportunity to continue providing services until the market improves. You may find that by taking this course of action you become more indispensable to the business, as others in the same area become redundant.

2. Humility

5. Positivity

Sometimes you will need to accept that the old way may not always be the best way, no matter how good or proud you may be at doing it. Stubborn adherence to the old way can unfortunately make you obsolete very quickly, particularly in an environment of rapid technological advancement. For example, adapting to electronic time billing systems will assist a law firm employer to reduce administrative costs and improve operational oversight.

Focus on seeing the bright side in life. In poorer market conditions, the risk of redundancy can be quite high in certain industries and being an effective intrapreneur also means recognising that you can lose your job. It is important to understand, however, that if it were to occur, it would not be the end of the road, but merely a change of direction. Just as entrepreneurs will endure failed businesses from time to time, an effective intrapreneur learns to move past termination of employment and to seek new opportunities to flourish. More than ever before, entrepreneurial drive can help businesses stay relevant in the face of rapidly changing market demands, as well as provide significant benefits when applied at the employee level. Despite the apparent contradiction between the idea of entrepreneurship and being an employee, employees who adopt entrepreneurial traits add value to both that individual’s services and to the organisation in which they work.

1. Engagement

3. Continual Improvement You will need to be prepared to continually improve the quality and appropriateness of your services to the employer. Upskilling in areas you believe the business may require is the perfect way to contribute to the company’s growth and competitiveness.

4. Self-Awareness Be aware of your own market value. It is important to know that your

December 2015 | www.smpmagazine.com.au

Business

When Times Are TOUGH Five business strategies to get you up when the economy is down

very few years, the business cycle turns down and things get tough. For good business people this is a sign to get going, because with competitors struggling, it is a great time to build your business. There are two key areas you need to focus on; your survival and your growth. This paper outlines just five things you must do to make the best out of general business downturn. Follow the suggestions made, and you will not only survive, you will prosper.

1. Cash Flow

Cash is the life blood of every business. You need to get as much cash as you can into the business and protect it once you have it. • Where do you have cash stored? It may be with your customers who are slow in paying you. It may be in overheads that you don’t need. It may be in assets that you don’t really need to own. • If you had to get some money within 30 days, how much could you get if you really put all your effort into it? • Look at the cash going out of your business. Can you stop spending in any areas? Can you slow down the speed in which it is spent?

2. Retain Your People

In most businesses that employ people, they have one-third of their staff that they are lucky to have, one-third that they would do be better without, and the remaining third are somewhere in between. In tough times you must protect your best people (you may need to let go of the one-third who you could do better without). • How can you make sure you keep the ones you need? • Do they have contracts? • Do you reward them? • Do you tell them how much you appreciate their efforts? • Is working with you fun?

3. Retain Your Customers

Keeping your best customers is much like keeping your best employees. Work out who the top two thirds are and spend time on them. • Find out what problems they are having and what you can do to help them.

• Keep in close contact with them. • Thank them for their business; ask if they can give more business. • Do they have any friends who they can refer you to? • Are you linking your best people with your best customers? • How can you help your customer increase their business?

4. Improve Your Profit

Cash and profit are closely related. Around 20-30 per cent of your operational expenses are due to waste in your business. You could remove that waste and the savings become instant profit (and probably cash). • Can you reduce your overheads? What about your people and material costs? • If by law you had to double your profit within three months what would you do? Why not just do it anyway? • Do you really know what profit you make each year? What about each month? What about each day? • Where do you make your profit? Did you know that 20 per cent of your customers, and 20 per cent of your products (and services) generates 80 per cent of your profit? Why not just focus on these customers and products for the next six months?

5. Maintain Your Energy

When you are energised, your business is energised. You must develop and guard your energy levels. • Are you fit? • Do you love what you do? • Are the people you work with fun to be with or are they energy vampires? • Do you work too hard? • Do you make time for yourself?

When you are energised your business is energised. You must develop and guard your energy levels Time management is the biggest thing to address in tough times. Twenty per cent of what you do generates 80 per cent of the benefit you are to your business (and family), so what are you doing for the rest of the time? Maybe, if you stop doing some of the low-value stuff, you will boost your energy levels. Getting your business under control is critical in tough times. There is no point in growing a business that does not have good cash flow, profit or leadership. Get these five things largely right and your business will grow. Every leader and every business is different, so you need to decide where to start. All five strategies are equally important and the need for discipline and accountability for them lies with everyone – the responsibility is yours, it is up to you to make it happen. By Andrew Cooke, Growth & Profit Solutions

December 2015 | www.smpmagazine.com.au

Business

CHINESE OPPORTUNITIES

In The Mining Downturn ARE WE PREPARED?

By Professor Ken Shao, University of Western Australia

he twenty-first century is often called the ‘Asian Century’ or the ‘China Century’, and Australia is seeking to play an important role in this new reality. What will China look like in 20 years when our younger generations become the main force of the labour market? Is Australia sufficiently qualified to seize its opportunities in the China Century? Here are three examples that can assist you to find the answer.

1. High-Technologies

1. Many say learning the Chinese language is the most important channel to seeking opportunities in China, however, this is unfortunately incorrect. Language is important, but knowledge about China is far more important.

