AD200910706309914AR
AD200910706309914AR
AD200910706309914AR
AD200910706309914AR

Zen and the art of a new career


  • English
  • Arabic

Times of economic turmoil lead many people to decide to reinvent themselves and seek to pursue careers that involve activities they already love to do. But making that transition can be tricky, says Herminia Ibarra, a professor of organisational behaviour at INSEAD in Paris. For those seeking change, she offers a few tips on making that journey: Act your way into a new way of thinking and being. You cannot discover yourself through introspection. Ms Ibarra suggests that instead of "looking inside", as many self-help manuals and career counsellors would advise, you should "step out".

"Don't try to analyse or plan your way into a new career," she says. "Try different paths ? and then use the feedback from your actions to figure out what you think, feel and want." Stop trying to find your one true self. Focus your attention on which of your many selves you want to test and learn more about. While reflection can be important, Ms Ibarra says many can use that process as a crutch, a defence against testing reality. Reflecting on who we are, she says, is less important than probing whether we really want what we think we want. "In failing to act, we hide from ourselves."

Allow yourself a transition period in which it is OK to oscillate between holding on and letting go. Better to live the contradictions than to come to a premature resolution. Ms Ibarra says career transitions often take years to fully play out. In the meantime, she counsels patience and avoiding making a quick decision. Those who try to short-circuit the process often just end up taking longer. Resist the temptation to start by making a big decision that will change everything in one swoop. Use a strategy of small wins, in which incremental gains lead you to more profound changes in the basic assumptions that define your work and life.

Accept the crooked path. There is unlikely to be one "lever" that, once pushed, ushers in profound change. Changing careers often means re-examining long-held notions in personal life as well, Ms Ibarra says. "Forget about moving in a straight line," she says. "You will probably have to cycle through a few times, letting what you learn inform the next cycle." Identify projects that can help you get a feel for a new line of work or style of working. Try to do these as extracurricular activities or parallel paths so that you can experiment seriously without making a commitment. "Think in terms of side projects and temporary assignments," Ms Ibarra suggests. Pursue a variety of projects so that you can compare and contrast experiences before you start to narrow your options.

Don't just focus on work. Find people who are what you want to be and who can provide support for the transition. But don't expect to find them in your same old social circles. Branch out. "Look for role models: people who give you glimpses of what you might become and who are living examples of different ways of working and living," she says. "Many of us seek to change not only what we do; we also aspire to work with people we like and respect and with whom we enjoy spending our precious time."

Don't wait for a cataclysmic moment when the truth is revealed. Use everyday occurrences to find meaning in the changes you are going through. Practice telling and retelling your story. Over time, it will clarify. Turning points, if they come, arrive towards the end of a transition process. "What you make of events is more important than the events themselves," Ms Ibarra advises. Practice telling your story in different ways to different people, friends and sceptics alike, in much the same way you would revise a CV and cover letter for different jobs.

Step back. But not for too long. Everyone needs a break. If you feel stuck or at loose ends, stepping back for a day can "remove the blinkers of habit", Ms Ibarra says. "But don't stay gone too long, or it will be hard to reel yourself back in." Change happens in bursts and starts. There are times when you are open to change and times when you are not. Seize opportunities. Take advantage of what Ms Ibarra calls "natural windows", milestones such as birthdays, the time right after finishing a project or an educational programme, as starting points for the new you. But watch out, she adds, for the insidious effects of old routines.

ashah@thenational.ae

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
UAE currency: the story behind the money in your pockets
Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

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.”

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Types of fraud

Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

* Nada El Sawy

The specs

Price: From Dh529,000

Engine: 5-litre V8

Transmission: Eight-speed auto

Power: 520hp

Torque: 625Nm

Fuel economy, combined: 12.8L/100km

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors