Come In Earlier And Stay Later

Unless you’re fortunate enough to be born to take over a thriving family business or to get in on the ground floor of the next Facebook, the road to business success is seldom a simple one. Success is much less the product of one brilliant idea than of a great deal of hard work, well-executed and sustained over a long period of time.

Even in the best of times, no one will just hand you a position of great value for nothing. If your goal is vice presidency or partner or managing director or the c-suite, or whatever role has captured your imagination, no one can guarantee you’ll attain it.

But if hard work is the currency of success, there are things you can do to make that effort work as hard as possible for your up-and-coming career. So with a tip of the cap to one the greatest musicals ever, here are five activities that can be worth really trying to put extra time into.

Learn the business – If you work for a sizable organization, and perhaps if you don’t, chances are your business has considerable complexity. Take time to learn not just your particular role (that’s “table stakes”- you have to know it), but also to gain a broader understanding of the business: the competitive environment, the market forces at play, the company’s value proposition, sales model, pricing model, etc. No one’s expecting you to become expert in all these fields, but gaining at least a working understanding of the key macro-level issues is always helpful. Familiarity with these larger issues senior management is grappling with will only enhance your decision-making capabilities in your own role.

Make yourself indispensable – Take time to really understand what your manager needs. Not just what is needed from you in your current role, but what are the troubling problems that keep him or her up at night? Is it help with PowerPoints, an upcoming presentation to a hostile audience, delicate personnel problems, or dealing with regulators… to name just a few of a thousand possibilities. Try to see things through the eyes of others. The more substantive assistance you can provide, the more gaps you can fill, the more valuable you’ll be to an organization.

Provide solutions, not problems – The normal state of senior management is too much to do in too little time. When wrestling with difficult issues in your own area, naturally you can’t always solve all the problems yourself. But it definitely can be worth the extra time to not simply make your problems your manager’s. Instead, present your manager with a carefully thought out range of viable options – ideally including your recommended solution – rather than just posing a vexing, time-consuming problem. This approach demonstrates your critical thinking capabilities, and can be an appreciated time saver for a person with little time to spare.

Be a great collaborator – Good team players are valued. Large complex projects always require people with diverse skills. Attitude matters; effective collaborators often find themselves in demand. Consider taking the time to volunteer for a large project that may be understaffed, even in an area outside your core expertise. This can be a way of broadening your skill set and business knowledge, plus demonstrating your motivation. Management appreciates self starters who ‘play well with others.’

Come early, stay late – if you want to get ahead, there will be periods in a career where there are no substitutes for grindingly long hours.

Show Off Bad Moves

Don’t show others that you are the smartest person in the room. That is advice that many executives impart to their brightest up and comers. While it may be obvious, when you are bright – and able to connect dots to points that no one else can see – it’s pretty tempting to strut your own stuff. The problem is that it can be obnoxious.

Jerry Weintraub – an all-around entertainment impresario – tells a story in his delightful memoir, about the time Elvis Presley approached him about becoming his manager. Weintraub had produced a series of Elvis comeback performances in the early Seventies and Elvis trusted him. While Weintraub passed on the opportunity, he did make a connection to a top-flight manager in the U.K.

After lengthy negotiations, the manager came to see Elvis in Las Vegas. Weintraub gave the man strict instructions that while he could manage Elvis’s career, he was not to give him advice. He was strictly about business. No problem said the Britisher. So after watching Elvis in concert the manager goes back stage to meet the King. Weintraub watches from a distance as the man asks Elvis if he might make some suggestions about the cape he’s wearing on stage.

Elvis politely – he was always polite to strangers – excused himself and later told Weintraub that the deal was off. Advice about his wardrobe was not what Elvis was looking for in a manager. Yet some people just cannot resist putting in their two-cents and in this case it ended up costing the manager millions.

As gossipy as Weintraub’s story is, it contains nuggets of truth about what it takes to succeed when you are working with people who have power or influence over you – as well as with colleagues who with whom you must collaborate. Sometimes it pays to shut up! There will be plenty of opportunities to show what you know and how you know it but do not show off. People in power don’t like it and people you work with find it annoying.

So if you really the smartest person in the room – trust me, there are those people – how you tone it down in public?

Pace yourself. It is no use telling a super-bright person to start acting dumb – though I have heard such nonsense. What I can advise is to find the right moment to speak up. When discussions hit a stall point, offer suggestions. If others are intrigued, proceed. If people turn away, wait for another time.

Share your ideas with others. Organizations love team players but not all teammates are created equal. Find people you can trust and share your ideas with them. Allow them to introduce them at meetings. Yes, in the short run others will get the credit but in time people will know it is you who are offering solutions that others can use.

Learn to take the spotlight. No I am not contradicting myself: there are moments to step to the fore to show others what you know. You need to do it the right way. Show deference to superiors – that is, don’t tell them how to do their jobs. Offer a better way to do things.

One final piece of advice! Be thankful for your brilliance. Your organization has hired you because you bring that ability to see possibilities where others see roadblocks. So adopt the mindset of a problem-solver rather than a puzzle player. What’s the difference? One who solves problems offers solutions that benefit others. One who fits puzzles together simply satisfies himself.

Smart people who know when to speak up and when to act on their initiatives are a special breed. Don’t squander your opportunities by showing off. Let your cool demeanor speak up for you.

Doctor Fee - Up AGAIN!!!

Private doctors' fees are expected to increase by up to 14% once the proposed changes to the fee schedule is approved by the cabinet, the Health Ministry announced today. The raise is to give doctors and specialists a competitive fee structure, as the fees of Malaysian doctors in the private sector have remained low due to government regulation.

However, when questioned today on the increase in private healthcare costs, Liow said the main complaint by the public was not on doctors' fees, but on pricey hospital charges.

Currently, doctors fees in private healthcare facilities are regulated under Schedule 13 of the Regulations of the Private Healthcare Facilities and Services Act. News of the possible 14% raise in fees was greeted with disappointment by the Malaysian Medical Association (MMA) which had expected a higher increase.

Grouses from the public is largely from exorbitant hospital charges, medical insurance premiums and the fees controlled by managed care organisations and third-party administrators, and not from doctors' fees.

SOLD - ING To Korean Insurer

ING is in the advanced stages of disposing of its Malaysian insurance business to a South Korean insurer as part of its Asian insurance and investment management divestment operations, according to a source familiar with the matter. This may see some of the other South-East Asian ING insurance operations being bought over by the South Korean insurer.

At this juncture, the relevant parties are keen for the deal to go through. The disposal, he said, would involve the South Korean insurer either acquiring a controlling stake or the entire equity of ING's Malaysian insurance business. Without revealing further details due to the sensitivity of the deal, he said the price that would be paid for the acquisition would definitely be more than what Zurich Insurance Group paid for the acquisition of Malaysian Assurance Alliance Bhd (now rebranded and renamed Zurich Insurance Malaysia Bhd), that is RM344mil.