TIPS

2. A recognised degree, especially law and business, is highly essential to a future career and successful business with China. 3. Many, if not most, of our impression of China is misconceived. A long-term learning process is very much needed

www.smpmagazine.com.au | December 2015

In 2009, Senator Kim Carr – Minister for Innovation, Industry, Science and Research and Minister for Higher Education – warned Australia about underestimating the emerging global power. ‘The image of China as a country that competed solely on the basis of low wages is outdated, and Australian companies may soon find that Chinese engineers and scientists are their biggest competitive threats,’ she said. China is re-emerging as a global innovation leader, not a mining state or a resource-driven, low-end economy. According to the 2012 Global Innovation Index, “China’s performance on the key knowledge and technology outputs pillar is outpaced only by Switzerland, Sweden, Singapore, and Finland (the top four global innovators).” China’s outbound investment continues to increase at large scales. Minerals and resources, which represent Australia’s traditional advantages, are no longer China’s major focus. In 2014, China’s investment in the U.S. increased 23.9 per cent, and in the European Union it increased 1.7 times. Chinese privately owned enterprises – headquartered in China’s most developed provinces – are the major investors into the U.S. hightech sectors. In the first quarter of 2014 alone, Chinese outbound investment into American high-tech sectors reached more than $6 billion, which was largely spent on the takeovers of Motorola Mobility, IBM’s x86 server unit, and electric carmaker Fisker. When considered in a historical and cultural context the reasons for this re-emergence becomes even clearer. For many centuries China was a global leader for innovation and it appears that this cultural gene is coming back.

2. E-Commerce

Many Australians have heard of Alibaba or AliExpress, however, very few know that the Chinese section of Alibaba – Taobao – is China’s largest costumer-to-costumer and business-to-costumer online retail platform.

Business Taobao has 500 million registered users, 60 million daily visitors and a transaction flow of 48 thousand products per minute. In 2012, Taobao generated $160 billion in sales and is fast becoming a hub for international brands, such as Amazon, Nike and Sony, as well as Australian brands such as Blackmores. It also includes numerous new Chinese brands that are highly creatively designed. For this reason, the U.S. took Taobao off its famous, or perhaps infamous, list of intellectual property infringements in 2012. There are various reasons accounting for eBay’s failure in the Chinese market. As a 2005 Morgan Stanley study revealed, Taobao interfaces and supporting functions, such as Aliwangwang, are far more user-friendly, customer-centric, community-experience driven and graphic than eBay’s. In 2007, eBay executives planned to ‘evolve the user experience to be more competitive’, however, the eBay interfaces and functions remain nowhere close to Taobao’s. As one of the earliest users of Taobao, I can also speak from personal experience that eBay is too lowend in terms of user experience.

3. Social Media

WeChat is a Chinese mobile app with 500 million monthly active users accumulated since 2011. In an article published by the Harvard Business Review, managing partner of Towson Capital and a Peking University professor of management, Jeffrey Towson, identified aggressive innovation with a global vision as an ethos of WeChat. “WeChat is a little like what you would get if you combined AOL, Facebook, Skype, Yahoo, Gmail, Norton, and Twitter — under one roof,” said Professor Towson. WeChat combines both public and private comments systems. It is a

500 million

monthly active users

$160 billion generated 2012 in sales

messenger, a phone, a public social media, a private network, an online shopping platform, an online game machine, and a banking tool. You can use it to play mobile games, hail taxis, shop online and make payments, usually by one or two screen touches. In addition, it enables you to open online stores and create public websites, through which you can publish and distribute information, advertise, or sell to all subscribers. In comparison, Facebook, WhatsApp and LinkedIn are all too amateurish. Australia is in a unique position to offer minerals, resources and now food and agricultural goods to China, however, minerals and resources are declining. Agricultural goods have a very strong demand in China, but the industrial expertise needed in Australia for dealing with China is close to zero. I was recently invited by two (one private and one public) Australian agricultural sectors to identity how to improve the situation. As shown in this article, China is re-emerging as a global innovation leader and with this, Australia has even less experience. Learning about China, including its people, customs, and ways of conducting business, is the most essential pathway to improvement.

December 2015 | www.smpmagazine.com.au

Business

By Ron Gibson, Director at GoNetworking

Inexpensive and creative ways to build business relationships

ometimes, it’s not just business, it’s personal. While business relationships can be built on purely business interests, personal connections are likely to build stronger bonds. These connections can bring increased client/customer referrals and loyalty. How you go about building (and maintaining) the ‘personal side’ of your business relationships is limited only by your creativity and imagination. The following list of personal relationship-building activities is intended to stimulate your own thinking about relationship building. Some of these ideas will work for you, while others will not seem appropriate, so stick with what feels right. You will also note that many of the ideas on this list have nothing to do with actual business, but are more about building friendships and being friendly: the stuff real relationships are made of. Friends help and support each other. They do small, inexpensive things and favours for each other, without expectation of getting anything in return.

www.smpmagazine.com.au | December 2015

1 2 3

Send notes of congratulations. If you get into the habit of reading industry publications, you will become more aware of what your clients, customers and other contacts are doing. Help someone’s family member find a job. If you come across job advertisements, forward them on to people who might be interested. Introduce the family member to a client or an industry contact of yours. Introduce clients to someone who can solve a problem they have. Perhaps they need an IT ‘fix-it’ professional, a risk management expert, a better banker or insurance broker, a lawyer or an accountant, an electrician or perhaps, even a baby sitter.

Business

4 5 6 7 8 9 10 11 12 13

Introduce your clients and industry contacts to someone they should meet. Perhaps you know an expert in coaching business professionals in public speaking. This person can help those of your clients and contacts who speak to audiences at conferences, seminars and other events. Participate in a charitable cause. Particularly one that is of interest to a client, prospect or referral source, however, only get involved if you care about the cause yourself. Email or post an article of interest/relevance to people. Sending articles from newspapers, magazines, or journals to clients, prospective clients and business contacts has always been a good way to keep in touch and foster a relationship. Ensure the articles are relevant and of interest to the person you are sending it to by keeping track of their interests. If you come across something that relates to their business or industry needs, send it along with a personal comment. Over time, this will become second nature and will take you no time at all. It’s a practice that can do a lot of good in the long run.

