DMW distributes aid to victims of Myanmar recruitment scam

November 25, 2022 | 12:03 am

THE Department of Migrant Workers (DMW) has provided cash aid to Filipinos who fell victim to an online illegal recruitment scheme allegedly run by Chinese offshore companies in Myanmar.

In a statement late Wednesday, the DMW said the Overseas Workers Welfare Administration gave P10,000 each to the 12 victims of the scheme, who were promised a monthly salary of P40,000 for six months of work.

“The Department of Migrant Workers has issued an advisory against online offers for temporary work in Myanmar for POGO-run establishments that are really forced labor and human trafficking hubs in disguise,” Migrant Worker Secretary Maria Susana V. Ople said.

The victims had been rescued in a remote area in Myanmar through a joint operation conducted by the DMW, the Office of Senator Ana Theresia N. Hontiveros-Baraquel and the Department of Foreign Affairs, she noted.

They were offered jobs in customer service relations and technical support but were instead made to form relationships with potential bitcoin investors through dating apps and other social media platforms.

Ms. Ople said Ugat Foundation, a non-government organization, provided on-the-spot counseling and psychological evaluations of the victims.

“This type of operation in Myanmar and in other parts of Asia as well… are luring Filipinos to work there with promises of a six-month contract and a high salary,” she said.

“I will not be surprised if there are syndicates also operating in remote areas here in the Philippines.”

The DMW noted that it will be working with the Philippine National Police to document the testimonies of the victims as they prepare to file human trafficking and illegal recruitment cases against the Chinese firms.

In August, Undersecretary Bernard P. Olalia issued an advisory suspending the deployment of Filipino workers to Myanmar due to violence and armed conflict there.

The agency has said it will maintain a blacklist of foreign employers and recruitment firms found to have violated labor standards, including exploitation and abuse of migrant workers. — John Victor D. Ordoñez

Agile performance management

November 25, 2022 | 12:02 am

ANYONE can plan, but not all can deliver. In fact, the average failure rate of strategy execution based on empirical studies is 50%, and the highest observed is 90% according to a 2015 study by Candido and Santos in the Journal of Management & Organization.

In another study by David Norton and Robert Kaplan as published in their book The Balanced Scorecard, the authors note that 90% of organizations fail to execute their strategies successfully.

So why is the failure rate of strategy execution incredibly high? We can blame several factors, such as unclear communication, poor leadership, and inadequate resources, but it all boils down to a singular culprit — ineffective performance management.

Michael Armstrong in his Handbook of Performance Management carefully and plainly defines the performance management (PM) cycle as “the continuous process of improving performance by setting individual and team goals which are aligned to the strategic goals of the organisation, planning performance to achieve the goals, reviewing and assessing progress, and developing the knowledge, skills, and abilities of people.” PM involves setting key performance indicators (KPI) and targets which are regularly measured and monitored to ensure that the organization’s strategies are implemented. After all, what gets measured, gets managed, and what gets managed gets done.

Performance management has evolved since its origin in the 1960’s — from the simple performance appraisal to the development, planning and performance improvement. Over these past years it has been one of the most debated human resources (HR) practices across many organizations. Organizations increasingly modify and overhauled their PM practices due to rising discontent with traditional PM practices being demotivating, overly administrative, time-consuming, inflexible, and misaligned with the changes in the workplace and business environment.

In our enterprise transformation consulting work with several organizations, CEOs as well as Chief Human Resource Officers (CHROs) lament at the fact that PM practices are seen by business managers as a tick-on-the-box activity that needs to get done and over with, rather than a strategic activity. They expressed that this is their biggest challenge in realizing their digital transformation strategies. It stems from the lack of training among HR practitioners and managers as well as the lack of modern tools that automate certain PM components such as scheduling and feedback recording.

These are the reasons why Mercer’s 2019 Global Performance Management Survey revealed that only 2% of HR executives believe that their PM approach delivers exceptional value — unchanged from five years ago. A more recent report from Gartner showed that 58% of organizations believe their performance management systems are insufficient for monitoring the performance of strategy.

That is why there is an urgent need to step back, reflect, and transform the organizations’ performance management systems and practices to one that is modern, agile, and reflective of the significant changes in the business environment. Several organizations all over the globe have done exactly these.

