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Unleashing the Greatness Within : Elevating the Organizational MIND!!!

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4 years ago

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Envision leading an organization where a fourth of the employees are totally turned off by their jobs, at least half of the employees do just enough to get by, and only the remaining 25 percent are enthusiastic. Do you think such an organization can survive, but more importantly, will such an organization thrive? Do you doubt that there are companies around that have such workforces?

Sadly, that’s the profile of the typical firm in the United States, and increasingly, this is the case inside organizations all across the Caribbean. If you somehow believe that your organization is different, that it could not possibly be one like this, then organizational development experts dare you to take a closer look inside and genuinely analyze the situation. Bearing out these statistics, a number of highly respected management and leadership research consulting organizations concur that there’s a major population of workers—“roughly half of all Americans in the workforce–who show up, do what’s expected of them, but don’t go that extra mile, don’t turn on the creative juices, don’t get inspired to create great products or services.” This trend is spreading like a wildfire, as island nations like Jamaica, Barbados, the Bahamas, St. Lucia, and St. Maarteen; countless others are also experiencing organizational dysfunction.

As each new year approaches, achieving and maintaining competitive edge is a dominant concern for leaders everywhere, and organizations will certainly need to elevate their minds. Business thought consultants seem to agree that in boardrooms, during leadership seminars, and in progressive human resource departments the words “employee engagement” are being uttered rather consistently. Employee engagement is becoming the distinguishing success factor separating organizations that are thriving from those just barely surviving.

Employee engagement is best defined as “the critical measure by which organizations are able to inspire and mobilize their people to accelerate reaching company objectives. Engaged employees are motivated to succeed, take pride in their company, are committed to the success of the enterprise and are extraordinary persuasive brand advocates.”

Gallup reports that “Companies that had higher levels of employee engagement outperformed the S&P by 24% over a three-year span.”

First introduced in 1923, the Standard and Poor (S&P) is widely used as a measure of the general level of stock prices, and is representative of industries that span the United States economy. The S&P supposedly represents the cream of the crop when it comes to organizations. To say that high levels of employee engagement have been shown to drive high performing organizations is quite a statement to say the least.

Critical for any organization seeking to benefit from its minds is determining what employees currently perceive, focus on key engagement drivers, identify obstacles to success, and eliminate speculation as to what will foster effective change. Ensuring that employees are committed to their organizations and are aligned with company strategy is the essential ingredient in ensuring execution of strategic programming that leads to sustainable high performance with exceptional returns on investment.

Most significant of the employee engagement findings is that for the most part, the majority of people want to go above and beyond, to be an integral part of the company’s success. Something–often a disconnect with an immediate supervisor or a feeling that the organization doesn’t care about them–is getting in the way, somehow diminishing motivation and a will to give the best of themselves.

Thus, there is a huge, untapped potential that many executives, managers and employees do not recognize and, therefore, have not addressed. And it’s sapping organizational potential.

In speaking about the organizational climate in the United States, Curt Coffman, an author and the Employee Engagement Global Practice Leader for the Gallup Organization’s Consulting Arm said, “We’re running as an economy at 30 percent efficiency because so many workers are not contributing as much as they could. Just think of the impact if [only] 30 percent of a bank’s branches opened every day.”

Scary thought to say the least, so what must leaders do to tap into the power of its “organizational mine.” Building high employee motivation and morale is both challenging and yet supremely simple. Building high employee motivation and morale requires that leaders pay attention every day to profoundly meaningful aspects of their impact on life at work. Model these leadership behaviors as possible strategies to enhance employee engagement:

1. Your Arrival at Work Sets the Employee Motivation Tone for the Day– Picture Mr. or Ms. Stressed-Out and Grumpy. He or she arrives at work with a frown on the face. The body language telegraphs “over-worked” and unhappy. He or she moves slowly and treats the first person who approaches abruptly. It takes only a few minutes for the entire workplace to get the word. Stay away from Mr. or Ms. Stressed-Out and Grumpy if you know what’s good for you this morning. Your arrival and the first moments you spend with staff each day have an immeasurable impact on positive employee motivation and morale. Start the day right. Smile. Walk tall and confidently. Walk around your workplace and greet people. Share the goals and expectations for the day. Let the staff know that today is going to be a great day. It starts with you. You can make their day!!

2. Use Simple, Powerful Words for Employee Motivation – Part of management and leadership success is liking and being appreciative of people. Send the right message by using simple, powerful, motivational words to demonstrate that you value staff. Say “please” and “thank you” and “you’re doing a good job;” these words mean more than you can imagine. How often do you take the time to use these simple, powerful words, and others like them, in your interaction with staff? You can make their day!!