Good atmosphere and many great guests Launch of SMP magazine was a great example of building good business relationship

Send surveys and industrial information to your clients and contacts – accompanied by a personal note – that would help them in their business. The personal note is key. You can’t expect to foster and further relationships with people and get their support or their referrals if they think you see them as just one person on a long list of contacts. Invite their comments on an article/blog you are writing, or a brochure you are producing. If it makes sense, ask several people for feedback. You will end up with a better article/blog/brochure and by asking, you will be communicating that you value their opinion. Invite them to a sporting or cultural event. If you want to be sure high-level decision makers will come along, invite their spouses and partners too. Do great work for clients and celebrate any successes, wins and milestones. Make doing business fun, or why bother? Send Christmas and thankyou-for-the-business gifts to your best clients. These are the ones who act as loyal advocates. They understand your business and regularly refer good clients to you. Whether it’s an expensive bottle of wine or an limited edition item of sports memorabilia, find out what gift or gesture means the most to them and show your appreciation. Invite them to a reception at your firm or ask them if they want to join you at someone else’s reception. You will help them increase who they know. Ask about their spouse and children. If it feels right, ask them what their spouse does. If you happen to be in their office, ask if the pictures on their desk are their kids.

Guests speaking on event someone else organized

14 15 16 17 18 19

Provide recommendations. This could be a book you enjoyed or a good restaurant you went to – it shows you’re thinking about them. Invite them to be on a panel discussion or to moderate a panel discussion. You will expose them to new opportunities and help them gain visibility and credibility. Establish common ground. This could be whether you came from the same school, same town, support the same footy team, common friend, common interest etc. The sooner you can find some thing in common with the other person, the sooner all the barriers will disappear. Are you willing to take the time to discover things you might have in common with an important client or industry contact? Post their information on your website or send it out in your next client mailing. You will help them gain visibility and credibility. Ask them to speak at an event or training session that your firm/company is hosting. You will help them gain visibility in the right arena. Invite them to a networking event where they might enjoy meeting desirable contacts or prospects. You will help them increase who they know.

December 2015 | www.smpmagazine.com.au

www.smpmagazine.com.au | December 2015

Migration Migration In Australia A positive force for economic growth

ccording to independent modelling by the Migration Council of Australia, over the next 35 years migration will drive employment growth and will continue to play a critical role in Australia’s economic future and well-being. By 2050, it is estimated that migration will be contributing $1.6 trillion to Australia’s GDP. The economic impact of migration flows through into every aspect of Australia’s economy and has a profound and positive impact on labour participation, employment, population, net productivity, national skills base, wages and incomes. Over the last two decades, Australia’s migration policy has placed us in a very advantageous position. With efforts to prioritise skills as a primary driver of selection, the way forward is being paved for a prosperous Australia in the coming decades. The focus of the migration program was to attract highly-skilled entrants to help address Australia’s aging profile, with a shift towards temporary migration, international students, and workers holding 457 visas. Migrants were selected via a complex two-step process, which identified who would fit best within Australia’s labour market and fill skills shortages in various industries. This skilled framework has

By Julie Kong, ISA Group

driven a transformation in the profile and characteristics of new entrants into Australia and has positioned the nation to reap the benefits over the next 35 years. The increasing rate of labour participation, which has been driven by migration, has had strong economic benefits in the employment sector. This is because it has been found that migration increases Australia’s population and adds younger workers with high participation rates. This is an important factor to note as migrants play a key role in mitigating the effects of an aging population in Australia. With higher migrant participation rates, in comparison with the Australian-born population, labour income and contribution to the government in terms of taxes has increased. This has also resulted in a reduction in reliability of migrants on government services, as they generally receive less government entitlements, particularly if these migrants hold temporary visas. In relation to economic contribution, a wide variance exists between the various visa categories. There is a large proportion of permanent skilled, temporary skilled, and student visa holders, at a younger average age; which is positively contributing to Australia’s economy.

December 2015 | www.smpmagazine.com.au

Migration

To measure the GDP premium by migration stream (per cent per migrant), the chart illustrates that each visa stream with different visa subclasses creates different economic impacts to Australia’s economy. A significant positive impact is shown by visa holders of permanent and temporary skilled, as well as student visa holders. According to the findings, the younger average age and the higher human capital, common across these streams, drives their economic contribution. Roughly 63 per cent of skilled independent stream migrants possess language and technical skills, with a majority of them in the prime working age group of 25–44. On another note, migrants are who enter Australia on a student visa are usually young and well educated, and provide the largest economic benefit to Australia. The other skilled visas and working holiday makers all make small, but positive contributions to Australia’s economy. The analysis of the various streams of visa types demonstrates that policy decisions made have a long-term economic impact on Australia. By 2050, each individual migrant will, on average, be contributing approximately 10 per cent more to Australia’s economy than existing residents and further provide savings across the population in expenditures on education, transfer payments and government network infrastructure. On average, migrants were also found to be more highly educated, which paves the way forward for them to participate more in areas like research and development – leading to economic growth and disbursed benefits. Additionally, it has been found that economic growth is more rapid

www.smpmagazine.com.au | December 2015

with the migration policies. With the presence of migration, a larger share of GDP is allocated to investment to support the rapid growth in capital stocks. Therefore, in per capita terms, huge gains are derived from residential, business and public enterprise investments. The research also refutes the commonly held notion that migration reduces the capacity of Australians to find work. In reality, migration plays a role in addressing inequality and generating opportunities for low-income workers. Overall, the distributional impact of migration on existing Australian residents is highly positive. An improved employment to population ratio drives higher consumption as migrants draw less on government service provision and contribute a net fiscal benefit via taxes paid. Migrants who initially enter Australia on a student visa pay the full costs of their education, which provides a saving to the government budget when compared to the subsidised places offered to Australian-born residents. On average, migrants are more highly educated than existing residents, and this is particularly the case for migrants who initially enter Australia on a student visa. By 2050, 60.4 per cent of the population would have acquired a university education. The report paints a comprehensive picture of the interdependence between Australia’s migration framework and economic fortunes. Findings in the report demonstrate the critical role migration will continue to play in Australia’s economic growth and wellbeing, and most importantly, that it will ensure Australia remains a highly-skilled nation. Extracted from The Economic Impact of Migration and is available at Migration Council of Australia

Five tips to getting your finances in shape

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PLAN AHEAD Set specific measurable, realistic, and achievable goals. The future is closer than you think it is. Plan for it.

