Speech YB Datuk Dr S. Subramaniam, Minister of Human Resource Malaysia
“MANAGING HUMAN CAPITAL IN CHALLENGING TIMES”
MIM CEO Forum 2009
& MIM-Public Bank “Manager of the Year Award” 2008 Award Presentation
16 April 2009 (Time: 11.55 am)
Renaissance Kuala Lumpur Hotel
• Yang Amat Berbahagia Tun Mohammed Hanif Omar, President of MIM
• Yang Berbahagia Tan Sri Dato' Sri Dr. Teh Hong Piow, Founder & Chairman, Public Bank Berhad
• Yang Berbahagia Jen Tan Sri Dato’ Zain Hashim (Bersara), Chairman of MIM
• Yang Berbahagia Dato' Sri Tay Ah Lek, Managing Director, Public Bank Berhad
• Distinguished Members of the MIM Court of Fellows and General Council
• Senior Management of Public Bank Berhad
• Tan Sri Tan Sri – Puan Sri Puan Sri
• Datuk-Datuk – Datin-Datin
• Distinguished Guests
Ladies and Gentlemen,
First and foremost, on behalf of Minister of Human Resources, Datuk Dr. S. Subramaniam, I would like to convey his appreciation on invitation to this forum by Management Institute of Malaysia and Public Bank. He is honoured to address such a distinguished audience of management professionals, and he apologises for not being able to be here today.
Ladies and Gentlemen,
I was requested by the Minister to deliver a speech on ‘Managing Human Capital in Challenging Times’. The speech will touch briefly on current scenario pertaining to economy downturn and human resources management; the importance of management and leadership; initiatives taken by the Ministry of Human Resources; expectations from the industry; and last but not least, about managing changes.
Introduction – Economy Scenario and Human Resources
Ladies and Gentlemen,
Over the years, Malaysia has transformed from an agricultural-based economy to a Production economy, or P-economy. We are now moving up the value chain by transforming from a P-economy to a Knowledge economy, or K-economy. This transformation to the next stage of our development will bring about significant change, and as change is never easy, there will be challenges and issues on the way. We have seen fairly strong economic growth over last decade, however, for 2009 GDP growth for the country is forecasted at plus or minus 1%, whereas unemployment rate remains below 4%.
Adapting to change, overcoming challenges and obstacles, will be made possible with strong managership, just as our first economic transformation was made possible through strong leadership and management.
In these times of turbulent capital markets and the looming threat of prolong recession, sound and responsible management is the steady hand that we need on the tiller. We need managers of calibre and dedication who will take our business institutions through the various challenges that are unfolding. Challenging times call for even more optimal use of our resources. And given that human resources are an organisation’s greatest asset, the people that organise and set these assets to work are an even more invaluable resource.
Management and Leadership
Ladies and gentlemen,
Much has been written in management literature about management and leadership. From the management perspective, management and leadership are two sides of the same coin. Essentially, management is about making things happen and achieving expected results through people.
Strong management leadership, in all levels – whether personal, organisational, national, regional or global – is the factor that was, is and will be the single most compelling key success factor underlying our nation’s competitiveness throughout all eras, periods and seasons under any set of given external conditions to achieve superior performance.
Good management is a key success factor of business growth and profitability. It is the result of capable managers applying their management leadership and skills to effectively manage the organisations’ resources to achieve the desired results, build value and outperform the competition
In the role of managing, we consider the quality, characteristics and behavioural aspects of management leadership. It is also important to think about how management leadership and competency can be developed further through greater investment in training and development, and recruiting more qualified and better educated managers.
Management competency is demonstrated in business/organisational performance and is a result of management leadership and competence in the key management practices that lead to sustainable business performance and growth.
Managing Human Resources in Challenging Times
Ladies and gentlemen,
The current economic downturn has not indicated any indicators and signs of recovery which prompts companies affected by the turmoil to seek measures to maintain and regain their competitive edge. I am in the opinion that HR practitioners should well manage cost, talents and changes to sail successfully through this uncertainty.
HR professionals could take myriad of measures to tackle the current circumstances engulfing human resources management. Managing cost wisely is one of the measures that has been tried and proven to be helpful. We should look into cutting labour costs without affecting much other aspect of companies operation.
Ministry of Human Resources has drawn a guideline, that is the Code of Industrial Harmony, of which I think is applicable to be carried out to reduce operation cost which include strategies such as reducing working days or daily working hours, redeployment within the company; implementing temporary lay-off; offering Voluntary Separation Scheme (VSS) or introducing pay cut fairly at all levels.
