Issue 30 - 2011
tion
tra Illus
by J
ph ose
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Wha
• Communicate Assertively! Paul Gauci
• Factors affecting Motivation Rose Anne Cuschieri
• Digital Dividend Richard Clarke
• Developing the Next Generation Mario Duca
• Human Capital for Sustainable Economies Marc Causon
• The Changing Organisation Vincent Cassar
• Time, Cost and Resources in Scheduling Activities Emanuel Camilleri
• About Healthy Living Anastasia Melchina
• Q&A: Interview with an Executive Margrith Lütschg Emmenegger Jason Attard • Q&A: Interview with an Executive Nick Atkinson Mario Zammit • Q&A: Interview with an Executive Francois Grech Jason Attard
Š The Executive
02 The Executive
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Issue No. 30 - 2011
Editor’s Letter
W
The Executive
elcome to the post-Easter issue of The Executive. I hope that you have all had an enjoyable and restful period and that all that lamb and figolli have not affected our girths too badly.
Excuses abounded whenever it was due for me to speak publicly - I don’t have the time... there’s enough on my mind... something else needs to be done at the same time, and so forth. The truth is that I invariably broke into a cold sweat just thinking about it. Which is kind of weird, seeing that most of my work time is devoted to communicating with people, but I guess that speaking to a sizeable audience is another kettle of fish altogether. Who should one look at? Is informal the way to go? What to do with my hands? Body movement is vital too, as is pitch of tone and facial expression. What an absolute nightmare! Public speaking, the fulcrum of business networking, is a combination of speaking skills and savoir faire. And the speaker’s approach to the audience must also be assertive enough to demonstrate self-confidence as well as confidence in the matter at hand. The article “Communicate Assertively” discusses this factor. Along with its articles, the issue also carries our interviews with three renowned executives operating in different fields. Margrith Lütschg Emmenegger - President of FIMbank plc, Nick Atkinson - Technical Director of Flock Image Co. Ltd, and Francois Grech - Executive Director at Exigy Ltd share with us some of their knowledge wealth. Jason Attard
Enjoy the issue.
editor@the-executive.biz 05. Communicate Assertively! Paul Gauci 09. Digital Dividend Richard Clarke 13. Human capital for Sustainable Economies Marc Causon Paul Gauci
Richard Clarke
Vincent Cassar
15. Time, Cost and Resources in Scheduling Activities Emanuel Camilleri 21. Factors affecting Motivation Rose Anne Cuschieri 26. Developing the Next Generation Mario Duca 29. The Changing Organisation Vincent Cassar
Anastasia Melchina
Mario Duca
Rose Anne Cuschieri
Marc Causon
35. About Healthy Living Anastasia Melchina 37. Q&A - Interview with an Executive-MargrithLütschgEmmenegger Jason Attard 43. Q&A - Interview with an Executive - Nick Atkinson Mario Zammit
Emanuel Camilleri
Margrith Nick Atkinson Lütschg Emmenegger
Francois Grech
47. Q&A - Interview with an Executive - Francois Grech Jason Attard
Villa Arrigo
Our Collaborators:
Publisher & Editor Jason Attard Print Progress Press
Technical Editor Joe Vella Bonnici Photography Foto-ish the Studio
Design & Layout Effective Marketing Ltd.
Effective Marketing Ltd. | Tel: +356 2142 4724 | Email: info@effectivemarketingltd.com © All rights reserved. The Publisher’s written consent must be obtained before any part of this publication may be reproduced in any form or by any means whatsoever. Opinions expressed in The Executive are not necessarily those of the editor or publishers (except where otherwise stated). Whilst every care has been taken in compiling the contents of this publication, the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. You are reminded of your right to refuse receipt of this publication by sending such requests in writing to Effective Marketing Ltd., signed by the person refusing receipt.
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Issue No. 30 - 2011
Communicate Assertively!
The Executive Characteristics of assertive communication
The main characteristics of assertive communication are various. Eye contact demonstrates interest and shows sincerity. Body posture: congruent body language will improve the significance of the message. Gestures: appropriate gestures help to add emphasis. Voice: a level, well modulated tone is more convincing and acceptable, and is not intimidating. Timing: use your judgment to maximise receptivity and impact. Content: how, where and when you choose to comment is probably more important than WHAT you say.
Communicate Assertively! Paul Gauci
Assertiveness is a choice: Aggressive: “I believe I can win, I am superior, You are no good. Others do not matter when I stand up for my rights. I am the one who counts.” Passive: “I feel I will lose, I am inferior, I am no good. My thoughts, ideas, and feelings are not so important that others should know about them. I can hide and ignore them.” Assertive: “We can find a way together, we are both fine, no one needs to lose. I am worth standing up for my personal rights. I have a right to express my mind, saying what I think and feel -as long as I accept that others have the right to do the same.”
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P
eople have written tons of articles about what makes a great leader great. Some conclusions centre around his or her intelligence, charisma, or personal drive. But this might not be enough! One might ask, “What’s holding this person back from being a great leader?” The answer that could come up is assertiveness. Some executives might be too overbearing and others not assertive enough to stand their ground. Relating to research in this area, Profs. Ames from Columbia University (US) says that the reason assertiveness comes up so often as a leadership quality, is that conflict is such an essential part of what managers and leaders deal with. He says, “Sometimes it’s avoiding conflicts that really beg to be embraced and engaged
in. Other times it’s pushing too hard and straining relationships through conflict.” Ames also points out that there’s variance across situations as well: “Someone who’s a real mouse to their immediate supervisor might turn around and be an absolute terror to the people who work for him or her.” I think, too, that the motive or outcome behind “winning” has something to do with the effectiveness of assertiveness. A leader who wants to win just for the sake of winning is less effective than the leader who is going to go for something he or she believes in. But even then, a highly assertive person (even if they’re fighting for the right reason) may not see the consequences of his behaviour. For example, he doesn’t see that the person he just dealt with is feeling frustrated or angry — feelings that can
Assertiveness for Leaders • Is the ability to be firm, clear and personally powerful • Energy is released and the person feels stronger • Good ideas get the hearing they deserve • Relationships improve • Difficulties are resolved rather than left festering • Improves communication abilities.
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Issue No. 30 - 2011
The Executive
Communicate Assertively! linger and affect the next interaction – all that is important is the win.
Assertiveness is
about
finding a middle way aggression
between and
passivity that best
Conclusion Assertive communication is the ability to express positive and negative ideas and feelings in an open, honest and direct way. It recognises our rights whilst still respecting the rights of others. It allows us to take responsibility for ourselves and our actions without judging or blaming other people. And it allows us to constructively confront and find a mutually satisfying solution where conflict exists.
Assertive communication can strengthen your relationships, reducing boundaries of all stress from conflict and providing you with social relationship partners. support when facing difficult times. A polite but assertive ‘no’ to excessive requests from others will enable you to avoid Techniques for assertive communication overloading your schedule and promote balance in your life. Assertive communication 1. Behaviour Rehearsal: literally can also help you handle difficult family, practising how you want to look and sound friends and co-workers more easily, reducing drama and stress. 2. Repeated Assertion (the ‘broken record’): allows you to ignore manipulative verbal side traps, argumentative baiting and Aggression is about domination and irrelevant logic while sticking to your point. invasion; it is fundamentally disrespectful of relationship partner’s personal boundaries. 3. Fogging: allows you to receive criticism Passivity is about submission and being without getting anxious or defensive, and invaded; it is fundamentally disrespectful without rewarding manipulative criticism. of one’s own personal boundaries. 4. Negative enquiry: this technique seeks In contrast to these two fundamentally out criticism about yourself in close relationships disrespectful positions, assertiveness is about by prompting the expression of honest, negative finding a middle way between aggression feelings to improve communication. and passivity that best respects the personal boundaries of all relationship partners. 5. Negative assertion: lets you look more comfortably at negatives in your own behaviour Assertive people defend themselves when or personality without feeling defensive or someone else attempts to dominate them. anxious, this also reduces your critics’ hostility. Though they can be strong people who are capable of aggressive domination 6. Workable compromise: when you attempts, they never act in an aggressive feel that your self-respect is not in question, manner, however, because they know that consider a workable compromise with the other person. You can always bargain for to do so would cause them to disrespect your material goals unless the compromise their relationship partner’s boundaries. affects your personal feelings of self-respect. Assertiveness is about mutual benefit: a win-win. respects the personal
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Tips for being more assertive • Deliver your message directly to the intended recipient. • Use statements that make what you want, think, and feel as clear as possible. For example, “I want to…” or “I feel…” • “Own” your message. Say “I’d prefer it if you…” rather than “You should…” . • Ask for and encourage clear, specific feedback. • Be specific and objective when describing the behaviour or situation. • Don’t use generalisations such as, “you always…” or “you never”. Focus on the most recent case, saying, “I noticed today you….when you do that I feel….” Using behavioural descriptions allows you to avoid using labels that hinder the other person’s acceptance of your message. • Avoid becoming emotional when describing how it makes you feel. It may be appropriate to explain why the situation or other person’s behaviour makes you feel that way. Focusing on your feelings has two important effects: It invites the other person to see things from your point of view, and your own feeling cannot be disputed. This is especially true when you say, “I feel…” rather than “you make me feel”, to which they may reply, “Well I don’t mean to”. • Be specific about the action required from the other person, taking into account the rights, needs and feelings of the other person. If necessary and appropriate, clearly describe the consequences of the other person’s behaviour not changing. • Do not be apologetic about your feelings, rights or opinions. Say “no” to unreasonable requests, also without being apologetic. Even offering an explanation is strictly optional. • Only address one issue at a time, rather than listing everything you believe the other person has done wrong. • Be sure to acknowledge both the feelings shown by the other person, and any issues he/she brings up, then immediately return to your point.