PROTECT YOURSELF Whether it’s your life, your health or your assets, the real cost of insurance is having insufficient or no cover at all. What is the real cost of not being covered? Shop around and save.

SET UP A BUDGET A good budget will help you live within your means. Have you ever had trouble working out the difference between a want and a need? A good budget will help you see the difference as you prioritise your spending. In your budget allow 10 per cent to be set aside for an emergency fund. Also, minimise your credit card use. A pair of jeans bought for $100 could end up costing four times what you paid as you struggle to pay off your card over the longer term.

Finance

IF YOU FAIL TO PLAN, YOU PLAN TO FAIL

enjamin Franklin supposedly once said, “If you fail to plan, you are planning to HAVE AN UP-TO-DATE WILL You can buy a Will kit at the newsagency, fail”. but will it truly represent how you wish for your assets to be distributed if you When it comes to our financial affairs, the were to die? Initially, using an estate planning lawyer may seem costly, but failure to plan can be devastating. Think about you will have the peace of mind that your loved ones will be cared for according it for a moment, if you were to lose your job to your wishes. tomorrow, how long could you afford to live without your regular income coming in? If you suffered an illness or had an accident that preGET YOUR DEBT UNDER CONTROL The vented you from working for an extended peribanks are not doing you any favours by consolod of time, what financial support do you have idating all of your loans over 25 years. It may to maintain your current lifestyle? Or even to seem like an easy solution to your debt problems, maintain a very basic lifestyle that would only but in reality you are just delaying them. There are cover your living expenses? Depressing isn’t it? loans available that will allow you to pay off your It’s so much easier to ignore these problems personal loans over the usual personal loan period than to plan for them. After all, it’ll never at mortgage loan rates. Also, don’t be satisfied happen to you. Or could it? paying off your loan over the term deterIf you think of your finances as a mined by the lender. It’s amazBy Andrew Boyer, large pie that is too hard to eat in one ing how small additional Senior Advisor gulp, start eating it with one small payments not only allow at Fortis Wealth bite at a time. Here are five tips to you to pay off the loan Management get you started to ensure that your sooner, but also save a finances get into shape and stay there. bundle in interest.

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, Andrew Geoffrey Boyer and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

December 2015 | www.smpmagazine.com.au

Finance

Raising

Capital

For Resource

Projects

An in-depth look into the current environment

any resource-rich countries, including Australia, have noted the rhetoric about the end of the resource boom. Just like the top and bottom of the market, however, it’s never as good or as bad as it seems. Most people walking through West Perth these days will attest to the fact that raising capital for mining projects is very hard, and without that capital, those employed by the industry look on with concern. Given that for every direct job in the mining industry, another four are created elsewhere in the economy, we should all be keeping an eye on the changes in financing mining projects. It’s often said that we’ve reached the top of a market when taxi drivers start sharing stock advice. It is possible then, that the bottom of a market could be linked to the number of companies backing in to small cap mining shells as a way to become publically listed? At the end of

www.smpmagazine.com.au | December 2015

By Carmie Olowoyo, Director at Empire Equity

2014, at least 10 such backdoor listings on the Australian Stock Exchange involved minerals companies acquiring technology companies, with a further six similar transactions pending. Roughly a dozen Canadian junior miners have also taken this route, shifting not only into technology but also into true frontier sectors such as medical marijuana. This trend is illustrative of the mounting struggles mining companies are facing to raise capital. With global mining stocks down 37 per cent since 2010, equity investors remain leery of the sector. As world-leading equities are reaching new heights in early 2015, it’s unlikely that we will see the same for the bulk of the mining equities in the coming year while near-term commodity fundamentals remain weak. Sentiment toward the resources

Finance industry has been damaged by the volatile price environment and perception of poorly managed capital. Until price momentum swings decisively to the positive, the well-trodden path of IPO (Initial Public Offering) is likely to be unpopular. Ongoing divestment by portfolio reviews may feed the pipeline, but spin-outs via IPO are likely to be exceptions rather than the rule, and will be heavily reliant on timing and market sentiment for success. As there are so many distressed assets in the junior mining and contracting space, it is only a matter of time before private equity players enter the markets on a larger scale and interest picks up. An example of major Private Equity funds restocking up the war chest is Carlyle Group and KKR & Co, which raised a combined $10 billion last year in order to invest in the Asia-Pacific region – adding to an estimated $140 billion of uninvested capital. Given the lack of access to traditional sources of funding, many distressed companies are already exploring less traditional alternatives. These include offtake deals, equipment financing, contract financing, and drill for equity and high-yield debt. Other options include royalty and streaming arrangements, where companies forward-sell a percentage of their production at cost price for an up-front injection of capital today; farm-in deals at the asset level; seeking value and liquidity on alternative stock exchange listings; and/or market-style financings, where equity capital flows to a company in tranches over time. Bonds yields are currently at historic lows and we are now seeing a global hunt for higher yield from long-term pension and high-net wealth investors. Opportunistic companies, which are exploring this alternative to traditional debt finance, are taking advantage of this demand for yield to get development projects away in the short term, with the aim to refinance once the projects are de-risked and become investment grade.