Due to ING's bigger insurance business and market share due to its larger agency force and wider suit of products and services, the price tag would be higher, he noted. ING insurance operations in Malaysia are currently undertaken by ING Insurance Bhd. ING Insurance is a wholly-owned subsidiary of ING Management Holdings Sdn Bhd, which in turn is wholly owned by Netherlands-based ING. McKinsey is said to be roped in as a consulting group for the proposed acquisition exercise.

The South Korean insurer, believed to be the top three insurer in that country, has for the last couple of months been making an in-dept study of the potential growth of the Malaysian insurance market and whether its growth target could be met. After realising the growth potential of the insurance market in Malaysia and its relatively strong economy and ING's firm foothold in the insurance sector, the source said it had decided to proceed with the acquisition.

By having operations in Malaysia, it would help Korean multinational companies in their businesses in terms of providing them insurance coverage and protection. At the moment, there is no Korean insurer in the country. According to recent foreign news reports, names like Korea Life Insurance Co and KB Financial Group had shown interest in acquiring ING insurance operations in the region.

Drag Racing Champion

Ini adalah rakan saya Pak Ahmad Izzuddin, Kota Bharu.

Beliau adalah Top 3 Naib Johan Juara Pengeluar Kategori - Proton, Toyota, Nissan & Honda (1.6 NA) 2011 dan 2012.

Mobil nya dedicated ke AXA AFFIN Life Insurance Berhad dan supporters

Vote For Cheaper Car

Pakatan Rakyat (PR) will offer a complete revamp of the National Automotive Policy (NAP), including slashing hefty excise duties and reducing the triple-tax burden imposed on cars here, should it come to power in the next general election.

Rafizi said PR will revamp the NAP.

Rafizi explained that the triple-tax burden imposed on cars — excise and import duties and sales tax — could hike the price of a car by at least 70 per cent for lower capacity cars or over 100 per cent for those with higher capacity.

As an example, 1,500cc Perodua car could cost up to RM40,000 although its actual cost was merely RM23,500 because of the 60 per cent excise duty and 10 per cent sales tax imposed on the vehicle. This means you would be paying an additional RM16,500 for taxes alone on the car.

Insurer Clawback on Agent's Commission

An agent of a Mumbai-based private life insurance company was jolted when his employer asked him to refund a part of the commission he earned by selling life insurance policies. He learnt later that one of his customers was not paying premium and according to his employment contract, he is liable to refund the insurance company a part of the commission he received against this policy.

“I was at a loss and did not know what to do. They have asked me to return the money I received as commission against this policy,” the agent said, admitting that he did not read his service contract carefully when he joined the insurer.

Private life insurers say they have started this practice to improve the persistency ratio of their agents and arrest lapses in insurance policies. Technically, insurers call it the “clawback clause”, which allows them to recover a part or all of the commission paid to agents if the policy is cancelled within a given period.

In other words, it means if a policyholder fails to pay the premium or surrenders the policy after one or two years, the agent who sold the policy will have to return the money he earned as commission to the insurer as penalty. This move assumes significance as nearly 85 per cent of the premium income of the life insurance industry comes through the agency channel. Insurers supported this practice, as they feel it will discourage mis-selling of policies.

“It’s a usual practice in developed economies like the UK and the US. In India, the clawback clause has started gaining popularity after the regulator came up with the persistency guidelines,” said a top official at a private sector life insurance company. He did not want to be named, due to the sensitivity of the issue.

While globally the persistency level is above 90 per cent, in India it averages around 73 per cent in the first year. It drops further to 43 per cent by the third year, insurers said. The country’s largest insurer, Life Insurance Corp of India (LIC), however, has not introduced the clawback clause in their agents’ contracts.

The move is a double whammy for agents of private life insurers, as many have lost their jobs in the past one year due to declining sales in the current uncertain environment. According to industry estimates, about 500,000 agents have left the industry in the last 12 months. The total number of agents in the insurance industry is around three million, according to data with the Insurance Regulatory and Development Authority.

The insurance regulator has also capped the charges and commissions on unit-linked products, which narrowed the agents’ income from sale of these. The slow growth in the domestic economy has also led to a sharp decline in sale of new policies. Policy issuance in the life insurance industry fell eight per cent in 2011-12. For private players, the impact was more severe, with policy issuances declining 24 per cent during the year. As a result, insurers are looking to tighten their belt and avoid premature surrender of policies.

Understanding Consumers

At a recent marketing event some keen young marketers are highly aware of the latest action - recently released ads, consumer promotions, events, social marketing and others. There are many small things that a young marketer can do differently. But what are the big mistakes that one should avoid? How should s/he look at her/his work differently?
 "Owning" Consumer Understanding
When it comes to consumer understanding, depth matters. Most brands derive their competitive advantage from a very deep understanding of consumers. Such understanding can come to a young marketing manager only through personal thinking, observation and application.

Unfortunately, many managers do not realize this. They often rely on research presentations, a few consumer visits or archived brand data for insights. While these are important, one needs to use them as inputs for a higher level analysis.

Great insights are unlikely to present themselves as a single piece of evidence. Only by observing the consumer in different contexts and by correlating information from multiple sources, an outline may emerge. In this outline, the best person to join the right set of dots is the marketer himself. It is he who can uniquely understand the chemistry of the consumer with the product and link it to the other happenings in the consumer’s life.

Consider these independent, seemingly unrelated facts: During the last few years, consumer disposable income has gone up. Consumers are taking loans to buy cars, houses and other things. Consumers are feeling the pinch of scarcity of time. Financial transactions are considered complex. As an insurance marketer, you could have connected these dots and come out with a simple term insurance plan that could be bought in minutes over the internet. It would cover the liabilities and give consumers the peace of mind that in case something happens to them, their family would not suffer a downgrade of lifestyle.

Note how some of these facts were pieces of ‘scattered’ information dots. Good marketers need to have a very strong ‘personal’ sense of joining such dots. The word ‘personal’ here is important because it is this personal sense and rigour that differentiates the great marketer from the good.

Becoming ‘End-to-end’ owners
 Far too many managers tend to be restricted to only their part of the work sphere. Thus brand managers do not get into media, media managers do not understand the creative development process and both of them take a very distant view of the digital technology. Such behaviour restricts holistic learning and can impact the development of a young marketer.

New age marketers need to be all rounders and not operate in silos. It is important to understand that the consumer sees the brand offering as a solution and the marketer should be in a position to control this ‘delivery’ to the consumer across various mediums.

This means that young marketers should see themselves as ‘end-to-end’ solution providers, not just as brand experts. Thus, they need to acquire a combination of brand, media and technology skills.

Imagination > Knowledge
Imagination can be greater than knowledge. Quite often, the consumer needs are under-fulfilled but the existing solutions seem the best possible - thus it is assumed that a need-gap does not exist. Without imagination, marketers will not be able to re-look at such needs and hence not be able to produce better solutions.

Creativity and imagination can be the strongest assets of a good marketer. Great marketing managers not only build a ‘culture of creativity’ around them, they also take active part in it. Unfortunately, young marketers do not spend enough time and effort on this important facet. They are often busy in implementing marketing programs as opposed to ‘imagining’ new solutions. They do not realize that without imagination, they will not be able to question the norm. They will not be able to push the boundaries or even excite the consumer.