In the 2020 book of Pulakos and Battista, Performance Management Transformation: Lessons Learned and Next Steps, the authors documented organizations that transformed their PM. One case is Medtronic, an American medical device company.

“The Medtronic case describes the start, stall, and restart of PM transformation. Urgent business needs in 2014 accelerated the PM transformation. A changing business operating model that would centralize most processes and the acquisition of Covideon, which doubled Medtronic’s size and revenue, forced the prioritization of HR and talent system change. Medtronic understood that in order to meet future business needs they would need to harmonize, standardize, and scale each talent process in an integral manner. Performance management was identified as a top priority, with the business driving the need for the PM restart, not HR.”

The latter argument is the most significant transformation in this case -— the business driving the need for the PM restart, not HR. Performance management should be driven and owned by the business leaders because they are the ones that recognize the need for transformation and alignment to the changing business environment. One common transformation theme among business leaders and the case studies presented by Pulakos and Battista is the need to be agile.

Therefore, PM transformation requires it to be agile as well. Enter agile performance management.

Agile performance management is a response to the modern ever-changing business environment that demands adaptability, flexibility, and alignment. It uses frequent appraisals, check-ins and 360 feedback, and promotes effectiveness and efficiency by enabling flexibility, autonomy and ownership among managers and employees.

In a study of McKinsey, nearly all organizations feel the need for more frequent feedback. “Working in agile sprints of a few weeks each creates a cadence into which collective and individual feedback naturally fits. Similarly, a culture of more autonomy and risk-taking opens opportunities for employees to stretch, take on more responsibility, and find out quickly how they can improve.”

Key to agile PM is the use of online platforms that migrate paper-based processes to an automated one. It also utilizes the principle of “nudge” to remind managers and employees on the activities and tasks they need to do in order to act on the performance gaps.

With the need for organizations to pursue digital transformation, business leaders need to employ agile PM to ensure the success of their strategies.

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital and culture transformation consulting firm. He is the chairman of the Information and Communications Technology Committee of the Financial Executives Institute of the Philippines. He teaches strategic management and digital transformation in the MBA Program of De La Salle University. The author may be e-mailed at rey.lugtu@hungryworkhorse.com

Stuff to do (11/25/22)

November 25, 2022 | 12:02 am

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Under the Tree live and online auction

SALCEDO Auctions will hold the Under the Tree: The Wish List live and online auction on Nov. 26. The sale includes important Philippine art, fine antique furniture and furnishings, and rare collectibles including the only Aston Martin sports car in the Philippines. The auction is especially significant as it continues the philanthropic legacy of the late modernist master Justin Nuyda, with proceeds of the sale of one of his last, largest, and favorite paintings being sold by his estate to benefit the Philippine Cancer Society. The Under the Tree: The Wish List auction preview runs until Nov. 25, 9 a.m. to 5 p.m., at NEX Tower, 6786 Ayala Ave., Makati City. For inquiries, call 0917-591-2191 or e-mail info@salcedoauctions.com.

Christmas showcases at Ayala Malls

AYALA Malls and Pandora are spreading the spirit of Christmas starting with the staging of The Nutcracker by STEPS Dance Studio from November to December. STEPS Dance Studio is touring Ayala malls accompanied by the Mandaluyong Children’s Choir in Manila and Loboc Children’s Choir in Cebu. The Nutcracker will have performances on Nov. 26 at TriNoma, Dec. 3 at UP Town Center, Dec. 4 at Ayala Malls Circuit, Dec. 10 at Ayala Center Cebu, Dec. 11 at Alabang Town Center, Dec.17 at Ayala Malls Manila Bay, and Dec. 18 at Glorietta. Ayala Malls’ event partner, Pandora, is setting up charm-filled pop-up vignettes at every location of the mall tour. The Pandora Christmas Tree, lavished in Nutcracker charms from the brand’s latest Christmas jewelry collection, also features stars, snowflakes, reindeers, and gingerbread houses.

Araneta City revives Christmas on Display

AS PART of the “Christmas Like No Other” holiday celebration this year, Araneta City has revives the iconic Christmas On Display (COD) attraction. Opened to the public on Nov. 11, the renowned holiday display of the defunct COD Department Store has been mounted inside Araneta City’s mini Festival Carnival which features a giant Christmas tree, a Christmas stage and lights, a food park, a merry-go-round, and other kiddie attractions. Christmas On Display is on a 30-meter wide and 10-meter platform. The display’s life-sized moving mannequins will narrate the story of the birth of Jesus Christ. It will run daily until Jan. 8, 2023, with two shows per hour every night starting at 6 p.m.

