Keppel Ltd. 1Q 2024 Business Update Presentation Slides
ideas@work vol.2
1. VOLUME 2
BUSINESS INSIGHTS FROM UNC EXECUTIVE DEVELOPMENT
WHITE PAPERS
FEATURED:
Charting a Course During
Uncertain Times
Focusing on Employee
Engagement: How to
Measure It and Improve It
Closing the Gaps in
Leadership Development
Developing Real Skills for
Virtual Teams
Rethinking Generation Gaps
in the Workplace: Focus on
Shared Values
How to Help Leaders Succeed:
A Guide to Successful
Executive Career Transitions
3. Inside this issue
Charting a Course During Uncertain Times
page 4
Focusing on Employee Engagement: How to Measure It and Improve It
page 16
Closing the Gaps in Leadership Development
page 28
Developing Real Skills For Virtual Teams
page 38
CLASS OF
‘72 ’92
‘02 ’22
Rethinking Generation Gaps in the Workplace: Focus on Shared Values
page 48
How to Help Leaders Succeed: A Guide to Successful Executive Career Transitions
page 56
(Note: The information or conclusions expressed in the following white papers are the authors’ review of findings expressed by the
organizations. All brand representations are registered trademarks owned by the respective companies or organizations.)
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5. C H A R T I N G A C O U R S E D U R I N G U N C E R TA I N T I M E S
As the companies examined in these pages will
demonstrate, developing and executing an organization’s
The Seven Elements of a
collective ambition requires involvement at all levels. HR Collective Ambition
and talent management professionals play a powerful
role every step of the way, from helping to shape the Scholars have studied what makes for engaged and
collective ambition to executing it. An organization’s sustainably profitable organizations for decades. Collins
collective ambition can only be successful if there are and Porras wrote eloquently about the importance of
the right people, in the right places and with the right linking strategy with vision. Schein championed the
knowledge, skills and abilities. Simply put, it takes importance of culture and values to an organization’s
people to make the glue and to facilitate the grease. success. Many others have written about brands,
strategic intent and leader behaviors. Hence, the
concept of collective ambition—which touches on all of
Promise these elements of organizational success—is not new.
Instead, it provides a framework
This white paper:
that will help pave the way for
• Discusses the seven elements of collective ambition
successful, organization-
and why they matter. wide change
initiatives.
• Explains why one of these elements may matter
more than the others.
• Shows how top organizations collaborate
to bring these elements together, enabling
employees at all levels (and senior leaders
in particular) to work together to provide
the glue and the grease to get them
where they want to go.
• Profiles several companies who have
done an outstanding job of
integrating these pieces into
a powerful whole.
• Outlines the HR practices
required at every level
to ensure success.
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7. C H A R T I N G A C O U R S E D U R I N G U N C E R TA I N T I M E S
The Collective Ambition Compass
After years of working with organizations across the an organization’s collective ambition and when they are
globe, we believe there are seven elements that really focused, provide a compass that leads to success. We call
matter for organizational success. These elements define it the collective ambition compass (CAC):
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9. C H A R T I N G A C O U R S E D U R I N G U N C E R TA I N T I M E S
SCB has more than 85,000 employees comprised of 129
nationalities who work in 71 markets. Going into the recession,
the bank had a strong foundation, a compelling vision (“to be
the world’s best international bank, leading the way in Asia,
Africa and the Middle East”), and a robust, well-aligned collective
ambition. Despite this, most of the world—including many key
stakeholders—couldn’t articulate what made SCB unique among
financial institutions. It had always had “the glue,” but it needed
to strengthen it. SCB leaders believed the recession was the
perfect time to do this.
In 2009, Peter Sands, SCB’s CEO, created a taskforce of
senior leaders (including their chief human resource officer) that
traveled the world to speak with thousands of SCB stakeholders—
customers, employees, regulators, shareholders and the larger communities in which SCB
operates—to get their take on the organization’s vision and collective ambition. They heard a
similar theme among their diverse and geographically disbursed stakeholders; that SCB was
a positive force, an ethical partner, and a company in it for the long haul. As a result, “here
for good” became SCB’s new multi-layered brand tagline.
SCB didn’t just want a tagline with a nice ring—it wanted a promise. Senior leaders realized
that if they were to differentiate themselves from their competitors, they must deliver “here
for good” to every stakeholder in every part of the world. To ensure that the promise was
kept, they created a global accountability process.