The use of multi-tranche convertible and debt facilities are becoming increasingly popular as they give companies the ability to raise more capital than would otherwise be possible through straight equity or debt. These structured finance products typically allow companies the flexibility of raising capital by repaying debt obligations in cash and/or shares at a future time, price and amount that management chooses within agreed parameters. This gives management the unique ability to manage and minimise dilution throughout the entire term of the facility. Some of the key benefits to these products are that they can be used as a standby facility, timing of all drawdowns are controlled by the issuer, drawdown amounts can be increased as market liquidity increases, and they are less dilutive and faster to market than traditional secondary market capital raisings. Australia has been blessed with a buoyant venture and equity capital market for most of the last 20 years, so there are some traps for beginners in structured finance to be aware of: • Choose a structure that is simple and easy to understand • Beware of structures that can compel you to draw under the facility, especially through a large deeply discounted upfront investment • Make sure that you can communicate the terms to your board and shareholders with little difficulty • Choose a structure with a floor price per drawdown • Choose an investor with local experience and an established history In summary, the challenging environment of raising capital for resource projects now sees companies utilising a combination of innovative financing solutions. The only thing surer that a rebound in commodity prices some time in the future, is that until then, the innovative nature and “resourcefulness” of capital market practitioners will find a way to get deals done. This is something worth putting your money on.

December 2015 | www.smpmagazine.com.au

Finance

Home Sweet Home Buying a home on a 457 visa

By Pamela Palmqvist, Mortgage Broker at Element Finance

s a migrant, you may be unfamiliar with the regulations and procedures you need to follow when purchasing property on a 457 visa. This guide cuts through the confusion and gives you all the information you need to buy your new home in Australia, so you can start living your Australian dream. FIVE FACTS YOU NEED TO KNOW

1. No Large Deposits Required Some banks and mortgage brokers believe a 20 per cent deposit (plus stamp duty and legal fees) is required, however, there are exceptions to this. If you’re in a professional occupation, with a strong employment history, you can often obtain finance with only a 10 per cent deposit. Additionally, if your partner is an Australian permanent resident or citizen, you will only need a 5 per cent deposit. You may also be eligible for a First Home Owner Grant and stamp duty concessions.

2. Strong Employment History – Not Essential While a solid employment history can help reduce the deposit required, it’s not essential for buying a home. You can still get approved, even if you’ve only been in your current job for three months or less. Several proven techniques can be used to present your application in the best possible light to satisfy the lender’s criteria. A specialist mortgage broker will be familiar with the correct approach to take with each lender, helping you to obtain a stress-free approval.

3. Visa Expiration If you’ve been living in Australia for several years and your visa is due to expire in the current year, you can still buy a home. It doesn’t matter how much time remains on your visa, as long as it was valid for more than 12 months when issued. Buying when the visa is about to expire, however, is not recommended, since you’ll generally still need to sell the property within three months of leaving the country. Although, many

457 visa holders eventually apply for permanent residency and, therefore, end up not selling.

4. FIRB Approval Before buying property in Australia, 457 visa holders generally require approval from the Foreign Investment Review Board (FIRB). If your partner is an Australian permanent resident you will still need approval to buy any interest in a property (your partner does not need approval in this case). If your partner is an Australian citizen, however, and you are purchasing as joint tenants, then you can buy together without FIRB approval. Fortunately, approval is a relatively quick and painless process, and applications are submitted through an online system. Subject to approval, you may buy any number of properties or blocks of land. The foreign investment rules normally require you to sell your property if you move from Australia, but if you buy a newly-built dwelling, or you build a new home on vacant land, then you can retain it as an investment property when you leave.

5. Specialist Mortgage Broker The first step is to obtain home loan pre-approval. Mortgage policy for 457 visa holders is complex and each bank has different rules. Getting it right the first time is important, or you risk damaging your Australian credit rating. Most brokers aren’t used to working with this type of application, and may not be able to get your home loan approved. That’s why it’s essential to deal with a specialist mortgage broker, who understands the unique needs of 457 visa holders. The right broker will be able to interpret the regulations surrounding non-resident finance in Australia, and they will be familiar with the policies of all Australian lenders – meaning your home loan can be approved quickly and at the lowest possible interest rate.

December 2015 | www.smpmagazine.com.au

Motivation

Embracing Diversity What is normal?

calling the ‘Connection Economy’, where interpersonal currency is a premium and social intelligence is one of the most sought-after attributes in a leader. How well you understand and connect with people in partnership and collaboration, particularly people who are different from you, will determine the extent of your progress in this economy. This means as a leader, a manager, or an entrepreneur, your ability to relate to and leverage diversity will be critical to your success.

HAVE YOU EVER FOUND YOURSELF ASKING, “WHY CAN’T EVERYONE JUST BE NORMAL?” Usually this question follows situations such as a confrontation with a difficult client, an awkward conversation with an inappropriate colleague, or even a disturbing news report that you see on TV. Whatever the circumstance, sometimes we are left scratching our How should we respond to the heads in bewilderment at the sheer incompetence, new reality of diversity? insensitivity, or general weirdness of other people. Embedded within that question is an assumption that 1. RECOGNISE THE VALUE OF DIVERSITY is never really said, but is certainly always implied, be“Embracing diversity is a means to overcome the cognicause in reality what we are asking is, “Why can’t everytive biases that prevent people from seeing new approachBy Tim one be normal… like me?” es or opportunities and engaging with them when found.” Healy, After all, you are the most normal person you know! – Andy Zynga Executive Everybody else only seems normal until you get to know In other words, embracing diversity helps us to overMinister at them. It is only then that you discover they are all just a come some of our own limitations and opens up our Riverview little bit stranger than is probably acceptable. minds to new perspectives, new ideas and new opportuChurch It serves to highlight, however, the fact that although nities. To achieve this requires us to move from resistance we may work in the same building, drive the same roads, to acceptance, from acceptance to appreciation and from live in the same town, or even inhabit the same house, we actually appreciation to celebration. all come from very different worlds and consequently we all see and experience the world in very different ways. For example, men are dif2. DISPLAY RELATIONAL CURIOSITY ferent to women, introverts are different to extroverts, and Australians “Seek to understand before seeking to be understood.” – Stephen are different to Americans. These differences are part of a reality that Covey needs to be understood and embraced, particularly when it comes to People don’t care how much you know until they know how much the twenty-first century workplace. you care, so ask investigative questions, become a student of culture, be interested in others, and desire understanding.