Pokémon game launch at Robinsons

ROBINSONS Malls is the official partner of The Pokémon Company in launching the Pokémon Scarlet and Violet game. The grand launch will be at Robinsons Manila Midtown Atrium from Nov. 25 to 27. There will be an official game reveal, game teasers, and actual gameplays. Guests can also check out booths and participate in activities. There is a Trial Play Booth to try out the game. Visitors can also take selfies with Pikachu as well as Sprigatito, Fuecoco, and Quaxly, three new starter Pokémon found in Pokémon Scarlet and Violet. There will also be a Digital Bingo Rally. To join, look for nine QR codes in the event area and scan all of them, then proceed to the goal location to redeem Pokémon stickers. From Nov. 25 to Dec. 31, larger-than-life inflatables will be set up across 10 Robinsons Malls nationwide. A Pokémon Goods Corner will be set up in partnership with Toys R Us at these Robinsons Malls: Robinsons Manila, Robinsons Galleria, Robinsons Magnolia, Robinsons Metro East, Robinsons Las Piñas, Robinsons Galleria South, Robinsons Antipolo, Robinsons Iloilo, Robinsons Galleria Cebu, and Robinsons Bacolod.

Carlos exhibits for a cause

THE ZONTA Club Makati and Environs presents an art exhibition featuring the paintings, sculpture, and non-fungible tokens (NFTs) of the artist Carlos at Power Plant Mall from Nov. 24 to 27. The exhibition kicks off the club’s “16 Days of Activism,” with a portion of the proceeds from this exhibit set aside for the benefit of their advocacies towards their mission to build a better world for women and girls. For more information, visit artbycarlos.com or message 0917-822-5673.

Drag merienda for Lizzo’s docu premiere

LIZZO fans and Drag Race PH fans can unite at a drag merienda marking the premiere of singer Lizzo’s latest documentary Love, LIZZO. The event, titled Her Story, Her Way: Love, LIZZO, will by on Nov. 25, 3 p.m., at the Empty Stomach Café and Lounge Bar in BGC, Taguig. Attendees can expect not only appearances from the Drag Race PH queens, but also special performances. Precious Paula Nicole, Brigiding, Viñas Deluxe, and Turing will all be there, and the event will be hosted by Buknoy Gonzales. Lizzo is recognized not only as an R&B star, but also as an LGBTQIA+ ally, and has been very vocal about always wanting her shows to be safe spaces for everyone.

Merry Moments at Ortigas Malls

CELEBRATE the Christmas season at the Ortigas malls with concerts, Santa Claus, and fireworks. Be entertained by performers under the Philippine Madrigal Singers’ Company of Artists at the Estancia Christmas Symphony on Nov. 27, and Dec. 11 and 23, 6 p.m., at the G/F East Wing, and catch the Varlez Piano Recital Culminating Activity at the 3/F East Wing on Dec. 18, 11 a.m. Santa Clause will be available for a Meet & Greet every Sunday from 3 to 5 p.m. at the Greenhills G/F VMall, Tiendesitas Level 1, Building B, and Estancia G/F East Wing. Enjoy the Fireworks Displays at the Greenhills Connecticut Arcade Roofdeck and Estancia at Capitol Commons on Dec. 3, 10, 17, 25, and Jan. 1, at 7 p.m., and at Central Ave., Ortigas East on Dec. 10, 17, 25, and Jan. 1, at 7 p.m. Visit the Greenhills Mall, Tiendesitas, and Estancia at Capitol Commons Facebook pages for more details.