The first step to deliver the promise was to engage all of their employees because they
would be the ones to deliver it on a daily basis. SCB held town hall meetings at all their
locations, a centerpiece of which was a two-minute “here for good” strategy video about
SCB’s positive impact on the world. The video inspired employees, who universally felt that
“here for good” perfectly captured the values already present in the company. “Here for
good” did not create the glue; it strengthened what was already there.
As one senior leader explained:
“’ ere for good’ really does reflect who we are. Our local connections are very deep, in
H
part because we our long-term efforts to develop local talent and because we’ve been
in our markets so much longer than other multi-nationals. It is not uncommon for me
to meet customers who tell me how we gave their grandfathers loans 50 years ago and
have stood by their family businesses in good and bad times. They wouldn’t go to
another bank. When the Asian financial crisis hit, many banks pulled out of the region.
But we stayed and learned the lessons the West is learning now. Integrity matters. We
are not separated from our communities. We are an integral part of them.”
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11. C H A R T I N G A C O U R S E D U R I N G U N C E R TA I N T I M E S
Example: Four Seasons – Building the Grease
I
t may be easy to see how collaboration can
be used to tell a compelling story of your
company’s future and be the glue that binds.
But how can this story provide the grease to
enable and drive productive change?
Travelers worldwide brighten at the mention of Four Seasons,
the hospitality group that literally set the standard for
exceptional service in luxurious settings. Founded in 1961 by the
iconic Isadore Sharp, the Four Seasons’ reputation is the envy of its
peers. The last few years, though, have been particularly tough for
the industry as a whole and the company in particular.
The recession wreaked havoc on the hospitality industry, especially at the high-end market,
Four Seasons’ primary focus. As vacationers cancelled trips and business travelers opted for
less expensive hotels, bookings plummet. At the same time, Sharp was ready to retire and
enjoy the next phase of his life. In 2010, Katie Taylor, Four Seasons’ chief operating officer,
took the CEO helm in the midst of the worst recession in 80 years.
In 2008, the Four Seasons found itself at a turning point. In preparation for her new role,
Taylor had an important task; to engage 35,000 employees in more than 80 hotels in 35
countries in a collaborative process that would get Four Seasons back on track and poised
to lead the industry once again.
For decades, the company’s unique service, culture, quality and brand (called “the pillars”)
had led to success. The question in 2008 was how to ensure they would continue to do so
in an ever-changing competitive landscape. The company had in place three key measures
for success—people, product, profits (called “the bold ambitions”). While the bold ambitions
had been the same throughout the company’s history, Taylor knew they had to be captured
anew and related to the change process in a way that was clear and compelling.
To that end, Taylor and her team overlaid the seven elements of Four Seasons’ collective
ambition onto such a graphic compass. As Taylor noted after completing the work. “We
found that compass was very useful tool because it helped us do two things. First, it allowed
us to think about the company and its success drivers in a different framework than we had
before. Second, it allowed us to organize all of these thoughts in a way that gave them an
actionable direction that was entirely consistent with our purpose and values, but with a
new point of view.”
Today, the company uses the compass as their framework for action.
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15. C H A R T I N G A C O U R S E D U R I N G U N C E R TA I N T I M E S
Purpose may be the spring from which the other elements flow, but it is not the only thing
that matters in shaping and implementing an organization’s collective ambition. All seven
elements must be integrated into the powerful story that is your organization’s collective
ambition.
Sephora, for example, determined that if an entertaining shopping experience was its
purpose, then its strategy should be to deliver exceptional service. But not conventional
great service—service aligned with its core values of freedom, emotional connection,
excellence and boldness.
Purpose, strategy and values play a role in everything Sephora does. Consider training
at Sephora University. When employees learn about how to deliver exceptional service,
they are encouraged to use their own means to get to the desired ends. For example, in
a booklet that explains Sephora’s management style to employees, each principle is listed
with examples of how other employees have successfully achieved each principle and
then there is a space where trainees can list how they will do it.
Conclusion
The companies showcased in this article continue to Finally, they used the process itself as a springboard to
succeed despite the economic environment because initiate change and execute strategy.
they have harnessed the power of collective ambition
to chart a course during these uncertain times. The Harnessing the power of collective ambition isn’t easy,
successes experienced at companies like SCB, Four but then again, the path to excellence is never easy.
