…a risk management imperative
This is a reflective piece for everyone to think about as we go about our daily lives. As humans, we all make some mistakes in our judgement of other people or see other situations different from what we know. If it applies to you, please reflect on it, take it easy and move on. Sometimes we can share it as food for thought in our life’s journey at work, social and family life. The main purpose of our lives is to remain focused on our goals at work and in life.
We always come across certain idioms which we are prone to believe at their surface value without delving into the origins and circumstances around them. Examples are:
- Stay ahead of the competition
- Work smart, not hard
- Technology is everything that matters
- Put your emotions in the burner. The bottom line is what really matters.
There are several, but for now I will concentrate with the above. What has these got to do with risk management? The idiom, comparing apples and oranges, refers to the differences between items which are normally thought to be incomparable, such as apples and oranges.
The idiom may also indicate that a false analogy has been made between two items, such as where an apple is faulted for not being a good orange. When we are comparing apples to apples, it means we make a comparison between two things that are fundamentally the same, but when we make an apples-to-oranges comparison, that’s generally not acceptable.
Staying Ahead of the competition
This is always a good motivational idiom. However, we have to use telescopic lens to conduct a thorough analysis of the so-called competition. Right from childhood we observe differences among children in schools.
A young student may be wondering why he/she walks to school while others arrive in posh cars. Children are however taught not to compare themselves with others and to be content with what they have. Do we really know the source of other peoples’ wealth? On the corporate side, do we really know our competitors, or the ones that we are comparing ourselves with? Every year, banks publish their financial statements for all to scrutinize their accounts.
A deeper analysis shows the various sources and application of their funds. Some are local, while others are multinationals, with deep pockets which finance their big-ticket transactions. Just looking at the bottom line may not be enough to compare. Obviously financial institutions have various missions and strategies and the fine details are not put out there.
Moreover, they are under the watch of the regulator, Bank of Ghana. Similarly, we see traders compare custom duties on goods cleared at our Tema port and those at Lome, in our neighboring Togo. Do we know the fundamentals behind the creation of free ports?
The competition in the banking sector is fierce. Listen to the following statements:
“Bank ABC is making so much profit than your bank. Are you sleeping?”
“Bank CDF pays salaries double that of yours. Why?”
“Bank XYZ offers cheaper loans and pays higher investment rates. Are you not in the same market?”
Several years ago, some local banks appeared on the scene, offering juicy products and services. They came with catchy adverts, competitive rates, which made the banking scene quite interesting. The creation of jobs for the younger generation was very commendable. Unfortunately, some of them had problems with the regulator due to certain unprofessional practices which caused their licenses to be withdrawn by the Bank of Ghana. We are all reeling from the effects of the financial crises.
In staying ahead of the competition, it is imperative that we make a comprehensive study of our peers in our social, religious and, professional lives. In doing that we know why our competitors seem ahead of us. It then behoves on us to identify our uniqueness, refocus or review our mission and then strategize slowly to beat that competition. Let us keep focused in the ball.
Working smart, not Hard
I intend to have a full article on this modern concept soon, but for now, let’s not compare apples to oranges. We need to understand this concept properly before assuming that people who look successful mean they are working smart. Let’s look at the following comments by Kwame, about Sam:
“Can you imagine that Sam and I finished the same university together, but see how Sam is making it big. At thirty-five years, he owns his own car, is self-employed and living in a luxury apartment. He says he is working smart! Look at me, still walking by the roadside, living with my parents and performing clerical duties in the bank”
My friend Kwame, take it easy, pause and reflect. What work is Sam involved in? Is he doing ‘kpa, kpa, kpa’? Who are his ‘connections’? Don’t compare apples to oranges. Sam may not mind ‘selling’ his younger sister to a ‘sugar daddy’ to get some kickbacks. What is Sam’s ultimate in life?
Working smart has many benefits as well as some disadvantages. As we imbibe the working smart concept, lets explore deeply, so that we get it right. Before heading on to the difference between hard work and smart work, let’s understand each of the concepts first.
Hard work refers to the diligent and strenuous effort put into a task or job. It involves investing a significant amount of time and energy to accomplish a goal. This type of work often relies on persistence, dedication, and a strong work ethic.
Hard workers are characterized by their commitment to putting in long hours and consistently giving their best effort. The emphasis on hard work is on the sheer amount of labour and dedication to achieve success.
Smart work, on the other hand, is a strategic and efficient approach to accomplishing tasks. It involves leveraging one’s resources, skills, and time most effectively to achieve optimal results. Smart workers focus on finding innovative solutions, streamlining processes, and prioritizing tasks based on their impact.
Unlike hard work, smart work is not solely about the amount of effort exerted but rather about working intelligently to maximize productivity and achieve goals more efficiently.
Now, let’s delve deeper into the key differences between hard work and smart work:
Courtesy: Smita Nag
| ASPECT | HARD WORK | SMART WORK |
| Approach | Involves dedication and laborious effort. | Strategic approach, prioritizing efficiency. |
| Time Management | Long hours and continuous effort. | Prioritizes tasks, effective time management. |
| Problem-Solving | Relies on perseverance without optimization. | Focuses on finding efficient, innovative solutions. |
| Results-Oriented | Emphasizes process and effort invested. | Measures success by impactful outcomes. |
| Adaptability | May resist change in methods. | Embraces adaptability and innovation. |
| Innovation | May follow traditional methods. | Encourages a mindset of continuous improvement. |
| Sustainability | Physically and mentally demanding. | Balances workload, prioritizes well-being. |
In summary, the primary difference between hard vs smart work lies in the approach and mindset. Both hard work and smart work are integral to success. Hard work demonstrates dedication and persistence, while smart work emphasizes strategic efficiency. A good balance of hard work and smart work emerges as the winning formula for career success. While hard work reflects dedication, smart work amplifies efficiency and strategic thinking. By combining these approaches, we should navigate our professional journeys tactfully, achieving optimal outcomes and sustaining a balanced, impactful work ethic in the dynamic landscape of the modern workplace.
As we progress on our life’s journey, lets occasionally pause for self-reflection. Let me share a memorable experience with before I continue next week. Several decades ago, I was standing by the roadside with my first born waiting for a cab. It was a rainy day so taxis were not passing. Suddenly, we were jolted by a screech of a car who passed by, splashing mud all over us. As the driver slowed down to say sorry, I realized it was one of my university classmates, who didn’t even recognize me. I felt sorry for myself but quickly shook off my emotions. After all, my time will also come. He was working in one of the big commercial banks which was at its peak in the seventies. I didn’t compare apples to my oranges. At that time, there were no banking and finance courses in university so only the Business Administration and Economics graduates worked in banks. With focus and determination, I also got the appropriate qualifications to work in banking and grow professionally. I even ride in my favourite brand of car. Seems funny, but serious. Before we go jumping to conclusions, let us strategize, analyze and comprehensively study situations before we judge and jump into them.
I will examine the other concepts next week.
TO BE CONTINUED
ABOUT THE AUTHOR
Alberta Quarcoopome is a Fellow of the Institute of Bankers, and CEO of ALKAN Business Consult Ltd. She is the Author of Three books: “The 21st Century Bank Teller: A Strategic Partner” and “My Front Desk Experience: A Young Banker’s Story” and “The Modern Branch Manager’s Companion”. She uses her experience and practical case studies, training young bankers in operational risk management, sales, customer service, banking operations and fraud.
CONTACT
Website www.alkanbiz.com
Email:alberta@alkanbiz.com or [email protected]
Tel: +233-0244333051/+233-0244611343