Prudential PLC Enters Cambodia

Prudential, the UK-based, international insurance giant, has been given the go-ahead in principle from Cambodia’s Ministry of Economy and Finance to establish a wholly foreign-owned life insurance operation in the country. The move will also make Prudential one of the first entrants into a market. 

Prudential’s announcement of its plans to enter the Cambodian market comes seven months after another insurance giant with a significant presence in Asia, Toronto-based Manulife, said it had received “approval in principle” from the Cambodian regulator to begin marketing its products to Cambodian clients.

Prudential noted that demand for financial and life insurance products in Cambodia is expected to grow rapidly. The country is experiencing “robust economic growth, with 11% compound annual growth rate of GDP during the last decade, as well as a growing urban population, with per capita GDP across the whole population increasing from $468 in 2005 to more than $853 in 2011.

Prudential first established a representative office in Phnom Penh in December 2010.

Happiness Is a Journey

Life is filled with setbacks and unexpected twists and turns. However, in the words of Aldous Huxley, “Experience is not what happens to you. It is what you do with what happens to you.” By mastering some simple coping techniques, you can turn your luck around and get back on your feet, whatever life throws your way.

Focus on the positivesNo matter how bad a situation may seem, it is always possible to find at least one positive thing about the situation if you really try. Maybe you have gained inner strength and resilience from dealing with a difficult situation, grown closer to a friend through sharing your heartbreak or learned something important about yourself. Try your best to focus on what you have learned and gained from your experience rather than on what you have lost.

Take away the emotionIt is obviously difficult to view disappointments and setbacks in life without feeling some sort of emotion. However, being emotionally involved in a situation can mean that we often build things up into something far worse than they actually are. Rather than getting carried away with your own interpretation of how disastrous things are, try to look at the situation a little more objectively. Ask a friend for their point of view or write down exactly what has happened, simply stating the facts. You may find that the situation is not as bleak as it seems when emotions are taken out of the equation, and remember those emotions will fade with time.

Be your own best friendWe often see ourselves in the worst light, particularly when life isn’t going how we want it to. However, it is important not to be hard on yourself and blame yourself just because something in your life hasn’t worked out. Instead, think about what you would you say to a friend in your situation and show yourself the same love and respect. Remember that a plan or relationship failing doesn’t make you a failure, and even the world’s most beautiful and successful people have faced failure and rejection at some point in their lives.

Get a support systemYou may think that dealing with your problems all by yourself is the “grown up” thing to do. However, all of us need support at times, and asking those you love for help is not a sign of weakness. It can help to talk things through and to have someone on your side to make you feel good when life feels too hard, so don’t try to cope with your problems alone. If you don’t have any friends you can, or want to, confide in, it may be worth considering counselling to help you get things off your chest and get you through this difficult time.

Look to the futureIt is easy to get caught up in the “what ifs” and “why mes” when things go wrong in life. However, dwelling on your disappointment will not help the situation. As Alexander Graham Bell stated, “When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us.” The situation may not feel great and it may not seem fair, but what has happened has happened, whether you like it or not. Rather than dwelling on what could have been, start planning now where you can go from here.

Form a plan BUnfortunately in life our plan A doesn’t always work out. Sometimes we have to wait a little longer than we would like for what we want, and sometimes those things just aren’t meant to be at all. However, remember there are many routes to happiness and just because one thing hasn’t worked out that doesn’t mean there’s nothing to take its place. Rather than focusing fixatedly on one life plan, safeguard yourself against disappointment by formulating several backup plans in case plan A fails. By being flexible, prepared to adapt your plans and continually striving towards more than one goal, you will be better equipped to deal with setbacks and to get back on your feet in record time.

Seek happinessWe often think that happiness should be something that comes to us naturally, without any effort on our part. However, very often happiness is a choice, not something that just falls upon us of its own accord. Make a choice to be happy by becoming a positive thinker, surrounding yourself with supportive friends, doing the things that you enjoy and looking after yourself. Even if you don’t feel like smiling or being happy right now, by acting how you want to feel, the feelings will often naturally follow.

Malaysia - Private Retirement Scheme

Malaysians will have more room to allocate part of their retirement contributions to Islamic investments under sweeping government reforms to the pension system.

At present, the Employees Provident Fund (EPF) receives public pension contributions and invests the money. Some of that investment is in syariah-compliant areas such as sukuk and halal stocks, but contributors have limited scope to ensure the money is being used that way. A maximum 20 per cent of savings can be placed through the EPF into a single mutual fund. As of March 31 the EPF managed assets worth RM488.5 billion ringgit. That is larger than the RM435.36 billion of assets under management in Malaysia’s entire fund management industry.

Under the new, voluntary Private Retirement Scheme (PRS), which will not replace the EPF but supplement it, contributors will be able to allocate money to a wide range of products offered by private-sector fund management firms. This will allow them, if they choose, to target syariah-compliant investment – potentially increasing the amount of money going into Islamic instruments.

The scheme’s governing body which will oversee how the fund managers operate, the Private Pension Administrator (PPA), was officially launched last week. The initial rollout of 30 PRS products will include six Islamic funds.

Under PRS, fund managers will be required to offer a minimum of three “core” products catering to different investor risk profiles. A maximum of seven products can be launched under the scheme by a single PRS provider, but if it intends to offer both conventional and syariah-compliant options, it can offer up to 10, according to securities commission guidelines.

This could encourage fund managers to launch Islamic products to maximise their access to PRS money. The initial products will be available from September. Guidelines also allow for the outsourcing of the fund management function, which could open the door for boutique firms to tap into the sector without the need for established sales channels.

In order to encourage take-up in the PRS scheme, the government is offering incentives such as personal tax relief, tax deductions for employers on their contributions to the scheme, and tax exemption on income received by PRS fund management firms.

Some details of how the PRS scheme will work, and whether it will impact Malaysia’s current retirement age of 55 years, are not clear. The personal tax relief of up to RM3,000 may need to be increased to make it enticing to higher income earners. 

Leadership Style

Leadership has many definitions, the best being the, "process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task". Leaders organize a group of people to attain a common goal. Usually related to the professional side of its benefits, this quality is very essential to lead a large group of people towards success and change.

For this purpose, there are different ways in which leadership is implemented or put before people, to make it easier for them to work as a team. Since we are talking about leaders or managers in business and corporates, there are specific styles with which you can run a company or a business efficiently.

These different leadership styles in business are mentioned in the paragraphs below, so read on and pick the styles you think are effective and helpful.

Different Styles of Leadership in Business

Business is a field where there are groups of people working together to make an institution move ahead by promoting the products, selling them and keeping an account of the finances as well as the annual turnover.

Therefore, there are so many people working together to run the company appropriately. To make sure these teams are working efficiently, the heads of the company have to practice friendly and effective leadership styles, so that you maintain the strength of the company and bring out the best work from the employees. These different styles of leadership in business are mentioned below. Take a look.

