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The Social-Strategic Revolution: Success for the Reluctant New Executive

Karen Bruzzano

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The one stable thing written about in today’s job market more than any other subject is instability. For most people that fact has only been a horribly negative symbol of how difficult it is to build a career and remain happy in one place over a long period of time. The American baby boomer mythology of taking a job straight out of college and gradually climbing the corporate ladder from within the organization, ultimately retiring with a healthy pension and decades’ worth of positive memories and experiences in one place is now largely just that: MYTH.  If it was ever truly an accurate description of the American job market, or indeed the global arena, it certainly cannot describe the reality facing ambitious and aspiring young executives today. Most statistical surveys currently have people changing jobs every 4.6 years. Thus, the future is not about how to succeed simply as an executive. It is about knowing how to become a successful “new executive” in an unstable and ever-changing corporate world.

While most look at the above statistic with part fascination and part horror, a new executive has to focus on the silver lining buried deep within that perceived black cloud. People that look to move up the corporate ladder and satisfy their ambitions are more often than not voluntarily moving to other corporations because in today’s world that ladder is best climbed from the outside rather than from within, from jumping in great leaps to other corporations rather than baby-stepping up a fading ladder within a single organization. When we add the fact that today’s world is also marked much more by the merging and acquisition of companies, then the stock-raising downsizing of workforces make deft executive maneuverability a crucial new skill set.

The new executive has to stop lamenting this reality (because it isn’t changing) and learn to embrace these cross-pollinations and fusions of industries by capitalizing on the opportunity that exists with their new skill sets and new ways of thinking. M+As are never perfectly smooth, never easily efficient in their transitions. The people who will succeed best are the ones who make their skill sets as transferrable, flexible, and adaptable as possible. After all, acquiring depth of knowledge of a new industry is far easier to achieve if you have the skill sets that do not live in dread fear of change and the disruption of routine. This is the new executive way of thinking. Success is no longer gained by just looking at the length of time a person has spent within a particular industry and thinking they have ‘earned’ promotion and power based on seniority and time served. At least, success is not determined this way in the best industries in the modern day.

Some may lament this as the death of mutual loyalty. In some ways, it may be just that. But one of the fundamental axioms of organizational life, and something the new executive must embrace, is that individuals do not harm companies or institutions. Sacrificing your own career trajectory or life goal timeline out of an antiquated sense of remaining true to a company is not just naïve. It is unnecessary. As humbling as it may be, any person can be replaced and an organization will move on without you. Take this not as a slap against your ego or an insult to your skills. Value it as the essential explanation as to why you make your career decisions based on you and you alone and what is best for your career. In the end, the only one guaranteed to serve your best interests is the one in the mirror. Indeed, that is also how you best serve a company: find the best fit for both you as an individual and the company as a corporate entity and add new value by bringing your experience and passion to the forefront.

Keep in mind that how the global economy has changed over time to create this fundamental switch in executive mentality and strategy is beyond “correction.” The change is permanent. What matters is not to be disheartened by it but understand how to navigate these choppy corporate waters so that when you make one of those inevitable 4.6-year jumps you land successfully, effectively, and smoothly. This is the ultimate mission of the new executive in the 21st century. It is not trying to avoid the unavoidable organizational leaps, but figuring out what to expect and how to succeed after the leap is taken. Unfortunately, this latter process of overcoming these dangers, challenges, and obstacles is horribly under-addressed today. This is the knowledge gap needing to be addressed to better engineer future new executive success.

Changing jobs to pursue advancement is almost blasé in the modern corporate environment. Perhaps that is why there is so little information helping people navigate their executive careers post leap -. Instead, most of the literature focuses on what to do pre-leap. And let’s make one thing perfectly clear before the inevitable counter-discussion begins: this is not just a ‘millennial’ problem. Job-hopping may indeed be the new normal for young professionals just getting into the job market. But when done properly it is arguably the most effective strategy for elevating up the corporate chain for any generation. Navigating the difficult corporate paths of the new executive, therefore, is just as relevant, if not more, for people aged 40-55. It is not just about those aged 25-40.

First and foremost, the new executive reaches for opportunity in cross-pollination career advancement by being an agent of change. After all, if a company had a problem it could solve in-house then it would have done so already. Thus, the entrance of a new executive into the leadership team is not just about new energy or new blood but most importantly it is about new thinking. It is an admission from the very beginning, before you even get there and put pictures on your desk, that there is something that needs fixing and you are meant to be a crucial part if not the significant piece to engineer those solutions.