Century City celebrates the holidays

THE HOLIDAY Season festivities have begun at Century City Mall. Skyloft’s Christmas Tree has been lit, marking the start of the season. Choirs will regale mall visitors with timeless carols and holiday tunes on Nov. 30 (5-6 p.m.), and Dec. 8 (noon to 1 p.m.). There will be a Santa Claus Meet and Greets under the Giant Christmas Tree on Dec. 8, 3-5 p.m. Century City Mall invites mallgoers to donate a gift to Childhope Philippines, an organization helping feed and educate the street children of Metro Manila. With “Hang a Gift,” donors will get to hang an ornament on the tree as a symbol of their pledge — a P500 donation is equal to a storybook. Shoppers can flex their creativity and win P500 worth of Century City Mall gift certificates in Capture Your Christmas Cheers Moments. To join the promo, photos taken on the Al-Fresco, Level 1 must be uploaded on Facebook until Dec. 25, tagging Century City Mall. The five most creative shots will win the prize. Then customers will get 10% rebates on purchases from P1,000 to P50,000 as Century City Mall celebrates the return of Shopaholic Weekend on Dec. 8-11. Rebates will be given out in the form of shopping vouchers which customers can redeem at participating mall tenants. Purchases over P10,000 — with one up to a maximum of three receipts — qualify for one raffle ticket, with prizes including cinema passes, an overnight stay at Novotel Suite Manila’s Standard Room, and Gift Certificates from The Medical Depot. Meanwhile, Shoe Game Manila will hold the “Holiday Urban Shoe Affair,” a Filipino sneakerhead get-together, on Dec. 11 at the mall’s Level 5 Events Center. It will be a whole day filled with live entertainment, exclusive offers, and rare finds. The mall will hold the traditional Simbang Gabi from Dec. 15-24, 6 p.m., at the San Padre Pio de Pietrelcina Chapel.

ACEN subscribes to shares in wind energy units

November 25, 2022 | 12:02 am

AYALA-LED ACEN Corp. announced on Thursday that it had executed subscription agreements with two of its subsidiaries to fund a wind energy project in Pagudpud, Ilocos Norte.

In a disclosure, ACEN said it subscribed to around 7.29 million shares of its wholly-owned subsidiary, Bayog Wind Power Corp. It said the subscription, priced at P100 each share, will be used for the development of the unit’s 160-megawatt (MW) wind project in Pagudpud’s barangays Balaoi and Caunayan.

The renewable energy firm said the agreement for the subscription by ACEN to 3.99 million redeemable preferred D shares, 3.27 million redeemable preferred E shares, and 28,041 redeemable preferred G shares was priced at P100 apiece.

The subscription is for a partial cash payment of P323.97 million, while the balance is to be paid until March 2023.

ACEN noted that full payment of the subscription price is subject to regulatory approval of an increase in the capital stock of Bayog Wind Power.

In a separate disclosure, ACEN said it also signed a subscription agreement with another subsidiary, Pagudpud Wind Power Corp., for the subscription of 171,055 common shares and 1.54 million class A redeemable preferred shares.

The subscription will be used by Pagudpud Wind Power to subscribe to shares in Bayog Wind Power. Part of it will be paid in cash at around P76.06 million, with the balance to be paid until March 2023.

On Thursday, shares in the company closed seven centavos or 0.97% lower to end at P7.11 apiece. — Ashley Erika O. Jose

Uber, delivery apps propose offering Mexico drivers social security

November 25, 2022 | 12:02 am

MEXICO CITY — Tech giant Uber and delivery apps DiDi and Rappi have proposed offering social security benefits to workers in Mexico for the first time ahead of a new government bill set to regulate the gig economy.

The companies said in a statement on Wednesday, co-signed by worker-rights activist groups, they were open to covering drivers and couriers who work an average of more than 40 hours a week on one or more platforms.

They stopped short of agreeing to classify drivers as employees, however, and few details were given on how payments towards social security costs would be divided.

Mexican Labor Minister Luisa Alcalde has said officials are working on a bill that would bring gig workers into the “formal economy,” although the timeline is still unclear. It is also unclear if the bill will seek to make drivers employees, or propose other reforms in line with the apps’ statement.

Ridesharing and delivery apps worldwide have pushed back against calls to classify workers as employees rather than independent contractors, saying the change would hinder their business models and deny drivers flexibility.

The statement from Uber, Chinese mobility firm DiDi Global, Inc. and Latin American delivery app Rappi also suggested establishing mechanisms to ensure fair pay in line with time worked, but did not outline specifics.

“It’s time to take the next step and find a point of consensus … and start improving conditions,” Tonatiuh Anzures, Didi’s government affairs director in Mexico, said in an interview.

Any changes will depend on further talks and government backing, Mr. Anzures added.

Nicolas Sanchez, Uber’s head of public policy in Mexico, said that he hoped that extra costs would be low but Uber was “open to them” if the industry, which encompasses some 500,000 people, was allowed to retain flexibility.