Authoritarian or Autocratic Style
The authoritarian style is a negative styles that is implemented only in a few sections to maintain discipline among the employees. In the authoritarian style, there is one main authority who makes the rules, and the rest of the group is expected to follow without questioning. The style is based on the power of the main position and shouldn't be used in companies where there are teams for functioning.

Democratic or Participative Style
This is a more liberal and open minded style of leading a company. It is also known as "authoritative" and includes the participation of all the employees, where every individual's opinions are valued and used. There is communication between the heads of the company and the employees, thus making this style a very positive style.

Delegative or Free Rein Style
In case of the delegative style, the management gives the employees all the liberties to make their own decisions. They are not held by force and can practice their skills in any desired manner. The free rein style is not a very big hit, and can be considered as a positive and negative style of leadership. This style usually leads to confusion and may not help the company in leading.

Transactional Style
The transactional style is slightly similar to the authoritarian style, as the leader has to maintain a specific status in the company. However, the employee and employer can have informal agreements but are not supposed to be made formal, because of the employer-employee method in the company.

Transformational Style
In the transformational style, there is a give and take relationship between the management and the employees. The creativity of the employees is on what the company is run and these efforts are respected as well as appreciated by the authorities. There are team building activities for the employees during their training sessions, and they are made aware of the policies of the company in advance, to give them the liberty to choose their style of work.

There are many other versions of these leadership styles where each company comes up with their own. However, if you want to make your employees perform and help the company succeed, it is very important to hear, support and appreciate their work.

Leadership Skills For Managers

Today's managers have to face many challenges. In most industries and sectors, mangers have to do a variety of tasks at a time and hence it requires tremendous stamina, passion and dedication to do the job efficiently. However, there are some top leadership skills for managers which can make their tasks easier and help them to work in a professional manner.

Though most people get to learn the leadership skills for managers in their management courses, applying those concepts practically is the main challenge. So, go through the effective leadership skills for a manager given below to know things better.

Leadership Skills for Managers

Goal Setting
Goal setting is one of the effective leadership skills for a manager working at top-level positions. A manager has to make sure that every employee is well aware of what is the goal or aim of the organization. If there is no fixed aim, then the efforts of people are not concentrated in the right direction and this can lead to wastage of time and money. So, managers have to give special attention to goal setting and attainment.

Communication Skills
Communication skills are the most important of all the effective manager skills. A good manager should have excellent written as well as verbal communication skills. This will make interaction with his juniors and seniors easy and he will be able to explain them his views clearly. This also reduces the chances of any kind of misunderstanding amongst team members.

Decision-making Skills
Excellent decision-making skills are also one of the leadership qualities of a manager which one needs to develop. A manager of a large corporation has to take fast or instant decisions and ensure that they are in complete favor of his organization's interests. This requires him to think logically and in a rational manner. Decision-making skills are what distinguishes highly successful managers from the ordinary ones.

People Management Skills
It is said that people are a company's true assets and the company that wishes to grow faster than its peers should be able to utilize its human resource very efficiently. Managers are responsible for creating a good talent pool, team building and having proper coordination between team members. People management and employee satisfaction are their prime functions. At times, they have to sort out employee conflicts and try to maintain good relations among employees for the larger interest of the organization.

Project Execution
Project execution is also one of the most vital and effective leadership skills for a manager. Just having an aim and a plan to achieve it is not sufficient. Execution of the plan properly can only guarantee success for an organization. Managers have to take special care to make sure that the idle time is minimum, there is optimum use of available resources and projects are completed successfully on time to ensure maximum client satisfaction and attract new clients/customers.

Business Ethics
A knowledge of business ethics and proper business rules is very essential in this modern era. Investors, today want maximum level of corporate governance and hence managers need to follow fair business policies to live up to their expectations.

Risk Management
Every business has some or the other risk involved in it. Being unaware of the risks can be dangerous for growth and the very existence of companies. So, a smart manager's task is to recognize these risks and devise solutions to deal with them before they cause any kind of loss to the company.

So, these were the effective leadership skills for a manager that are necessary for the growth of an organization. These skills cannot be inherited overnight. So, one should have the patience, willingness and ability to master these skills and emerge as an able leader.

Horning-up Leadership Qualities

Getting ahead in business is no longer about brown-nosing and being related to the boss. In this tough job market, companies are promoting from within - while that’s good in the sense that you have a shot at a promotion just by virtue of the fact that you work there, it also means that you must constantly come across as promotion material.

Leadership skills are the number one thing employers look for when a management position opens up, even more so than experience. An inexperienced leader can be groomed for the job, but an ineffectual leader will be a dismal failure no matter how experienced he is. By polishing your leadership skills and putting them out there for everyone to see, you’ll catch the eye of the powers that be, and your name just might come up in the next board meeting.

Don’t be Bossy

Showing off leadership skills does not mean bossing people around. You probably don’t have actual authority over your coworkers (yet), so don’t pretend that you do. You’ll come across as an officious jerk, and you’ll be the opposite of an effective leader. Think of yourself as the office cheerleader, guide, and keeper. Your goal is to make people care about what they’re doing, give them what they need to do it well, and put out the fires that arise along the way.

Learn to Listen

Don’t assume you know what someone else is about to say, and don’t just mentally rehearse what you’re going to say next when someone else is talking. Whether it’s a team meeting or a one-on-one conversation, focus on what is being said. Repeat it back to the speaker if necessary, both to straighten it out in your own mind and reassure the speaker that you understand the issue. When you reply, don’t just jump in immediately with empty jargon and verbal stalling - if you don’t have a good answer ready, say something like, "That’s a good question. I’ll look into that and get back to you this afternoon." And do so.

Learn to be Business Social

Everyone knows the saying about mixing business with pleasure, but there’s a fine line to tread. Gossiping is a no-no, as is sharing personal details. Never share something with a coworker that you wouldn’t want divulged at a board meeting. On the flip side, don’t be an emotionless drone, either - leaders must be able to connect with those they lead, and doing your best android impersonation won’t allow that to happen.

Avoid gossip and intimate conversations, but know the milestones. Set up calendar alerts for birthdays and anniversaries, and keep an ear out for who has a new baby, who just lost a family member, etc. Send a card or a brief email on these occasions - just enough to offer congratulations or condolences. People will appreciate the effort, and it will reinforce the notion of you being on top of everything.

Mind Your Manners

Chances are you fall somewhere in the middle of the corporate ladder. Too often, people make the mistake of only turning on the charm when dealing with someone from an upper rung, and dropping the manners act with those below. Wrong. A bad attitude never impresses anyone.

A good leader treats everyone with the same courtesy and respect, from the janitor to the CEO. Appreciate the value in every employee in your company, and recognize that each piece makes the puzzle. You would be surprised how those on the lower rungs can influence the top brass, and being the only middle-management type who greets the doorman by name makes you stand out in a good way.

Delegate Well

If leadership is the most important trait to cultivate, successful delegation is the most important leadership skill to have. It’s what makes your team effective, drawing on the talents of each to produce a stellar finished product. Don’t delegate based on personal feelings or because someone "really deserves the chance" - know the strengths and weaknesses of each person on your team.