This contribution has been extracted from a discussion held by Paul Gauci during the Executive Event of the 18th February, 2011. Paul is Head, Training and Consultancy at Bank of Valletta and a visiting lecturer at the University of Malta where he teaches ‘Organisational Behaviour”. The Executive 07
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Issue No. 30 - 2011
Digital Dividend
The Executive already be too late. I’d need to wait for a photocopier, then at the post office and then for the postal service. What an honour this is - to be writing this in such an efficient manner. What an opportunity to allow myself more time on my new website development. What I need to do is to ensure I am using this digital dividend to the best of mine and my businesses ability. Today I contacted 10,000 people using my email subscription service - it took me 2 mins. One minute later - my emails started beeping as my twitter account picked up new followers - due to the fact that my email post was automatically posted to twitter and people on there picked up on it. The people were from Trinidad, UK and Pakistan - all key markets for my new website mentioned earlier. At work I have prepared a video for my Maltese students to see when I’m not teaching - I host it on my own channel on youtube - at no cost and easily transferred amongst my followers. This is then automatically posted to facebook and the whole thing snowballs.
Digital Dividend Richard Clarke
T
his publication, I think it’s fair to say, is read by white collar workers - Executives you might say!
before - just listening to a recommended track on the music rental service in the sky - spotify.
Not only that - I’m pretty sure that most of you are internet savvy. More so than at any other time in your lives.
So no more taking copies of documents, re-writing them when I get home and redrafting at the office. No more buying records and carrying them around with me - in fact I don’t even need an ipod!
I write this from my desk at work, which I intend to finish off at home. Not for me the memory sticks of yesteryear, I now use dropbox which not only backs up my documents but ensures that there is only one version kicking around. I will pick it up from the cloud when I get home.. ..Here I am at home writing this, pouring myself a glass of wine and playing some music I’ve never heard or even purchased www.the-executive.biz
The internet means that many timeconsuming forms of white-collar drudgery have disappeared, allowing me to be not only more productive and efficient but to allow myself more time on more productive things. It’s a win-win situation. This contribution needs to be in for tomorrow - in days gone by - I would
I have also just given the students a whizzy new presentation using software that looks so professional and wows the audience. No more boring powerpoint. All at zero cost. Finally today I created a video for my website coming soon - using software where you place photos and add a music track and it creates an amazingly professional video to promote your business! We live in amazing times.. don’t waste it all on Facebook. Richard Clarke was the International Director for Europe’s largest financial training company before going on to open his own successful accountancy training company with branches in Malta, Ireland and online, the Richard Clarke Academy. Having 10 years full time lecturing experience, specialising in Financial Reporting and Management Accounting, he also researched neurology and social economics and their affect on the learning process giving his lectures an extra dimension. He co-devised and ran train the trainer courses for ACCA in Europe, Africa and the Far East. Richard is writing innovative Financial training books which he hopes will break the death grip of tired, dull textbooks. The Executive 09
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Issue No. 30 - 2011
Human Capital for Sustainable Economies
The Executive The EU has a number of policies and opportunities which are available to all member countries but the way in which these are communicated has its flaws and drawbacks. One tends to ignore the importance of those sustainable economies which are interrelated with immerging new issues that include global warming and the emergence of the green economies; how does a transformation from high to low carbon economies impact human capital management and the effective initiatives needed to develop and manage human capital for sustainable economies? Such questions lead to an important aspect on how to identify and extract solutions on how to increase better and more effective communication especially to SME’s and local authorities on this subject.
Human Capital for Sustainable Economies Marc Causon
W
ith the economic problems facing most of the European countries, sometimes the focus groups of action to generate growth and jobs are directed to the creation of employment as a fast means of job creation, so as to plug the problem by dumping workers in other firms, government agencies and so forth. This tends to ignore the fact that human capital can be the triggering factor for establishing sustainable economies. Some would argue, why, when facing crisis, slow the process of job creation with some idealistic ideas and theories such as sustainable economies? But if we were to give deeper thought to sustainable economies, we would better understand that human capital must play a determined
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role of improving the economy because we cannot rationalise and act without these important considerations in mind. One needs to focus and understand that when considering economic activity we need to believe and understand that sustainable economies cannot be neglected or sidelined for a faster route towards gaining economic growth. This brings the role of thinking economics from the sustainable perspective, through the identification of which areas are marginalised, of why they are marginalised, and of what our solutions are to identify and help them; this so as to further growth and job creation through the advocacy of human capital for sustainable economies.
Concepts such as ‘European citizenship’ and ‘European economy’ assume that the cohesion policy should also be applied to the development and management of human capital so as to further foster the economic integration. Tools such as social entrepreneurship and a broad application of the participatory approach in minority and immigrants development programs are underdeveloped in some new member states, and NGOs should study and define areas for civic contribution. We have various schemes in place; an example of this is the Incubation centre in Kordin run by Malta Enterprise, but are these enough? Are we targeting all sectors of our human capital irrespective of their educational background, their social background? And are we providing to those in search of employment, enough opportunities to understand those steps and ladders of business economy which prompt capitalisation of their individual skill-sets? Mark Causon has worked as coordinator and project manager on various projects in Ireland, Spain, Brussels, Germany, France, Sweden and Norway, and is also a visiting lecturer and tutor at Master’s level at several European universities. At present Mark is the manager of the Europe Direct Mosta office of the European Commission DG Communications office. He provides consultancy services on EU funding calls, project selection, application and project management. Mark may be contacted on tel. 79232635 or mark@ europedirect-mostamalta.eu. The Executive 13
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Issue No. 30 - 2011
Time, Cost and Resources in Scheduling Activities
The Executive • The scheduling activities stage has three fundamental objectives; it: • determines when these activities are to be conducted (the time plan) • determines the all resources (human or otherwise) that will be required to conduct the project on an individual activity basis taking into account the time plan • determines the optimum project duration and cost for the entire project (resource scheduling and resource levelling).
Time, Cost and Resources in Scheduling Activities Emanuel Camilleri
“The productivity of work is not the responsibility of the worker but of the manager.” Peter F. Drucker
T
he objective of the project manager is to ensure the optimum solution for the execution of a project as a whole. However, to find the optimum project solution requires a detailed assessment of concurrent, interrelated and overlapping activities; and the individual activity duration and cost data. In other words, the scheduling of activities stage requires two major information inputs:
1. Input One - Information from Step 7. The project network diagram specifies what and how the project activities will be executed. www.the-executive.biz
2. Input Two - Information from Step 8. The utility data for activities specifies the duration and cost that each activity will take to be completed (starting with normal time and cost). However, in determining the optimum solution for the project on a holistic basis, the project manager must also be aware that expediting one activity will increase its cost and shorten its time, but may not decrease the overall time of the project. It is therefore essential for the project manager to find the proper combination
of activities that should be expedited in order to determine the most economical project schedule, taking into consideration both the direct and indirect costs. This is not a simple matter since all costs vary with time. Direct costs tend to decrease if more time is available for an activity, but indirect (and overhead) costs will tend to increase with time. Hence, it is the proper balance between time and cost that will provide the optimum solution. Two popular techniques to help the project manager achieve these objectives are the Critical Path Method (CPM) and Project Evaluation Review Technique (PERT). For the purpose of this article, CPM will be considered. Furthermore, the project manager has a wide selection of computer application software that utilises one or both of these techniques. CPM and PERT provide a systematic method for calculating the effects of time and cost related to the project network. But ultimately, it is the project manager who will have to find the optimum solution for the project as a whole, using the CPM/ PERT software tools. Determining the project schedule requires numerous calculations for every activity that holistically establish project completion time and cost. While these calculations are normally provided by the chosen computer application software, it is important that the project team understand the terminology associated with the various calculations. The figure provides an example regarding the calculations that are carried out in the scheduling process, and the resultant Gantt Chart. Note that the direct labour costs are being shown for illustration purposes only. The Executive 15
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Figure 2: Resultant Gantt Chart for Time Schedule Issue No. 30 - 2011
From the calculations at Figure 1, the time schedule would appear as follows:
The Executive Let us assume that the project manager wishes to shorten the project completion time of the example shown by one day. It was assumed that the cost for unskilled labour is 5 units per hour for a normal shift of 8 hours per day and the overtime rate is 1.5 times normal rate (i.e. 7.5 units per hour). Furthermore, the cost for painter is 10 units per hour with all activities utilising unskilled labour, except for Activity 5 which utilises a skilled painter. The only activities that may be crashed (expedited) are those that have a total float of zero, that is, critical activities. In this example only Activity 2 and 5 are candidates for expediting.
EST is the earliest time (date) that an activity can start taking into consideration that there may be other preceding activities that need to be completed.