Diversity is the new reality

It’s a fact – diversity is the new normal. Cultural diversity, generational diversity, and gender diversity are all a very significant part of life and certainly an important part of life at work. More so than ever before, effective leadership and ultimately a successful business requires a high degree of social intelligence. Relationships and interpersonal interactions have long been the lifeblood of society and community, but they are now also very much the lifeblood of the economy. We are living in what many are now

One final thought

3. DEMONSTRATE RELATIONAL GENEROSITY “The connection economy puts a premium on attention and on trust, neither of which is endless.” – Seth Godin Why relational generosity? Because no one wants to be around a selfish and miserable person. If you want to succeed with people and lead them well, you have to practice relational generosity. One of the most valuable things you can give somebody is the gift of your undivided attention. You can also offer them trust, acceptance, understanding, inclusion and the opportunity to be heard.

For those of you feeling a little overwhelmed by change, diversity and the need to respond to it, I want to encourage you with this: SOMEONE ONCE SAID: “Children nowadays are tyrants – they gobble their food, contradict their parents, and tyrannise their teachers!” Sound like some children you know? You might be surprised to discover that Socrates spoke these words in 425 B.C., and it just goes to show that some things never change. No matter how separated we might be by culture, distance, language or age, we are nevertheless all the same at heart. We are all part of this beautiful and wonderful family called humanity and fortunately, that will never change!

www.smpmagazine.com.au | December 2015

Motivation

Goal Setting For Young

IMMIGRANTS

How you can achieve your desires and dreams

hen I was approached to write about goal setting for young immigrants, I did not think there was anything special about the topic – it’s easy By to set goals, isn’t it? When I started writing, however, I realised that Dr Moses there were many factors to consider. Whether it’s for their level of education, G Adepoju, Director of migration experience, life exposure, family background, relationships, or financAustralian Coaching es, young immigrants need to know how to set attainable goals. Academy I first had to question, how can we define goals to young people from diverse backgrounds? The concept of goal setting and its significance is very important to get young migrants started in life. As human beings, we all have desires, dreams, and goals to achieve something. The Career key questions, however, are what is the difference between the desire, dream, and goal? And -Undergo job training how do we go about separating them? -Design a career path Desire is an emotional response in which a person feels, wants or wishes for something; a -Reduce stress on the job dream is a cherished ambition, thought or aspiration; and a goal is when you aim to achieve -Rejuvenate your career your desire or dream. As the topic suggests, goals are something you are trying to achieve. It -Get a raise or a promotion may be anything in life – small or big, short-term or long-term. -Start your own business -Get a better job -Be more productive at work HERE ARE SOME EXAMPLES OF GOALS Setting goals is the first step towards turning your dreams or desires into reality. It gives you the overall direction, however, to achieve your goals, forward thinking is required. The goal-setting process must follow the procedures according to the ‘SMART theory’. This translates to Specific, Measurable, Achievable, Realistic and Timeframe – everything a successful goal should include.

Specific Your goals must be specific and call for action. What is it that you want to achieve? To make it more manageable, you must be specific about what you want or desire. For example, your goal could be to study. This is subject to interpretation and open to mean anything. A goal should be concrete and not open to guessing or speculation. You must also write down your goals so you do not forget.

Measurable Your goals must be measurable to ascertain success. You must also be able to measure the progress of your goals to determine if you are on track to achieving them. It is highly important to keep track of your success or failure.

Achievable Your goals must be achievable because setting unrealistic goals will lead to a failure. Some people set impressive goals without considering their strengths, resources and time factors; therefore, they set themselves up for failure.

Realistic Being realistic about your goals is being honest with your strengths and weaknesses, and realising what is possible and what is not possible. For example, you cannot attain a teaching position without having ever been a student, because it is not possible to be an effective teacher without understanding how to teach or be taught.

Time Limit An effective goal requires a starting time and a deadline. A goal without a deadline often leads to failure because an indefinitely timed situation will result in difficulty measuring progress and success.

Relationship -Socialise more -Get closer to family -Get closer to friends -Create a satisfying personal relationship Health & Fitness -Weight loss -Walk or ride to work -Get a personal trainer -Buy a gym membership -Find a good way to motivate yourself -Buy new shoes -Buy a work outfit Financial -Invest more regularly -Buy a home -Set up and follow a budget -Obtain insurance -Earn more money -Build financial reserves -Save more -Face a money challenge -Create a lifetime money plan Other -Live more congruently with core values -Complete a special project -Practice patience -Lead a more spiritual life -Begin recovery -Express more gratitude -Create a new life vision -Take more responsibility -Express creativity

December 2015 | www.smpmagazine.com.au

Diversity

Cross-Cultural Awareness By Maryam Omari Associate Professor at Edith Cowan University School of Business

Challenges and opportunities for professional migrants

here is a majority of Australians who claim British heritage, however, Australia has become the most immigrant-influenced nation in the world. About 25 per cent of the estimated population was born in another nation, and roughly an equal percentage of citizens come from families in which at least one parent was born elsewhere. Australians now trace their heritage to 165 nationalities. There is no question the Australian population is unique and diverse. Refugees, professionals, and business migrants have converged on Australia from the four corners of the world, many in search of a better life. The resultant multi-cultural nation is one where inherent differences in the population can be seen as a competitive advantage for the country, but also a limitation in the absence of tolerance, acceptance and true understanding. Migrants bring with them their own culture and heritage, and from business, to food, entertainment, science, sports, and the arts, they have enriched many aspects of Australian life. In a multicultural society such as Australia it is easy to see why misunderstandings or conflict can easily arise due to different norms and frames of reference, as behaviours expected and accepted in one culture, may not be so in another. Outsiders in any setting, personal or professional, may have difficulty accurately perceiving, understanding and responding to behaviours emanating from deep-seated values that they may not have had exposure to before. This can lead to misunderstanding, confusion, feeling threatened, and possibly conflict, which can result in a potential increase in negative and inappropriate behaviours in personal and work settings.