Your job as leader is to play up the strengths so well that the weaknesses disappear. If Jane is really great at client relations but not so great at tracking expenses, make her the public "face" of your team and hand the expenses over to Sally, who minored in accounting. Chris has great ideas that need a bit of grounding, so pair him up with John, who thinks logically if a bit stodgily. Play your team members off one another, and fill in the gaps yourself. It’s an instant recipe for success.

Learning To Be Good Leader

Do not follow where the path may lead. Go instead where there is no path and leave a trail. ~ Ralph Waldo Emerson

Leadership is a quality that is initiated by one person and then developed by many. However, the most important criteria for becoming a leader is to think out of the box and be able to express the importance of that idea to others, so that they are convinced.

Though there are a few people who could be called born leaders, the quality can be acquired by anyone. So, if you want to develop good leadership skills, take a look at the paragraphs below and find a few suggestions.

How Can One Inculcate Leadership Skills

The world today, has seen many great leaders who gave the world a completely new perspective of looking at life and it is because of their constant efforts, that we are seeing progress in every field of life. Science and technology, industry, politics, global awareness, social services, fashion, entertainment, etc., are some of the areas where leaders have emerged to make changes and take the world forward. Some of the leadership qualities and skills, seen in a leader are; creativity, integrity, positivity, humility, honesty, courage, determination, sincerity, commitment, sensitivity, confidence, passion, wisdom, and compassion!

All these are not innate qualities which a person is born with, but they are those which are learned through experiences and an open mind. You can be a good leader, but you have to be open to change, and have the strength to face whatever comes your way. We cannot give you specific activities to develop such skills, but we can surely make you aware of some self improvement methods for the same.

Be a Good Listener
One has to be patient and listen to what others have to say. There are people who are very creative and are excellent in their professional lives, but can't express their views as expected. Recognizing their talents and giving them a chance to speak could be your first step to becoming a good leader. After listening to them carefully, analyze what their points are and then with your own creativity put them in front of the others so that it could be understood by all.

Approachability Helps
You must have a positive outlook towards things around you. When you are optimistic, you look at things in a much better way and this makes you a pleasant personality. You can connect to people around you and thus assure them that you are an approachable and friendly individual. With this image, you not only gather trust but also help them depend on you for suggestions, advice and solutions. You too can be an open individual and share your views and thoughts with them so there is exchange of ideas.

Believe in Yourself and Others
Another extremely important quality which is a must in order to develop such skills is "faith". Most leaders in the past and today are people who believe in change and the consequences of it. They believed in themselves and the people around them, because of which they could lead. When you have faith in yourself first, you build a certain level of confidence which teaches you to differentiate right from wrong. This confidence also helps you to take chances and believe that they will bring out something new. Along with the assurance that you share with others, this faith, also keeps you going ahead in life guiding them.

These skills will not only help yourself but others too, since, what good is a shepherd without his sheep?

Toxic Leader

He is extremely jealous of those who outperform him; he goes out of his way to please his boss and manipulates people for his benefit; he never appreciates your hard work and is too dominating.

Meet the toxic leader, he is someone who uses an approach that harms the employees and eventually the company.

They abuse their power and usually leave the group or company in a much worse state than what it was when they first joined it. The phrase 'toxic leader' was framed in 1996 by Marcia Whicker to describe leaders in different fields who because of their dysfunctional qualities cause significant harm to people. Toxic leaders initially charm people and later leave them in a crippled state.

A toxic leader has various traits that are obviously completely different from the qualities of a good leader. Read the list to get a better understanding, some of the descriptions may overlap, as many of the characteristics are interconnected. The more of these traits that a leader has, the more toxic he is considered.

Incompetent: Toxic leaders are incompetent, they do not have the skills and at times, the will required to complete a task. They may fail to comprehend the nature of the task and the issues associated with it and thus, they ultimately fail to solve the issue. They may not have the aptitude to deal with a task, but they will not take help from others as they do not want to undermine their own capability. All the same, they will not hesitate to take credit for anything that is successfully completed or to blame someone when a mission fails.

Narcissist: They are ego-centric people, who spend most of their time and energy on themselves. They have little or no interest in the organization, employees or the mission. Even though they are so self-absorbed, they have little self-esteem. They are bitter, unhappy people, with deep rooted insecurities. They place their motives above their followers and the aim of the organization. They are selfish and will go to any extent to fulfill their personal goals.

Rigid: They are very stubborn and rigid, they will never accept other's ideas. They are not willing to adapt to new ideas or change with time. They will not even listen to others opinion, as they are convinced that they are right. In fact, they firmly believe that they are the only ones who are right. They surround themselves with people who do not oppose them. As a result of this inflexibility, with time the company becomes stagnant and nonproductive.

Insensitive: They have no regard for the well-being of others. They are insensitive to the issues of their followers and only care about their own selfish needs. They use people and the organization to achieve their own long-term goals. They do not care about how their actions could impact others. They always place their needs and fortune above that of the followers.

Arrogant: They consider themselves superior than others in every way. It is because of this arrogance that they fail to recognize their own shortcomings. Even when a mission fails, they refrain from taking the blame, they very easily put the blame on someone else.

Coward: Toxic leaders are cowards, they lack the courage to face tough situations. They almost always shy away from making difficult choices and hence fail to bring about any positive change. In fact, most of the time, their decisions leave the group in a terrible condition, after which they conveniently desert the mission.

Ambitious: Every leader should be ambitious to an extent, however toxic leaders are overtly ambitious. They have an unhealthy appetite for success; they are willing to go to any length to satisfy this insatiable ambition. They want it all; prestige, power, money and success at any cost, then be it in adopting an unethical way or compromising the well-being of people.

Domineering: If a toxic leader is given total control of the group or organization, he tends to become highly dominating and almost autocratic, due to his high ambitions. He is a control fanatic, who wants everything done his way, he makes unrealistic demands from people. There is no regard for creativity or considering other's ideas and opinion. They teach people to comply with their beliefs instead of questioning it.

Evil: These leaders are evil, they commit many atrocities. They abuse the power they have and harm people either physically or psychologically. They make sure they imbibe fear in their followers, right from the beginning. We can see many such evil leaders in our history who violated the basic human rights of their own followers.

Toxic leadership may be intentional or unintentional; leaders who on purpose harm others to further their ambition are intentional toxic leaders. There are leaders who due to their carelessness and incompetency cause a lot of harm to others, these are the unintentional toxic leaders.

It can be extremely difficult to deal with a toxic leader. Not only can they ruin your career, but they can also have a terrible effect on your mental health. To deal with a toxic leader, try to find like-minded people and confront the leader or the leader's boss. You can also try to formulate a strategy to oust the leader. If the leader is highly corrupt, you can consider getting the media involved. If none of these methods work, then it is best to bid adieu to the leader and start afresh.

Leaders - Some Born Others Made

Leaders! Some are born, some are made. A good leader is the one who is influential enough to get others to follow him willingly. He has a vision, he has a dream and the passion to pursue it. He has analytical skills, a decision-making ability and a go-getter attitude. He dreams big and has the grit to bring it into reality. He possesses virtues like integrity, dedication, fairness and an open mind to greet new ideas and innovate.

