MILLENNIALS EDITION ISSUE 184, 2016
The Australian Chamber of Commerce Hong Kong and Macau 香港及澳門澳洲商會
Move over Baby Boomers, Millennials are here and uprooting Financial Institutions
Australia Focus: Social Media Dominates as Destination of Choice as Millennials Shape Our Future Media Habits
Committee Comment: China’s Quiet Financial Evolution www.austcham.com.hk
austcham news issue 184 03 Chamber Chatter
Published By: The Australian Chamber of Commerce in Hong Kong and Macau Room 301-302, 3/F, Lucky Building 39 Wellington Street, Central, Hong Kong Tel: +852 2522 5054 Email: email@example.com
03 Events Update 06 Cover Story Move over Baby Boomers, Millennials are here and uprooting Financial Institutions
12 Membership eCard Benefit
Editorial Committee: Drew Waters Karen Wu
13 Committee Insights The Top 10 Reasons ‘Millennials’ is Not a Dirty Word
Advertising: Karen Wu Email: firstname.lastname@example.org
14 Australia Focus Social Media Dominates as Destination of Choice as Millennials Shape Our Future Media Habits
CONNEC T • ENGAGE • REPRESENT
16 Committee Comment China’s Quiet Financial Evolution
18 Platinum Platform
19 AustCham Mentor Programme
The Australian Chamber of Commerce in Hong Kong and Macau has more than 1,500 members from some 500 companies doing business here. It’s the largest Australian business grouping outside the country and the second largest of 28 International Chambers of Commerce in Hong Kong. The AustCham mission is: To promote & represent Australian business & values while enabling members to connect, engage & grow bilateral relationships.
20 Corporate Profile Cliftons DNC Consulting Group
22 On The Scene Follow us on: Facebook Twitter LinkedIn
austcham news Online version
The views expressed in this publication are not necessarily those of the Australian Chamber of Commerce in Hong Kong and Macau, its members or officers. The Australian Chamber of Commerce in Hong Kong and Macau takes no responsibility for the contents of any article or advertisement, makes no representation as to its accuracy or completeness, and expressly disclaims and liability for any loss however arising from or in reliance upon the whole or any part of this publication. Copyright © 2016 The Australian Chamber of Commerce in Hong Kong and Macau
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Chairman's Column Millennials are the main focus of this month’s AustCham News. This is fitting, as many members fall into this vaguely defined demographic cohort, and many other members employ, sell to, or otherwise interact with Millennials. They are the future (and increasingly present) leaders of everything. The Chamber is fortunate to have an active young executives group (AYE) that helps focus our attention in the right way when it comes to understanding intergenerational issues. AYE also is a great way for members who are in the earlier stages of their careers to get to know the Chamber and to then consider serving on other Chamber committees. Whether it be via AYE or some other Chamber organ, all are welcome to join, participate, and support AustCham as we strive to make the Chamber even more helpful and relevant to members. On another matter, Australia’s Consul-General to Hong Kong & Macau, Mr. Paul Tighe, soon will be leaving Hong Kong. Paul and his wife Diane will have called Hong Kong home for 5 years by the time they return to Australia. They have done a fantastic job for Australia during their time in Hong Kong and Macau, and they have been great supporters of AustCham. They surely will leave Hong Kong with many cherished memories, and they will be missed by their many friends here. On behalf of all members, thank you Paul and Diane for all you have done for the Chamber. We wish you safe travels and wonderful new adventures. I hope that you will connect with the Chamber this month in some way, and that you will continue to share your views on how best the Chamber can serve you. Richard Petty email@example.com
EVENTS UPDATE SEPTEMBER AT A GLANCE… Fri, 23 Sept, 12:30pm - 2:00pm Australian Property: How to build your own Effortless Empire AustCham Business Centre, 3/F, Lucky Building, 39 Wellington Street, Central Thu, 29 Sept, 5:00pm – 8:30pm Australian Consul-General Final briefing & Farewell Drink in Macau To be announced
Tue, 11 Oct, 12:30pm - 2:00pm 10 Top Tips for Building an Awesome Personal Brand Online Frites Central, 1/F, The Wellington, 198 Wellington Street, Central Wed, 12 Oct, 12:30pm - 2:00pm Sustainability Series: ESG and Its Impact Hennessy Room, 7/F, Conrad Hong Kong, Pacific Place, 88 Queensway
OCTOBER AT A GLANCE…
Wed, 12 Oct, 12:30pm - 2:00pm Return to Oz: Crucial investment tax planning for wealthy Australians who'll one day return home Suite 4606, Two Exchange Square, 8 Connaught Place, Central
Thu, 6 Oct, 8:30am – 12:00nn 2020 Vision: HK’s Transportation Outlook To be announced
Thu, 20 Oct, 6:00pm – 9:00pm Mix at Six Studio Club, 1/F, On Hing Building, 1 On Hing Terrace, Central
issue 184 | austcham news