•
LST is the latest time (date) that an activity can start taking into account concurrent and other preceding activities.
•
EFT is the earliest time (date) that an activity can finish.
•
LFT is the latest time (date) that an activity can finish.
•
Total float (TF) = (LFT - EFT). TF is the amount of time by which the start of an activity may be delayed without extending the project duration. Such a delay may cause delays in succeeding activities but will not hold-up the project as a whole. Activities that have a TF of zero are referred to as critical
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Duration
EST
1*
0 days
08.00 04Jun07
08.00 04Jun07
08.00 04Jun07
08.00 04Jun07
0
0
2*
3 days
08.00 04Jun07
08.00 04Jun07
17.00 06Jun07
17.00 06Jun07
0
0
3
4 hrs
08.00 04Jun07
12.00 06Jun07
12.00 04Jun07
16.00 06Jun07
20h
0
4
1 hrs
13.00 04Jun07
16.00 06Jun07
14.00 04Jun07
17.00 06Jun07
19h
19h
5*
1 day
08.00 07Jun07
08.00 07Jun07
17.00 07Jun07
17.00 07Jun07
0
0
* Critical Activities. Note that Duration is for normal duration to complete an activity.
Assume that the cost for unskilled labour is 5 units per hour for a normal shift of 8 hours per day. Overtime is at a rate of 1.5 times normal rate (i.e. 7.5 units per hour) and cost for painter is 10 units per hour. All activities utilise unskilled labour, however, Activity 5 utilises a skilled painter.
The network shows five activities. The “Start Project” activity has zero duration time. Assume that a working day is from 08:00 to 17:00 hours with 1 hour break at 12:00 hours. All computations are normally calculated by computer software. First, the Earliest Start Time (EST) and Earliest Finish Time (EFT) are calculated for all activities, staring at the beginning of the network (forward pass). When the activities’ EST and EFT have been computed, starting from the end of the network, the Latest Finish Time (LFT) and Latest Start Time (LST) of the activities is calculated (backward pass). The various terms have the following definitions: •
LSTand Resources EFT LFT TF FF Time, Cost in Scheduling Activities
Activity
Activity
Normal Cost at
1*
Normal Duration 0 units
2*
120 units (3 days)
3
20 units
4
5 units
5*
80 units
The normal duration and cost schedule would be represented by the following Gantt Chart: Activity
Dur.
Cost
Start
Finish
1*
0day
Units 0
Date 08.00 04Jun07
Date 08.00 04Jun07
2*
3day
120
08.00 04Jun07
17.00 06Jun07
0
3
4 hrs
20
08.00 04Jun07
12.00 04Jun07
20h
4
1 hrs
5
13.00 04Jun07
14.00 04Jun07
19h
5*
1day
80
08.00 07Jun07
17.00 07Jun07
0
Total
225
* Critical Activities. The duration and cost are for normal time to complete an activity.
TF
04Jun
05Jun
06Jun
07Jun
0
Daily Cash Out: Cumulative Cash Out:
65
40
40
80
65
105
145
225
Legend: Red = Critical Activities; Yellow = Non Critical Activities; Green = Total Float Only the direct labour costs are considered.
activities. Hence, TF for Activity 2, 3, 4 and 5 are 0, 20, 19 and 0 hours respectively. •
Free float (FF) = (EST of succeeding activity - its own EFT). FF is the amount of time by which the start of an activity may be delayed without delaying the start of succeeding activities. FF cannot be greater than TF. FF for Activity 2, 3, 4 and 5 are 0, 0, 19 and 0 hours respectively
Note that for Activity 2 the EST and LST, and the EFT and LFT are the same because there are no restrictions for this activity to start except for the fact that the project is to commence at 8.00am 4th June. However, an examination of Activity 3 and 4 reveal that EST and LST, and the EFT and LFT for these activities are different. The reason is that even though Activity 3 and 4 have durations of 4 hours and 1 hour respectively, these hours may be carried out at any time within the 3 day period allocated to Activity 2. As the network
diagram illustrates, Activity 2 is conducted concurrently with Activities 3 and 4, and Activity 5 cannot start until Activities 2, 3 and 4 are all finished. All Activities with zero TF (total float) are critical and are said to be on the critical path. Hence, any delay of the critical activities results in a delay of the project. Therefore, Activities 1, 2 and 5 are considered to be critical activities and cannot be delayed without delaying the project. When deciding which activity is to be expedited first, always choose the least costly. Hence, Activity 2 is selected to be expedited by one day at an average hourly rate of 5.83 units. Furthermore, the project may be fully expedited within the allowable limits as shown. For instance, Activity 2 may be completed in one day at a cost of 170 units and Activity 5 may be expedited by half a day at a cost of 90 units. The Executive 17
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Issue No. 30 - 2011
The Executive
Time, Cost and Resources in Scheduling Activities Conclusion This article has continued from previous contributions in the discussion of the project planning function by analysing the objective of scheduling the project network on time, cost and resources.
is the implementation of the defined and agreed plan that transforms theory into reality. Hence, project control endeavours to ensure that when implementing a project, the practical execution does not deviate from the theoretical plan defined by the project manager..
In distinguishing between project resource scheduling and project resource levelling, one should note that the latter is far more complex to achieve, and is essential for executing the entire project within budget, and maximising the available organisational resources.
References:
It should also be noted that project management software while conducting all the calculations, does not automatically provide the optimum solution in terms of time and resource utilisation. The Project Manager alone (using the project management software tool) can achieve this. When deciding on which activity to be expedited first, always choose the least costly.
A project plan can basically be viewed as being theoretical. It
• Antill, J. M., & Woodhead, R. W. (1982). Critical Path Methods in Construction Practice. New York: John Wiley & Sons. • Kuklan, H. (1993). Effective Project Management: An Expanded Network Approach. Journal of Systems Management, 44(3), 12-16. • Herroelen, W. (2005). Project Scheduling: Theory and Practice. Production and Operations Management 14(4), 413-432.
Dr. Emanuel Camilleri has extensive local and overseas experience in information management applications, and holds academic qualifications in information management, accountancy, engineering and business management.
Building a Framework for Project Success…
Project Success Critical Critical Factors Factors and and Behaviours Behaviours
Emanuel Emanuel Camilleri Camilleri
The The issue issue of of what what defines defines project project success success (or (or failure) failure) is is complex complex and and often often elusive, elusive, and and dependent dependent on on the perceptions of different stakeholders. In this enlightening book Emanuel Camilleri examines the perceptions of different stakeholders. In this enlightening book Emanuel Camilleri examines the the key key factors factors bearing bearing on on perceived perceived success success or or failure. failure.
In In chapters chapters dedicated dedicated to to factors factors such such as as leadership, leadership, teams, teams, communication, communication, information information management management and risk management, the author shines a light on the key behaviours in which and risk management, the author shines a light on the key behaviours in which project project managers managers and and others others engage engage and and how how those those behaviours behaviours predict predict success success or or failure. failure. Practising Practising project project managers, managers, project board board members members and and sponsors, sponsors, struggling struggling to to manage manage conflicting conflicting stakeholder stakeholder expectations, expectations, project complexity complexity and and ambiguity, ambiguity, will will learn learn which which factors factors are are vital vital to to determining determining successful successful outcomes. outcomes. Finally, Finally, having having highlighted highlighted the the particular particular skills, skills, abilities abilities and and attributes attributes identified identified by by the the research, research, The author offers a diagnostic model for assessing an organization’s preparedness The author offers a diagnostic model for assessing an organization’s preparedness for for undertaking undertaking and and successfully successfully managing managing major major projects. projects. Hardback Hardback
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ebook ebook 978-0-566-09229-9 978-0-566-09229-9
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Issue No. 30 - 2011
Factors affecting Motivation
The Executive • Energy, effort and a lot of enthusiasm need to be invested in motivation. • To motivate is to induce someone to take action. • Positive reinforcement offers attractive consequences for desirable performance. Therefore praise and appreciation motivate the individual to do their best. • Leaders need to feel appreciated by their subordinates. They need to feel that their efforts, which at times, are huge, are acknowledged. • Providing challenge together with fulfilment at work is a powerful motivational tool. • Only leaders who are themselves motivated can possibly motivate others. Energy, effort and a lot of enthusiasm need to be invested in motivation.
Illustration by Joseph Wharton
Factors affecting Motivation Rose Anne Cuschieri
T
his article tackles three interrelated job aspects taken from a leader’s point of view. These three
“It seems that morality, emotion and social bonds provide far more powerful stimulants to motivation and commitment than extrinsic concerns of transactional leadership in which leaders and followers exchange needs and services to achieve independent objectives.” Day et al., 2000, p. 164
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factors, namely motivation, satisfaction and stress will be studied in the light of their impact on leaders’ performance, impinging on their daily administrative roles, their relation with others and also on their personal lives. MOTIVATION “Motivation is what drives individuals to work in the way they do to fulfil goals, needs or expectations” (Riches, 1997, p.10). Motivation is like a juggling act: it needs concentration, precision, commitment and practice. For this reason motivation is a delicate issue that needs to be handled with care if leaders want to succeed in their organisations.