The Labor Ministry did not immediately respond to a request for comment. Reaching broad consensus may be tough. A few dozen workers honked on motorcycles outside the Mexico City building where the companies were slated to hold news briefings on Wednesday, in what Sergio Guerrero, head of the National Union of Application Workers, called a protest against the companies’ stance.

“To have labor rights, you have to be recognized as an employee,” he said. — Reuters

BayaniPay targets ‘exponential growth’ in three years

November 25, 2022 | 12:01 am

BAYANIPAY, Inc. is looking to expand its presence and to help more Filipinos in the United States send money back home.

The financial technology (fintech) company announced on Wednesday evening that it has raised $4.5 million in seed funding, mainly from East West Bank in Southern California, Wavemaker Partners, and Talino Venture Labs.

The fresh capital will help BayaniPay develop its platform as the company targets to expand its product lineup and broaden its reach into more geographies.

BayaniPay Chief Executive Officer Winston Damarillo said the fintech company targets to acquire about 20% of the global Filipino market in the next three years.

“We expect exponential growth in 2023. Our goal is about 150,000 customers by year three and we think that’s easily achievable,” Mr. Damarillo said at a media briefing.

“Our goal is to have 20% of the market, long term. We think it’s going to be three years from now, it could be quicker, and it could be a little bit less depending on how successful we are at customer acquisition,” he said.

Mr. Damarillo said BayaniPay currently has over 7,000 users, adding that demand for the platform has been increasing as migrant Filipinos find the app convenient and affordable.

“Our ongoing efforts are driven by the desire to eliminate the financial hardships of new immigrants and minority communities,” he said.

“Streamlining cross-border payment systems have become more urgent than ever as remittances grow in scale from overseas workers. Unfortunately, even in this day and age, existing remittance methods remain painful and expensive for the average remitter,” he added.

BayaniPay said they are set to deliver more solutions to overseas Filipino workers (OFWs) in the US through its partnership with BDO Unibank, Inc.

Mr. Damarillo said BayaniPay is working with BDO to allow users to directly pay bills and services in the Philippines through pay code technologies.

Businesses and services in the country can provide codes to BayaniPay customers, which can be used for cross-border payments for bills, tuition and school fees, medical expenses, and real estate.

BDO Remittance Senior Vice-President and Business Development Head Ferdinand C. Bacungan said the bank supports BayaniPay’s plans to expand outside the US.

“Whenever we choose a partner that we will support 100%, we look for what they can offer that could benefit the overseas Filipinos and their beneficiaries in the Philippines,” Mr. Bacungan said.

“We have seen the plans of BayaniPay. It started in the US and definitely, based on our discussion, 2023 will be an exciting year both for BayaniPay and BDO as far as expansion is concerned,” he added.

The startup is servicing the Filipino-American community, which is about 4.2 million in population and accounts for $146 billion or 14.4% of the Asian-American market in 2019.

Data from the Philippine central bank showed cash remittances coursed through banks rose 3.8% to $2.84 billion in September from $2.74 billion in the same month last year. The amount of cash sent home by OFWs was the highest in two months or since the $2.92 billion in July.

Nearly half or 41.7% of the overall remittances came from OFWs in the United States. – K.B. Ta-asan

What to See This Week (11/25/22)

November 25, 2022 | 12:01 am

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She Said

THE STORY of how New York Times reporters Megan Twohey and Jodi Kantor broke one of the most important stories in a generation — a story that helped launch the #MeToo movement and shattered decades of silence around the subject of sexual assault in Hollywood. Directed by Maria Schrader, the film stars Zoe Kazan and Carey Mulligan. The New York Time’s Alexis Soloski writes, “The points the film makes about predation, complicity and silencing are often made in passing. She Said concentrates instead on process, prioritizing the patient accretion of testimony and corroboration. It’s a thriller, yes, but rendered discreetly, in sensible workplace separates. Its force accumulates slowly, stealthily even — lead by lead, fact by verified fact — until the tension surrounding a cursor’s click is an agony. (The New York Times had no control over the production of the film.).” Film review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 87%, and an audience score of 89%.