Across My Desk Welcome back from wherever you enjoyed your summer or welcome back to the bustle if you remained in Hong Kong during the quiet time. Within the Chamber, work progresses steadily over this period to bring new initiatives and programmes on line, and I am pleased to have launched our Business Lifecycle Series in conjunction with our Small Business Network and the Hong Kong Entrepreneur Club. The Mentor Programme is also well under way, with the summer giving us the chance to make sure all the pairs were in contact with each other and engaged in several activities to build the relationships. Our Women in Business Network Summer Drinks was a great hit again this year, held with the cooperation of Cat Street Gallery at Garage Society in Central. We were honoured to preview some of Australian artist Emma Hack’s extraordinary pieces, and hear her story prior to her opening the following day. Thank you to Emma and Cat Street Gallery for making this possible and to those who attended this sold out event. Our Macau Business Network hosted a great celebration of the “Running Game” at MGM for the second Bledisloe Cup fixture, with an enthusiastic crowd of, mostly, Aussies. The spirit in the room went some way to make up for the result, not the one most people wanted of course, but the overall feeling was very
positive for the Wallabies stronger showing. Thanks to committee member Martin Darveniza for hosting the afternoon, Grant Bowie from MGM for his hospitality, and to Michael Moeahu for the celebratory Haka. Mmm! As Richard has mentioned, Consul-General Paul Tighe and wife Diane will be leaving Hong Kong shortly. I am most appreciative of the strong relationship the Chamber has with the Consulate, and specifically with Paul, who has been such an influential counsellor and supporter of the Chambers activities. Paul and Diane have been strong advocates for all things Australian during their stay here, and I would like to very publically thank them for their valuable contributions. God speed, both. Our annual Australians in Finance Cocktails are just around the corner, a transport outlook to coincide with the inaugural Hong Kong E-Prix, a personal branding event with Chris Reed, continuation of the Thought Leadership Series, China Access Series, the Mentor Programme, and an ESG series all to come, so pay attention. I hope you all had a relaxed Mid-Autumn festival break whether you remain in the city or jetted off on any one the great offers from our Platinum Patron, Flight Centre Travel Group. Drew Waters, Chief Executive
AWA of Hong Kong
he AWA of Hong Kong is a community of adventurous, international women who find ways to connect and contribute to the community of Hong Kong every day. They are social, active, and interested in our adopted home and the world around us. Their 650+ members are proud of their 60+ year legacy of giving. The aim as an organization is two-fold: to help the underprivileged and underserved in Hong Kong and to learn more about our city, our surroundings and each other through educational, recreational and social activities. All are welcome. For more information about AWA of HK please visit www.awa.org.hk
Community Corner AustCham is a non-profit organisation and provides this space free of charge to other, selected non-profits or charities.
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A Letter from Canberra AUSTCHAM First Week Back in Parliament
t the start of every new Parliament, the Parliamentary Library sends around to each Senator and Member a ‘Briefing Book’.
These books are filled with facts, figures, arguments, statistics and contentions that form what are likely to be key issues of the incoming Parliament. For the 45th Parliament, some of the ‘key issues’ in our briefing books are familiar. References on climate change, trade, energy and infrastructure are peppered throughout. Others issues appear new by virtue of their context. While trade and investment are never far from any Australian Parliament’s collective attention, global headwinds give the issue a particular sense of urgency. The last Federal Election suffered a rude intrusion only days from polls opening in the form of a shock result to the United Kingdom’s ‘Brexit’ vote. The Coalition used the uncertainty as an opportunity to restate how important it is to have an economic plan. Labor used it as an opportunity to remind voters which party successfully shepherded the economy out of choppy waters in 2009. The Brexit vote put economic management out at the front and centre of the campaign. All of a sudden,
prosperity seemed less assured. The need to bring the budget back into balance took on a new urgency. That means making hard choices. Debates about debt and deficit are nothing new, but the sudden emphasis on reducing the deficit revealed a vast space between the priorities of the two major parties. When you’re tasked with bringing spending under control, the location your scalpel starts its cuts says a lot about what you value. In this new normal of uncertainty, nothing can be taken for granted. The numbers are tight. Every debate will be a contest over priorities and principles. How we deal with the uncertainty of a rapidly changing political world is a question we’ll all spend the next Parliament trying to grasp. And it’s one question the Parliamentary Library’s Briefing Book can’t answer. Gai Brodtmann MP, Federal Member for Canberra and Co-Convenor of Parliamentary Hong Kong Friendship Group
AustCham Platinum Patrons
issue 184 | austcham news
Move over Baby Boomers, Millennials are here and uprooting Financial Institutions - Rocky Scopelliti, Global Industry Executive – Banking, Finance & Insurance, Telstra
t’s tough for some of us to come to terms with, but Millennials matter. This group of 18 to 34 year olds, otherwise known as Generation Y, recently overtook Baby Boomers as the largest global demographic group. The group has emerged as the number one source of global income, wealth creation and with a spending power estimated to be US$10 trillion globally1, the group yields greater economic power than any previous generation. Let’s also not forget that they are the most highly educated, media-saturated and ethnically diverse generation ever.