This should be exciting for anyone with ambition. It can also be very scary. Most new executives enter their first day and quickly discover that the hornet’s nest of problems hidden during their interviews is no longer hidden. People who felt the job should have been theirs. People moved from one division to another (not always voluntary) to make room for your arrival. People wondering why change is even necessary and if this is a judgment against them. People who will undermine new ideas (without even understanding how those ideas might improve things) just because their established routines are sacrosanct and they fear being pushed out of their comfort zones. If anything is true about a new executive, one thing is LAW: routines will be altered. This will always be both a wonderful opportunity and a hellacious problem-creator. Just remember that this is very fertile ground to prove yourself and lead your team to success. Creating solutions and new opportunities for those who have the drive, skills, and passion to succeed is the raison d’etre for the new executive.

This axiom of opportunity also lies at the heart of most of the turmoil new executives face when entering a new corporate scene. Disruption of routine is akin to starting an unwanted revolution for most. Every new executive needs to be aware of how that is seen by the members of his/her new team. YOU know what you intend to do. YOU are certain you will be bringing much needed success, innovation, and efficiency. YOU have no doubts that the company and employees alike can benefit from these changes. But those statements can contain one small detail that is fatally flawed if the new executive is not careful. It presumes that everyone in the office can easily connect to your vision and then will wish to match the energy, vision, and ambition you are bringing to the table. Unfortunately, that is usually not the case. Far from it. Thus, the first immediate challenge a new executive must overcome is making those important connections so that your new team’s desire matches you step-for-step and it can see what you see. This is a key part of the initial success strategy a new executive must introduce. Your revolution must be a social-strategic one. Failure at this first stage ultimately means your revolution never gets off the ground. Which, sadly, means your executive career won’t either.

Karen Bruzzano, MBA, Master Black Belt in Six Sigma, is a Client Relations and Operations Executive leader specializing in innovative change management and the implementation of dynamic leadership for corporations around the globe. President and Co-Founder of I3 Strategic Consulting, she has spent more than twenty years leading operational divisions in several multinational corporations. Consulting inquiries can be directed to I3StrategicConsulting (at)gmail.com

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Economy

Innovative ideas and investment opportunities needed to ensure a strong post-COVID recovery

MD Staff

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After the huge success of its opening day, AIM Digital, the first digital edition of the Annual Investment Meeting, continued to gain momentum as it reached Day 2. The three-day mega digital event, an initiative of the Ministry fo Economy, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, concluded its second day with interactive activities that catalysed investment-generation, knowledge-enhancement, and local, regional and international collaborations.

Joined by more than 15K participants from over 170 countries, including 70+ high-level dignitaries from across the globe, the second day of AIM Dıgital witnessed a wide range of major events, from the Conference, Exhibition, Investment Roundtables, and Regional Focus sessions to Conglomerate Presentations and Startups competitions; all geared towards providing opportunities to achieve a digital, sustainable & resilient future.

In his keynote speech in the FDI session, Ministers Roundtable: Adapting to the New Flow of Trade and Investment, His Excellency Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said: “It is my distinct honor to welcome you to the UAE’s first-ever digital edition of the Annual Investment Meeting. Thank you to everyone participating, including our panelists from the Governments of Costa Rica, Canada, Nigeria and Russia. Today’s discussion on how countries are ensuring the free flow of trade and investment could not be more timely, especially as the world grapples with the economic recovery and moves toward building a more resilient, post-COVID economy. The pandemic has significantly impacted global markets that created new challenges for trade and investment. While the challenges ahead are enormous, the UAE sees tremendous opportunity for governments and business leaders to work together through trade and investment to reshape policies, create new partnerships, leverage new technologies, and build a future global economy that is more diverse, inclusive, and sustainable. We know that FDI can bring new technology and know-how, lead to new jobs and growth, and is often the largest source of finance for economies – making today’s discussion even more imperative.”

He further stated that FDI has played a critical role in the UAE’s economic growth, with policies and measures in place, such as the Foreign Direct Investment Law enacted in 2018 to further open the UAE market to investors in certain sectors, and the issuance of Positive List, which allows for greater foreign investment across 122 activities, and increasingthe UAE’s FDI value by 32% in 2019.  He also mentioned that the UAE came in 16th of 190 countries in the World Bank Ease of Doing Business 2020 Ranking due to the country’s digitization strategies and promising business regulatory environment.

