Thank you. Two simple words we say numerously throughout the day to people for holding the door open, or for delivering a sandwich we craved all morning. It is easy to say to those who are serving us in some way, but often people find it difficult to say to those they work with.
Mohammed, the chief executive of a financial organisation, sent an email to Sara, an analyst several levels below, thanking her for her outstanding performance at her first project assigned by him. Sara appreciated his email, but never responded.
A few days later, she heard that Mohammed was looking to assign a similar project to one of the junior staff members that could lead to a promotion and a big pay rise.
Sara was thrilled, and wanted to work on the project. She bumped into Mohammed in the lift. He asked her if she had received the email he sent. Yes, Sara said, she did. Why, Mohammed asked, had not she responded? Sara said she did not see the need as he is a busy man.
She was wrong. His encouraging email deserved, at the very least, a "thank you" even if in fact he was a busy man. That was not a good excuse.
The project was not assigned to Sara. Was she disqualified solely because she did not send a response? No. But was her lack of response a reason among a few others to not consider her and instead choose a better candidate? You bet.
But more than often, it is the other way around. Many employees complain about the lack of appreciation and thanks from their managers. Many managers would agree that you should not thank people for doing their job.
However, people are a competitive advantage for any organisation, and retaining good employees is critical. Many surveys show that people change jobs because they did not feel appreciated.
In a study by the Gallup organisation, an employee's direct manager has the greatest effect on retention. Therefore, it makes sense that the most effective recognition comes from the employees' direct superior.
Employees in general are aware if they are doing a good job or not, but that is not the point. They want to ensure that their hard work does not go unnoticed and is being acknowledged by their company and most importantly their managers. They want to know that their contribution to the company matters.
It is ironic how organisations are always on the lookout for rewards or recognition programmes that will maximise their employees performance and ensure their retention.
While a good package and a fat pay cheque are effective, it is vital to keep in mind that they can never replace a sincere "thank you" from the direct manager or supervisor.
When is the best time to thank an employee? Studies have shown that recognition has the greatest effect when it happens immediately after a good performance.
When an employee delivers a fine sales pitch, or does something special for the team, his/her emotions would be rocketing because they know they have done a great job. And if a manager recognises this and thanks the employee at that time, then that will increase the likelihood of that great performance occurring again.
Some would argue that we are all too busy to spend time exchanging thanks. My friends defended Sara, and said that if Mohammed needed so much stroking and was being sensitive about the issue, then he cannot possibly be a good chief executive. They said that with the digital age and flocks of emails, no response has become an accepted norm.
I disagree. It does not take more than a minute to thank someone, but it does take caring. Not answering someone's communication, whether it be text or email, is not an accepted norm, especially in business, where establishing good relationships are crucial.
If you take away the digital element from Sarah and Mohammed's anecdote. How would it look if Sara walked away when Mohammed thanked her? Disrespectful, right?
Acknowledging others is a key aspect of good leadership.
Manar Al Hinai is an award-winning Emirati writer and fashion designer based in Abu Dhabi
SPECS
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
New schools in Dubai
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company%20Profile
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