Talents will always be a major decisive factor in determining an organisation success and survival especially during rapid business and economic change. Normally, during the economic slowdown, investments in human capital will be rightly on the least priority for companies. However, for companies with strong fundamental and convincing business models, the economic downturn presents opportunities to reinforce their HR management capabilities and pose them for the rebound later when the economy picking up.
Instead of firing talented and scarce human capital, companies should seize opportunities to retain and hire talented individuals caught in downsizing by weaker enterprises.
This will enhance the companies’ human capital base for long-term growth. In today’s globalised and competitive human capital market, we should focus on strategies to retain local talent to remain in Malaysia.
If downsizing becomes inevitable, it should be implemented in accordance with the best practices and in this context, a well-designed Voluntary Separation Scheme (VSS) could be one of the best ways to do so. VSS is a voluntary exit programme in dealing with over capacity and surplus of manpower, and it is generally better approach than retrenchment.
A common belief that in a voluntary exit programme, you would lose the best and retain the worst is just a myth. The management has every opportunity to identify and line up the best performers and give them small talk on indication before the announcement of the VSS package. Nobody would give up a promising career in a turbulent time if one has been given a choice.
A voluntary separation scheme (VSS) has its virtues yet it can also give management surprises. It may happen that a highly capable staff member chooses to offer to leave. Although the management has the prerogative not to approve his request, it would not be advisable to do so as this would adversely affect management's goodwill. One option is to seek the understanding of the staff concerned by formally inviting him to stay on for another three to six months. In the final analysis, no one should be indispensable in a well managed company.
However easy VSS solution may seem, employers should implement the measures with careful consideration to safeguard interests of the parties involved.
Ladies and Gentlemen,
As the (vision) lead agency in the development and management of world class workforce, the Ministry is committed to work closely with the business communities, especially in dealing with challenges and obstacles posed by current economic slowdown.
Initiatives Taken by MoHR
Ladies and Gentlemen,
In the case of Malaysia, retrenchment was anticipated across all occupational categories including managerial, professional, technician, clerical, machine operators and plant assemblers. Since 1 October 2008 till to date a total of 30,650 workers has been retrenched by 929 employers, including 7,501 voluntary separation scheme. In addition, almost 40,000 workers working for 332 employers are affected by various kinds of temporary layoff, salary reduction and less working hours.
In coping with this development, the MoHR, under the stimulus economic package, has been allocated RM650 million to implement various programs and strategies to help stimulate the economy, improving government delivery system and at the same time preparing Malaysian workforce with necessary skills to enhance their employability for better employment prospect.
The MoHR has initiated three types of training programmes for employers and workers’ benefits.
Firstly, Train and Place program. It is intended to facilitate retrenched workers, unemployed youth and graduates to find employment. The Ministry has appointed qualified training providers to conduct the training for retrenched workers for a period of 3 to 6 months. Employers, assisted by training providers, will have to provide employment for those who have completed the training.
Train and Replace is another training program where the Government provides training for local workers to prepare them to replace foreign workers in strategic occupation favoured by locals. The Ministry is also identifying several occupations in view to enhance their image, working environment, working hours and improving their wages to attract more locals to replace foreign workers.
The Third training programme is Train and Retain. It is a measure to assist company in difficulties not to retrench their workers. Government assistance will be in the form of training allowance (in lieu of direct wage supplements) for the workers undergoing training during their off working days/hours. This programme indirectly will also benefit the company as their workers will be equipped with new skills that enable them to perform different task at their workplace.
In addition to the three training programmes mentioned, the Ministry is also setting up 80 Workers’ Retrenchment Operations Room nationwide with the purpose to monitor retrenchment trend daily and to assist retrenched workers by conducting extensive job placement drives. The Labour Department is also actively validating job vacancies and facilitating job matching and placement to these retrenched workers.
Besides that, a tripartite committee was established to advise the government on strategies and measures to mitigate the impact of economic downturn. One of the significant strategies is the need for Malaysia to reduce dependency on foreign workers for example by enforcing ‘foreign workers first out’ policy. Currently there are about 2 million foreign workers in the country working in various economic sectors as unskilled or semi-skilled workers.
The programmes undertaken are in line with the Ministry’s mission to develop a workforce that is productive, informative, disciplined, caring and responsive to the changing labour environment.
The programmes are and will be implemented collaboratively by various departments such as the Labour Department, Manpower Department, Department of Skills Development and others under the Ministry purview.
