BusinessDay 12 Dec 2017

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8 BUSINESS DAY C002D5556 NEWS Tuesday 12 December 2017 ‘Nigeria needs speedy execution of economic policies to stay competitive’ KELECHI EWUZIE International analysts and professionals in Nigeria have stressed the need for increased speed in the formulation and execution of economic management policies if Nigeria is to ever catch up with other progressive nations and become a competitive global player. Several analysts in their presentations at the “ICAN economic discourse series “2018 FGN Budget and Beyond” organised by Institute of Chartered Accountants of Nigeria (ICAN) in Lagos, observe that nonoil revenue mobilisation, along with a continued focus on improving expenditure efficiency and composition, is crucial to create the fiscal space necessary to scale-up capital expenditure and ensure debt sustainability. Isma’ila Muhammadu Zakari, president of ICAN in his address at the event, said there was an urgent need to establish an efficient system for policy analysis and performance evaluation to measure actual results of policy implementation against key performance. Zakari said given our pervasive influence, the ICAN was committed to upholding the public interest as the trusted partner of governments, businesses, and society in a complex and challenging economic climate. According to Zakari, “Although the economy has now technically come out of recession, there are still numerous challenges such as very high unemployment, foreign direct investment and investor confidence. “We consider it an essential component that should not be ignored in the budget implementation process in order to put in place an enhanced public finance management system.” Mike Obadan, a professor of economics, University of Benin, in his presentation titled, “Macroeconomic Framework of the 2018 Federal Government Budget: Assumptions and Projections observes that the assumptions and parameters provide a basis for the budget projections, especially revenue projections are generally realistic to the extent that certain conditions prevail. Obadan opines that following the exit of the country from recession, a robust positive growth rate is achievable in 2018, and economic activities will strongly be revived, they will be very good for the realisation of non-oil revenue projections in a large measure. He further maintains rationalising non-debt recurrent expenditures requires elimination of wastes and corruption from public spending and procurement, which would create space for pro-growth spending. On his part, Olufemi Awoyemi, founder/CEO, Proshare Limited in his presentation titled: The 2018 Budget and the Fear of Secular Stagnation said the implying that growth levels at the end of 2018 might not have any substantial impact on income nor address the bloated level of misery. Awoyemi advocated that deepening structural and institutional reforms that can attract more multinational enterprises (MNE) participation in the economy is of great importance.
Tuesday 12 December 2017 C002D5556 BUSINESS DAY 9 Harvard Business Review Tips & Talking Points TALKING POINTS Costly Weather Calamities $1.1 trillion: The United States has endured more than 200 weather- and climate-related disasters since 1980, with costs exceeding $1.1 trillion. + Small Spending on Security 5.6%: According to the research firm Gartner, companies spend, on average, only about 5.6% of their overall information technology budgets on security. + The Digitally Driven Workplace 95%: According to a study from the Brookings Institution of 545 occupations in the U.S., 95% of jobs became more digital-focused between 2002- 2016. + High Level of Harassment in the Workplace 85%: Research from the Equal Employment Opportunity Commission has found that up to 85% of women workers in the U.S. have been harassed at some point in the workplace. + Data Hacks and Reputations 39%: According to recent research conducted in the U.K., 39% of information technology managers don’t think that senior executives understand the impact that a security breach could have on their company’s reputations. Remind your boss that you’re doing a great job Remind Your Boss That You’re Doing a Great JobWe’re all busy. And while we’re preoccupied with ticking off our to-do lists and wishing there were more hours in the day, we often forget to be our own career advocates — to remind our managers of what a great job we’re doing. Put your accomplishments back on the boss’s radar — without bragging — by sending a brief email update. Nothing fancy; a sentence or two is fine: “Just wanted to let you know that xyz project continues to go well, the client was pleased with our draft, and next steps are to finalize the numbers, which we will have for your review by Thursday.” The update doesn’t have to contain any real news. But in sending it, you’ll look competent, communicative and on top of things — all attributes of a top performer. (Adapted from “7 Simple Ways Working Parents Can Simultaneously Improve Their Careers, Their Families, and Themselves,” by Daisy Wademan Dowling.) Look at all your options together before making a decision We make thousands of decisions every day, some simple and some more involved. To improve the chances that you’ll make a “right” choice, try looking at all of your options together rather than evaluating them one at a time. For example, if you’re deciding which job candidates to interview, it’s better to lay out the résumés of all applicants on a table, evaluate and compare them, then decide whom to interview — instead of looking at one candidate’s résumé, forming an opinion about it, and then moving on to assess the next one. Recent research shows that viewing options together like this makes you more likely to choose the objectively best one. With all of the information in front of you at once, you can compare the options more thoroughly. (Adapted from “To Make Better Choices, Look at All Your Options Together,” by Shankha Basu and Krishna Savani.) Share stories that reinforce the organization’s values Too many companies rely on a vague, generic statement to articulate what matters to it. If you want employees to embrace and express your organization’s values, use stories instead of a mission. Look for stories about coworkers supporting one another, representatives providing excellent customer service, and customers being delighted by your products. Then find unique ways to spread those stories. You could invite a customer to share their standout experience at an all-staff meeting. Or you could play a video of one of your best stories at employee orientation. Storytelling teaches your employees to pay attention to the experiences of real people and helps employees feel good about the values your organization stands for. (Adapted from “Use Stories from Customers to Highlight Your Company’s Purpose,” by Erica Keswin.) c Use potted plants and natural light to create a healthier workplace Have you ever responded to an overwhelming moment at work by closing your eyes and imagining yourself lying on a beach or strolling down a forest path? You may be onto something. Research shows that exposure to green spaces reduces stress and boosts general health. One study found that greener office environments increased employee productivity by 15%. Fortunately, there are easy ways to incorporate some nature into your day: — Hold walking meetings outside. — Use outdoor spaces for your lunch breaks. — Open blinds to let in natural light. — Tape a photo of your favorite nature scene to your cubicle, or listen to ambient sounds on your headphones. — If you have a say in office decoration, suggest hanging nature photography or bringing in potted plants. These small investments in a more natural work environment pay off in terms of increased happiness, relaxation, and even stronger connections to your co-workers. (Adapted from “Why You Should Tell Your Team to Take a Break and Go Outside,” by Emma Seppala and Johann Berlin.) 2017 Harvard Business School Publishing Corp. Distributed by The New York Times Syndicate It may be time to pull the plug on that outdated project It’s hard to let go of a project or objective that you’ve invested time and effort in. But it’s important to put those emotions aside to judge each initiative on its merits — and kill projects that may be holding you or your company back. Simply put: If the value of what you are doing now is lower than the value of what you could be doing instead, change course. Don’t wait until everyone agrees that there’s no harm in abandoning the project. Make the initiative prove its value, taking into account other options and alternatives. Doing something that brings in $1,000 of value may seem worth doing, for example, but if it’s keeping you so busy that you can’t put resources into endeavors that may add $10,000 of value, you are saving dimes but losing dollars. (Adapted from the HBR Guide to Thinking Strategically.)
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BusinessDay 12 Dec 2017

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