Tragic news this morning from a friend who lost her grandnephew in the Eu Tong Seng Road accident. She was distraught in the morning naturally and I am relieved that she responded to the group of friends later in the evening that she has come to term with it. Bless her nephew and RIP. Life is frickle and merciless at times. The living has to move on and stay strong.
"Let staff think like upstarts: Tharman - The Straits Times 11 December 2015
Large firms should encourage their staff to think independently as a way of staying innovative and competitive, said Deputy Prime Minister Tharman Shanmugaratnam yesterday.
He said at a DBS Bank event: "What our large companies have to seriously think about doing is having that porosity of borders - within the organisation and outside - that allows for ideas to come in and out of the organisation, and to develop that upstart culture within a large and successful organisation."
Encourage employees to think like upstarts, who develop ideas outside the box, not just as members of a successful organisation, he added, as history has shown how such organisations have had "their meal taken away from them by new players".
Mr Tharman was speaking at the opening of DBS' new learning centre, called the DBS Academy, in Changi Business Park. The 40,000 sq ft centre will be used for training sessions and programmes.
DBS conducts more than 10,000 training sessions each year. They include courses such as leadership development programmes based on scenarios and digital masterclasses.
Mr Tharman said: "Banks and financial institutions are being disintermediated, but it means you have to be part of the same game of disrupting existing ways of doing business, offering a better or cheaper product for the customers and growing our people at the same time.""
Not sure we need the DPM to tell the business people, especially the so-called bosses and leaders of big successful companies to let their staffs be creative and innovative as it SHOULD HAD BEEN intuitive.
Maybe it is because the so-called bosses and leaders are NOT as enlightened as the DPM had wished and hence the need to get into the act of TELLING or reminding them to let their underlings be CREATIVE and INNOVATIVE! LOL!!
For me,
1. can the 'lucrative' banking industry ACCEPT that the 'fat fees or profit' from some of their services, especially those non-tradition banking revenue streams like trading, so-called investment advisory, etc. will NO LONGER be lucrative as their roles get, to use DPM's words: 'de-intermediated'? If they CANNOT, they WILL NOT feel the need to really innovate!! Yes?;
2. if technologies advances bring about lower cost of doing business, faster and cheaper effective services and solutions, should the OVERALL cost of living NOT DROP? The unit revenue value will be smaller since the businesses can afford to charge less with lower unit total cost and STILL make money while the volume or quantity or frequency become to determinants for growth. With MORE people being able to afford such services and solution, the numbers WILL go up. At least for the initial period until the demand and supply find a balance;
3. will those TRAPPING associated with banking go away? CAN the bankers see themselves NOT working in the premier of premier locations, 6-star hotel standard offices, etc.? IF not, again the learning and exhortation to be 'creative and innovative', EVEN if it is from the TOP, will NOT work! Not that the TOP will be easier to overcome the resistance to forfeiting those 'trappings' I mentioned!;
4. I wonder HOW do DBS measure THAT MUCH investment in Learning & Development and Capability Building in their staffs, including their management and leadership team? Is it just 'training for training' sake? or 'demanding and measuring actual behaviours reflecting the learning gained'? Would be interesting to check if the KPIs are set meaningfully to promote the 'right behaviours' building!
SkillsFuture. SkillsFlex. Bring them on. As a customer, I just want to see REAL actions and services from my banker!
"Let staff think like upstarts: Tharman - The Straits Times 11 December 2015
Large firms should encourage their staff to think independently as a way of staying innovative and competitive, said Deputy Prime Minister Tharman Shanmugaratnam yesterday.
He said at a DBS Bank event: "What our large companies have to seriously think about doing is having that porosity of borders - within the organisation and outside - that allows for ideas to come in and out of the organisation, and to develop that upstart culture within a large and successful organisation."
Encourage employees to think like upstarts, who develop ideas outside the box, not just as members of a successful organisation, he added, as history has shown how such organisations have had "their meal taken away from them by new players".
Mr Tharman was speaking at the opening of DBS' new learning centre, called the DBS Academy, in Changi Business Park. The 40,000 sq ft centre will be used for training sessions and programmes.
DBS conducts more than 10,000 training sessions each year. They include courses such as leadership development programmes based on scenarios and digital masterclasses.
Not sure we need the DPM to tell the business people, especially the so-called bosses and leaders of big successful companies to let their staffs be creative and innovative as it SHOULD HAD BEEN intuitive.
Maybe it is because the so-called bosses and leaders are NOT as enlightened as the DPM had wished and hence the need to get into the act of TELLING or reminding them to let their underlings be CREATIVE and INNOVATIVE! LOL!!
For me,
1. can the 'lucrative' banking industry ACCEPT that the 'fat fees or profit' from some of their services, especially those non-tradition banking revenue streams like trading, so-called investment advisory, etc. will NO LONGER be lucrative as their roles get, to use DPM's words: 'de-intermediated'? If they CANNOT, they WILL NOT feel the need to really innovate!! Yes?;
2. if technologies advances bring about lower cost of doing business, faster and cheaper effective services and solutions, should the OVERALL cost of living NOT DROP? The unit revenue value will be smaller since the businesses can afford to charge less with lower unit total cost and STILL make money while the volume or quantity or frequency become to determinants for growth. With MORE people being able to afford such services and solution, the numbers WILL go up. At least for the initial period until the demand and supply find a balance;
3. will those TRAPPING associated with banking go away? CAN the bankers see themselves NOT working in the premier of premier locations, 6-star hotel standard offices, etc.? IF not, again the learning and exhortation to be 'creative and innovative', EVEN if it is from the TOP, will NOT work! Not that the TOP will be easier to overcome the resistance to forfeiting those 'trappings' I mentioned!;
4. I wonder HOW do DBS measure THAT MUCH investment in Learning & Development and Capability Building in their staffs, including their management and leadership team? Is it just 'training for training' sake? or 'demanding and measuring actual behaviours reflecting the learning gained'? Would be interesting to check if the KPIs are set meaningfully to promote the 'right behaviours' building!
SkillsFuture. SkillsFlex. Bring them on. As a customer, I just want to see REAL actions and services from my banker!
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