The outcome of the competition for scarce human capital will be the “x” factor that will determine the corporate winners…
The outcome of the competition for scarce human capital will be the “x” factor that will determine the corporate winners of tomorrow.
Malaysia Airlines’ Chairman Dato’ Dr Munir Majid said this during a panel discussion on “Creating the Winners of Tomorrow: Strategies for building global champions,” at the Business Week CEO Forum in Beijing.
He said, “The winners will be largely the product of creative and technological advancements brought by talented employees.”
In the globalised world economy, there will be intense competition for these scarce resources, and the winners will be those who are able to attract and retain them, he said.
The magic box of such attraction and retention comprises not exclusively of remuneration, but includes a work environment and culture that inculcates, encourages and recognises excellence.
Citing the outstanding success of Southwest Airlines in the US, Dr Munir said in such an environment there was also constant communication and an infectious enthusiasm at the work place. The esprit de corp, he noted, was remarkable.
The MAS Chairman conceded there will be the usual need to build champions based on financial, operational and brand success, but he emphasised that its sustainability depended on employees prepared to extend and defend their company’s remit in the market place. There has to be a tenacity of commitment and conviction, almost like loyalty to the country.
In many developing countries, Dr Munir further observed, the governments have contributed tremendously in resources to build the winners and brands of fledging champions, but these resources cannot in the long run be a substitute for internal ones. Companies which become dependent on such a diet of government resources will not finally make it.
They should instead, he said, recognise how they have got thus far, and from thereon organise themselves to launch ahead from that useful platform that the government had largely provided them. Governments in turn, he noted, should learn how to let go.
Dr Munir, however, recognised it is less difficult to create the winners of tomorrow from a clean slate, rather than through rebuilding, restructuring of reshaping, because of dependencies, hierarchies, and a tendency for an ethic of Command and Control, rather than of the more creative Trust and Respect.
Nevertheless, the MAS Chairman concluded, national icons in developing countries should come out of their protective and rigid cocoons if they want to become the winners of tomorrow an a globalised world.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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