Seasons and Sephora could not happen without a There is no GPS button that will take an organization
clearly defined purpose and genuine commitment at effortlessly to the Promised Land, or an external guru
the senior executive level. As demonstrated throughout who can show the way in an hour’s speech. The good
this paper, an organization’s purpose is the center of news is that it can be done if the organization pulls
its collective ambition. Purpose matters for business together to work for it. This requires the commitment
enterprises. Purpose drives and informs employee of HR and talent management professionals to ensure
engagement, leadership development initiatives and that the organization has the right people with the
branding. It breeds trust, speeds decision-making and right skills and cultural fit to execute an organization’s
is the heard of compelling change initiatives. These collective ambition. HR leaders must also work to
companies embraced collaboration to shape their prepare employees at all levels so that they are ready for
collective ambition and to energize their employees. the changes to come.
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17. EMPLOYEE ENGAGEMENT: MEASURE AND IMPROVE IT
Characteristics of Engaged Employees
Researchers for the Institute for Employment Studies Engaged workers:
(IES) recently asked about the characteristics common to • Believe in their organization
engaged employees as they embarked on the study,
The Drivers of Employee Engagement. They found that • Desire to work to make things better
there was general agreement among HR professionals • nderstand the business context and the “bigger
U
about engaged workers. picture”
A key finding of the IES study was that engagement was • Are respectful and helpful to colleagues
a two-way street. For employee engagement to succeed,
• Are willing to go “the extra mile”
organizations must work to engage employees; in turn,
employees have a choice about the level of engagement • eep up to date with developments in their field
K
they offer employers.
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19. EMPLOYEE ENGAGEMENT: MEASURE AND IMPROVE IT
A study by consulting firm Towers-Watson revealed an As the economy recovers, employees at all levels will
even bleaker situation. Their research concluded that emerge from where they were and may begin to look for
only about 15 percent of employees were fully (actively) new opportunities. The biggest concern will be the
engaged; 65-70 percent of employees were moderately potential loss of an organization’s most valued talent, so
engaged, while 15 percent were totally disengaged. if improving employee engagement has not been on your
organization’s radar screen, it should be.
Actively Engaged Workers .....................................................................................................................................................
The Gallup organization provides a detailed profile of
• motional commitment to what they do
E
an engaged worker based on its G12 employee
engagement survey. Engaged workers demonstrate: • High energy enthusiasm
• onsistently high levels of performance
C • Commitment to their organization, work group and job
• atural innovation and a drive for efficiency
N
Engaged workers are the ones you look forward to
• ntentional building of supportive efficiency
I seeing on Monday morning because their enthusiasm is
catching. They have likely been identified as high-potential
• lear understanding about the desired outcomes
C
employees and feature prominently in their organization’s
for their roles
succession planning process.
Disengaged Workers ...................................................................................................................................................................
Disengaged workers, on the other hand, view their jobs Disengaged workers may have been actively engaged
as an exchange of time for a paycheck. They arrive and workers at one time. Somewhere along the way, though,
leave on time, take their breaks, never volunteer for extra they became disengaged because of a lack of career
work or projects, and do little else in between beyond the growth or promotion, a perception of salary inequity,
minimal effort. They show little passion or creativity for job dislike, or distrust in their direct manager and senior
their jobs and go through the motions. management.
Actively Disengaged Workers .............................................................................................................................................
Actively disengaged workers are the most damaging negative attitudes have a disproportionate effect on the
employees in the workplace. They are unhappy and let performance of their co-workers and overall operational
that unhappiness show in words, attitudes and actions. performance.
They undermine the performance of others by constantly
voicing their displeasure and listing the many reasons why While it is not impossible to re-engage actively disengaged
they are so miserable in their jobs. Kelly Services notes workers, it is much more challenging. Letting employees
that while these actively disengaged workers make up know that senior leaders are aware of employee
only 15-18 percent of the employee population, their engagement levels and are committed to taking positive
action to address it is a key step.
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21. EMPLOYEE ENGAGEMENT: MEASURE AND IMPROVE IT
Potential Increase in Overall Engagement?
Intent to stay has steadily increased another 2.3 percent across the first quarter of 2011.
More importantly, discretionary effort took an upswing from its decline and increased by
over 8 percent.