www.smpmagazine.com.au | December 2015

Human nature is such that most people are comfortable with notions that are known to them, as this provides certainty and stability. Differences, in behaviour and conduct, can cause uncertainty, and will require the ability to see multiple potential perspectives. In a multi-cultural nation such as Australia, tolerance, understanding, and eventually acceptance come from the ability to appreciate and reconcile differences. In order to continue to grow and prosper Australia â&#x20AC;&#x201C; more than ever before â&#x20AC;&#x201C; is reliant on the influx of migrants bringing with them technical know-how and/or wealth. The nation is, however, not able to maximise the benefits of this diversity without a deep appreciation of different value systems, attitudes and behaviours. Cross-cultural awareness is a key strategy to ensure synergies in the workplace, and to benefit individuals, organisations and the nation alike. Organisations seeking to maximise the benefits of their diverse workforce must invest in cross-cultural training to educate their workforce. Cross-cultural competence is a key attribute required not only of expatriate employees, but increasingly of all members of modern societies, especially for those in multicultural environments. The potential for synergies, creative problem solving, innovation and advancements may not be realised in a globalised world if different individuals and groups do not develop an appreciation, a better and deeper understanding, and an acceptance of different ways.

NEW TITLE BY ASSOCIATE PROFESSOR OMARI: Workplace abuse, incivility and bullying: Methodological and Cultural perspectives www.tandf.net/books/details/9781138825802/

Hearing how industry leaders got their start

n recent years, graduating from university and looking for employment has increasingly become a daunting prospect. Unfortunately, many graduates have no idea whether they will be able to secure employment in their chosen field. According to figures released in September 2015 by the Australian Bureau of Statistics (ABS), the rate of unemployment in Australia reached 6.2 per cent. Despite this relatively high number, it pales in comparison to the level of unemployment faced by graduates. A 2014 survey conducted by GradStats.com, highlights that there is a disconnection between new graduates and employment opportunities. According to the survey, more than 31 per cent of students remained unemployed, or only gained casual or part-time employment after completing their studies. On October 15, the Australia-China Youth Association (ACYA) worked closely with the Murdoch Governance Society (MGS) to organise a large-scale networking event called Entering the Workforce. The purpose of this event was to provide knowledge that would help students and address the emerging concerns surrounding graduates, including securing full-time employment. Students and professional employment bodies participated in the event,

which included numerous areas of study such as law, finance and engineering. In the discussion, a panel consisting of CEOs, as well as managers from Skilled Migrant Professionals (SMP), ANZ Bank, Financial Services Institute of Australasia (FINSIA), and Allens Linklaters, were invited to give insight into their own experiences. They described their understanding of the current environment, and provided tips and methodologies in which students could increase their employability the attractiveness of their profile. Founder and CEO of Skilled Migrant Professionals Tommy Adebayo, delivered an excellent presentation titled â&#x20AC;&#x2DC;The Cause and Effect of Successâ&#x20AC;&#x2122;. He encouraged students with four key pillars, which he found effective for his personal success. They included goal setting, awareness, personal education and networking. The night was a great success, with students from the audience thanking the presenters and organisers for such an informative and helpful event. ACYA and MGS would like to thank the event sponsors SMP, ANZ Bank, FINSIA, and Allens Linklaters for supporting students in the community and making the night possible.

December 2015 | www.smpmagazine.com.au

Event

Industry Night: Entering The Workforce

SERVIC Service list

For All Your Medical Needs in 2015! Lynwood Medical Centre provides comprehensive family medical services with quality care in a friendly and relaxed atmosphere. Its doctors are experienced in a broad range of health problems affecting all age groups and provide many services including: 1. General consultations 2. Care of chronic medical conditions 3. Preventative medicine and medical check-ups 4. Pre-employment and corporate medicals 5. Driver’s license renewals 6. Nutritional advice 7. Acupuncture 8. Women’s health and family planning 9. Men’s health 10. Geriatric care 11. Shared antenatal care and immunisations 12. Minor surgeries including skin checks, biopsies and cryotherapy. Additional onsite services include travel advice, pre-travel vaccinations (we are an official Yellow Fever provider), as well as podiatry with Dr Daniel Cunningham (alternate Tuesdays and Fridays) and a pathology service with Western Diagnostics (Monday–Friday 8am-11pm). For an appointment or more information please call one of our friendly reception staff or visit our website to book with the Health Engine ap. CONTACT Dr Remi Adebayo Dr Rayo Adebayo Dr Kay Keng Khoo 625-631 Metcalfe Road, Lynwood Perth, WA, 6147 Tel: (08) 9451 2800 Website: www.lynwoodmedical.wix.com/lynwoodmc

MUN ACCOUNTANTS & BUSINESS ADVISERS

MUN Accountants & Business Advisers is a firm of Chartered Accountants that specialises in tax and accounting services. Since its inception a few years ago, MUN Accountants has grown substantially as a result of referrals from satisfied clients. Starting by providing income tax return services to individuals, the company has since responded to the growing demand from business clients and expanded to assist businesses with their accounting needs. Its size enables the company to provide a diverse range of specialist skills and technical services, while still retaining a commitment to personal service, attention to detail, maximising deductions, and tax advice. The dynamics and complexity of taxation also means that the team at MUN Accountants & Business Advisers need to be proactive in its strategic provision of valuable services to its clients to meet their individual needs. At MUN Accountants & Business Advisers, the team provides a wide range of accounting and taxation services to individuals and businesses. Its services include accounting, taxation, business advisory services, Business Activity Statements (BAS), business start-ups, budget and forecasting, investment, software solutions and training, international student recruitment and admission, cash flow management, self-managed superannuation funds, and business restructuring and strategy . CONTACT Dr Michael Nwokeiwu CA, Founding Partner and Principal 11 Hardy Street, South Perth WA, 6151 Tel: (08) 9367 1400 Mobile: 0438 631 432 Email: reception@munaccountants.com.au Website: www.munaccountants.com.au Every day, we communicate one-on-one or to a group of people. Most of the time, however, we don’t fully achieve the result we had hoped for. The loss in time, money, productivity, and credibility are enormous, but these problems can be turned around. Marlene works with small and medium technology, mining, and services companies, and presents two specific programs – sales presentation skills, and how to collaborate and engage. Each program is designed to tap into individual strengths and ensure everyone achieves their expected communication outcomes. The training provides on-the-job applications, which combined with the acquired tools, techniques, and experience of each learner, will not only elevate your business goals, but increase morale. After a successful career at IBM South Africa, Marlene immigrated to Australia where she continues to share and teach proven skills and techniques. CONTACT Email: speaking@marleneward.com.au Website: www.marleneward.com.au