Ladies and Gentlemen,
I trust that these measures and plans will be implemented effectively and expeditiously. I hope the stakeholders, social partners and non-government organizations will continue to provide feedback and work hand-in-hand with the MoHR to ensure the plan’s objective are met.
Here we can see that how serious the government commitment in term to stabilize all sectors in our country even though a large sum of allocation has to be spent within this year.
Ladies and Gentlemen,
Roles of HR Managers and CEO
Good employer and employee relations are essential to social stability, the broader prosperity of the community and the success of Malaysia economy. In fact, Malaysia's economic success has been firmly underpinned by its harmonious industrial relations. The primary responsibility for good relations rests with employers and employees themselves. They need to work together in effective partnership to secure the continued success of their enterprises.
The Ministry is committed to promote harmonious employer and employee relations, with a view to minimising labour disputes, employee claims and work stoppages. To this end, we are stepping up our efforts in promoting effective communication between employers and employees, as well as direct and voluntary consultation at the enterprise and industry levels on employment issues. Over the last decade, we have seen rare occurrences of industrial strikes in our country. It is evident that harmonious employer and employee relations proven to be a factor of continuing inflow of foreign direct investment.
Therefore, the Ministry seeks to facilitate good employer-employee relations and provides a framework for resolving disputes. This includes various undertaking such as encouraging public understanding of labour laws and promoting good labour management practices; providing conciliation services to assist employers and employees to resolve disputes; and ensuring the safety, health and welfare of people at work as well as protecting other people from the safety and health hazards.
Managing Changes
This turbulent time will be an era of rapid changes. We have to anticipate change whether it is minor change at the business level or structural change in the economy, the country as a whole must be ready to adapt with the changes. To cope with continuing changes in our economic, political, social and technological environments, the management team in an enterprise must itself stand ready to change. How to ensure that changes are implemented smoothly without impacting on morale and productivity as well as the company's goals is an important agenda for human resource managers.
It is a psychological truth that people do not welcome 'change', for fear of the unknown - the most fearful fear. Lack of information is often the cause of such fear and effective communication is the medication. However, people do welcome one type of change - change for the better. Hence, it is important to implement changes with transparency so that the benefits of change and the implications to employees are made known to everyone concerned.
Rapid changes in economic climate force HR professionals to adapt quickly to changing circumstances. Rather than being valued for their recruiting skills, now companies valued HR professionals who knew how to downsize, cut and manage layoffs. During the economic slowdown, investments in human capital might be on the least priority for companies. However, for companies with strong fundamental and convincing business models, the economic downturn presents opportunities to reinforce their HR management capabilities and pose them for the rebound later when the economy picking up.
Ladies and Gentlemen,
I am proud to see the joint effort by Malaysian Institute of Management and the Public Bank Berhad in promoting management excellence and developing professional management. MIM-Public Bank “Manager Of the Year Award” is an esteemed award to recognize and acknowledge dynamic managers and management leaders in the Malaysian industry. This joint effort rewards outstanding individuals who are management leaders and have contributed to their respective companies in terms of excellent management, productivity and growth. There are so many talented managers from various industries possessing superb management acumen and a high level of professionalism. It is high time that they are recognized for their contribution to the nation's economy and best practice of management.
As we strive towards promoting higher levels of management practice to project Malaysia as a country with excellent management standards and capability, I strongly encourage companies to nominate or sponsor your qualified and talented managers to participate in this prestigious award.
I hope that all Malaysian organisations will zealously invest in human capital development to further strengthen their management leadership. Companies need to put in greater investment in human capital development, not only on a short-term or ad-hoc basis but also in a long-term holistic and coordinated manner. All stakeholders must collectively undertake personal responsibility towards this, and have the perseverance and drive to advance towards higher standards and capacity of management capabilities.
Successful businesses in challenging times share one thing in common. They all succeed in building up a team of highly talented, innovative and dedicated staff. More importantly, they genuinely see their human capital as valuable asset and in turn manage with a human touch. In the process, they will win the hearts and minds of all in the workplace, whether they are casualties or survivors. In short, behind every employee management issues, lies a solid human dimension. This is often rather fragile and calls for careful handling. After all, it is a question of sense of sensibility.
To conclude, public sector as facilitator and private sector as engine of growth should forge a stronger smart partnership to lead the nation to overcome and emerge successfully from the present economic crisis.
I call upon MIM and Public Bank to continue their excellent efforts in recognizing Malaysia's finest management practitioners with outstanding management leadership and management competency in their respective fields. Once again I would like to thank MIM and Public bank for inviting me to this forum.