Riches (1997) defines motivation as the goals which people have that direct their behaviour towards something, as “the mental processes or energetic forces by which individuals (a) pursue their drives towards particular goals, including decisions about what to aim for and how to go about it and (b) maintain and sustain such behaviour” (p.89). Lussier (2003) comments “motivation is an inner desire to satisfy an unsatisfied need” (p.378). Looking at these definitions, it can be realised that motivation is the driving force behind most of our actions, plans and strategies. So it can be concluded that “to motivate is to induce someone to take action” (Riches, 1997, p. 89). Without motivation, the organisation’s process becomes dull and stagnant. Motivation follows a process where the individual identifies an unsatisfied need. The person has to set a goal and identify the action that needs to be taken. Riches (1997) states that a basic general model of motivation has the ensuing building blocks: • needs or expectations • behaviour • goals • some form of feedback. It is interesting to analyse what the work factors that motivate leaders in their job are. Most of the responses would probably be multi-factorial and the range of declared motivating factors is likely to be very The Executive 21
Issue No. 30 - 2011
The Executive
Factors affecting Motivation
extensive and diverse. Motivators can be various, disguised and not always expressed clearly. Motivating factors also tend to change and vary according to the individual and to circumstances. Some may opt for the managerial attribute to their role as leaders. Others will come up with a broader list of motivators ranging from the organisational to the personal and even social facets of being a leader in an organisation.
Some leaders seem to look at leadership as a tool, as a means, by which they can make a difference, large or small, in other people’s lives. It seems that the well-being, in every aspect, of colleagues and employees, is the fulcrum and fundamental motivating factor of some particular leaders. Some people derive motivation in having a good rapport and good working relationships with their staff. Yep. Staff walk out even if they are very, very well paid.
22 The Executive
FACTORS AFFECTING MOTIVATION Riches (1997) explains that most factors affecting motivation fall under two categories: physiological (the need to eat, drink, protection and work) and psychological (the need to belong, to have self-esteem and be valued by others). This
notion of motivation was first introduced in the 1940’s by Abraham Maslow (1943) in his motivation theory known as the Hierarchy of Needs. Maslow divides persons’ needs into five categories, starting from the very basic, the physiological, and progressing on to safety, love, esteem and finally self-actualisation. In his Two-Factor motivation-hygiene or motivation-maintenance theory, Herzberg (1959) says how lack of consideration for the wishes and needs of the individual can act as a dissatisfier as it can have a very negative effect on individuals. “Negative thoughts release chemicals that produce anxiety. Positive thoughts release chemicals that relax and energise people” (Canter and Canter, 1999, p. 29). Very often attitudes and perspectives are contagious. Leaders, like all members of staff in any organisation, need to feel that their wishes and needs are being fulfilled. A motivated person, be it the leader or the follower, is far more productive and is always looking for better ways to do a job and produce results. Skinner’s theory of reinforcement states that positive reinforcement offers attractive www.the-executive.biz
Issue No. 30 - 2011
The Executive
Factors affecting Motivation
consequences for desirable performance. Therefore praise and appreciation motivate the individual to do their best. “Positive experiences generate pleasurable, intrinsic motivation” (Chapman and King, 2005, p.23). Leaders need to feel appreciated by their subordinates. They need to feel that their efforts, which at times, are huge, are acknowledged. Motivation is what drives individuals to work in the way they do to fulfil goals, needs or expectations. These are numerous, varied and changing. Motivation can become a driving force for all those who sincerely believe in an organisation. It is a journey, not a destination. It is a way of working with people and for people. Motivation empowers people and lets them share responsibility for improvement. While clear, direct and driving organisational directions are salient motivating factors, they are not the only conditions that bring about motivation. All this has to be considered and is influenced by the direct experiences that members of the organisation have with the leaders of the organisation and vice versa,
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Providing challenge together with fulfilment at work is a powerful motivational tool. and by the organisational conditions within which people work. “Motivation is using our deepest preferences to move and guide us towards our
goals, to help us take initiative and strive to improve, and to persevere in the face of setbacks and frustrations” (O’Brien, Weissberg, and Shriver, 2003, p.27).
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Issue No. 30 - 2011
The Executive
Factors affecting Motivation experience, they would not be able to give their best. Undeniably, all leaders exert a great influence on their organisation and their negative or positive outlook certainly leaves an impact on the rest of the organisation. Most writers, implicitly or explicitly, say that only leaders who are themselves motivated can possibly motivate others. McClelland (1987) notes that: “What motivate world-class leaders from mediocre ones are specific behaviours such as self-control, selfconfidence, an ability to get a consensus from people, and strong motivation for achievement” (p. 27).
Only leaders who are themselves motivated can possibly motivate others.
Conclusion Work has to be challenging and meaningful. This is one of the few ways in which people feel motivated to work more and better. Providing challenge together with fulfilment at work is a powerful motivational tool because people need to see their jobs to be personally meaningful.
• Canter, M., and Canter, L. (1999) “Lighting Up”, in Managing Schools Today. Vol.8 (6), pp.28-30.
• Day, C., Harris, A., Hadfield, M., Tolley, H., and Beresford, J. (2000) Leading Schools in Times of Change. Milton Keynes: Open University Press. • Everard, K.B., and Morris, G. (1996) Effective School Management, 3rd Edition. London: Paul Chapman.
Dr Rose Anne Cuschieri is the Director for Educational Services within the Secretariat for Catholic Education. She is also a parttime lecturer and tutor within the Faculty of Education at the University of Malta. She is involved in seminars and training for young people and adults with the Employment and Training Corporation, and lectures Leadership, Management and Interpersonal Skills at the Malta Police Academy. Rose Anne is also a free-lance trainer and lecturer in leadership, motivation and stress. She is the author of several articles in both local and foreign educational and management journals and she has presented several papers in different prestigious conferences both locally and abroad. Rose Anne may be contacted at roseanne.cuschieri@gmail.com.
© The Executive
If leaders perceive their work as a negative
References (abridged):
• Chapman, C., and King, R. (2005) Different Assessment Strategies: One Tool Doesn’t Fit All. California: Corwin Press Inc.
24 The Executive
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Issue No. 30 - 2011
The Executive
Company Highlight - Bank of Valletta plc
A
s a leading financial services provider, Bank of Valletta recognizes its responsibility towards the community in which it operates. The Bank’s commitment to play a leading and effective role in the country’s sustainable development, whilst tangibly proving to be responsible and caring citizens of the community in which it operates is reflected in its extensive Community Programme. Each year, Bank of Valletta invests a percentage of the previous financial year’s pre-tax profits back into the community through various projects under seven distinct pillars. The Heritage pillar invests directly in the upgrading of Malta’s Heritage sites and restoration projects of sites of particular historical interest. One of the main projects under the Heritage Pillar of the Bank’s Community Programme is the restoration of the Main Cupola of the St Catherine of Italy Church in Valletta. Attributed to renowned artist Mattia Preti, this project was launched in February 2009 and is now nearing completion.
pattern and scenes from the life of St. Catherine. The conservation of the church’s dome involves an extensive restoration project and includes a combination of applications to ensure that the natural colours of the painted dome are brought back to their original grandeur.
Repatriating profit Stefan Abela
• Each
year,
invests
a
Bank
Valletta
of
percentage
of
the
previous financial year’s pre-tax
profits back into the community.
• By
supporting the conservation
of this historic church at the
Following a restoration project in 2003 to the exterior of the church, the interior remained in a bad state of repair and conservation efforts were long due. Bank of Valletta, upon valuing the significance of the project gave its full support to the completion of the restoration of the Cupola. The church that was built during the reign of the Knights boasts a typical baroque architecture. Following centuries of climatic and manmade conditions the church was left in a dilapidated state. Besides the infiltration of rainwater, the church suffered extensive damage during World War II. Moreover, the stone of which the lantern of the dome is made, suffers from a process called powdering. The dome, which is divided in eight segments by ribs, is decorated with a phytomorph www.the-executive.biz
centre
Valletta, Bank
of
Valletta
of
will be bringing back
to life one of the historic and artistic gems of the capital city.
• By
supporting the conservation
of this historic church at the centre
Valletta, Bank
of
Valletta
of
will be bringing back
to life one of the historic and artistic
gems
city. The been
of
the
capital
restoration
entrusted
to
the
has able
restoration firm Sante Guido
Restauri. Bank
of
Valletta’s
relationship with Sante Guido
Restauri
when the
goes
Bank
back
ten
years
the King monument in Floriana, of
three
A complete documentation of the restorative process, including historical notes about the building, performance data about building materials, including why they deteriorate or break down and this restoration are an important element that will enable better interventions in the future. By supporting the conservation of this historic church at the centre of Valletta, Bank of Valletta will be bringing back to life one of the historic and artistic gems of the capital city. The restoration has been entrusted to the able restoration firm Sante Guido Restauri. Bank of Valletta’s relationship with Sante Guido Restauri goes back ten years when the Bank had sponsored the restoration of the Christ the King monument in Floriana, one of three undertakings that formed part of the BOV Millennium Project.
had sponsored
the restoration of the Christ one
The restorative operation included an extensive scientific analysis for a better knowledge of materials and techniques used on the cupola during the original decoration and subsequent restorative interventions. The first stages of the process saw the extraction of soluble salts from the stone, consolidation of collapsing materials and the filling of the gaps and of missing plastering between stones by low salt plaster. The pictorial layers were then cleaned and the missing parts chromatically reintegrated by watercolour and natural pigments. Gilding reintegration followed with the application of gold leaf.
undertakings
that formed part of the
Millennium Project.
BOV
Stefan Abela has been employed with Bank of Valletta for the past 18 years. Amongst his portfolio of functions, Stefan also handles the bank’s community programme. He may be contacted at stefan.abela@bov.com The Executive 25
Issue No. 30 - 2011
Developing the Next Generation
The Executive
Developing the Next Generation Mario Duca
B
eing the owner of a family business that you either created from scratch and you consider as your baby or being a managing owner of ‘X’ generation, you have at one point or another taught about the importance of preparing and initiating the succession process. You want to secure the fact that the enterprise you have worked so hard to develop can live through future generation. With succession planning one has to also think about wealth planning; that is, the planning not only of how the accumulated wealth is going to be shared but more importantly how this wealth can be collectively protected and enhanced. Yet preparing future generations for being responsible owners is a huge challenge in itself which cannot be achieve with a stroke of the pen but which will take time to develop and ingrain into the next generation’s culture.
To
initiate
this
multi-
generational participation within a family business there are different initiatives that could be looked at,
but
whatever
initiative
applied this requires that:
is
-
(a) the next generation has to feel the need to be part of the process, and (b) they must be educated on how to be fit and proper owners in the management of the family’s wealth.
As the business grows and with it the family expands beyond the first and second generations, family members would start feeling themselves detached from the family business as they have their own life aspirations to follow. They would consider the wealth transferring process as something that happens to them, rather than seeing themselves as an important and integral part of the wealth transfer process. Although today’s younger generations could be well educated, lack of exposure 26 The Executive
to and experience with the complexities of governing a family business, may be intimidating to them. The sheer prospect of active decision making and control would be too much for them to manage. Furthermore, in a family business we cannot only talk about, and solely plan the business and ownership systems. We must also talk and plan the family system, that is - we cannot exclude the family and family issues from our planning process. Preparing the next generation to be proficient and responsible business leaders and managers is a given and there is nothing new about this concept. Yet, it is not so obvious that this applies equally true to the transferring and management of wealth within your family. Hence, the family must be educated in being fit and proper owners of the acquired family wealth as they are responsible for safeguarding and possibly increasing this wealth for future generations. As the next generation is normally composed of the younger family members, they would lack the necessary experience and exposure required in the management of the family’s wealth. Furthermore, they could also not have made up their minds with regards to their involvement with the family business since they would want to follow their own dreams and possibly they would not be able to attach their role to a shared purpose with the family for the business. As such, one will have to develop ways in which one could instigate this multi-generational involvement. From our experience this would require the following questions to be answered: a) Why do we want to continue as a family in business together? b) What role will the family members have in the family business in the future? and c) How do we get organised? On the other hand since family businesses are by their nature very different from one another, you and your advisors must develop your own methods on how to inspire future generations. However, there are some general guidelines that can help the family succeed
• Preparing future generations for being responsible owners is a huge challenge. • the family must be educated in being fit and proper owners of the acquired family wealth as they are responsible for safeguarding and possibly increasing this wealth for future generations. • Work on developing a structure in which the younger generation is involved and can simultaneously take advantage of the knowledge and experience that the senior family members have. irrespective of the family’s specific approach. The first is to make inter-generational participation in decision making about investing, philanthropy and family social responsibility a priority. The second step is to create a plan. This does not have to be rigid or formal, but putting it down in writing is a must. Work on developing a structure in which the younger generation is involved and can simultaneously take advantage of the knowledge and experience that the senior family members have. Invite input from family members and incorporate their ideas. Once you create ownership of the process actual participation and commitment will be higher. Thirdly, include education in your plan. If you aspire that the family’s legacy lives through future generations than you must provide your heirs with the tools they will need to use to succeed. Finally, do not leave the process to start too late. Start preparing your children at an early stage for stewardship of the wealth that they will inherit. Instil in them a sense of responsibility for involving their own children and grandchildren in preserving the furtherance of the family’s wealth. In implementing the processes discussed, the rewards one would expect will likely go beyond the successful transfer of your wealth. It is very probable that the family’s communications and relationships will also improve with the direct result of reduced destructive conflicts that unfortunately family businesses are so much renowned for. For further information please contact Mario Duca, FBS2M Family Business Solutions, email: mariod@2mmanagementconsultancy.com. www.the-executive.biz
Issue No. 30 - 2011
The Executive
www.the-executive.biz
Developing the Next Generation
The Executive 27
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28 The Executive
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Issue No. 30 - 2011
The Executive
The Changing Organisation
• According to Arnold (1997), the following seven points are to be taken into consideration when thinking about defining a career:
• the sequence in activities, roles and experiences encountered by the person in the course of employment-related positions; • the ability to plan, decide and have the correct attitude in such sequences; • the ability to adjust, adapt, develop in new or changing employment-related positions; • the ability to prepare for future ones; • the ability to make sense about past employment-related positions in relation to present ones; • the attempts made by focal individuals or others to influence one’s career; and • the interplay between personal and macroand micro-situational variables and any of the preceding six issues.
The Changing Organisation Vincent Cassar
A
s a consequence of the changing world of work, organisations have also sought the need to change to remain existent, at worse and competitive, at best. Many organisations have taken decisions to mutate on way or the other depending on a number of variables like sector, marketing and geographical positions, stability and others. The most common changes have been delayering and downsizing (in Japan for example, two thirds of companies downsized and/ or delayed in the late 1980s and early 1990s), devolution or decentralisation, and outsourcing.
The Aftermath These constant changes have led to the new employment contract and have had an irreversible effect on the construed relationship between employer and www.the-executive.biz
employees. Kissler (1994) presents us with a comparison between the ‘Old’ and ‘New’ forms of employment relationships. The newer ways of construing the employment relationship have meant a change in the way we make sense of ‘careers’. More contemporary definitions therefore place a lot of more emphasis on the person (career) rather than on the tasks performed (job). Within this ambient one realises the need to direct energy towards the self-efficacy of individuals, to tap one’s potential and to develop insights about the challenges and attributes one has, can have or must have to succeed in this new order of work. It is this contextual rationale that CSP finds validity and relevance; CSP goes beyond the academic qualities and attainment
of certificates of the person; it is a set of techniques that attempt to systematically uncover the critical competencies, styles ad tastes of people at work or entering work; to generate realistic plans that ensure the joint optimisation of one’s career strengths and potential with the business objectives of the organisation. CSP is more than a psychological assessment. It is action-based because after the assessment the person gets feedback about one’s holistic profile and these are translated into an action plan which is translated in layman’s terms. At the end, the whole purpose is to make the person more marketable, sellable and employable. The Test It’s easier said than done. So the best way to check this out is to put it to the test. The main purpose therefore of this small experiment was to examine the utility of such an approach. In this study, we had a convenience sample of 20 unemployed graduates, 6 of which were registering with ETC. The
unemployment
period
of
the
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Issue No. 30 - 2011
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The Changing Organisation
participants ranged from 0 to 3 months for 60% of the sample and 4-6 months for the remaining 40%. The average unemployment period was 3.7 months. The original group was split up into two groups in a random fashion. One group was the experimental group and the other the control group. Both groups received via email, a short structured and close-ended questionnaire which had been adopted by Hawkins (2003). This questionnaire asks several questions about the candidate’s career aspirations and was used to set a common baseline to ensure no significant differences existed between the control group and the experimental group. In fact, no differences were found except for a very marginal difference (p=.019) on the questionnaire dimension: “How do I get there?” Following this, all participants in the experimental group were told to undergo a set of psychometrically validated online assessments (SCOPE) kindly funded by Human Factors International (UK). For this study, we conducted three basic assessments: a personality inventory, a 30 The Executive
general reasoning test, and a Workplace Values questionnaire. The system generates customised reports. Participants were told to read these reports carefully and were also counselled about the findings. Later, both the experimental and control groups were invited to attend two separate focus groups and were asked questions like: What are your career aspirations; How much do you know about your strengths and weaknesses; How has the knowledge of your attributes helped you in planning better your career aspirations (to the experimental group only); What knowledge of your attributes do you have and how do you know (to the control group only); and Had you to plan your career paths on the basis of the knowledge of your attributes would it seem easy or difficult? Without going into unnecessary lengths or results reporting, much of the control’s group answers were based on selfperceptions. Self-ratings are often subject to positive-self image bias and candidates may attribute
more to themselves than what is true in objective reality. So typical replies were: “I think I have quite a good picture of my strengths and weaknesses since I was always trying to be self-critical and insightful.” “I think I know what my strengths and weaknesses are. I learned them through my close friends as they are the people who point them out to me.” On the other hand, the experimental group participants made comments like: “Although I knew before about some factors the personality tests revealed about me, still, these tests gave me a more clear and analytic picture about my strengths and weaknesses.” “I am aware of my strengths and weaknesses. On the other hand, these tests made me aware of the difficulty I have in numerical reasoning.” Moreover, participants in the experimental group suggested that the assessments provided them with specific understanding of where they would fit, what areas need to be considered, why, and how they can further enhance areas of concern. On the www.the-executive.biz
Issue No. 30 - 2011
The Executive
The Changing Organisation
Action-based psychological assessment is a powerful tool to inexperienced job seekers who can thus more easily reveal to prospective employers what their potential may be like.
other hand, the control group members made very generic statements subject to self-inflating biases. Of significance was one comment made by a participant in the experimental group and which is reproduced here:
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“Recently I attended a job interview abroad and one of the questions that they asked me was: What are your strengths and what are your weaknesses? Although it sounds an easy question to answer, it was indeed a difficult one.
whether this information may be used to make a more knowledgeable and objective decision about the typical career and/or organisation s/he would fit in. CSP and other similar methods are useful today and in conjunction with professional career advisory services can be a powerful tool to job seekers who, in spite of having no work experience, can approach prospective employers by revealing to them what their potential may be like.
