Workplace doctor Yolande Basson suggests finding out what drives the client's demands. Getty Images
Workplace doctor Yolande Basson suggests finding out what drives the client's demands. Getty Images

Workplace doctor: How can I forge a better working relationship with a 'very demanding" client?



QI have a business relationship with an organisation that regularly sets very demanding deadlines for me and my team to respond to complex requests. However, they themselves take an age to respond to our questions and requests, regularly missing deadlines I try to impose. How can I rectify the situation? TD, Abu Dhabi

AThank you for the highly relevant and challenging question. Many people from different industry sectors will closely relate to the issue you have raised. This is not a simple problem to solve but, rather, a complex dilemma to try and unlock.

So let's start by trying to understand the nature of this dilemma. On the one hand, to meet demanding deadlines, you might provide more "templated" or "off the shelf" solutions to ensure you respond quickly and on time. On the other hand, to respond to the complex nature of the requests, you ideally want carefully considered input from a number of resources, which takes time. In these situations, compromises of time or quality are not good enough and hence the dilemma.

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Furthermore, in today's competitive environment, it is also unrealistic to have resources on standby, ready and available to act when the demanding deadlines come in, and then to be standing idle the rest of the time. So what can you do?

It sounds as though you are dealing with the same client organisation on an ongoing basis, which would suggest the possibility of exploring potential interdependencies of your businesses to build a mutually beneficial relationship.

What this would require is a deeper understanding and appreciation of each other's business drivers and priorities. Start by seeking to understand the business imperatives behind your client's demanding deadlines.  Who are their clients or stakeholders? What needs are they trying to satisfy? Why are they so urgent? Are they always the same in terms of urgency and complexity?  Through this line of inquiry and understanding, you may begin to identify some patterns and be able to categorise needs with appropriate corresponding responses.

This may lead to some creative and innovative thinking, such as a new multi-tier business agreement, where you do provide highly customised and comprehensive solutions within a very short time period, but at a higher price. They may be prepared to pay a premium for this, as it would provide them with a significant competitive or ­reputational advantage with their stakeholders and you are able to factor in the additional cost of bringing in extra hands or expertise on demand. In other instances, you may be able to offer a lower price for responses that can afford a longer lead time.

To illustrate the former, a simple example may be useful. If you sell ice-cream and on a particularly nice day over a long weekend you run out of ice-cream because everyone was out enjoying the good weather, what would you say if your supplier could only restock the same day at 20 per cent higher cost?  "No" – because it's more expensive – or "yes", because even at a higher cost, you know it is still worth your while? Once you feel you understand their business and have exhausted all potential innovative approaches, work towards them understanding your business context, in other words the potential trade-offs or challenges of providing the quality solutions that they require (costly overtime working or less than optimal solutions), when demanding deadlines are imposed.

This would also be a good time to emphasise how important quick responses to your queries are to ensure you meet these challenging deadlines. Again, always be creative and look for the best solutions that will work for both sides, perhaps suggesting that you meet the deadline with a critical part of the project instead of all of it.

This type of joint exploratory communication and mut­ual understanding can lead to what we call "effective contracting" or agreeing operating principles of productive business relationships

Doctor's prescription:

Having a better understanding of what informs the client's demanding deadlines, coupled with the client gaining some appreciation of the level of involvement and intricacy required when dealing with complex requests, will allow for more transparency and a mutually successful and sustainable business relationship. If you cannot achieve a new way of working with your client and in instances where they do not respond quickly to your queries then, knowing your business and market sectors well, you may have to base your solutions on documented assumptions. Understanding the pattern of requests, develop a series of "90 per cent" solutions to the most common demands so you can quickly tailor the final 10 per cent at short notice.

Yolande Basson is an executive coach and consultant at Ashridge Executive Education
– Middle East

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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.”

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England 458 & 119/1 (51.0 ov)

South Africa 361

England lead by 216 runs with 9 wickets remaining