“MANAGING HUMAN CAPITAL IN CHALLENGING TIMES”
MIM CEO Forum 2009
& MIM-Public Bank “Manager of the Year Award” 2008 Award Presentation
16 April 2009 (Time: 11.55 am)
Renaissance Kuala Lumpur Hotel
• Yang Amat Berbahagia Tun Mohammed Hanif Omar, President of MIM
• Yang Berbahagia Tan Sri Dato' Sri Dr. Teh Hong Piow, Founder & Chairman, Public Bank Berhad
• Yang Berbahagia Jen Tan Sri Dato’ Zain Hashim (Bersara), Chairman of MIM
• Yang Berbahagia Dato' Sri Tay Ah Lek, Managing Director, Public Bank Berhad
• Distinguished Members of the MIM Court of Fellows and General Council
• Senior Management of Public Bank Berhad
• Tan Sri Tan Sri – Puan Sri Puan Sri
• Datuk-Datuk – Datin-Datin
• Distinguished Guests
Ladies and Gentlemen,
First and foremost, on behalf of Minister of Human Resources, Datuk Dr. S. Subramaniam, I would like to convey his appreciation on invitation to this forum by Management Institute of Malaysia and Public Bank. He is honoured to address such a distinguished audience of management professionals, and he apologises for not being able to be here today.
Ladies and Gentlemen,
I was requested by the Minister to deliver a speech on ‘Managing Human Capital in Challenging Times’. The speech will touch briefly on current scenario pertaining to economy downturn and human resources management; the importance of management and leadership; initiatives taken by the Ministry of Human Resources; expectations from the industry; and last but not least, about managing changes.
Introduction – Economy Scenario and Human Resources
Ladies and Gentlemen,
Over the years, Malaysia has transformed from an agricultural-based economy to a Production economy, or P-economy. We are now moving up the value chain by transforming from a P-economy to a Knowledge economy, or K-economy. This transformation to the next stage of our development will bring about significant change, and as change is never easy, there will be challenges and issues on the way. We have seen fairly strong economic growth over last decade, however, for 2009 GDP growth for the country is forecasted at plus or minus 1%, whereas unemployment rate remains below 4%.
Adapting to change, overcoming challenges and obstacles, will be made possible with strong managership, just as our first economic transformation was made possible through strong leadership and management.
In these times of turbulent capital markets and the looming threat of prolong recession, sound and responsible management is the steady hand that we need on the tiller. We need managers of calibre and dedication who will take our business institutions through the various challenges that are unfolding. Challenging times call for even more optimal use of our resources. And given that human resources are an organisation’s greatest asset, the people that organise and set these assets to work are an even more invaluable resource.
Management and Leadership
Ladies and gentlemen,
Much has been written in management literature about management and leadership. From the management perspective, management and leadership are two sides of the same coin. Essentially, management is about making things happen and achieving expected results through people.
Strong management leadership, in all levels – whether personal, organisational, national, regional or global – is the factor that was, is and will be the single most compelling key success factor underlying our nation’s competitiveness throughout all eras, periods and seasons under any set of given external conditions to achieve superior performance.
Good management is a key success factor of business growth and profitability. It is the result of capable managers applying their management leadership and skills to effectively manage the organisations’ resources to achieve the desired results, build value and outperform the competition
In the role of managing, we consider the quality, characteristics and behavioural aspects of management leadership. It is also important to think about how management leadership and competency can be developed further through greater investment in training and development, and recruiting more qualified and better educated managers.
Management competency is demonstrated in business/organisational performance and is a result of management leadership and competence in the key management practices that lead to sustainable business performance and growth.
Managing Human Resources in Challenging Times
Ladies and gentlemen,
The current economic downturn has not indicated any indicators and signs of recovery which prompts companies affected by the turmoil to seek measures to maintain and regain their competitive edge. I am in the opinion that HR practitioners should well manage cost, talents and changes to sail successfully through this uncertainty.
HR professionals could take myriad of measures to tackle the current circumstances engulfing human resources management. Managing cost wisely is one of the measures that has been tried and proven to be helpful. We should look into cutting labour costs without affecting much other aspect of companies operation.
Ministry of Human Resources has drawn a guideline, that is the Code of Industrial Harmony, of which I think is applicable to be carried out to reduce operation cost which include strategies such as reducing working days or daily working hours, redeployment within the company; implementing temporary lay-off; offering Voluntary Separation Scheme (VSS) or introducing pay cut fairly at all levels.