Are all managers good leaders? This question brings us to the concept of corporate leadership that highlights the role of effective leadership in the growth and success of an organization. Managers need to possess leadership skills like planning, organizing, delegating and effective communication.

"Management is doing things right; leadership is doing the right things", says Peter Drucker. But when the line between the two blurs, managers become excellent leaders and leaders become effective managers.

Be it a small firm of twenty employees, a multinational company of a thousand professionals or a country of millions, all are organizations. And leadership has a big role to play in directing an organization's resources on the path of progress. For this, leaders have to be created. Yes, leaders can be made.

How? By inculcating in them, the qualities that a good leader should have. Leadership development should start from an early age. Leadership activities and team games can definitely help in introducing leadership traits to children. Activities like these help the children identify their hidden leadership traits and nurture them.

Leadership exercises conducted at the corporate level help identify true leaders in the organization and sharpen the managerial skills they have. The future of any organization - a firm, an institute, a company or a nation, is secure only in the hands of able leaders who can influence the masses with their thoughts and actions.

Effective leaders are those who have the ability to listen, think, foresee, understand and act. True leaders are those who dare to dream and live to lead.

Leadership Defined

Being deputed as the boss definitely reflects the fact that you are good at your work. You are given a group of skilled individuals to help you deliver your task. However, ask those who have successfully headed various departments and teams, and they would say that having good leadership qualities is just as much important as being adept at one's job.

Key Factors

Adaptability
Business is about challenges, it's about changing market scenarios and an important component of business leadership is to be able to adapt to these changes. This leadership quality is displayed by those who are able to resolve the challenge by thinking out of the box. Effective leadership contains flexibility and innovation. Effective leaders are always aware of the business environment and hence, are able to take the right decision that helps them overcome difficult situation while maintaining profits.

Quick Decision-making Ability
One has to make maximum of the opportunity that one gets in business. Some challenges may actually be an opportunity in disguise. The only thing that stands in between the challenge and success is to take the right decision at the right time. Decisiveness is a key corporate leadership skill. Good opportunities may be lost in the absence of quick decision and this can be achieved under the guidance of a leader who is well informed and has sound judgment.

Taking Ownership and Responsibility
True, a leader is one who every member of the team looks up to. Does that mean that he is always expected to deliver? Well, theoretically that is what is supposed to do although we know that showing sound judgment every time is not possible. You do lead by example and this example is not just about success. It is also about showing readiness to take responsibility for one's decisions. Not only does this earn a leader the respect of his team members, but it also builds their trust in him. They know that their team leader would be there for them always and this faith in team leadership ensures better output.

Communication
Communication skills for a leader does not mean that he has to be a great orator. Communication abilities as a business leadership skill means laying in clear terms what is expected of each member of the team. Every member is crucial for a team. It is important to let every member know what value his contribution has in the whole picture. Other than just explaining one's role, it is the leader's responsibility to communicate success to his team members. Even while providing criticism, a leader should remember that it has to be constructive. Be it praise or criticism, being precise in one's words reflects the fact that a leader is confident and means business.

Know Your People
This aspect has two dimensions. The first is about knowing the skills of every team member. The other is about familiarizing oneself with the temperament of each team player. Business is teamwork and leading a team of people coming from different backgrounds with different attributes is one of the most difficult leadership challenges. Knowing each one's skill would help a leader to give responsibility of a job to the person most suitable for it. A knowledge about one's temperament helps leaders to avoid and be prepared for behavioral problems that may crop within the organization. It also helps to inquire about one's employee's personal and family life. This does not mean that a leader has to become buddies with his employees. However, an occasional question about an employee's family would definitely earn a boss his employee's loyalty and trust.

Other Factors

These were just a few of the key leadership qualities in business. Besides these other qualities of a successful leader are:

• Being organized
• Proper delegation of work
• Learning from one's mistakes
• Be open for suggestion
• Having time management skills

It's not that one is born with leadership skills. It's true that some have quite a few leadership traits that make others look up to them. However, there are others that can be developed. There are lot many leadership programs that would teach us different leadership styles and also help us realize and hone some of our business leadership skills. However, the best leadership training comes from the concise effort of rising above the rest and to put collective interests before personal gains.

Assertiveness Gets Good Rap

Assertiveness gets a bad rap when people equate it with being pushy and annoying. But that shouldn't stop you from learning to apply it productively (that is — in service to your strengths). More harm is done when people aren't assertive enough than by being too assertive.

At least you know what pushy people think, but those who don't assert themselves can be keeping vital ideas hidden and useless when they don't speak up or speak too softly. When you are able to balance this critical skill with your other leadership abilities, you greatly amplify your power and impact.

Here are some specific ways in which assertiveness complements a wide range of the critical leadership skills you may already have:

• Creating a culture of innovation: One of their most powerful traits was the ability to push back on the hierarchy. These leaders were by no means rebels; rather, they were perceived to be fearless. Coupling assertiveness with their ability to foster innovation enabled them to take on difficult issues — to fight for resources for new projects or openly disagree with more senior managers about policy changes that could have severe unintended consequences. Being challenged required people to think more deeply to justify a course of action, which frequently produced much better ideas.
  
• Being customer focused: The most successful sales professionals, as Matthew Dixon and Brent Adamson point out in their blog and their book (The Challenger Sale) are not the ones who build relationships. They're the ones who push back, challenging their clients to see problems they hadn't anticipated. Essentially - assertiveness creates more value for clients than conciliatory relationship building does.
  
• Fostering teamwork and collaboration: It might seem like assertiveness has little to do with the skills you need to be a team player. But teams thrive when their members are able to express their not-always-popular points of view. Excellent team players (who generally are already inclusive and able to defer to others) would improve considerably by learning when to assert such views. And team leaders who are assertive in creating a safe environment for less-popular opinions will make their teams all the stronger by increasing all team members' ability to participate fully.

Social Media & Impact On Corporate Leaders

 CEOs are changing the nature of work by adding a powerful dose of openness, transparency and employee empowerment to the command-and-control ethos that has characterized the modern corporation for more than a century.

The advantages of the fast-moving trend are clear. Companies that outperform their peers are 30 percent more likely to identify openness – often characterized by a greater use of social media as a key enabler of collaboration and innovation – as a key influence on their organization. Outperformers are embracing new models of working that tap into the collective intelligence of an organization and its networks to devise new ideas and solutions for increased profitability and growth.

To forge closer connections with customers, partners and a new generation of employees in the future, CEOs will shift their focus from using e-mail and the phone as primary communication vehicles to using social networks as a new path for direct engagement.

Today, only 16 percent of CEOs are using social business platforms to connect with customers, but that number is poised to spike to 57 percent within the next three to five years. While social media is the least utilized of all customer interaction methods today, it stands to become the number two organizational engagement method within the next five years, a close second to face-to-face interactions.

Coming after decades of top-down control, the shift has substantial ramifications – not just for the CEOs themselves – but for their organizations, managers, and employees, as well as for universities and business schools, and information technology suppliers.