3. For Employee Motivation, Make Sure People Know What You Expect– Setting clear expectations is often a supervisor’s first failure. Supervisors think they have clearly stated work objectives, numbers needed, report deadlines and requirements, but the employee received a different message. Or, the requirements change in the middle of the day, job, or project. While the new expectations are communicated – usually poorly – the reason for the change or the context for the change is rarely discussed. This causes staff members to think that the company leaders don’t know what they are doing. This is hardly a confidence, morale-building feeling. This is bad news for employee motivation and morale. Make sure you get feedback from the employee so you know he or she understands what you need. Share the goals and reasons for doing the task or project. If you must make a change midway through a task or a project, tell the staff why the change is needed; tell them everything you know. You can make their day!!

4. Provide Regular Feedback for Employee Motivation – The motivation and morale builder always identified first is getting feedback, being told how you are doing at work. Staff members want to know when they have done a project well and when you are disappointed in their results. They need this information as soon as possible following the event. They need to work with you to make sure they produce a positive outcome the next time. Set up a daily or weekly schedule and make sure feedback happens. You’ll be surprised how effective this tool can be in building employee motivation and morale. You can make their day!!

5. Make Time for People for Employee Motivation – Spend time daily with each person you supervise. Managers might aim for an hour a week with each of their direct reports. Many studies indicate that a key employee work motivation factor is spending positive interaction time with the supervisor. Schedule quarterly performance development meetings on a public calendar so people can see when they can expect some quality time and attention from you. You can make their year!!
With increasing globalization and technological advancement, organizations throughout the Caribbean must create culture and climates that maximize their greatest resource, and that is its human capital. Finding ways to tap into this wellspring of innovation, creativity and ideas for process improvement are an imperative if an organization is going to benefit from its transformational mine come 2009! The new buzz word is “employee engagement” and if your organization is not practicing it, thriving is definitely out of the question, and surviving is merely a possibility.

By. Dr. Anita Davis-Defoe Consultant Editor Businessuite Magazine

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Ambassador Marks Champions Investment in Women

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1 month ago

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March 19, 2024

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Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks, has called for increased investment in women as a moral and strategic global necessity.

She argued that, as half of the world’s population, women are not just participants but key drivers of economic growth.

She noted that they occupy diverse roles as scientists, military members, entrepreneurs, educators, and political leaders, underscoring their essential contribution across the spectrum of human endeavour.

“Women play a crucial role in confronting some of the most pressing global challenges today, from geopolitical conflicts and rising poverty levels to the escalating impacts of climate change,” she added.

Ambassador Marks, who was addressing an International Women’s Conference in New York recently, noted that despite the role and contributions of women, the current rate of investment in women is woefully inadequate.

She said that an additional US$360 billion per year is required by developing countries to achieve gender equality under the Sustainable Development Goals (SDGs).

“At this trajectory, more than 340 million women and girls will still live in extreme poverty by 2030,” Ambassador Marks lamented.
She noted that closing gender gaps in employment could boost GDP per capita by an impressive 20 per cent,” illustrating the vast economic benefits of gender parity.

Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks (second right), shares a photo opportunity with (from left) Chief Executive Officer of Nevalliance, Dr. Neva Alexander; Jamaica’s Consul General in New York, Alsion Wilson; former President of the Jamaica Nurses Group of New York, Claudette Powell; and past presidents of the Union of Jamaica Alumni Associations in the United States, Karlene Largie and Lesleyann Samuels. Ambassador Marks was at the International Women’s Conference hosted by Nevalliance at Hofstra University in Hempstead, New York, on March 9.

In her rallying cry for societal change, Ambassador Marks noted the potential for transformative change through collective action and commitment to women’s economic liberation.

She called on women to step forward as active participants in the fight for gender equality.

Emphasising the conference’s theme, ‘Leading Ladies’, Ambassador Marks championed the idea that women must not only advocate for change but embody it, inspiring others by becoming exemplary figures in all spheres of life.

“We must all become leading ladies in our own right. Let us be the change we wish to see,” she urged, calling on women to lead by example and show the world the strength and capability inherent in female leadership.

Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks, is greeted by New York State Senator, Kevin Parker, on her arrival at International Women’s Conference at Hofstra University in Hempstead, New York, on March 9. Looking on (from left) are Jamaica’s Consul General in New York, Alsion Wilson, and Chief Executive Officer of Nevalliance, Dr. Neva Alexander.