The combination of employees exhibiting an increase in both discretionary effort and
intent to stay reflects a potential increase in overall employee engagement.
Quarterly Data of Intent to Stay vs. Discretionary Effort
Intent to Stay
Discretionary Effort
Percentage of
Employees
70%
60%
50%
40%
30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
‘09 ‘09 ‘09 ‘09 ‘10 ‘10 ‘10 ‘10 ‘11
Source: The Corporate Executive Board, Employee Engagement Trends Report: Q1 2011.
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23. EMPLOYEE ENGAGEMENT: MEASURE AND IMPROVE IT
• re you giving employees examples where individuals
A
and teams have gone above and beyond the call of
duty to overcome a challenging business problem or
exceed a client’s expectations? Story telling is a critical
way for a manager to help employees relate to what
needs to be accomplished with real live examples.
• re your managers helping employees sort through
A
tasks and priorities so the urgent doesn’t overwhelm
what’s important?
• astly, are you and your management team
L
proactively asking employees how to make things
better, improve customer relations and leverage
innovative ideas for competitive advantage?
Shambaugh suggests—and research confirms—
that if the answer to any of these questions is no,
then employee engagement is suffering. Employee
engagement starts at the top.
Four Steps for Improving Employee Engagement
There is nothing more damaging to employee morale • nvolvement in decision making
I
than asking employees for their thoughts and opinions
on an issue and then failing to take any action based • The extent to which employees feel able to voice
on their input. It is vital that employees understand that their ideas, and managers listen to those views and
steps are being taken to improve employee engagement value employees’ contributions
as a result of their responses.
• he opportunities employees have to develop
T
their jobs
Step 1: Know What Drives Employee
Engagement • he extent to which the organization is concerned
T
for employees’ health and well-being
Now that you have a pulse on your employees’
commitment to the organization, action is required. In all cases, two-way communication and management
Knowing what drives employee engagement will help play vital roles in keeping employees engaged.
you plan those action steps. IES identified several
components of what drives employee engagement:
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25. EMPLOYEE ENGAGEMENT: MEASURE AND IMPROVE IT
Example: Southwest Airlines and Employee Empowerment
Employee engagement can lead to better customer service. Southwest
Airlines is renowned for its outstanding customer service, the keys to which
are its recruitment and employee empowerment philosophies. According
to Kevin Freiberg in the book Nuts! Southwest Airlines’ Crazy Recipe
for Business and Personal Success, “Southwest looks for people with other-oriented,
outgoing personalities, individuals who become part of an extended family of people who
work hard and have fun at the same time.”
To empower their employees, according to Freiberg, Southwest dispensed with rigid work
rules and job descriptions so their employees could assume ownership to get the job done
and get their planes out on time, regardless of whose “official” responsibility it is. The
airline also gives employees the flexibility to “bend” company policy if they think it would
be in the best interest of its customer.
This flexibility allows Southwest employees the ability to go above and beyond to deliver
exceptional customer service—a challenge in any industry. “It can be tough and put you
into a bad mood real quick when you deal with a nasty and abusive person,” notes Libby
Sartain in a recent article for SHRM Online. Sartain is an HR management consultant and
former chief HR officer for Southwest Airlines and Yahoo. “It’s a matter of training and
empowering employees to do the right thing,” she said. “If you trust that employees will
do the right thing and handle situations as best they can, then that’s what will happen.”
Southwest tightly links the way it empowers its people and manages its operations on
the inside, and the way it positions itself to the customer and the marketplace on the
outside. Sridhar Balasubramanian, Professor and Associate Dean of UNC Kenan-Flagler’s
MBA program, notes that this linkage has helped the company to be true to its values,
and to execute on its customer promise flawlessly. “Southwest is a fun brand that
delivers focused value,” he said, “and the flight attendants and pilots who crack jokes
and entertain the passenger are not just putting on a show. They have been hired at
Southwest because that sense of humor comes naturally to them.”
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27. If you’re ready totake the
next step in your career,
make a quick trip back to
the classroom first.
E X E C U T I V E D E V E L O P M E N T I N S T I T U T E
At UNC’s Executive Development Institute,
you’ll gain the core knowledge of an MBA program
without the long-term time commitment. You’ll
also learn how to view the business world from a
senior executive’s perspective. And you’ll develop the
UNC EXECUTIVE DEVELOPMENT
key leadership characteristics that lead to effective
The Power of Experience.
strategic performance. The result? In two weeks,
you’ll be fully prepared for that next step.