MTRCB Rating: PG

Strange World

STRANGE WORLD is an animated feature about the Clades family of explorers whose differences threaten to topple their latest, and by far most crucial, mission. Directed by Don Hall, and Qui Nguyen, the film features the voices of Jake Gyllenhaal, Dennis Quaid, and Jaboukie Young-White. Variety’s Peter Debruge writes, “It’s the characters as much as the environment that make this vibrant, Journey to the Center of the Earth-style adventure movie colorful and diverse in all the best ways.” Film review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 74%.

MTRCB Rating: G

An Inconvenient Love

CONVENIENCE store staff Ayef dreams of becoming an international animator someday. Focused on her dream, she has no time for love until she meets Manny, a young man who is up for anything. Both believing that love is just another inconvenience, they agree to a convenient relationship that will expire on the month Ayef is set to leave for Singapore. Directed by Petersen Vargas, the film stars Donny Pangilinan, and Belle Mariano.

MTRCB Rating: PG

STI narrows loss to P42.37M on higher enrollments

November 25, 2022 | 12:01 am

STI EDUCATION Systems Holdings, Inc. managed to shrink its attributable net loss in the past quarter to P42.37 million from the P114.23 million loss incurred last year after recording higher revenues.

In a press release on Thursday, the listed company said that in the three months ending September, its revenues reached P500.35 million, up by 34.2% from P372.8 million a year ago.

STI Holdings’ fiscal year, which follows its school year, starts on July 1 of every year and ends on June 30 of the succeeding year.

“The increase in revenues was mostly brought about by the increase in enrollment as well as improvement in the enrollment,” the company said.

For the school year 2021-2022, STI Holdings recorded 94,312 enrollments, which is higher by 14.1% than the 82,629 enrollments registered last year.

“New students contributed significantly to the increase, as they reached a total of 41,565 compared to the number of new students in the previous school year of 35,566, presenting a 17% increase,” STI Holdings said.

During the period, revenues from tuition and other school fees amounted to P370.4 million, 21.9% higher than the P303.79 million in 2021. Sales from education materials and supplies surged by more than five times to P68.28 million from P12 million a year ago.

STI Holdings incurred P540.66 million in total costs in the quarter, up by 14.4% from P472.77 million last year.

STI Holdings has three subsidiaries, namely: STI Education Services Group, STI West Negros University, and iAcademy.

On the stock market on Thursday, shares in STI Holdings added 1.56% to P0.325 apiece. — Justine Irish D. Tabile

When HR becomes unpopular

November 25, 2022 | 12:01 am

Our human resource (HR) department is unpopular because of its strict implementation of our policies. One other grievance against it is the delayed hiring of new employees. HR also hired a new canteen concessionaire last month that resulted in a minor food poisoning incident recently. How do we manage the situation? — Yellow Banner.

First thing to do is to immediately fire the new concessionaire subject to the terms of the contract to avoid a protracted court battle. This is a double-edged weapon as it could inconvenience the employees who rely on the canteen for reasonably-priced meals and snacks.

It’s imperative that employees not lose access to this. This means hiring a temporary but more experienced concessionaire that can set up in one to two days maximum. If they have the expertise, they should be able to organize themselves in record time to serve employee needs.

Don’t forget to sign a contract with them for say one or two months, depending on how long it will take you to agree on a long-term deal. Just the same, don’t allow the temporary concessionaire to think that a long-term engagement is contract is a done deal so they stay on their toes and keep improving.

Even if you’re hiring a temporary concessionaire, make sure to pick one with a track record of serving your industry, market and geographical location. A cafeteria concessionaire in a Laguna factory even with 30 years of experience may not be able to match a competitor with say, 15 years in an upscale location like Bonifacio Global City (BGC).

Or vice versa. That BGC concessionaire may not like the idea of serving a Laguna factory or lower its standards to meet the needs of shop floor workers. In fact, it may even reject an offer.

To ensure co-ownership, allow at least two employee representatives to participate in the bidding process to be handled by a five-person ad hoc committee chaired by management. If there’s a union, request it to send in representatives to the vetting committee.

PROCESS ORIENTATION
The delayed hiring of new employees is often a symptom of the deeper problem of poor employee motivation due to toxic management style. If this is true in your case, prepare to solve them simultaneously.

But then, what causes the delay in your hiring process? Some HR people tell me they can hire new employees after 60 to 90 days, depending on the job specifications. Sometimes, if the vacancy is for a sensitive managerial post, the hiring process takes longer, even if they outsource it to headhunters. Why that long?