Reflecting on her own experiences, Ambassador Marks shared powerful lessons on embracing innovation, the value of relationships, and the uncompromising importance of integrity.

She called on leaders, policymakers, and community members to invest in women, highlighting the undeniable return on investment for society’s broader prosperity and well-being.

“To forge a future where everyone thrives, we must all contribute to creating a world brimming with opportunities, where women empowerment is the norm, not the exception,” she said.

The International Women’s Conference, organised by professional development company Nevalliance, was aimed at enhancing awareness about women’s issues and generate resources to support their growth.

By: JAMAICAN EMBASSY, WASHINGTON DC, March 18, 2024

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Businessuite Women

The Success Of Our Financial Markets Is Intertwined With The Success Of This Collaboration.

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2 months ago

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February 27, 2024

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The Recent Context: In reflecting on recent industry discussions, particularly in the aftermath of the Jamaica Stock Exchange Regional Conference on Investments and the Capital Markets, a common thread emerged—a resounding call for education, training, and continued professional development. It underscores the dynamic nature of our financial landscape and the pivotal role that collaboration between accountants and regulators plays in ensuring a robust and trustworthy financial ecosystem.

Today I will share my thoughts on the collaboration between accountants and regulators, a crucial alliance that stands as the bedrock of investor confidence and the integrity of our financial markets. My thoughts are by no means new to you but are worthy of repeating. In the intricate dance of numbers and regulations, regulators and accountants must join forces not only to maintain the equilibrium of financial systems but to safeguard the very essence of investors’ trust.

The Unsung Heroes – Accountants and Regulators: Before delving into the heart of my presentation I would also like to take a moment to recognize who I believe are the unsung heroes in our financial narrative—accountants and regulators. Both work diligently, often behind the scenes, to uphold the integrity and transparency of our financial markets. It is this collective effort that enables investors to make informed decisions with confidence or to have a recourse when things go wrong which sometimes it does.

Global Trust in Accountants: Accountants serve as custodians of financial truth. This meticulous work as you know involves not just crunching numbers but ensuring that financial records are accurate, transparent, and adhere to the ever-evolving accounting standards. It is through this dedication that investors can rely on the information presented by companies. As the world at large becomes more and more wary of business operations, it is noteworthy that, global perceptions of chartered accountants have undergone a significant transformation. Recent studies indicate a surge in trust of investors during times of economic turbulence and uncertainty. Chartered accountants have emerged as the most trusted financial professionals, with increased recognition of their role in ensuring transparency and confidence. This is because of standard setting, adherence to standards and regulations and the willingness to be proactive and cooperate and collaborate with stakeholders including other standard setting bodies, government and regulatory bodies.

Similarly, in our local context, the Institute of Chartered Accountants of Jamaica plays a pivotal role in monitoring and upholding the standards of integrity, objectivity, professional competence, and confidentiality. The trust bestowed upon accountants in our jurisdiction mirrors the global trend, reflecting the adherence to these high standards.

In tandem with accountants, regulators act as the vigilant overseers of financial markets. Regulators craft and enforce the rules that govern fair play, market transparency, and investors protection. Regulators are the guardians of market integrity, working tirelessly to detect and prevent fraudulent activities, ensuring a level playing field for all participants. There is therefore cross functional activities between regulators and accountants for the primary purpose of protecting investors.

There must be the Collective Will to act as ‘trustee’ for investors. At the heart of our financial stability lies the collaboration between accountants and regulators. This partnership extends beyond professional duties—it is a shared commitment to act in the public interest, safeguarding the investments and interests of our stakeholders, particularly investors. We saw this played out during the COVID period between ourselves, ICAJ and the FSC where we understood that balance between investors receiving information and the other issues that prevailed. Both Accountants and regulators must work to ensure the strength and proper functioning of our capital markets. This collaboration is indispensable, particularly as investors rely heavily on credible financial information to make sound decisions.

The Role of Accountants: Let’s not underestimate the pivotal role that accountants play in this process. Whether as CFOs, internal auditors, or line and staff accountants, this ability to people in this profession to provide honest and accurate information in a timely manner and in keeping with international best practices, and other legal and regulatory frameworks is the linchpin for attracting capital, maintaining and preserving capital of investors. High-quality and timely information, meticulously provided by accountants, is the lifeblood of our capital markets.

