Don’t underestimate the importance of experience!

On May 5, 2021 By LS HIn Career, Human ResourceLeave a comment

You may have read this story on social media…

A ship engine failed, NO ONE could fix it.

Then they brought in a man with 40years of ship repair experience. He inspected the engine carefully. Then he reached into his bag & pulled out a small hammer. He gently tapped a particular spot at the engine. Immediately, the engine rocked to life. It was fixed!

A few days later, the owner of the ship received the bill for this repair, amounting to $10,000. “What?!” the owner exclaimed. “He hardly did anything”. So, he requested for an itemised bill. The man sent in the itemised bill as follows:

Tapping with hammer – $ 10
Knowing where to tap – $ 9,998

Obviously the story is greatly simplified and no one fixes engines with just a tap of the hammer. But in this fast-paced, fast-promotion, high expectation and highly impatient generation, we really should not forget that there is a place for experience.

With the retirement age being extended and many people working beyond retirement, the work place is a complex multi-generation environment. Managers need to be able to navigate this carefully to maintain harmony in the workforce, leverage the youthful energies and tapping on the wisdom that older employees bring to the table. That also requires experience!

The value of values in economic growth

On May 5, 2021May 5, 2021 By LS HIn Business Fundamentals, Economy, Human Resource, ValuesLeave a comment

When countries pursue economic growth at all costs, they will soon find themselves “without a soul”. Hence, I find this article so appropriately put – the value of values in economic growth. When economic growth is experienced embracing values, the social fabric of the country remains strong. The same will be true for companies. Growth should never be at the expense of values. Check out this article.

Singapore leads the ranking of efficient healthcare systems

On May 5, 2021 By LS HIn Business Fundamentals, EconomyLeave a comment

The top 5 healthcare systems in the world are: Singapore, Hong Kong, Taiwan, South Korea and Israel. Amongst these 5, South Korea has the highest population. I highlight this because sometimes it is easier to implement good systems. But to scale them 10 times or more can either increase or decrease its efficiency and/or effectiveness.

Malaysia misses Vision 2020 target

On May 5, 2021May 5, 2021 By LS HIn Business Fundamentals, Economy, ValuesLeave a comment

I vividly recall how the country was energised by the vision of then Malaysian PM Dr Mahathir to bring the country to first-world standards by 2020. Now there is a new “Shared Prosperity Vision 2030” target to create a more equitable economy to make the country the centre of Asia. What can we learn from this when setting visions for companies? What can we do in tracking execution plans so that visions can be re-calibrated or have the runway extended?

A $150M food empire that started with one noodle-stall

On May 5, 2021 By LS HIn Business Fundamentals, Career, Human Resource, ValuesLeave a comment

The Fei Shiong group started as a single fish-ball noodles stall. Today, it has 15 brands and 160 outlets. This is one of the successful F&B start ups that has thrived through the years in Singapore. Check out this interview with the founders.

A retail household brand closes after 162yrs in Singapore

On May 5, 2021May 5, 2021 By LS HIn Business Fundamentals, ResilienceLeave a comment

After 162yrs, Robinsons will be shutting down in Singapore. This is a solemn reminder of what happened to Nokia when they did “nothing” in the wake of the technological innovations from Apple and Samsung. Robinsons continued mainly as a brick-and-mortar retail store even as e-commerce took prominence. This article examines what retailers can do to stay relevant to the market.

Volocopter to launch drone taxi services in Singapore within 3 years

On May 5, 2021 By LS HIn Career, Innovation, UncategorizedLeave a comment

Exciting times ahead! Volocopter plans to launch drone taxi services in Singapore within 3 years. Sounds good. Would you use this service?

Jeff Bezos steps down as Amazon CEO

On May 5, 2021May 5, 2021 By LS HIn Business Fundamentals, Career, Human ResourceLeave a comment

If you are an entrepreneur, you need to step away and let someone else lead at some point. This should be part of succession planning. We’ve seen Bill Gates and even Jack Ma do the same. Otherwise, there will be no future for the company. Do you have such plans in your company?

Google & Apple top best employers ranking in Singapore

On May 5, 2021 By LS HIn Business Fundamentals, Career, Human Resource, ValuesLeave a comment

I have no doubts that Google & Apple Pay well. But that would not guarantee that they will fare well in employer rankings. It has to be something in their culture that makes the difference. And here’s one example of how it is manifested in the culture of Google – they hire those who add to the team and not those who will fit in. That’s walking the talk for their values in diversity. And we can see how this came a long way in bringing them to the top in employer ranking.

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