“Basically I ended up saying the first thing that came to my mind in order to fill in the silence that I created! If I had to use the information derived from these assessments I think that I would have done a much better impression on the selection board. In fact I will use this information to substantiate my arguments in future interviews.”
• Arnold, J. (1997). Managing careers into the 21st Century. London: Pitman Chapman Publishing.
Conclusion CSP provides an effective tool and resource to beat the competition and to ensure a person acquires the necessary insights of what his or her values are and
Vincent Cassar is a co-founder and Managing Director of Mediterranean Cultural Encounters Ltd. Dr. Cassar lectures at the University of Malta and at Birkbeck College, University of London.
References (abridged):
• Hawkins, P. The Art of Building Windmills: Career tactics for the 21st century. UK: Graduate into Employment Unit. • Kissler, G D. (1994). The New Employment Contract in Human Resources Management (Vol. 33, No 5). New York: John Wiley and Sons.
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Issue No. 30 - 2011
The Executive
Company Highlight - VCT Ltd
Extraordinary Light Angela Attard
I
n the words of Aaron Rose, “in the right light, at the right time, everything is extraordinary”. And the right light does not simply appear out of thin air but is a derivation of experience in lighting design and the employing of quality products. VCT complements this unique core competence by selecting the end-results via an understanding of fashion in lighting, and in interior and exterior design with that of the client’s wants and needs. Founded in 1986, VCT Ltd is a family run business which in the past years has gained an impeccable reputation in the lighting and electrical fields, thus establishing both local and international rapports. VCT’s portfolio mainly consists of the largest variety of lamps available. With more than 5,000 different lamps and approximately 1/2 a million pieces of lamps available at the time of this writing, their portfolio of lamps includes a series of tungsten halogen, metal halide, sodium vapour and filament lamps, fluorescent tubes and studio lamps for theatre lighting as well as the well known range of compact fluorescent and LED lamps. A primary reason as to why VCT has gained such a strong hold within the local market is the sheer strength of its topnotch brand names. Calex, Fabasluce, Dimco, Radium, RZB, Lapafil, Hamilton, Olan are core portfolio members and are widely looked upon as international market leaders. The company boasts of the very latest innovations in indoor & outdoor lighting manufactured by these reputable firms and which are of impeccable style of modern, retro and architectural lighting. More than a quality supplier, this firm is a truly reliable business partner to every operator. This in turn provides a stable starting point to facilitate business acquisition with success. www.the-executive.biz
The daily mission is that of delivering top quality products by means of a prompt service at a fair price in a market where customer demands should always be the organisation’s fulcrum. VCT Ltd has also been awarded the CSQM (Customer Service Quality Mark) for the 3rd consecutive year. The Lombard Bank annexe to Palazzo Spinola in Valletta recently won the Silver Medal for all categories in the sixth edition
of Din L-Art Helwa’s Award Scheme for Local Architectural Heritage. Lombard Bank entrusted VCT with this prestigious project to conduct, research and manage the overall lighting aspect of the project. The decision to select VCT to realise this unique project underlines their well renowned competence in the lighting sector. Angela Attard is the Managing Director of VCT Ltd. The Executive 33
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Issue No. 30 - 2011
About Healthy Living
The Executive the mirror at least once a day, and focus on the good that you posses and notice the improvement of your hard work, then you are being empowered to reach your goal in the best possible way. The Wrong Path Many people, who are not in the shape they desire, will find it more difficult to start taking their health seriously or worse, go down the wrong paths by investing in useless products that are being commercialised as fast fat removers and body toners. Such products that misguidedly ‘help you’ mask the problem for a few weeks. Another difficulty arises when these people are continuously comparing themselves with other people who by nature are endowed with a near to perfect physique. For instance, those who generally describe themselves as ‘big boned’ would normally prefer to have a different body type, such as a skinny one.
About Healthy Living Anastasia Melchina
W
e are constantly trying to keep up with our hectic lives while making sure that those factors which are most important to us are included in our busy schedules. Some people have food close to heart, and one will always find mouth-watering dishes being prepared in their kitchens. Others take such good care of their car that it could almost be considered a family member. Many are packing their closets with new clothes, shoes and accessories, and we know plenty of people who will never, ever let their homes go astray. We always manage to find time for these activities in our already full lives, because we believe that they are important. However when it comes to our body, by which means we carry most of our daily tasks, we would completely neglect it, sometimes for years until severe signs of carelessness will start annoying us or worse still, will be indicative of peril.
Self-Esteem and Obesity Living your live while ignoring your body’s health will sooner or later heavily interfere with your normal daily living. Obesity or www.the-executive.biz
being overweight, for instance, is only one of the severe effects of an unhealthy lifestyle and this symptom is a chain reaction starter of a whole lot of unwanted problems. The extra weight will limit the mobility of the body and will interfere with functionality of important organs such as the heart, lungs, kidneys, spleen and liver. Another fairly common symptom with obese people is the tenacious low selfesteem. At first some of these persons are not even willing to look at their reflection in the mirror even when encouraged to do so. They might not like what they see so they prefer to ignore it. In such cases, it is crucial to tackle first the confidence issue and level it to higher personal esteem. Selfesteem is always crucial in reaching the success of an individual. These people will learn that the mirror, if used correctly, is a powerful tool that drives us to put more effort in ourselves. In many cases, the mirror is much more efficient than the bathroom scales, which unfortunately, is the sole body assessment tool that most people rely on. If you make it a point to thoroughly look at yourself in
People with such a body type can eat anything, not train and remain skinny. But they have the tendency to neglect their health even more. These people think that since they do not gain weight they will always be healthy, which is not true. Their unhealthy lifestyle will gain on them. We are all different individuals with different body types and we nonetheless can all reach our goals by taking different paths suited to our personality, lifestyle, body type and goals. Five Simple Daily Steps Our body is our most personal and most precious tool and taking care of it should be a priority to everyone so we can live our lives to the full and enjoy our loved ones as much as possible with the highest of quality of lives. This can be achieved by following five simple daily steps: educate yourself in how to live a healthy lifestyle, set a plan and keep it, eat right, exercise at least 4 times a week and sleep the hours you need. Now look at yourself in the mirror, think of your present lifestyle and find time for your body today! Anastasia Melchina is an internationally qualified Aerobics and Personal Fitness Instructor. Her sessions are client-centred, innovative and creative. Anastasia is a proactive motivator, inspiring and motivating people to take action towards a more fit and fulfilled life. She may be contacted at anastasia@fitness-holistic.com. The Executive 35
Š The Executive 36 The Executive
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Issue No. 30 - 2011
Interview with an Executive - Margrith Lütschg Emmenegger
The Executive
“Forfaiting” is the purchasing of ‘promises to pay’ issued by importers. And Margrith Lütschg Emmenegger has written the book “A Guide to Forfaiting”; an international must-have for those in the field. She was appointed as Executive Vice President in April 2003 and President in September 2004. When bearing in mind the intimacy between forfaiting and factoring, therefore, and when bearing also in mind the importance of invoice factoring to FIMbank, it is no wonder that this lady, armed with her internationally respected business acumen and vast banking experiences, has entrenched FIMbank’s positioning as the market-leading trade finance bank that it is. The Executive interviews Margrith to attempt to understand FIMbank’s heading through her direction.
Interview with an Executive -
Margrith Lütschg Emmenegger
This interview was conducted by Jason Attard. FIMBank is working within the Russian, Romanian, Indian, Brazilian, African and Maltese markets. What is the rationale behind the choices? These are all emerging Emerging Markets with huge potential for development - while Malta of course is our home base and is therefore a market in which we naturally have an interest in and one which we want to support by means of our products and services in order to increase trade – especially exports. Clearly our choice of markets also reflects our strategic objective of diversifying the markets we operate in, underlined by a global approach which is aimed at following the trade flows while mitigating risks. www.the-executive.biz
Your international factoring partners are all top institutions enjoying robust reputations. How do you establish such partnerships? Our partners are attracted to FIMBank by our expertise in these highly specialist products, our quality and our determination to bring these products to those countries in a professional manner. On the other hand, having reputable partners with expert knowledge of their respective markets makes it far simpler for our joint operations to establish an early foothold in these markets. The Executive 37
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Issue No. 30 - 2011
The Executive
Interview with an Executive - Margrith L端tschg Emmenegger
Is your partnership strategy limited to matters pertaining to factoring? Being a small bank, we do need partnerships but the strongest ones relate to factoring as they involve equity investments and strong commitments by all parties. How do you make sure that your partnerships/ joints ventures are successful? These are always a challenge and of course, it is important to continue working closely with our partners all the way. Critical to all Joint Ventures is the fact that all parties need to contribute and all parties need to benefit otherwise none of these projects would work. When liquidity is huge people do not want to bother with learning new products. You once said that it has been really good for the factoring product in general. What did you mean by this? The liquidity crises was really good for factoring because people were looking for solutions, new products to tackle the lack of liquidity - and factoring is an excellent product for improving cash flows and liquidity. Since factoring was relatively unknown it was useful for us to have another driver (lack of liquidity) to support our educational process and our efforts to create more awareness for this excellent tool. Of course, factoring is not only useful in illiquid markets but indeed always. Once the market has recognised these qualities they will continue to use the product on a regular basis.