To learn more, visit www.edi.uncexec.com.
27
29. CLOSING THE GAPS IN LEADERSHIP DEVELOPM E N T
performance. Only about two-fifths of respondents,
however, agreed or strongly agreed with the statement
Promise
that their “leadership development program is highly This white paper examines the knowledge, skills and
effective.” That same study found that among abilities business leaders must have to ensure the
companies with 1,000 or more employees and some continued success of their organizations in today’s
degree of a multinational presence, approximately half competitive global marketplace. It will introduce HR
had implemented one or more leadership development and talent management professionals to a four-step
programs (Vickers, 2010). process taught at UNC’s Kenan-Flagler Business
School to improve leadership skills and to create
• report by Theresa Minton-Eversole, editor/manager
A a leadership culture within organizations.
for SHRM Online, found that only 40 percent of
employers reported having a formal succession or
executive coaching program in place, and only 54
percent said they had a process in place to identify
high potential employees (Minton-Eversole, 2009).
Organizations in the top third in overall leadership out-performed those in the
bottom third in employee engagement and other related performance factors.
PERFORMANCE FACTOR LEADERSHIP QUALITY
BOTTOM 1/3 TOP 1/3
Workforce Retention 24% 70%
Employee Engagement 9% 50%
Organizational Performance 13% 52%
(Financial performance, customer
satisfaction, service quality,
productivity)
Passion to Lead 7% 53%
Source: DDI Global Leadership Forecast, 2011.
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31. CLOSING THE GAPS IN LEADERSHIP DEVELOPM E N T
1. penness (new thinking, welcoming strangers,
O
acceptance)
A Framework for
2. lexibility (flexible behavior, flexible judgment,
F Developing Leaders
learning new languages)
Despite the hundreds of studies and books dedicated
3. Personal autonomy (inner purpose, focus on goals) to leadership development, a single formula has yet
4.
Emotional strength (resilience, coping, spirit of to emerge that will ensure an organization’s success
adventure) in developing good leaders. Global consulting and
outsourcing firm Hewitt (now Aon Hewitt) found
5. erceptiveness (attuned, reflected awareness)
P no single best leadership practice in their survey of
6. istening orientation (active listening)
L top leadership qualities. Instead, they uncovered a
framework that top organizations have in place to
7. ransparency (clarity of communication, exposing
T
sustain their ability to build leadership talent:
intentions)
8. ultural knowledge (information gathering,
C • CEO and board leadership support and inspiration
valuing differences) • A maniacal focus on high potentials
9. nfluencing (rapport, range of styles, sensitivity
I • The right leadership practices, done right
to context)
Hewitt found that CEOs at organizations rated high
10. ynergy (creating new alternatives)
S in leadership development were truly passionate about
developing leaders and felt it was their legacy to ensure
Talent development and HR professionals should that there were strong leaders in place throughout the
identify the knowledge, skills and abilities required for organization after they left. Hewitt’s study also revealed
leaders in their organization so that they can build a that the boards of companies with high leadership
framework that will support the development of these development believed it was one of their primary
competencies. responsibilities to ensure there was sufficient leadership
strength to sustain their organizations for three to
five years.
Not surprisingly, organizations with strong leadership
The Global Leaders of Tomorrow development cultures (called Top Companies in the
Hewitt study) identify and keep a sharp eye on their
Project
high potential employees. The Hewitt study found
that 95 percent of the Top Companies in leadership
U.K.-based Ashridge Business School’s 2008
development identify high potentials as compared with
survey found that 76 percent of CEOs and
77 percent of other companies. Top Companies track
executives surveyed said it was important that
turnover of high potentials 72 percent of the time,
senior executives have the skills and knowledge
versus 60 percent in other companies. In addition, the
to respond to trends like climate change,
Top Companies use internal training and developmental
resource scarcity and doing business in emerging
assignments with high potential employees 90 and 89
markets. Less than eight percent felt these skills
percent of the time, respectively. In comparison, non-
were currently being developed very effectively
top companies use the same development activities
by their organizations.
just 51 percent and 43 percent. Top Companies also
Source: Gitsham. n.d.
compensate high potential employees just for being
high potential 75 percent of the time, versus 38 percent
of the time for non-top companies.
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