It is the heightened expectations of these tech-savvy consumers that is rapidly transforming many industries. Whether we like it or not. Our research, outlined in the Millennials, Mobiles and Money: the forces reinventing financial services, suggests that Millennial’s interactions with financial institutions are forcing the traditional and enduring industry we know to be financial services to dramatically reinvent itself. As a result, the industry is already seeing the entry of disruptors that are re-imagining customer experience.
2 in 3
of Millennials’ financial engagements are mobile. Devices link their physical and digital worlds
Millennials are already using FinTech – or actively considering it mobile banking crowd funding payments wealth management loans investing
HOW IN 2015 TO WIN Millennials became the #1 source of global income, spending and wealth creation
of bankers believe FinTech innovations will have a big impact on traditional Finservices
think they’re getting value from digital partnerships today
THE NEW TRINITY FOR MILLENNIALS
MILLENNIALS, MOBILES AND MONEY
of Millennials trust banks more than any other institution. Don’t squander this key advantage
Trust | Technology | Relationships
To learn more or download a copy of the whitepaper visit www.telstraglobal.com/millennials
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INNOVATE TO MAINTAIN RELEVANCE
Blockchain, artificial intelligence, cloud, data analytics, security – leverage technology to compete against new market entrants
Collaboration between traditional and non-traditional players will create new ecosystems that unlock value
Hong Kong mobile based startup Neat, is just one of example of these new kids on the block. The company, which describes itself as an ‘artificial intelligence company that does banking’, recently announced its plans to utilise facial recognition and geo-location technology to offer university students and young professionals more personalised and localised offers. But, it is not all doom and gloom for traditional financial players. Through our research across eight countries including: Hong Kong, China, Singapore and Australia, we were able to get a 360-degree view of the disruption taking place and a clear picture of how both new and traditional players can embrace the expectations of Millennials to help them continue to thrive. Millennials want what they want In years gone by, we played the hand we were dealt. We put up with bank branches only opening for short periods of the day and fund managers only being available from nine to five. What we are now seeing is Millennials defining the role they want finance to play in their digitally-driven lifestyles. In fact, the change to the industry is so dramatic that Millennials may be the first generation to live their lives never requiring, nor engaging with, a traditional bank and only ever associating the word ‘branch’, with a tree.
Trust also matters and, maybe not surprisingly given the historical reputation for security and privacy, banks are still overwhelmingly seen as the most trusted institutions – a huge asset in a world of frequent threats to online security. To leverage this trust, traditional financial institutions should consider redefining their relationship in line with emerging expectations – changing from being a financial institution to part of an online financial ecosystem. To quote our CEO Andrew Penn: “In the future, if a business is not mobile-first and digital to the core, if it does not present on an app or an icon on a customer’s handset, then effectively it will simply not exist”. Collaboration between traditional and non-traditional players will create new ecosystems that unlock value through re-bundling. This will be enabled by technologies including artificial intelligence, softwaredefined cloud networks, IoT, analytical platforms and cybersecurity and identity platforms. The prize for executing these capabilities well is a smarter, faster, agile, more efficient, convenient and relevant institution that is well positioned to adapt to the changing risk profile of the industry. How today’s financial institutions adjust to this new reality will go a long way to defining their future success.
So, just how are they doing it?
About the study
Mobile technology and social media are two key driving forces. Social media is fast becoming the theatre for Millennials to discuss their money matters. Telstra’s research shows that last year, Gen Y drove 40 per cent of the financial conversations on Facebook – 76 per cent of which occurred on mobile devices.
“Millennials, Mobiles and Money: the forces reinventing financial services” is the 11th and latest study in Rocky Scopelliti’s series of research reports for Telstra. The comprehensive research was conducted in 2016 across Australia, Singapore, Indonesia, Malaysia, Hong Kong, China, the United Kingdom and the United States of America and involved studying the mobile financial services application behaviour of 30,000 Millennials.