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In your last years, you gave 100% divided earnings to your shareholders. Is this normal FIMBank practice? And could you explain why you chose the highly rewarding strategy? This was an exception - we selected this for two main reasons - i) profits were relatively small, given the difficult year, hence the rewards to shareholders would have been very small had we kept to our normal percentage which is approximately 30 - 40 % of net profits - ii) we saw a strong and good outlook for FIMBank in 2010, so we wanted to give a strong signal of confidence to the market which has obviously been confirmed as we quadrupled our profits in 2010. Define the evolution of your product portfolio. And how, comparatively, did FIMBank fare pre and post inclusion of factoring within the product range. Factoring or receivable finance is the fastest growing product in trade finance, outperforming all other tools. It is therefore essential for a trade finance specialist to offer this product. It is also a very important source of diversification in our product offering, following different trade flows and maturity profiles. Is it correct to say that you enjoy first mover advantage for factoring but not for Malta? In most countries we are at the forefront of the product offering in factoring and I think this also applies to Malta, as I believe we were one of the first to talk factoring on the island as well. We are happy that other banks are also offering the product now as this helps Maltese companies to develop better and offer professional competition, which is of course good for the business.
The Executive 39
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40 The Executive
Issue No. 30 - 2011
The Executive
Interview with an Executive - Margrith Lütschg Emmenegger
Can you describe the progress of factoring in Malta, and world-wide, in the context of FIMBank’s workings? We were recently selected - for the second time running - as Best Factoring House world wide by the Global Trade Review with HSBC coming in second. We therefore believe we have contributed successfully to the product offering world-wide and this is a huge achievement for a small organisation such as FIMBank. The Maltese market will always be small but as I mentioned before, I believe the introduction of the product has helped. As a matter of fact, the statistics of Factor Chain International (the umbrella organisation for factoring) show good growth in international (import and export) business for Malta.
Why the relatively low amount of competition on factoring in Malta? I believe the market is too small to create huge competition but it has developed nicely and it is growing;
Learning from Margrith’s Experiences: -
We also apply a healthy and balanced policy with regard to payments of bonuses, designed to reward and motivate without being excessive – I think so far it has paid off.
• Growth
will
be
coming
from
the Emerging
Markets and Africa will play a critical role in this. The
commodities they have will play an important
part and this is why countries such as China are investing so massively in Africa.
• Having
reputable
partners
with
knowledge
of
their respective markets makes it easier for joint operations to establish an early foothold in these markets.
• Critical to all Joint Ventures is the fact that all parties need to contribute and all parties need to benefit otherwise none of these projects would work.
• Lack of liquidity could well be an effective driver in creating awareness for new products, and thus in creating opportunities.
• Giving
higher
dividend
earnings
during
industry-
wide periods of difficulty gives out a strong signal of confidence.
• Apply
a healthy and balanced policy with regard
to payments of bonuses, designed to reward and motivate without being excessive.
Could you please define for us ethics in banking? Being a specialist trade finance bank, we want to find a good balance between making money and supporting trade, customers and countries. We also have - today more than ever - a huge social and environmental responsibility which FIMBank takes very seriously. Compliance, Anti-Money Laundry and Anti Terrorist Prevention is important in all businesses but it is a huge challenge in trade finance, and here again FIMBank has applied the highest standards possible.
…how has your definition affected or facilitated the pursuit of FIMBank’s ambitions? All the above is only positive for us – we have not had any “subprime” issues nor experienced any losses. Growth might have been slower and profits slightly lower at times but our responsibilities to the community are of longer term value and of much more importance than quick fix profits. Senior management at FIMBank is of a young average. Could you please elaborate? Our team is indeed fairly young but we have also quite a few seasoned and experienced bankers guiding and channelling their energies and their dynamism. Our staff is our most important asset and we treasure them young people are our future and we have to provide them with the right environment to develop and prosper - I believe FIMBank is achieving this. You believe that Africa is a continent which offers huge opportunities. Why is this so? Africa has certainly huge potential – it needs time and patience to develop due to the politically unstable environment. These countries, however, are the ones with the best growth potential. Europe is basically at a standstill; growth will be coming from the Emerging Markets and Africa will play a critical role in this. The commodities they have will play an important part and this is why countries such as China are investing so massively in Africa. How are the recent events in the African markets affecting the banking industry? Affecting FIMBank? We will all be affected by political developments in the Middle East and North Africa. However, FIMBank is implementing short term trade finance and is very diversified with regard to exposure as well as products, all of which will reduce the impact for us. Some countries will benefit from these developments (increased oil prices – Russia; increased commodity prices – Africa) while others will suffer, but with our effective policy of diversification it will all balance out and the impact can be managed. Jason Attard is the Managing Editor and Publisher of the journal.
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Issue No. 30 - 2011
Q&A: Interview with an Executive - Nick Atkinson
The Executive
Interview with an Executive Nick Atkinson
This interview was conducted by Mario Zammit. There’s more to flooring and waterproofing than meets the eye. Nick Atkinson is internationally recognised in the field as having contributed to the chemical structure of the compounds used within the industry. His background in manufacturing specialised projects in the UK has given him insights which are not available elsewhere. And perhaps Flock Image’s other core competence is the professional structure of the organisation itself; a wonderful anomaly within a typically less-structured industry. The journal explores. The most obvious question I suppose would be, how did you get started? What made you go into this business sector? From the projects we were doing at the time some associated architects were asking us to solve problems that they were encountering on Maltese roofs. We developed a liquid that got over these problems and is now our longest running liquid membrane product. From that, continuous research into various products lead me also to explore the seamless floor coatings market which also wasn’t properly developed locally at the time. www.the-executive.biz
Did you have experience in using the products/service you provide? I do have a good background in chemicals which is the basis of our products. I came to Malta in the early 1990s with 11 years experience in the fibreglass industry back in the UK. My experience there is based upon a multi-tier involvement in projects like fibreglass boats, wind energy turbine blades and vacuum formed carbon and Kevlar cars. The Executive 43
Issue No. 30 - 2011
The Executive
© The Executive
Q&A: Interview with an Executive - Nick Atkinson
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Did you have some type of financial backing, EU or state funding/support? How difficult was it to find investors in your busy (being banks and/or private investors)? No, we have not yet benefited from any EU / state funding. Way back in 1996 when we started, our investor was a good friend who lent us Lm200 interest free to set up the company and our first company facility was in the region of Lm200. We slowly built it up with a lot of hard work and support from our bank. What are the company’s policies towards the environment? We are very conscious of the environment and always look for suppliers with eco friendly policies. For example one of our liquid membranes which is manufactured for us in the UK is more eco friendly than standard emulsion paint. For the past couple of years, we have also been trying to do our bit locally whereby with one of our liquid membranes, we provide the facility to collect back the used packaging (buckets) where we thoroughly clean them and reuse them. Thus less packaging waste and keeping costs down. How is quality measured? Basically from customer satisfaction and repeat orders from some of Malta’s most prestigious companies. Materials and service qualities are very important for us. We have apparatus for testing floor coatings adhesion and liquid membrane adhesion and application which we use on our projects to ensure correct application and put our customers’ mind at rest. Your service and products are unique on the Islands. 44 The Executive
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Was there any kind of research and development done to adapt the product attributes for Malta? Yes definitely. If we take the liquid membrane, a product that say works very good in the UK doesn’t mean that it will work just as good in the Maltese climate. The Maltese climate is much more extreme. So any liquid membrane product for example has to be able to not only “waterproof ” the surface it is applied onto, it needs to withstand the high temperatures we endure in the summers so come next winter it can still waterproof the roof. Similarly for the floor coatings, the local aggregate used in concrete floors for example is different than that used abroad, so our systems have had to be modified slightly to accommodate that. Have you any plans for growth, expansion locally and/ or abroad? We are continuously on the look out for new opportunities. In a business you can never be complacent otherwise I believe you stagnate. We have been asked by two of our long term suppliers to set up a subsidiary of Flock Image in other countries like Turkey and to repeat the success story with their materials abroad as we have done locally. How many people do you employ? We currently have a workforce of 15 people split into small dynamic teams. Although our teams specialise in what they are assigned to do, be it waterproofing or flooring we train them to be flexible at the same time to enable us to make the best use of the resources according to the company’s needs while keeping the people we train with us. www.the-executive.biz
Issue No. 30 - 2011
The Executive
Q&A: Interview with an Executive - Nick Atkinson