www.smpmagazine.com.au | December 2015

CE LIST Service list

Advance Legal is a Perth-based law firm practising exclusively in the areas of immigration law, family law, wills and estates, and commercial transactions. It is committed to simplifying the legal process through practical and effective legal representation, and believes complex legal matters can be made simple. Itâ&#x20AC;&#x2122;s not every day that you will need legal advice, but when you do, get it right the first time at Advance Legal. CONTACT Inzwie Murapata Lawyer and Migration Agent LL.B, B.IntBus, GDipLegPrac, MARN 1468135 Level 28, AMP Tower, 140 St Georges Terrace Perth, WA, 6000 Tel: (08) 9288 1864 Mobile: 0410 738 356 Email: inzwie@advancelegal.com.au Website: www.advancelegal.com.au

Sheila Rejek, Real Estate Sales Consultant with Harcourts Blue Sheila is well-equipped with knowledge of the market and current property trends, and can help you buy a home or sell your property in Perth, Western Australia. She is highly professional and delivers an exceptional level of service, which perfectly represents her core values of trust, honesty and integrity. With her impeccable negotiation skills, strong work ethic and genuine belief in building a relationship with her clients, you know you will be in good hands when you buy or sell your home with Sheila. Sheila speaks English, Mandarin, Cantonese, Hokkien and Bahasa Malaysia. She holds a Bachelor of Commerce with a triple major in Business Law, Management and Marketing Management. Sheila has an extensive history of achievements in the corporate world and has made significant contributions to the Chung Wah Association, which supports the Chinese and wider Perth community. CONTACT Sheila Rejek Perth, WA Mobile: 0422 888 323 Email: sheila.rejek@harcourtsblue.com.au Website: www.blue.harcourts.com.au Hills Family Medical Practice is a general practice located in Maida Vale, approximately 25 kilometres east of Perth. The practice was established in 1989, and operated from its Gooseberry Hill location until September 2013, when it moved to a purpose-built premises in Maida Vale. The practice consists of one full-time doctor and two part-time doctors, who are supported by one practice manager, five registered nurses, and four receptionists. The doctors provide a comprehensive range of family medical services and specialise in pain management, counselling (particularly for post-traumatic stress disorders), menâ&#x20AC;&#x2122;s health, womenâ&#x20AC;&#x2122;s health, chronic disease management, endocrinology, dermatology, paediatrics, occupational medicine, and geriatrics. The practice also has a dietician onsite two days per week. Hills Family Medical Practice is a privately-billing practice, although it can bulk-bill children under the age of 16 and patients with a current concession or pension card. The practice has pathology services available onsite provided by Western Diagnostics Pathology, as well as rooms available for use by Allied Health professionals. Patient health records have been computerised since 2009, and Best Practice software is used for accounting, appointments, recalls, prescribing and referral-letter writing. Pathology and radiology results are received and downloaded via Healthlink (secure messaging). CONTACT Dr Peter Oyeshola Oyewopo Dr Andrew J.R. Glover Dr Myo Aung 266 Kalamunda Road, Maida Vale Perth, WA, 6057 Tel: (08) 9454 5544 Fax: (08) 9454 5055 Website: www.hillsfamilymedical.com.au

December 2015 | www.smpmagazine.com.au

Politics

Snapshots of Ethnic Politicians Councillor Lily CHEEN, City of Perth Being elected as a councillor for the City of Perth has been the best life experience for Councillor Cheen so far. She loves, treasures and appreciates the support given to her from the people of WA, as well as her colleagues and directors at the City of Perth. As a qualified lawyer and a successful businesswoman, she has already been able to make a valuable contribution to the city’s policymaking, and has been able to review long-term strategies including planning, business development, environmental protection, and many by-laws.

Paul NG, Mayor of Canning City Mayor Ng was elected as the City of Canning major at the council election held in October 2015. As the first Chinese mayor in Western Australia, he has created political history and SMP Australia congratulates him on his incredible achievement. Major Ng was born in Malaysia, but grew up in Fujian, China. When he was 18, he moved to the UK and was educated, trained and worked in engineering management until he immigrated to Perth in 1982.

Councillor Keith YONG, City of Perth Councillor Keith Yong was elected to the City of Perth in October 2013, and was appointed as a member of the Finance and Administration Committee. Councillor Yong is a lawyer and senior associate in a law firm in Perth. He believes in fostering better relationships with the City of Perth by building global affiliations, promoting cultural exchange, building an environment-friendly city, creating more job opportunities, encouraging trade and business, and promoting Perth to host international events such as sports, entertainment, forums, and meetings.

www.smpmagazine.com.au | December 2015

Councillor Pierre YANG, City of Gosnells Councillor Yang was elected as a councillor of Gosnells in October 2013 – standing out from 25 candidates with an incredible one-third of the votes. Councillor Yang studied law, politics and philosophy at the University of Western Australia and is the first East Asian councillor in the City of Gosnells’ history. In 2006, he joined the Australian Army Reserve and graduated in 2013 as a lieutenant from the Royal Military College of Australia.