Success Stories: Our markets stand strong due to the active and open dialogue between accountants and regulators. Even at the Exchange, the Regulatory and Market Oversight Division and the ICAJ have active dialogue on market developments, interpretations, and standards that are aimed at ensuring that investors receive the best reports. This collaboration between accountants and regulators has yielded success stories, with oversubscribed offers and successful capital raises, exemplifying the effectiveness of our financial ecosystem. In 2023, we witnessed a commendable mobilization of $18.74 billion in capital through IPOs, APOs, and private offers facilitated by the collaborative efforts of CFOs, accountants, and auditors. The connection here is that without accurate, credible financial information investors would be hard pressed to invest in the capital markets.

Navigating Challenges – A Testimony to Collaboration: The true test of collaboration is evident during challenging times. The recent global pandemic, COVID-19, posed unprecedented challenges, requiring quick and effective responses. The collaboration between regulators and accountants ensured that despite the turmoil, issuers remained compliant, demonstrating the resilience and adaptability of our financial ecosystem.

Adaptability has to be the hallmark of accountants and regulators. Your Agenda seeks to Navigate the Evolving Landscape but even as we delve into the agenda for this workshop, the landscape of the capital markets is evolving rapidly. New products, new services, and even new schemes aimed to mislead crops up daily giving accountants and regulators cause to work to find solutions for disclosures or enhancement of standards to ensure that investors are adequately protected.

Your discussions will undoubtedly cover an array of topics, from reporting methodologies to the introduction of sophisticated products and services in this digital age. The ICAJ and members, by having a robust knowledge of applicable laws and regulations, will play a pivotal role in shaping this landscape.

The Future of Reporting: Looking ahead, our focus must extend to the future of reporting. As we build out new and more sophisticated products and services within this digital age, the ICAJ and its members are at the forefront of ensuring that reporting standards are not just benchmarked but are also easily understood, quantifiable, and measurable. This commitment is essential for investors to appreciate and value their investments.
Crafting Rules and Standards: Collaboration between regulatory bodies and the accounting profession is paramount. Rules and standards must be crafted, enforced, and reported on to remove unnecessary barriers to trade. The information shared and the structures in place will enhance trust in the business climate, aiding investors in making informed decisions about capital allocation.

Preserving the Financial Reporting Supply Chain: In closing, let us acknowledge that the accounting fraternity serves as the vigilant watchguard for the rules and regulations set by regulators. This role becomes even more critical in an age of rapid changes. As we seek to keep pace with global regulatory requirements, active collaboration on matters relating to data protection, new financial instruments valuation, and sustainability reporting is an imperative.

A Call for Collaboration: In essence, our success hinges on preserving what we can aptly call the Financial Reporting Supply Chain. Throughout all stages of this chain, from setting parameters for financial statements to enforcing compliance, the accounting fraternity must ensure that the last link, the investors, is protected.

Closing Thoughts: There has never been any doubt in my mind that the accounting fraternity is integral to these stages, adding trust to the entire process. As we collectively navigate the challenges and opportunities that lie ahead, let us reaffirm our commitment to collaboration, transparency, and the shared goal of benefiting investors. The success of our financial markets is intertwined with the success of this collaboration.

Speech by Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange given at the Annual International Financial Reporting Standards (IFRS) Virtual Workshop organized by the Institute of Chartered Accountants of Jamaica (ICAJ), February 2-3, 2024.

Source: https://www.jamstockex.com/dr-marlene-street-forrests-speech-at-the-ifrs-virtual-workshop-2024/

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Businessuite Women

The Path Of Least Resistance…Monique Powell

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5 months ago

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November 30, 2023

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“The path of least resistance would be to just take a job in someone’s company and start enjoying the (comparatively) soft life again. Nothing in this country is set up to truly foster the growth of entrepreneurship. The fortitude and resilience required to stick it out is next level. There’s a part of me that sticks with it because I do feel like the next generation of people who look like me (skin colour and gender) need to see even more visible examples of people from working class backgrounds building enterprises. Money is not what keeps me doing this. The salary I had when I left my job in 2016…a whole 7+ years ago is STILL more than what I take from the business now. Some days I’m motivated to keep doing this, some days I wonder if I’m making the right the choice with my life.”

Monique Powell

#36 Monique Powell, Founder and CEO of QuickCart (formerly QuickPlate)

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Businessuite Women

Kelli-Dawn Hamilton Appointed CEO of the Jamaica Special Economic Zone Authority (JSEZA).

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5 months ago

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November 18, 2023

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Kelli-Dawn Hamilton is the new Chief Executive Officer (CEO) of the Jamaica Special Economic Zone Authority (JSEZA).

Mrs. Hamilton, who assumed office on October 26, will lead the entity into its next phase of growth and development.

