“Would you two be quiet? If you continue to ignore me when I try to speak, I have no choice but to interrupt you and be rude.”
These were the words directed at me during a meeting with a leadership team about an upcoming project.
We had been rudely interrupted by the chief executive in the midst of fruitfully discussing the particular point he had raised. My immediate thought was: “We are not your children. And we are engaged in answering the question that you asked.”
The “boss” went on to lecture us as if we were small boys being punished by a father for misbehaviour. Yet we were working.
I was shocked to experience this rudeness. I’ve heard horror stories like this before but didn’t really believe them. Now I do.
After the meeting, the other leaders in the room came to apologise for their boss’s behaviour. As the guest, they wanted to know how I managed to keep my composure, which fortunately I did. The question I had for them, however, was: “How do you handle this on a daily basis?”
I knew that if someone lost control in front of a guest, practically a stranger, how much did they do so on daily basis? Without even asking my question, the war stories came pouring out. It was as if they were looking for the chance to vent about him.
I was tempted to look this company up on glassdoor.com, a website where employees share the real stories of what happens behind closed doors, making it open for all to see. I was curious to know if any of these stories, and they were not good, had made it to the public domain.
Their experiences with the CEO were alarming, but what was even more so was the distaste for their boss.
One thing is for sure; this boss is not getting discretionary effort from his team. And if any of these senior leaders leave, it will prove the axiom true: “People join an organisation, but leave their manager – their boss.”
Perhaps what surprised me the most was how clueless he was about his own behaviour. So how destructive can leaders be even when they don’t know they are?
Business is emotional and many employees are more sensitive on the inside than they show on the outside. While it is possible to have a turtle-like shell on the outside, inside they can remain soft and are negatively affected by such behaviour.
I feel soft even as I write these words, as I would like to hold to the axiom that says toughen up and be strong. But that would be bad leadership advice to give, as it is insufficient. Leaders are the energy source for the business. Your behaviour shapes the way people think, act and perform.
Are you a positive or negative energy source?
Just after this encounter, I was sitting with another chief executive who was using the proverbial “stick” in hopes of motivating his employees. While the stick does lead to action, it is not a motivator. There is a big difference between motivating someone and driving them to action through fear. In this case the fear becomes a fear of losing the job. So the locus of performance shifts to how not to lose my job.
There is no doubt that the stick will lead to action, because those on the receiving end have to do what is asked or they will face punishing consequences. But the better source is a “pat on the back”, as it leads to employees performing because they want to.
We know that when the leadership stick comes out, it is really a picture of the leader’s emotion. He is expressing his frustration and hoping to quickly make a change. A lack of emotional control can be detrimental to the real goal of leading – helping others succeed.
To positively move your team to action, you need to retain your composure, even in emotionally charged situations. Turn your emotion into a positive energy source for the business.
Tommy Weir is a leadership adviser, author of 10 Tips for Leading in the Middle East and other leadership writings and the founder of the Emerging Markets Leadership Center
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE currency: the story behind the money in your pockets
MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
The years Ramadan fell in May
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.”
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999