His Excellency Al Zeyoudi furthered: “The UAE is continuing to refine and implement policies that will maximize competitiveness, increase collaboration, and provide opportunities to facilitate trade and investment. Our aim is to become the #1 country for foreign investment, target zero contribution from oil to our GDP in the next 50 years, and support research, development, and innovation. The UAE’s trade and investment strategy is centered on economic diversification and focuses on enhanced investment in industries such as communications, Blockchain, artificial intelligence, robotics, and genetics. We are also initiating measures to strengthen our position as a regional leader in supplying financial and logistical services, infrastructure, energy supplies, and other services.”

He added: “The UAE believes that increased partnership and cooperation with governments and the private sector will be key to achieving our objectives. We view platforms such as the Annual Investment Meeting as instrumental in bridging the gap between nations and supporting global efforts to strengthen international trade and investment. Through this platform, we hope that participants will uncover new, innovative ideas and investment opportunities needed to build back better and ensure a strong post-COVID recovery.”

Furthermore, world-class speakers shared their viewpoints in Day 2 of the Conference highlighting Foreign Direct Investment, Foreign Portfolio Investment, Small and Medium-sized Enterprises, Startups, Future Cities, and One Belt, One Road, including H.E. Amb. Mariam Yalwaji Katagum, Minister of State, Federal Ministry of Industry Trade and Investment of The Federal Republic of Nigeria; Victoria Hernández Mora, Ministry of Economy, Industry and Commerce of Republic of Costa Rica; Hon. Victor Fedeli,  Minister of Economic Development, Job Creation and Trade of Ontario, Canada; and Sergey Cheremin, Minister of Moscow City Government Head of Department for External Economic and International Relations, among others.

Two Investment Roundtables were also held successfully at the second day of AIM Digital, concluding  with strategies to facilitate sustainable, smart and scalable investments. The Energy Roundtable was led by Laszlo Varro, the Chief Economist of International Energy Agency, which works with countries around the globe to structure energy policies towards a secure and sustainable future. Among the notable participants include H.E. Arifin Tasrif,  Minister for Energy & Mineral Resources of the Republic of Indonesia; and H.E. Gabriel Obiang, the Minister of Mines and Hydrocarbons of Equatorial Guinea. The Agriculture Roundtable was led by Islamic Development Bank Group, the multilateral development bank working to promote social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.

In addition, the second set of National Winners competed on Day 2 of the AIM Global National Champions League. Overall,  a total of 65 countries competed at this international startups competition. The top five global champions that will win a total prize of USD50,000 will be announced on the last day of AIM Digital.The competition was launched in a bid to help startups in maximizing their potential to attract funding and promote their business ideas to a global audience, getting utmost exposure and expanding their network.

Participating in the Conglomerate Presentation feature of AIM Digital is Elsewedy Electric led by Eng. Ahmed Elsewedy, its President and CEO. Elsewedy Electric began as a manufacturer of electrical components in Egypt 80 years ago, and Electric has evolved into a global provider of energy, digital and infrastructure solutions with a turnover of EGP 46.6 billion in 2019, operating in five key business sectors, namely Wire & Cable, Electrical Products, Engineering & Construction, Smart Infrastructure and Infrastructure Investments. As part of its commitment to sustainability, it has established green energy and smart metering projects across Africa, the Middle East and Eastern Europe.

The Regional Focus Sessions featured the regions of Asia and Latin America and explored the risks, challenges and opportunities for growth and regional cooperation.  Regional Focus Session on Asia brought together government officials and investment authorities from the ASEAN Member States and discussed their strategies to create a borderless and sustainable bloc that will push organic growth, as well as their approaches to gain resilience in the economy. Regional Focus Session on Latin America highlighted the significance of regional and international partnerships to combat the current pandemic and boost trade, investments and employment within the region.

Moreover, Country Presentations on Day 2 presented the outstanding features and investment opportunities in Colombia, Egypt and the Federal Democratic Republic of Ethiopia which highlighted the countries’ status as attractive investment destinations.

Another highly anticipated event in the largest virtual gathering of the global investment community is the announcement of winners for the Investment Awards and Future Cities Awards which will take place on Day 3 of AIM Digital.AIM Investment Awards will grant recognition to the world’s best Investment Promotion Agencies and the best FDI projects in each region of the globe that have contributed to the economic growth and development of their markets.   Likewise, AIM Future Cities Awards will give tribute to the best smart city solutions providers and for outstanding projects that have resulted to enhanced operational efficiency and productivity, sustainability, and economic growth.