Research finds that technology is viewed as a powerful tool to recast organizational structures. More than half of CEOs (53 percent) are planning to use technology to facilitate greater partnering and collaboration with outside organizations, while 52 percent are shifting their attention to promoting great internal collaboration.

Greater openness is not without risks. Openness increases vulnerability. The Internet – especially through social networks – can provide a worldwide stage to any employee interaction, positive or negative. For organizations to operate effectively in this environment, employees must internalize and embody the organizations values and mission.

Thus, organizations must equip employees with a set of guiding principles that they can use to empower everyday decision making. Championing collaborative innovation is not something CEOs are delegating to their HR leaders.

By the numbers
CEOs regard interpersonal skills of collaboration (75 percent), communication (67 percent), creativity (61 percent) and flexibility (61 percent) as key drivers of employee success to operate in a more complex, interconnected environment.

To build its next-generation workforce, organizations have to actively recruit and hire employees who excel at working in open, team-based environments. At the same time, leaders must build and support practices to help employees thrive, such as encouraging the development of unconventional teams, promoting experiential learning techniques and empowering the use of high-value employee networks.

Other findings
A majority (71 percent) of global CEOs regard technology as the number one factor to impact an organization's future over the next three years – considered to be a bigger change agent than shifting economic and market conditions.

Across all aspects of their organization – from financials to competitors to operations – CEOs are most focused on gaining deeper insights about their customers. Seven out of every ten CEOs are making significant investments in their organizations' ability to draw meaningful customer insights from available data.

Given the data explosion most organizations are facing, CEOs recognize the need for more sophisticated business analytics to mine the data being tracked online, on mobile phones and social media sites. The traditional approach to understanding customers better has been to consolidate and analyze transactions and activities from across the entire organization. However, to remain relevant,

CEOs must piece together a more holistic view of the customer based on how he or she engages the rest of the world, not just their organization. The ability to drive value from data is strongly correlated with performance. Outperforming organizations are twice as good as underperformers at accessing and drawing insights from data. Outperformers are also 84 percent better at translating those insights into real action.

Competiting For Talents

Leading edge companies that realize this trend are moving towards a more collaborative and mobile way of working under-pinned by technology and social networking. This is the key finding from the second edition of ‘HR Challenges and Solutions’ published by ADP in partnership with CorporateLeaders.

Organizations are making the connection between these ideas and the cultural generational changes taking place. Young people who entered work in the last decade are demanding greater variety and challenges with a different return for their loyalty than their parents expected.

The “Facebook generation” or “millennial generation” are accustomed, through social networking and mobile technology, to a level playing field in which everyone is listened to and everyone takes part in the discussion.

In the talent war, which has continued to challenge organizations, an engaging and collaborative culture in the workplace, which empowers individuals and teams, is the best recipe for attracting and retaining the talent. Employers are recognizing that, for a new generation, a new approach to management is required which gives staff flexibility and ease of communication.

The case studies and research in the report show companies that harness the latest technology in the workplace do so to:

• Improve people’s ability to work effectively at a distance and on the move
• Encourage employees to learn and develop through joining communities of practice
• Enhance recruitment efforts to tap into new generation talent
• Better market organizations to younger people

People entering the workforce now expect companies to provide the tools and technology to enable them to be productive in any environment whether at home, with a client or sitting in Starbucks. It can become a significant differentiator from a recruitment standpoint.

Role of HR and Technology
Companies have to adapt to the new working climate. HR is responding to these demands by searching for new software solutions and placing them in the hands of line managers and employees, a move, which has the added benefit of improving productivity.

Evidence of a drive to use the latest technology to empower the workforce, aiding HR professionals to implement the solutions that meet the needs of the new generation. By doing this, the HR function is enhancing both engagement and productivity - alongside the profile of the organization.

The new way of working is based on flexible hours and flexible workplaces enabled by technology such as mobile applications, cloud computing, virtualization, and social networking. Executives who understand this and equip their organizations to survive in this new world will be the ones still leading successful organizations in the Human and Mobile Age.

AXA AFFIN Life In Kota Kinabalu

The outlook for the financial services industry, particularly in the insurance sector, is positive as Malaysia's increasing population and rising disposable income will result in more people requiring financial services.

Sabah Deputy Chief Minister, Dr Yee Moh Chai, said this was evident from last year's finance and insurance sector growth rate of 5.9 per cent, which was higher than the national gross domestic product of 5.1 per cent. Yee, who is also State Minister of Human Resource Development and Information Technology, said this was due to the strong performance in bank lending and the increase in premiums in the insurance sector.
"There is no doubt that this sector is steadily growing and hopefully would increase the penetration rate especially in the general insurance sector," he said at the opening of AXA Affin Life Insurance Bhd's branch here today.  He said while competition was tough, relatively low penetration has created plenty of space for growth as the state's economy entered a vital phase of development.

"With the thriving property segment and development in major areas in Sabah, the property and land insurance are set to grow significantly in the next few years. "The recently-announced foreign workers' insurance being enforced in Sabah would further stimulate the growth in the medical segment," he said.

Earlier, chief executive officer of AXA Affin Life Insurance, Loke Kah Meng, said currently the company has over 1,400 agents nationwide. "The company will continue to further grow the force to 2,600 agents by next year to better serve the customers," he said.

Stop Speeding Or Get Summon

Well, forget the need for speed, because the days of carefree bombing down the tarmac are soon to be over. The upcoming Automated Enforcement System (AES) might be up and running by late August, according to reports, and there’s no escaping this one.

The system, utilising around 800 fixed and 500 portable speedtrap cameras from two different manufacturers, is set to ‘monitor’ traffic in 831 “black spot” areas on highways in addition to stretches of state and federal roads. These locations have been identified by the Malaysian Institute of Road Safety Research (Miros) as having the highest number of fatal accidents.

Around 200 of the fixed speedtrap cameras are to be located at traffic light junctions, some of these in housing areas. From a portable speedtrap camera point of view, the relevant radar-based units from both manufacturers are supposedly able to detect vehicles anywhere across a four-lane carriageway up to 250 km/h (one of the systems claims 300 km/h).

All the cameras – which have a 11MP resolution – will be able to record both still image and video footage of vehicles committing speed-related offences, and are connected via a broadband link to the respective system’s headquarters. Once captured, the photographic evidence is then passed on to the JPJ, which will verify it, and a fine is then issued to traffic offenders. As for calibration, word has it that SIRIM will recalibrate the cams every eight months.

The utilisation of two separate systems means that there are two distinct contractors, in this case Beta Tegap – which will run gear from Australian-based Redflex Traffic Systems – and ATES, which will operate equipment from German company Jenoptik Robot. Beta Tegap will run the AES for the southern region, while ATES will be responsible for the rest of the country, including Sabah and Sarawak.

According to another report, the cost of installing and operating the cameras will be borne by the two companies, with an estimated RM300 to RM400 million being bandied to get the AES going. Both companies will be entitled to a share of the revenue collected from the fines to offset operational costs and generate returns, with revenue sharing done across a three-tier model.