I talked to several recruitment managers and I was surprised to learn they are still observing outmoded practices. When asked about the first step of their hiring process, about 90% tell me they require applicants to submit basic documents like diplomas, transcripts of records, birth certificates, police and court clearances, social security numbers, employment certificates, driver’s licenses and marriage certificates.

What does that have to do with their capacity to do the job? Wouldn’t it be better to simplify the process by requiring only a curriculum vitae? If one has passed the third level of job interviews, that’s when you require the three shortlisted candidates to submit their records for further evaluation.

You don’t have to require all job applicants to confuse you with so many documents that may not be needed in the first place because they have not passed your testing and interview process. And speaking of job interviews, focus on asking difficult questions about work situations peculiar to the vacancy. Questions like, how would you manage an irate customer who is badmouthing you and your brand of service?

Avoid interview questions about the strengths and weaknesses of a person or a trite question like — “tell me something about yourself.” They’re a waste of time. Rather, focus on the core competencies of a job and let the applicants justify how they would perform under critical work conditions.

CHANGE MANAGEMENT
HR is not engaged in a popularity contest. If HR is hated for implementing management policy, then you should not take it against them. Rather, you must commend HR for doing its job regardless of the folly of such policies and practices.

The best thing for HR to do is to re-examine a much-criticized policy and determine whether it is rational to continue with it. Issue a memorandum to all employees clarifying the logic behind such policies. Otherwise, accept the blame when something goes wrong. Or, change certain policies that were implemented in answer to specific situations that have since been resolved.

HR must be brave enough to admit mistakes. Be honest with people and be magnanimous with change as well.

Chat your questions with Rey Elbo on Facebook, LinkedIn or Twitter or e-mail elbonomics@gmail.com or via https://reyelbo.com

How income inequality in the Philippines compares with other economies

November 25, 2022 | 12:00 am

The Gini coefﬁcient (Gini index or Gini ratio) is the most used measurement of income distribution. A higher Gini coefﬁcient means a greater gap between the income of a country’s richest and poorest people. The Gini coefﬁcient of a particular economy is important to help identify high levels of income inequality, which can have several undesirable political and economic impact, including slower economic growth, reduced income mobility, greater household debt, political polarization, and higher poverty rates, among others. While it is a tool for analyzing wealth or income distribution in an economy, however, it does not indicate its overall wealth or income. This infographic shows the Philippines having the worst income inequality across the East and Southeast Asia region, based on the latest available data from the World Bank.

How PSEi member stocks performed — November 24, 2022

November 25, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, November 24, 2022.

Peso rises further on Fed minutes

November 24, 2022 | 9:00 pm

THE PESO climbed further against the dollar as minutes of the US central bank’s latest meeting showed policy makers favored a dovish pivot. — BW FILE PHOTO

THE PESO continued to strengthen against the dollar on Thursday amid signals of less aggressive tightening by the US Federal Reserve and on data showing the Philippines saw a net “hot money” inflow in October.

The local unit closed at P56.78 per dollar on Thursday, gaining 16 centavos from its P56.94 finish on Wednesday, based on Bankers Association of the Philippines data.

The peso opened Thursday’s session at P56.88 per dollar, which was also its weakest showing. Meanwhile, its intraday best was at P55.79 against the greenback.

Dollars exchanged rose to $870.5 million on Thursday from $687.85 million on Wednesday.

“The peso appreciated significantly after the Fed minutes indicated that US central bank officials might need additional but softer rate hikes in future meetings,” a trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said the local currency strengthened on the back of hints of smaller rate hikes from the Fed.

Minutes of the Fed’s policy meeting this month where they delivered a fourth straight 75-basis-point (bp) hike showed a “substantial majority” of policy makers agreed it would soon be appropriate to look at smaller increases.

The US central bank has raised rates by 375 bps since March in its fight versus inflation, bringing the fed funds rate to a 3.75-4% range. Its next meeting is on Dec. 13-14.

Mr. Ricafort added that the peso was also supported by strong hot money data.

Foreign portfolio investments posted a net inflow of $83 million in October, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday.

This was an improvement from the $367.3-million net outflow recorded in September and the $221.11-million net outflow in the same month a year earlier.

For Friday, both the trader and Mr. Ricafort said that the peso might move between P56.70 and P56.90 against the dollar. — Luisa Maria Jacinta C. Jocson