Day 1 of AIM Dıgital welcomed the presence of globally renowned personalities such as the UAE Minister of Economy, His Excellency Abdullah bin Touq Al Marri who emphasised the vision of UAE’s wise leadership for the post-COVID era, reflecting great significance to enhancing the readiness of the country’s government sector, raising efficiencies and performance at the federal and local levels. Keynote remarks were delivered by H.E. Juri Ratas, the Prime Minister of Republic of Estonia; H.E. Rustam Minnikhanov, the President of the Republic of Tatarstan; H.E. Dr. Bandar M. H. Hajjar, the President of Islamic Development Bank Group (IsDB Group); H.E. Mohammed Ali Al Shorafa Al Hammadi, the Chairman of Abu Dhabi Department of Economic Development (ADDED); and Dr. Mukhisa Kituyi, the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

The UAE Minister of State for Entrepreneurship and SMEs, His Excellency Dr. Ahmad Belhoul Al Falasi, underlined in his Keynote Address for the SME Pillar, that it is crucial for Startups and SMEs to be given opportunities to bounce back from the impact of pandemic and provide a conducive environment that will empower them to have the capability of supporting growth and success.

The Global Leaders Debate featured prominent keynote debaters such as Armida Salsiah Alisjahbana, the Under-Secretary-General of the United Nations and Executive Secretary of United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP); Mohamed Alabbar, the Founder of Emaar Properties, Alabbar Enterprises and Noon.com; Mohammad Abdullah Abunayyan, the Chairman of ACWA Power; and Arkady Dvorkovich, the Chairman of Skolkovo Foundation, who discussed the strategies to restructure the economies in overcoming the consequences of the pandemic.

The first digital edition of the Annual Investment Meeting with the theme “Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future, will be held until the 22nd of October 2020.

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Economy

H.E. Dr. Thani Al Zeyoudi: Our aim is to become the #1 country for foreign investment

MD Staff

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It is my distinct honor to welcome you to the UAE’s first-ever digital edition of the Annual Investment Meeting. Thank you to everyone participating, including our panelists from the Governments of Costa Rica, Canada, Nigeria and Russia. Today’s discussion on how countries are ensuring the free flow of trade and investment could not be more timely, especially as the world grapples with the economic recovery and moves toward building a more resilient, post-COVID economy.

As you know, the pandemic has significantly impacted global markets, creating new challenges for trade and investment. According to the United Nations’2020World Investment Report, global FDI flows are estimated to decrease by up to 40% this year, dropping well below their value of $1.54 trillion in 2019. This would bring global FDI below $1 trillion for the first time since 2005. Global FDI flows are expected to decline even further in 2021, by 5% to 10%, and only in 2022 do we expect to start seeing markets recover.

While the challenges ahead are enormous, the UAE sees tremendous opportunity for governments and business leaders to work together through trade and investment to reshape policies, create new partnerships, leverage new technologies, and build a future global economy that is more diverse, inclusive, and sustainable. We know that FDI can bring new technology and know-how, lead to new jobs and growth, and is often the largest source of finance for economies – making today’s discussion even more imperative.

For the UAE, FDI has played a critical role in our economic growth. In 2019, the UAE was the largest recipient of FDI in the region, largely due to our increased focus over the years on enhancing local conditions to attract FDI. With policies and measures in place, such as our Foreign Direct Investment Law enacted in 2018 to further open the UAE market to investors in certain sectors, and the issuance of our Positive List, which allows for greater foreign investment across 122 activities, the UAE was able to increase our FDI value by 32% in 2019. The UAE also came in 16th of 190 countries in the World Bank Ease of Doing Business 2020 Ranking due to our digitization strategies and promising business regulatory environment.

The UAE is continuing to refine and implement policies that will maximize competitiveness, increase collaboration, and provide opportunities to facilitate trade and investment. Our aim is to become the #1 country for foreign investment, target zero contribution from oil to our GDP in the next 50 years, and support research, development, and innovation. The UAE’s trade and investment strategy is centered on economic diversification and focuses on enhanced investment in industries such as communications, Blockchain, artificial intelligence, robotics, and genetics. We are also initiating measures to strengthen our position as a regional leader in supplying financial and logistical services, infrastructure, energy supplies, and other services.