First, both operators will get RM16 from each valid summons in which the fine is collected, not on how many photographs are snapped (!), capped at five million summonses. Go past that number, and the second tier sees the companies taking 50% of the amount paid in fines. The cap changes to an amount, set at RM270 million a year, with the government taking an equal share.

If you all persist on being generous, and take things past the RM270 million a year mark, the third tier will see both companies raking in 7.5% of the balance revenue. Of course, both companies will only get their money if offenders pay up, the report adds.

While the implementation of the AES is a positive (promoting safety always is), the question does beg as to whether police speedtrap exercises continue as is; there’s really no need to even ask why there are two separate systems in the first place, now that it’s all done and dusted. As always with topics close to us all, your comments on the matter are most welcome.

Private Retirement Scheme

Prime Minister Najib Tun Razak launched the establishment of private retirement schemes, a highly significant move as it provides employees and the self-employed with an additional avenue to save for their retirement.

The first set of schemes comprising 24 funds by several private retirement scheme providers was approved by the Securities Commission and will be available for offer to the public from September onwards.

A private retirement scheme (PRS) is a voluntary retirement savings scheme structured by private sector fund providers which are licensed and approved by the Securities Commission. "PRS offers opportunities for the rakyat. In the case of the individual, the PRS can provide an environment for individuals to build retirement funds for career mobility, while for employers, PRS may be utilised as a tool for retaining and attracting talent.

Tax measures in the Federal Budget last year have already been announced. This includes personal tax relief of up to RM3,000 for contributions by individuals to PRS approved by the Securities Commission and tax deductions to employers for contributions above the statutory rate of up to 19 per cent of employees' remuneration.

He said in addition to the mandatory EPF scheme and various public sector pension schemes, the government has also pursued other related initiatives, including the proposal to increase the retirement age to 60, which are needed to reflect the realities of people living longer

Detox Outstanding Loan

Keeping fighting fit requires a little extra work in your 30s. Similarly, so does enhancing your financial fitness. As the carefree 20s pass them by, the 30-somethings will have to start addressing the financial demands of the years ahead. The 30s are crucial years that build the necessary foundation for the marathon that is retirement planning. And, as they say, well begun is half done. Here is a simple warm-up checklist before you begin your financial fitness regime:

Detox outstanding debt
A first step to building up your savings for your 30s is to get rid of existing debt. Where possible, pay off any student loans, credit lines or outstanding credit card debts. This will pave the way for you to start saving for retirement and minimise debt as you undertake new liabilities such as a home or car loan during this phase of your life.

Build endurance
The 30s are a good time to start planning for retirement, when time is still on your side. Retirement planning and investing remain a vague concept to most. However, it is important to familiarise yourself with the principles of investing, such as diversification and dollar-cost averaging.

There are many advantages to being able to actively manage your own investment portfolio. However, that requires access to information, significant investment knowledge and keeping up with the markets constantly. We have found, through focus groups, that people do not mind taking risks for higher returns. However, they lack the confidence, information and skills. That leads us to the next point.

Get a trainer, a regime
There is nothing like an expert to help you achieve your financial fitness goals. An investment adviser or relationship manager can help you with an investment strategy to set up your portfolio, or to begin planning for the needs of your young family.

He can advise on working towards significant early financial goals, and your retirement objectives subsequently. In an uncertain economic environment such as now, having a reliable financial partner is also useful.
 Prevent pain
Even the best of plans can be derailed by the unexpected, so it pays to be prepared. For savings, the general rule of thumb is that you should have at least six months’ income as an emergency fund to see you through sudden expenses or unforeseen events such as temporary unemployment.

If you have yet to be covered by insurance, get on the bandwagon. In your 30s, the need to be insured increases significantly once you have dependents, such as a spouse, children and elderly parents.
Also, insurance premiums tend to increase steeply from about the age of 40. Plans to consider include life insurance if someone depends on your income or livelihood, disability insurance, mortgage insurance and accident and critical illness insurance

an excellent article from Jeffrey Ong

Danamon Sells Insurance

Indonesia’s sixth-largest lender Bank Danamon (BDMN), controlled by Singapore’s investment fund Temasek, will increase the contribution of fee-based income to the bank’s total revenue. Fee-based income would account for between 30 and 35 percent of revenue in the medium-term of about three years, compared with 25 percent at present.

The banks’ main income comes from its primary business of disbursing credit, but analysts have said that Indonesian lenders’ net interest income, which is derived from interest charged on loans, will be under pressure in the near-term as the central bank sets a low interest rate environment to spur growth in the country’s economy.

Indonesia’s commercial banks have seen strong fee income recently on the back of rising transactions amid booming economic activities, helping offset pressures on net interest income. One of the ways to boost fee income, is through bancassurance, in which banks partner with insurers to offer insurance products and get fees for every premium sold.

Minimum Wage

July 16 — The Minimum Wage Order 2012, which was gazetted today, will take effect on January 1 for employers who employ six or more workers.

For employers employing five or fewer workers, the date of enforcement will be on July 1 next year, according to a statement from the Human Resource Ministry. It said the commencement date also applied to employers who were carrying out professional activities classified under the Malaysian Standard Classification of Occupations (MASCO), regardless of the number of employees.
The Minimum Wage Order 2012 was gazetted in accordance with Subsection 23 (1) of National Wage Consultation Council 2011.

Further information on the gazette entitled the “Minimum Wage Order 2012 P.U. (A) 214/2012” can be obtained at federalgazette.agc.gov.my. According to the gazette, the minimum wage rate was fixed at RM900 per month or RM4.33 per hour for the peninsula and RM800 per month or RM3.85 per hour for Sabah and Sarawak

Corporate Leadership

With the stature of a leader, few care, understand or have the patience to size-up the real weight of being a leader. Being a leader is a lonely and high-pressure job, but what does it really take to ensure, a leader doesn't fail.

Invulnerability:

Leaders who don't allow for others to see their weaknesses are set to fail. Being human is key to fostering trust and allowing for open relationships to prosper. Allowing others to see who you are only makes them trustworthy. Trust leads to healthy conflicts.

Harmony

Leaders who don't allow constructive conflicts to take place are set to fail. Knowing other people's viewpoints is key in finding solutions and achieving goals. Allowing for difference of opinions leads to productivity, creativity and superior results. Healthy conflicts lead to clarity.

Certainty
Leaders who seek certainty rather than clarity are set to fail. No one knows the future, therefore rather than exhausting efforts in getting assurances; don't be afraid to make incremental decisions with limited information. Clarity leads to accountability.

Popularity
Leaders who want to be liked by everyone, rather than ensuring accountability are set to fail. Leaders who hold people accountable only earn the respect and admiration of others not resentment and poor performance. Accountability leads to results.

Status
Leaders who put their status, position and role above that of results, are set to fail. Results are bullet proof, whether people like you or not. Respect for a strong leader comes from the results he/she delivers not how much he is liked. Putting results before status leads to high-performance leadership.

Leaders who instill trust, foster healthy relationships, are decisive, accountable to others and themselves, and honorable will always win. These five traps should be used as a checklist that leaders keep on their desks, in the boardroom, and at home.