These figures echo reports that more than 50 per cent of interactions with banks in both developing and developed nations are conducted through mobile devices. This trend is set to grow across all demographics with 37 per cent of the global adult population forecast to be mobile banking users by 2020. But, they are seeking more value from relationships with their financial service providers. The new trinity for this generation is, ‘Trust, relationships and technology’. Currently, most Millennials don’t feel that their relationship with financial institutions is ideal and as their affluence increases, so too does the gap. Not surprisingly, affluent Millennials are the most demanding; they seek a true value partnership with their financial services provider and less than half believe they are receiving one.
In a separate survey of 2,817 Millennials that were representative of the online population across seven countries, it explores in greater detail their attitudes and behaviours when it comes to financial services providers (traditional and non-traditional) and their reaction to a range of disruptive concepts relating to how they save, spend, borrow and invest. To read the full “Millennials, Mobiles and Money: the forces reinventing financial services” white paper, please visit: https://www.telstraglobal.com/millennials/ About the author
Rocky Scopelliti is the Global Financial Services Industry Executive at Telstra Global Enterprise Services. Rocky is Telstra’s thought leader in banking, finance and insurance.
Spending nearly one and a half times more time on their mobile devices than all other generations, Millennials have adopted the smartphone as their preferred method of engagement. Fortunately, they also have an appetite for new ways to spend, save and invest.
Rocky has more than 20 years’ senior management experience in the information technology and financial services sectors, encompassing product development, strategy and planning, business development, research and strategic marketing.
The solution is for companies to re-imagine the customer experience with Millennials. Building platforms that create innovative ways to connect with customers through speed of delivery, rapid scalability and functionality with extreme agility.
A distinguished author and international speaker, Rocky has produced 11 thought leadership research reports that have become widely recognised for their contribution to the development of digital financial services.
http://www.totalyouthresearch.com/millennials-buying-power/ issue 184 | austcham news
Millennials Chat Room
he millennial generation is now entering the work force, and is foreseen as a powerful generation of workers now and into the future.
Are they reshaping the workplace? Do employers need to revise their hiring and retaining strategies accordingly? What are the expectations of this generation? We have invited a number of mentors and protégées from this years’ Mentor Programme as well as HR experts, to share with us their different thoughts about Millennials.
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Q: Are you employing a millennial? Or is a millennial employing you? ~ Eva Iu, Head of Human Resources Hong Kong at ANZ What industry are you working with? I work in financial services. Are there any challenges in your field to hire young people? No major challenge in general, but it is important for us to hire young people with both learning agility and the right working attitude including a good balance among high ethical, integrity standards, creativity or innovation, and the ability to take direct responsibility. Why would you recruit millennials? Are they employable? Yes, they bring in fresh ideas, are digitally savvy, and represent our future in terms of both customers and leadership. What do you think millennials see as most important drivers of employer choice (except salary)? Flexibility, empowerment, innovation and fun. How’s your company keeping up with what millennials want and need? Or be more engaged with this generation? This is part of our diversity and inclusion agenda ongoing. Our financial literacy program, MoneyMinded, helps youngsters reflect on their goals and learn how to plan for achieving them. We also employ university students as interns on a selective basis in line with business needs. Looking back on your initial career aspirations, are you surprised to be working where you are now? How did that change you along the way? I had no specific initial career plan, but I also haven’t been surprised to be working where I am now. I love working with people and strongly believe in developing talent as well as strengthening communities. I have been fortunate to work in financial services companies which offer different opportunities and career flexibilities for me to gain experiences in various roles and geographies. I have been proactive in seeking different exposures too which I still do – I think young talent must take charge of own career and broaden experiences on-going.
~ Amy Benger, Asia-Pacific Organisational Development Lead at Ernst & Young What industry are you working with? Are there any challenges in your field to hire young people? Professional Services. We rely a lot on hiring young people straight from university into graduate programs, and the main challenge now is competing with other firms for talent. Why would you recruit millennials? Are they employable? Yes they are, they are eager to learn and prove themselves and are more resilient to change and uncertainty. What do you think millennials see as most important drivers of employer choice (except salary)? Opportunities to advance, develop skills, and do something “good” – they want to feel like things matter and make a difference. How’s your company keeping up with what millennials want and need? Or be more engaged with this generation? Piloting a new performance management approach that is more agile, real-time and peer driven. We have a clear organisational purpose to motivate and inspire people. We are moving to more mobile technology platforms. Looking back on your initial career aspirations, are you surprised to be working where you are now? How did that change you along the way? Not really. I thought I would have an international career and would work with people. I’m doing both of those!