What is the biggest threat facing your Do you find it difficult to employ skilled workers? Do Company and Maltese industry in general? you provide in-house and on the job training? Yes, it is not easy to find skilled workers although as a rule we Rather than threats I would say challenges. Challenges for a do not look for specific skilled workers in our area. We look for company change with time depending on what is happening motivated individuals who have drive and a positive attitude around it. To stay price-competitive in such a fierce market is always a big challenge. towards work and learning new skills and techniques. New products and systems This enables us to mould our Learning from Nick’s Experiences: are continuously being put workforce as per our company on the market. Our policy policy. We do provide on the is to provide good quality job training more than in-house • The engaging of motivated individuals who have materials and service for a training. In our trade although good price. you need to know certain basics, drive and a positive attitude towards work and In a price driven market usually each project has its own which is very much the challenges which are different learning new skills and techniques enables the Maltese market, it is no easy from the one before, hence employing organisation to mould its workforce as task to convince customers initiative, forward thinking and to pay that little bit extra for most of all common sense are per company policy. a better product which in the usually the best tools. long run will prove cheaper. The market is saturated What about leadership? Is • The workforce should be encouraged to try with similar products with everything centralised and vast price differences, and controlled by the director, out those new ideas that emerge from a policy of on top of this is the fact that or you delegate tasks and continuous discussion. Malta is a small market. We authority to others? pride ourselves however, on We believe very much in shared our track record and the fact leadership and as I said before that we have been using the initiative from our employees. • Always back employees 100% and believe in same products for the past We encourage our employees to teamwork. 15 years. take decisions and continuously ask for their opinions and involve How is marketing them as much as we can. To • Using the same product for a long period is vital in carried out? (how does keep abreast of the market, you your target audience have to keep up research and creating brand positioning. get to know about your development of new products products/service?) etc. and we continuously discuss In all honesty, we do not any new ideas with our workforce • In a price driven market which is very much the do a lot of marketing. and sometimes they themselves We have managed to come up with ideas which we Maltese market, to provide good quality materials build up our business by encourage them to try out. We recommendations from always back our employees and service for a good price is a workable, satisfied customers and one 100% and believe in teamwork. effective alternative policy to competing on raw projects leads to another. Without the employees the However as I just said in company would be nothing. pounds shillings and pence. recent years, the market has The directors by themselves grown more fierce and we can’t possibly achieve what the understand that marketing is team as a whole accomplishes. • Keeping your name out there through selected very important. We see our role of directors as literally pointing the company in publications and trade fairs is superior to hard Keeping your name out a direction and together with our marketing. there through selected employees achieving that goal. publications and trade fairs is the way we have Have the latest economic been doing it without hard marketing. This we see as equally developments affected Flock Image? Definitely. I think everyone in every sector of the industry has at important to attract new customers as it is for past customers some point felt the effects of the global economic turmoil. Be it because keeping the name going promotes customer confidence. through decreased work, tough cashflow situations, oil prices We are not just another company who tries to make a killing etc. For example, most of the materials we use are very much and fades away fast. We are in it long term. affected by oil prices and we have had continuous price increases throughout the past few months in our raw materials making it harder to maintain keen prices. Mario Zammit is a Senior Lecturer at MCAST. www.the-executive.biz
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Issue No. 30 - 2011
Interview with an Executive - Francois Grech
The Executive
Interview with an Executive Francois Grech Francois Grech has been working in the IT industry, addressing business and technology aspects for the last 11 years. He has been involved in the definition of information technology strategy and software business solutions within blue chip corporations and public sector entities. The journal attempts to understand how this experience has facilitated his role as Executive Director of Exigy.
This interview was conducted by Jason Attard.
How did you end up in your current position as Executive Director of Exigy? I have been working in the information technology industry, addressing both business and technology issues, for the past 11 years in a number of countries, mainly Malta, UK, Germany, Italy, Lebanon and Egypt. Having been strategically involved in the definition of information technology strategy and software business solutions within blue chip corporations and public sector entities, I felt confident enough to engage into a venture where such experiences could be put to good use. And in 2002 the opportunity materialised. After several years of hard work, here we are today. A brief history of Exigy? In line with its quest for further growth, the M. Demajo Group has always been successful in widening its commercial interests through joint venture initiatives. At the start of the new millennium, the Group formulated a vision behind a business idea to expand its presence within the emerging ICT sector. As a result, in 2002, the Group moved its focus towards software solutions, providing the necessary financial and operating infrastructure and engaging key individuals who were willing to invest their knowledge-base into a software business organisation. This saw the start of Exigy that, over the years, has grown from a group of technology enthusiasts into a professional solutions provider. Nowadays, we have a baggage of experience and intellectual property that we are channelling into the market, both locally and overseas, helping us to implement the most effective measures to grow wisely. www.the-executive.biz
The Executive 47
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Issue No. 30 - 2011
The Executive
Q&A: Interview with an Executive - Francois Grech
How do you keep up to date with the ever changing the most effective means of training, whereby the employee and his/ her immediate supervisor discuss the employee’s performance over products and services that are emerging? Continuous investment in research, development and training enables a specified time period. This helps in identifying any training needs us to get our employees quickly informed and conversant with the for the employee to better perform his/her job and address any latest product innovations, thus ensuring that our solutions are based shortcoming in his/her performance resulting from lack of training. on the most recent emerging What is your competitive technologies. It is imperative for advantage? us to integrate such innovations Learning from Francois’ Experiences: As opposed to various local within our product offerings since companies engaged in IT this is the only way to ensure that • Be sufficiently confident to exploit your strategic services, Exigy is totally focused our clients receive the best return experiences for engaging into ventures wherein and specialised in delivering on their technology investment. they could be put to good use. strategic software solutions, On the other hand, investment having a dedicated team in research, on both stable and • In Software-based organisations, engage those of software developers and proven technologies, allows for individuals that are willing to invest their consultants. We aim at bringing greater solution stability and knowledge-base into it. technology closer to individual efficiency that enables us to be user needs, with customised well-prepared for continuous • Base solutions upon the most recent emerging processes tailored to fit unique advancements in technology. The technologies. business requirements. investment in our people is an ongoing process that we consider • By continuously investing in research, development In designing the best solution of imperative value for the overall and training, one is enabled to get employees for our customers, firstly we success of the company. quickly informed and conversant with the latest seek a thorough understanding product innovations. of the customer’s business and What is your approach to how it operates, then we map educating your workforce • Investment in people is an ongoing process that is of the technology that would and management? imperative value to the overall success of the company. help enhance their operations. We operate with a philosophy Besides enabling us to carve that focuses around the quality • All employees, should follow a consistent training specialised solutions to address of the people we employ. Within mechanism. the customer’s immediate our business scenario, our people needs, such a process helps us are our major assets, so we ensure • Assess each project team upon its particular strengths build long-lasting relationships that they are adequately skilled and weaknesses, keeping in mind the company’s current with our customers to continue and trained to suite our dynamic opportunities and ongoing projects. supporting their business working environment. All throughout the years. We have employees, irrespective of their • Performance reviews are a most effective means of customers with whom we have position within the company, training. had a relationship going for follow a consistent training several years, who continue mechanism. New recruits are • Customise processes to fit unique business coming back to us for any of provided with an internal onrequirements so as to bring technology closer to their software requirements. the-job training programme that individual user needs. We assign an account manager lasts three to six months, during to all our customers, so that which they get accustomed to • In designing the best solution, first seek a thorough they have one contact point our operational processes and understanding of your customer’s business and how to help them address all their the company’s work ethics that it operates, then map the technology that would technology needs. At Exigy, enables them to blend in well we do not just sell technology, help enhance the operations. with the rest of the team. we provide business value. Apart from training new recruits, • Don’t just sell technology. Also provide business value. What is the way forward we also consider continuous for Exigy? training of our employees as key to our success. On various occasions, we have funded our With an excellent resource base, made up of technology and business employees’ further education. In addition, the company recognises professionals who are experienced on a wide range of solutions for the importance of a Training Needs Analysis (TNA) approach, by various industries, we are now seeking to reach to international markets. means of which training gaps across organisational functions emerge. In addition, we are on the constant looking out for innovative technologies Besides, each project team is assessed on its particular strengths and to bring to the local market, thus being the first to identify and serve a weaknesses, keeping in mind the company’s current opportunities and technology need on the local scenario. This will enable us to build a ongoing projects. Once individual training needs are identified, the successful chain of partners with whom we would be penetrating new employees’ training is scheduled, ensuring that it does not compromise local markets with innovative technology solutions. the individual’s and team’s capabilities to meet project timelines and objectives. In addition, we deem performance reviews to be one of Jason Attard is the Managing Editor and Publisher of the journal. www.the-executive.biz
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Bacon said that “knowledge is power.” Chekov inferred that “knowledge is of no value unless you put it into practice,” while Einstein said “information is not knowledge.” The truth? It’s pretty easy to quote clever thinking after a quick internet search. Lighthouse & Ashley believes in real data, hard facts and decades of combined experience. We have opinions that are backed up by market research, strategies that are the product of analysis not just guess work or re-hashed ideas. We believe in professional partnerships. We invest ourselves into our allies because your success benefits us in the long term. Because we are here to stay. Let’s talk real strategy.
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