Talents will always be a major decisive factor in determining an organisation success and survival especially during rapid business and economic change. Normally, during the economic slowdown, investments in human capital will be rightly on the least priority for companies. However, for companies with strong fundamental and convincing business models, the economic downturn presents opportunities to reinforce their HR management capabilities and pose them for the rebound later when the economy picking up.
Instead of firing talented and scarce human capital, companies should seize opportunities to retain and hire talented individuals caught in downsizing by weaker enterprises.
This will enhance the companies’ human capital base for long-term growth. In today’s globalised and competitive human capital market, we should focus on strategies to retain local talent to remain in Malaysia.
If downsizing becomes inevitable, it should be implemented in accordance with the best practices and in this context, a well-designed Voluntary Separation Scheme (VSS) could be one of the best ways to do so. VSS is a voluntary exit programme in dealing with over capacity and surplus of manpower, and it is generally better approach than retrenchment.
A common belief that in a voluntary exit programme, you would lose the best and retain the worst is just a myth. The management has every opportunity to identify and line up the best performers and give them small talk on indication before the announcement of the VSS package. Nobody would give up a promising career in a turbulent time if one has been given a choice.
A voluntary separation scheme (VSS) has its virtues yet it can also give management surprises. It may happen that a highly capable staff member chooses to offer to leave. Although the management has the prerogative not to approve his request, it would not be advisable to do so as this would adversely affect management's goodwill. One option is to seek the understanding of the staff concerned by formally inviting him to stay on for another three to six months. In the final analysis, no one should be indispensable in a well managed company.
However easy VSS solution may seem, employers should implement the measures with careful consideration to safeguard interests of the parties involved.
Ladies and Gentlemen,
As the (vision) lead agency in the development and management of world class workforce, the Ministry is committed to work closely with the business communities, especially in dealing with challenges and obstacles posed by current economic slowdown.
Initiatives Taken by MoHR
Ladies and Gentlemen,
In the case of Malaysia, retrenchment was anticipated across all occupational categories including managerial, professional, technician, clerical, machine operators and plant assemblers. Since 1 October 2008 till to date a total of 30,650 workers has been retrenched by 929 employers, including 7,501 voluntary separation scheme. In addition, almost 40,000 workers working for 332 employers are affected by various kinds of temporary layoff, salary reduction and less working hours.
In coping with this development, the MoHR, under the stimulus economic package, has been allocated RM650 million to implement various programs and strategies to help stimulate the economy, improving government delivery system and at the same time preparing Malaysian workforce with necessary skills to enhance their employability for better employment prospect.
The MoHR has initiated three types of training programmes for employers and workers’ benefits.
Firstly, Train and Place program. It is intended to facilitate retrenched workers, unemployed youth and graduates to find employment. The Ministry has appointed qualified training providers to conduct the training for retrenched workers for a period of 3 to 6 months. Employers, assisted by training providers, will have to provide employment for those who have completed the training.
Train and Replace is another training program where the Government provides training for local workers to prepare them to replace foreign workers in strategic occupation favoured by locals. The Ministry is also identifying several occupations in view to enhance their image, working environment, working hours and improving their wages to attract more locals to replace foreign workers.
The Third training programme is Train and Retain. It is a measure to assist company in difficulties not to retrench their workers. Government assistance will be in the form of training allowance (in lieu of direct wage supplements) for the workers undergoing training during their off working days/hours. This programme indirectly will also benefit the company as their workers will be equipped with new skills that enable them to perform different task at their workplace.
In addition to the three training programmes mentioned, the Ministry is also setting up 80 Workers’ Retrenchment Operations Room nationwide with the purpose to monitor retrenchment trend daily and to assist retrenched workers by conducting extensive job placement drives. The Labour Department is also actively validating job vacancies and facilitating job matching and placement to these retrenched workers.
Besides that, a tripartite committee was established to advise the government on strategies and measures to mitigate the impact of economic downturn. One of the significant strategies is the need for Malaysia to reduce dependency on foreign workers for example by enforcing ‘foreign workers first out’ policy. Currently there are about 2 million foreign workers in the country working in various economic sectors as unskilled or semi-skilled workers.
The programmes undertaken are in line with the Ministry’s mission to develop a workforce that is productive, informative, disciplined, caring and responsive to the changing labour environment.
The programmes are and will be implemented collaboratively by various departments such as the Labour Department, Manpower Department, Department of Skills Development and others under the Ministry purview.