!! issue 184 | austcham news
Q: Are you employing a millennial? Or is a millennial employing you? ~ Julia Brilliant (Protégé of Mentor Programme 2016) What industry are you working with? Corporate Travel What do you think millennials see as most important drivers of employer choice (except salary)? For me there are 3 other key drivers, outside of salary. Firstly, I think that a clear career pathway is incredibly important. I like to know what future progression opportunities exist and that there is a clear roadmap to help me to achieve my career goals. Secondly, the employer must provide a platform for learning and development (even if it’s self-driven) in order for me to achieve the career progression I want. This creates a feeling that I’m being invested in and that my growth is important to the future of the business. Finally, but no less important, I look for an employer with a good company culture and set of values. This makes for a workplace that’s enjoyable to work in and generally attracts likeminded individuals who I can enjoy working with. There are criticisms of the millennial generation (that they are entitled, lazy or materialistic), what’s your comment on this, how would you characterise millennials? I think that those assessments can be fair of some millennials, but I think that could be said of any generation. I’ve certainly met plenty of lazy, entitled Baby Boomers! - Personally, I see myself and a lot of my friends and as incredibly hard-working, passionate, tenacious and driven. Add to that mix that the education and employment market has never been more competitive, I think that those millenials that rise to the top have generally had to work a lot harder and shine a lot brighter to get to where they are than perhaps someone may have had to 40 years ago. Looking back on your initial career aspirations, are you surprised to be working where you are now? I’m surprised to be Hong Kong! I had never thought of living here but couldn’t miss the opportunity when it presented itself. I’m certainly not surprised to be in the role I am; I’ve worked very hard and set myself goals along the way to ensure I was constantly learning, growing and progressing. I’m also lucky enough to work for a company that invests heavily in our people, so I have had a lot of people supporting me to where I am now.
~ Julia Whiting (Mentor of Mentor Programme 2016) Why would you recruit millennials? Are they employable? I work in the media industry as the Regional Advertising Director for Asia for The New York Times. As the media industry is one that is constantly changing with new business models and commercial solutions coming to the fore, it presents a working environment that is well suited to millennials. Young people today are accustomed to be being inundated with new information and evolving technologies and are thus able to nimbly adapt to changes in the work place and are also proficient at independently finding solutions to problems using the tools at their disposal. Their energy, can-do attitude and their mission to align their work with a higher cause make them incredibly employable. What do you think millennials see as most important drivers of employer choice (except salary)? I am always impressed by the factors that millennials deem as important when considering a company to work for. In my experience, the key determinants are whether the role gives them the opportunity to work with freedom and independence and to develop as fast as they can and/or whether the role aligns with a higher purpose that they perceive as being valuable and meaningful. Looking back on your initial career aspirations, are you surprised to be working where you are now? How did that change you along the way? In a way I am surprised to be working where I am now because I really do feel like I am working for my dream company and in my dream job. But at the same time, being a millennial myself, I do feel like the ambitiousness, problem-solving abilities and drive that we seem to have ingrained in us can make anything possible. I remember my first boss told me that I was 'the most impatient person he had ever worked with'. And I think that is true of millennials - we are impatient because we know we can drive results and have impact and we just want to be given the chance to do so.
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~ Kate Dunstan (Protégé of Mentor Programme 2016) What industry are you working with? I work in the legal profession as a Knowledge Manager for an international law firm. What do you think millennials see as most important drivers of employer choice (except salary)? It really depends on the individual but there are certain overarching trends. I think most Millennials greatly value opportunities to learn and seek employers who invest in training and cultivating a strategic career path for their employees. There are criticisms of the millennial generation (that they are entitled, lazy or materialistic), what’s your comment on this, how would you characterise millennials? Every generation looks at the next one and thinks that they have it so much easier! Millennials have been gifted with amazing advancements in technology, greater connectedness with the rest of the world and greater freedom of movement than ever before. However, they also face challenges which previous generations are not factoring in when they make these negative judgements. For example, members of an older generation might view the tendency of Millennials to frequently change jobs and employers during their career as a lack of loyalty or "sticking power". However, these moves are often necessary due to greater student debt and stagnant wage growth. Looking back on your initial career aspirations, are you surprised to be working where you are now? It's not a total surprise. Even whilst I was studying my law degree I always considered the possibility that I would leave practice and use the relevant experience I would gain as a lawyer to spring board into another type of role. That decision became even clearer when I began working as a lawyer.
