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Rising Asian rentals are not all that bad!

Commercial & residential rental spike are affecting business costs and competitiveness within Asian businesses? Is there a way to view this in a positive light?

Rental spikes have caught organizations and operating budgets by surprise especially those who are renewing leases originally set out in the post 9-11 era in a gutted real estate market.
While some regional governments have been kind in providing tax reliefs, organizations will need to go back to time tested business fundamentals to address and prevail in these circumstances. They will need to focus on costs that are within their control & reduce these to counter & soften the impact of rent related cost escalations

On a more optimistic note I see rising rents flagging a robust economy! Overhead costs are up - but so are the opportunities for incremental revenue! Higher expenses can be justified if these expanded expenses generate expanded revenue while keeping the expense to revenue ratio at par with previously prevailing levels. Efficient organizations will take this in as a cost of doing business and get on with accelerating their growth within a buoyant economy.

Non-cash modes for employee motivation and retention

Experimenting with alternate non-cash modes of employee recognition for motivation and talent retention

At work over these years, I have tried to think beyond financial and productivity metrics when considering compensation changes and employee recognition. While these metrics have been important in maintaining a successful operation, I am very aware of the fact that high-quality, strongly motivated people make or break corporate success. I believe an amicable balance can be achieved through subtle rewards - monetary, such as pay rises, bonuses and one-time cash awards, or otherwise.

Non-monetary rewards can be as impactful if not more if implemented sincerely. Organization leaders have the option of rewarding people through congratulatory notes, mentions at public forums and letting employees sincerely know that their presence and contributions make a difference. I have had no regrets whatsoever in implementing these methods and their impact in creating and maintaining a first-class work force has been very fulfilling for me.

Its not about the money, stupid!

MONEY may seem like the obvious draw but surprisingly it isn't ! Commitment to continuous learning, a performance metrics based culture where personal growth and related rewards are linked to achievement of quantifiable goals, an environment that promotes risk-taking, where business is run with a broad worldwide outlook rather than an inward focused approach and tight hiring standards that brings in the best talent into the organizations are more powerful drivers.

Top talent also thrives in an environment that provides constant feedback about them from their superiors, subordinates and peers, what they think about their organization and their work environment and how satisfied the customers are with the organization.

Top talent also looks at the organization’s leadership - their vision, bench strength and ability to execute. They also are financially literate, keenly examining the organization's financials. They understand that revenue and margins can be 'dressed-up' - they focus on the parameter that matters the most - an impressive growing CASH FLOW!

Outsourced Projects - Setting expectations upfront

My belief about successful projects involving multiple parties is all about setting right expectations and great communication. Common expectations need to be set regarding scope, timeline, budget, back-ups & contingency, resources, down-time (if any) et al. Add to that great communication at all times during the life cycle of the project to keep all the stakeholders in sync. Significant skills and track record are needed within providers to ensure consistent results.

Most often, in-house IT executives handling internal IT projects possess the requisite skills but fall short in their end-to-end implementation experience, which leads to wrong expectations, sub-optimal planning, inadequate communication and insufficient resilience which are all detrimental to the success of the project. I have also noticed that leaders in the outsourcing field 'tell' their customers what they need (based on their experience and track record of success in the customer’s industry vertical) unlike the smaller players who will 'ask' what the customer wants, while at the same time also accommodating any specific nuance that the customer needs addressed.

Customers want to talk to domain experts who know their stuff and can 'take charge' to provide advisory services or even hands-on guidance throughout the entire implementation. Honestly speaking, even the customer in many instances does not know what he/she wants at the end of the project.

Expanding business real estate - what is viable?

Alternative business hubs are an important planning agenda item for the governments of all hot Asian economies. Hong Kong and Singapore have evolved traditional residential quarters like Taikoo Shing & Tampines in recent years into residential, business and recreational destinations. Great infrastructure, glitzy commercial and retail outlets and satellite offices of prominent organizations from financial services, technology and media. These hubs help average out real estate valuations providing alternatives to owners and tenants and drive a more holistic economic development process

What normally makes business districts sought after are location and critical mass of businesses, shopping and entertainment options. In Singapore, this will further intensify as the new premier Shenton Way real estate develops and the integrated resort gets ready.

While building new business hubs might ease the congestion and soaring rentals, they will need to provide suitable alternative value propositions, similar to what the original business district does, to be considered as an alternative. The planning process by Asia’s governments’ will need to take this into consideration and put in suitable plans to drive this successfully.

Organizations need to innovate in Asia

• A culture that encourages Innovation is a key differentiator and a crucial ingredient of every ‘Gold standard’ organisation in any industry.
• These organisations have embedded this quality into its core fabric and the organisation's leaders preach and live this quality everyday setting the example for the rest of the employees to follow.
• Innovation, besides delivering competitive advantage also contributes towards building employee skills, knowledge, market share, customer base and ultimately shareholder value.
• Singapore and regional organizations can benefit significantly by encouraging an innovation led culture in their quest towards attracting high class talent, in scaling their operation and in their ability to compete with brands from global powerhouses.
• While it is easy to recognise the virtues of innovation, not all organisations succeed in implementing it.
• In addition to management commitment and creation of an innovation-friendly environment, successful organisations introduce monetary and non-monetary rewards for innovators in their ranks and establish a perception were experimentation is encouraged and failures that come out of these experimentations are not looked down upon or penalised.
• That said, it takes time to build this platform of commitment and trust. It is not an overnight phenomenon.