The UAE believes that increased partnership and cooperation with governments and the private sector will be key to achieving our objectives. We view platforms such as the Annual Investment Meeting as instrumental in bridging the gap between nations and supporting global efforts to strengthen international trade and investment. Through this platform, we hope that participants will uncover new, innovative ideas and investment opportunities needed to build back better and ensure a strong post-COVID recovery.

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Future Economy: Upskilling Exporters & Reskilling Manufacturers

Naseem Javed

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Pandemic recovery is now openly calling global thought leaderships to speak up and enter their bold debates on national/global economic development issues to foster grassroots prosperity to avoid a billion displaced magnetized to populism. Seriously missed during the last decade, collaborative synthesizing with diversity and tolerance and wrongly replaced by seek and destroy economics creating trade wars… now is the time to cooperate, upskilling, and reskill working citizens of all nations.  

The United Nations should lead with a global mandate…

Upskilling Exporters: When exporters in any country suffer lack of market share and their lower prices bringing in lower profits because of lack of quality upskilling and reskilling becomes mandatory. When innovative excellence is parked under the umbrella of entrepreneurialism national mobilization becomes number one priority. The pandemic recoveries across the world coping with a billion displaced all have now critical needs of both upskilling and reskilling. Upskilling is the process of learning new skills to achieve new thinking. Reskilling is the process of learning new skills to achieve new performances. Today, in super advanced and globally competitive markets raw hard work will not achieve global competitiveness only upskilling and reskilling will create a sharp edge.

Reskilling Manufacturers: When factories start having larger warehouses to hold unsold inventories and when production commoditized and price becomes the only deciding factor, reskilling on “real value creation” becomes mandatory. Advanced Manufacturing Clusters in various nations will greatly help, but understanding of global-age expansion of value offerings with fine production is a new art and commercialization to 200 nations a new science.

Now under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, The Annual Investment Meeting, organized by the UAE Ministry of Economy, scheduled to be held from 20th to 22nd October 2020.. The AIM under the theme “Reimagining Economies: The Move towards a Digital, Sustainable and Resilient Future.” This is a gathering of the global investment community with participants attending from more than 170 countries. The conference addresses multiple issues on FDI, national digitization and uplifting SME and midsize business economies with great speakers from around the world.

The future of economies, exports, Chambers of Commerce, Trade Associations and SME and midsize economic developments all called for bold and open regular debates. The zoomerang impact of global thought leadership now forcing institutions to become armchair Keynote speakers and Panelists to deliberate wisdom from the comfort of their homes round the clock events… study how Pentiana and Expothon Project tabled advanced thinking on such trends during the last decade. For fast track results, follow the trail of silence and help thought leadership to engage in bold and open debates and help show them guidance to overcome their fears of transformation. The arrival of Virtual leadership and Zoomerang culture is a gift from pandemic recovery, acquiring mastery.

The Difficult Questions: Nation-by-nation,when 50% of frontline teams need ‘upskilling’ while 50% of the back-up teams need ‘reskilling’ how do you open discussions leading to workable and productive programs? Each stage challenges competency levels and each stage offers options to up skill for better performances. Talent gaps need fast track closing and global-age skills need widening. New flat hierarchical models provide wide-open career paths and higher performance rewards in post pandemic recovery phases. When executed properly such exercises match new skills and talents with the right targeted challenges of the business models and market conditions. The ultimate objective of “extreme value creation” in any enterprise must eliminate the practices of ‘extreme value manipulations”. Study of the last top 10 highly exposed global scale corporate scandals on ‘value manipulation’ spanning years and decades and recognize their fake reign of legitimacy during such traps as lessons. Economies around the world solely based on ‘value manipulations’ are not economies, they are schemes. The billion displaced need optimization and upskilling to contribute to real value creation.

The upskilled and reskilled in platform economies are agile builders of the future workforce.  Study the major cycles of the last century, how in the 70s and 80s billions trained on desktop computers for the world to enter the “Digital Age”. Best career paths now based on digital trajectory matched with critical thinking and complex problem solving when all combined will boost the enterprise to newer heights. The economies of the future must declare upskilling of national citizens as prime mandate.

All transformations must start from the very top; nation-by-nationtrue upskilling and reskilling cascading with new vision and with pragmatic solutions to precisely enhance skills to match the digital age and our smart world. The culture must embrace upskilling and reskilling as a daily open routine of lifelong learning and future planning to carve a distinct position in the marketplace. Study ‘national mobilization of entrepreneurialism’ on Google. A very bright future awaits. The rest is easy. 

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