~ Chloe Lui (Protégé of Mentor Programme 2016) What industry are you working with? I work at a global information services firm. What do you think millennials see as most important drivers of employer choice (except salary)? When choosing their employer, I think millennials are increasingly less attracted to big names, stable salaries and predictable career paths. Rather, they prioritize what the company culture is, how innovative and entrepreneurial the business is, and the opportunity to make an impact and grow with the company. There are criticisms of the millennial generation (that they are entitled, lazy or materialistic), what’s your comment on this, how would you characterise millennials? It is true that a lot of millennials may not have experienced the "hard working life" like our Gen X and Baby Boomers predecessors and grew up with ample privileges and opportunities. We have only known of an era where technology has allowed knowledge to be easily accessible and shared, communication is instant and foreign locations are only a flight away. For the right individual, this environment creates a global citizen who is at liberty to innovate and create, take bigger risks (as there's usually something to fall back on) and use what they have gained to build a better world for themselves and others. Looking back on your initial career aspirations, are you surprised to be working where you are now? Absolutely! Like many others, I came to Hong Kong with a plan to be a corporate lawyer. Finding AlphaSights (randomly through a recruiter) and working in an environment made up entirely of millennials has changed my perspective on career, life and what's possible.
~ Jackie Chan (Protégé of Mentor Programme 2016) What industry are you working with? I am currently working in the Private Banking Industry. What do you think millennials see as most important drivers of employer choice (except salary)? Isn’t it all about keeping the employee happy now? I’d like to see a positive and inclusive working culture that provides opportunities for personal development and career progression. Flexible working arrangements won’t hurt. I need to be proud to say I work for the company. There are criticisms of the millennial generation (that they are entitled, lazy or materialistic), what’s your comment on this, how would you characterise millennials? There is definitely a difference in views between generations. Since millennials grew up during a period of rapid advancements in technology such as the internet, mobile devices and now possibly augmented/virtual reality, I believe millennials thrive for change; for continuous improvement. I recently heard recruitment specialists are starting to label millennials as “continuous candidates”. Looking back on your initial career aspirations, are you surprised to be working where you are now? I’ve been lucky enough to have been in various departments within the one company. 2 years ago, I was working in the stockbroking industry in Sydney and made the move to HK as my fiancé was relocated here for work. Although it was not planned to come here, I’m not too surprised I’m where I am now. issue 184 | austcham news
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12 • austcham news | issue 184
stCham members Kerry-Anne Walsh met Au Hong Kong. in Macau during her visit to
The Top 10 Reasons ‘Millennials’ is Not a Dirty Word - Alex Oxford, Chair of AustCham Young Executive Committee
According to the Oxford dictionary the Millennial Generation is: noun: a term used to refer to the generation, born from 1980 onward, brought up using digital technology and mass media; the children of Baby Boomers; also called Generation Y.
owever, if you pay close attention to social commentary from every form of media, water cooler chat, executive office, Boardroom or from a thoroughly Australian perspective, the Pub Test, these ‘millennials’ are defined as slack, ambitious, entitled, have unrealistic expectations, a ‘problem’, a burden on workplaces. But, is this the truth? Or stereotyping of younger generations similar to that of every older generation looking to belittle the up-and-comers to the workforce, becoming a buzzword to demean and disparage. Research undertaken by McKinsey suggests business executives can take many steps to including mentorship and ‘reverse mentorship’, partnering young executives with more mature managers to help each other understand the different generations, cultures and to help stamp out stereotypes. This form of mentorship and push for further collaboration drives creativity and co-creation in business. As shown in the current and past four years of the AustCham Mentor Program, through partnering senior and junior executives, we have found our participants want further guidance from senior management and mentors, further technical skills and most importantly a roadmap to success. Research suggests millennials are charitable, ethical, they care about the ‘big picture’, they’re genuine, they’re driven, highly educated in most instances (particularly here in Hong Kong) and want responsibility. Millennials are intrinsically motivated which ensures, if stimulated
correctly, millennials will remain a part of your businesses, not changing jobs every two weeks as stated in aforementioned water cooler chat. This is complimented by research undertaken by The Economist Group, Deloitte, Boston Consulting Group, Forbes again discusses these drivers and way to motivate and utilise the ‘new generation’ of business executives. Instead of persecuting a generation through stereotyped buzzwords, it’s perhaps time to embrace diversity in the workplace and utilise the long list of skills millennials possess. ‘Millennial(s)’ is not a dirty word, one our generation needs to take back by fulfilling our ambitions and as McKinsey put it – leaders today, if they open their minds and business millennials, have the ability to build lasting legacies for generations to come. One day, who knows, a Millennial may even be your boss, your CEO, or one day, Prime Minister… On a final note – the AustCham Millennial Committee, ahem, Young Executive Committee meets once a month and aims to deliver events and engagement with local and international businesses to Connect – Engage – Represent the AustCham Young executive constituency, wider-Chamber and wider-young executive population of Hong Kong, Macau and Australia. Disclaimer: Millennials love top 10’s, this is purely a marketing ploy to ensure young execs read to the bottom of the page and not be distracted by shiny objects! issue 184 | austcham news
Cover Story Australia Focus
Social Media D Destination of Shape Our Futu
ocial media is the dominant force across our media consumption behaviours, according to the fifth edition of Deloitte’s annual Media Consumer Survey. It is not only impacting our entertainment preferences and how we consume news, but for the first time social reviews and recommendations have outstripped TV advertising in terms of their influence on buying decisions. Immersive formats and new technologies such as Virtual Reality (VR), along with the ability to curate, stream and pay for content to avoid adverts, are also influencing our habits, seeing us more immersed and paying more attention. The survey also looks at the Millennial effect - the distinct media consumption habits of younger age groups – and how this trailblazing demographic is paving the way. The social hegemony is here, trending across all ages and aspects of our lives Social is a media super power for all age groups in Australia, with 84% of us engaged with social media networks, two thirds of us interacting with social media every day and 27% of us checking our accounts four or more times a day. Deloitte Consulting Digital Strategy Leader and co-author of the report, Niki Alcorn said: “Not only has social media become an entertainment activity in its own right, it is now our number one digital destination. We spend 21% of our digital entertainment time on social media - creating, reading or commenting on content, uploading photos and videos or writing reviews - with women spending slightly more time (25% of their digital entertainment time) in social domains than men (17%).” Not all social networks are created equal The fastest rise in usage of social media over the last five years has been amongst Boomers and Matures, but as they catch up the younger generations are moving on.