Ladies and Gentlemen,
I trust that these measures and plans will be implemented effectively and expeditiously. I hope the stakeholders, social partners and non-government organizations will continue to provide feedback and work hand-in-hand with the MoHR to ensure the plan’s objective are met.
Here we can see that how serious the government commitment in term to stabilize all sectors in our country even though a large sum of allocation has to be spent within this year.
Ladies and Gentlemen,
Roles of HR Managers and CEO
Good employer and employee relations are essential to social stability, the broader prosperity of the community and the success of Malaysia economy. In fact, Malaysia's economic success has been firmly underpinned by its harmonious industrial relations. The primary responsibility for good relations rests with employers and employees themselves. They need to work together in effective partnership to secure the continued success of their enterprises.
The Ministry is committed to promote harmonious employer and employee relations, with a view to minimising labour disputes, employee claims and work stoppages. To this end, we are stepping up our efforts in promoting effective communication between employers and employees, as well as direct and voluntary consultation at the enterprise and industry levels on employment issues. Over the last decade, we have seen rare occurrences of industrial strikes in our country. It is evident that harmonious employer and employee relations proven to be a factor of continuing inflow of foreign direct investment.
Therefore, the Ministry seeks to facilitate good employer-employee relations and provides a framework for resolving disputes. This includes various undertaking such as encouraging public understanding of labour laws and promoting good labour management practices; providing conciliation services to assist employers and employees to resolve disputes; and ensuring the safety, health and welfare of people at work as well as protecting other people from the safety and health hazards.
Managing Changes
This turbulent time will be an era of rapid changes. We have to anticipate change whether it is minor change at the business level or structural change in the economy, the country as a whole must be ready to adapt with the changes. To cope with continuing changes in our economic, political, social and technological environments, the management team in an enterprise must itself stand ready to change. How to ensure that changes are implemented smoothly without impacting on morale and productivity as well as the company's goals is an important agenda for human resource managers.
It is a psychological truth that people do not welcome 'change', for fear of the unknown - the most fearful fear. Lack of information is often the cause of such fear and effective communication is the medication. However, people do welcome one type of change - change for the better. Hence, it is important to implement changes with transparency so that the benefits of change and the implications to employees are made known to everyone concerned.
Rapid changes in economic climate force HR professionals to adapt quickly to changing circumstances. Rather than being valued for their recruiting skills, now companies valued HR professionals who knew how to downsize, cut and manage layoffs. During the economic slowdown, investments in human capital might be on the least priority for companies. However, for companies with strong fundamental and convincing business models, the economic downturn presents opportunities to reinforce their HR management capabilities and pose them for the rebound later when the economy picking up.
Ladies and Gentlemen,
I am proud to see the joint effort by Malaysian Institute of Management and the Public Bank Berhad in promoting management excellence and developing professional management. MIM-Public Bank “Manager Of the Year Award” is an esteemed award to recognize and acknowledge dynamic managers and management leaders in the Malaysian industry. This joint effort rewards outstanding individuals who are management leaders and have contributed to their respective companies in terms of excellent management, productivity and growth. There are so many talented managers from various industries possessing superb management acumen and a high level of professionalism. It is high time that they are recognized for their contribution to the nation's economy and best practice of management.
As we strive towards promoting higher levels of management practice to project Malaysia as a country with excellent management standards and capability, I strongly encourage companies to nominate or sponsor your qualified and talented managers to participate in this prestigious award.
I hope that all Malaysian organisations will zealously invest in human capital development to further strengthen their management leadership. Companies need to put in greater investment in human capital development, not only on a short-term or ad-hoc basis but also in a long-term holistic and coordinated manner. All stakeholders must collectively undertake personal responsibility towards this, and have the perseverance and drive to advance towards higher standards and capacity of management capabilities.
Successful businesses in challenging times share one thing in common. They all succeed in building up a team of highly talented, innovative and dedicated staff. More importantly, they genuinely see their human capital as valuable asset and in turn manage with a human touch. In the process, they will win the hearts and minds of all in the workplace, whether they are casualties or survivors. In short, behind every employee management issues, lies a solid human dimension. This is often rather fragile and calls for careful handling. After all, it is a question of sense of sensibility.
To conclude, public sector as facilitator and private sector as engine of growth should forge a stronger smart partnership to lead the nation to overcome and emerge successfully from the present economic crisis.
I call upon MIM and Public Bank to continue their excellent efforts in recognizing Malaysia's finest management practitioners with outstanding management leadership and management competency in their respective fields. Once again I would like to thank MIM and Public bank for inviting me to this forum.
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