She served as the Authority’s most recent Interim CEO.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, in his congratulatory statement, said that Mrs. Hamilton will “bring significant experience to the role”.

He noted that she has an acute sense of leadership that will propel Jamaica’s export agenda and attract foreign investments to support the country’s economic growth.

Chairman of the Authority, Chirstopher Levy, expressed his confidence in the new CEO, stating that “we are thrilled to welcome Mrs. Hamilton back to the Jamaica Special Economic Zone Authority”.

“Her proven leadership and strategic insights will undoubtedly accelerate our growth trajectory and reinforce our commitment to delivering exceptional value to our customers and stakeholder,” Chairman of the Authority, Chirstopher Levy

Mrs. Hamilton said she is happy to be rejoining the JSEZA family and looks forward to leveraging the company’s strong foundation and talented workforce to drive innovation and sustainable growth for Jamaica’s special economic zones.

“Together, we will continue to create and build upon the company’s legacy of excellence and reinforce our position as a strategic hub for trade and commerce in the Caribbean Region,” she said.

Mrs. Hamilton has a proven track record and expertise in trade policy, communications and business development and brings to the table a wealth of experience in business advocacy and client relationships, having previously served in various technical and leadership roles at the Jamaica Promotions Corporation (JAMPRO), First Global Bank and the Airports Authority of Jamaica (AAJ).

Her strategic vision, strong leadership abilities, and extensive industry knowledge make her an ideal fit to steer the JSEZA towards continued success and global expansion.

Mrs. Hamilton holds a Master of Science Degree in Comparative Politics and Political Theory from the University of the West Indies, Mona, and has demonstrated her commitment to excellence and leadership throughout her career.

The JSEZA is an agency under the Ministry of Industry, Investment and Commerce charged with driving economic growth through the establishment of special economic zones.

Since its inception in 2016, the company has been at the forefront of foreign and local direct investment attraction within Jamaica’s special economic zone regime.

By: SHERIKA HALL JIS

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Businessuite Markets

Negative Impact In Home Care Business Overshadowed Unilever Caribbean’s Strong Growth In Beauty & Personal Care And Food Channels.

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5 months ago

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November 18, 2023

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Daniela Bucaro Chairman Unilever Caribbean Limited Has Released The Following Unaudited Financial Statements For The Period Ended 30 September, 2023.

For the nine-month period ending September 30, 2023, the Company reported a Profit After Tax of $13.3m, representing an increase of $12.8m over the same period last year. This was achieved despite a decline in revenue of 14.6% from the prior comparative period to $168.1m. The revenue performance was impacted by changing market forces in selected channels as well as the decline in the macroeconomic environment, resulting in declines in the Solution Wash sales in both the local and regional markets. This negative impact in the Home Care business overshadowed strong growth in the Beauty & Personal Care and Food channels.

Profitability, as measured by gross margin, has improved as the Company continues to recognise more favourable material and freight costs with an improved sales mix.

Savings in operating expenses from improved efficiency and consistent cost management strategies have also facilitated margin improvements. Additionally, during this period, the Company recorded $6.2m in freight and logistics benefits, which were related to the previous quarters of this year. These benefits arise out of the conclusion of global freight rate negotiations and the attendant reductions in freight rates in previous quarters.

During the third quarter, Management has adjusted downwards pricing to pass these freight benefits on to our consumers. The impact of this $6.2m reduction in freight expenses to the period ending June 30, 2023, was an increase in Cross profit from $45.8m to $52m and an increase in Profit before tax from $8.7m to $14.9m.

The Company’s steadfast focus on accelerating profitable growth is supported by the improvement in the category mix, where increases in Beauty and Personal Care sales have contributed 59% of total year to date revenue, up from 39% in the prior comparative period.

This significant shift in product mix has boosted profitability and is aligned to our strategic plan centered on portfolio optimisation and sustainable profitable growth for a future fit organisation.

Notwithstanding the challenging environment, local and in the Caribbean markets, UCL maintains a strong financial position, with healthy cash holdings and retained earnings, and reported Earnings Per Share (EPS) of $0.51 for the period ending September 30, 2023.

New Chairman

Unilever Caribbean new chairman of the board of directors Daniela Maria Bucaro appointments took effect from July 14.
In a notice shared on the TT Stock Exchange website, Unilever said Bucaro has 18 years of experience in the company and has held several strategic roles in Central America, the Andean region and the greater Caribbean. She is a senior member of the leadership team of the newly formed Caribbean and Central America (CARICAM) regions. Unilever also announced the appointment of Carolina Arrieta and Jan Jacques Cot as directors of the board.

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