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ominates as Choice as Millennials re Media Habits
Millennials are leading the social media revolution, their use outstripping all other age groups, with 84% of Leading Millennials (27-32) and 77% Trailing Millennials (14-26) being daily users of social networks.
- Alex Oxford, Chair of AustCham Young Executive Committee
“92% of survey respondents are on Facebook. But as all age groups converge at this destination, Millennials are heading to newer, more mobile and image focused networks, such as Instagram and Snapchat. Snapchat is almost exclusively being used by Millenials, with usage dropping away significantly over the age of about 30. Disposability of content also plays a role in this shift, the younger generations are enjoying real-time shared moments with the benefit of more private content that doesn’t live on in perpetuity online,” Alcorn said.
year’s survey, with higher rates of bingeing, multi-tasking and moving to devices other than the TV to consume content,” said Deloitte Telecommunications, Media and Technology Leader, Stuart Johnston.
News and views influenced by social
“29% of Millennials use social media as their primary source of news, compared to only 12% of other respondents. But we’re now seeing this trend play out among other generations, with 20% of Gen Xers using social as their primary news source this year, compared to just 6% in 2015.”
The proportion of survey respondents using social media as their primary source of news has doubled to almost 1 in 5 (up from 9% in 2015), now outstripping the frequency with which we use newspapers - both online and print. And among Millenials, social media is now the primary source of news. Ms Alcorn noted that, while word of mouth remains the primary influencer on purchase decisions for three quarters of respondents, we have reached the tipping point for the digital equivalent. “More respondents (58%) have ranked ‘reviews from people within their social media circles’ in their top three influencers for buying decisions than television adverts (55% of respondents),” she said. “This is the first time this has happened - and notably the influence of advertising on purchase decisions has fallen for the first time in four years. Adverts on social media are also influencing us more than ever, with a 17% CAGR increase over the last four years in people’s perceptions of them having a high or medium influence on their purchasing decisions.” Millennials are shaping future media consumption behaviours Looking to where our preferences may head, all eyes are firmly on Australia’s largest demographic - Millennials. “Millennials are traditionally early adopters when it comes to technology, which in turn shapes their media consumption behaviours. We’re definitely seeing this reflected in this
Millennials are leading the social media revolution, their use outstripping all other age groups, with 84% of Leading Millennials (27-32) and 77% Trailing Millennials (14-26) being daily users of social networks.
Millennials are also leading the uptake of SVOD services, with 35% subscribing to a streaming service compared to 14% of other respondents. Across the board a higher proportion of bingeing occurs amongst those with SVOD subscriptions, with 74% of Millennials bingeing compared to 50% of other respondents. “If other age groups continue to follow Millennials’ lead we will find ourselves being entertained more on the internet – already the number one entertainment activity for Millennials. And when we are watching TV content it will more likely be via a streaming service than live programming, with 32% of Millennials preferring this method compared to 16% of other age groups,” said Johnston.
Source: Deloitte Australia. The Deloitte Media Consumer Survey 2016 is based on the results of more than 2000 consumers surveyed in Australia, provides a snapshot of the way consumers interact with media, entertainment, technologies and information across 5 categories: Entertainment; Devices: Social; Books, Magazines and News; and Advertising. Read the full report on: www.deloitte.com/au/mediaconsumer
issue 184 | austcham news
China’s Quiet Financial Evolution - Hugh Kerridge, CLSA Limited in Hong Kong. Hugh is also a member of AustCham Finance, Legal and Tax Committee.
n recent months, there have been several interesting developments in Greater China’s financial markets.
China A-shares: Not at global standards, yet MSCI, the world’s foremost financial index provider, announced their semi-annual review of global equity indices in mid-June, and again China’s A-share equity market was not included. Unlike previous years, this was a surprise as many analysts and market commentators were expecting A-shares to be included this year. MSCI said that it would retain the China A-shares inclusion proposal as part of the 2017 review and did not rule out a potential off-cycle announcement ‘should further significant positive developments occur ahead of June 2017.’ ‘International institutional investors clearly indicated that they would like to see further improvements in the accessibility of the China A shares market before its inclusion in the MSCI Emerging Markets Index,’ Remy Briand, managing director and global head of research at MSCI, said in the release. Last year, MSCI rejected the Chinese A-shares given concerns about market accessibility, liquidity and share ownership. Chinese regulators have stepped up efforts to address many of those concerns, including a late May announcement by the Shanghai and Shenzhen stock exchanges of revised rules to limit stock suspensions. MSCI noted
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that Chinese authorities have made ‘significant improvements’ in accessibility for global investors. Without the A-shares, the Chinese stocks listed in MSCI’s emerging market index are all traded in either Hong Kong or the United States. That means the world’s second-largest economy makes up only about one-fourth of the benchmark index, while projected full inclusion of A-shares would bring that ratio to more than one-third. Whether China A-shares are included as part of the 2017 review, or whether it is a potential off-cycle inclusion, MSCI will include China at some point in the near future, and this will be an interesting development to watch. Shenzhen-Hong Kong Stock Connect: Opening Shenzhen Stock Exchange to global investors China’s premier Li Keqiang said on August 15 that the State Council had approved the launch of the Shenzhen-Hong Kong Stock Connect program linking the two exchanges, without giving further details of the launch date. Li, in comments posted on a government website, said that preparatory work for the long-awaited program had been basically completed. ‘The move marks a solid step toward better legal structure and international market orientation of China’s capital markets,’ Li was quoted as saying.
The China Securities Regulatory Commission (CSRC) said earlier in August that it would launch the scheme sometime this year. Hong Kong’s financial secretary John Tsang, writing on his weekly blog, said that, ‘Hong Kong can further strengthen its statuses as an international financial centre and an offshore trading hub. China can also make use of Hong Kong to further open up its capital market, and push forward the internationalization of the Chinese yuan. It is definitely a correct way forward for the nation and for Hong Kong to deepen the integration between our financial markets.’ The link gives investors another trading channel to the world’s seventh largest stock market. As of May, the Shenzhen Stock Exchange had a market capitalization of US$3.16 trillion, according to the World Federation of Exchanges. That is slightly larger than Hong Kong’s US$3.10 trillion exchange, but smaller than Shanghai’s US$3.87 trillion. Shenzhen has 1,790 listed companies, more than the 1,110 listings in Shanghai. That compares to the 2,330 companies with shares listed on the New York Stock Exchange. Fund managers will be looking to buy into one of China’s hottest sectors: the technology sector. Nearly a fifth of Shenzhen’s stock market is tech companies, a much bigger proportion than that in Shanghai, where tech stocks make up just 4% of the market. While opinions vary on the success of the Shanghai-Hong Kong Stock Connect program, the Shenzhen Stock Exchange has very different
sector composition to Shanghai or Hong Kong. The ShenzhenHong Kong Stock Connect program promises interesting options for investors looking to buy into China’s equity markets. Privatizations in Hong Kong and the United States. Re-listings in China. One growing trend in recent months has been Chinese companies listed in Hong Kong and the US to be taken private, with a view to re-listing in China in future years. China’s Dalian Wanda Group has recently bought out Hong Konglisted unit Dalian Wanda Commercial Properties (3699 HK) and take it private, before relisting it in Shanghai where it will hope to gain a higher valuation. Mainland-listed firms typically command higher valuations than those in Hong Kong, helped by a larger pool of retail investors. A document to investors showed Wanda Commercial’s shares were valued at an estimated 8.6 times earnings in 2016, much lower than an average of 29.1 times for commercial property developers on China’s domestic A-share market. With the index tracking dual-listed companies showing mainland listings trading at an average 34 percent premium to their Hong Kong-listed peers, expect this to be a continued trend. Amongst other companies taken private in recent months, eLong and Dangdang.com, both listed in the US, and TCL Communication Technology listed in Hong Kong.
issue 184 | austcham news
Spotlight 5 Best Business Books
ok Review Bo
A selection curated by Bookazine team*. #1. Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration by Ed Catmull with Amy Wallace From Ed Catmull, co-founder (with Steve Jobs and John Lasseter) of Pixar Animation Studios, comes an incisive book about creativity in business. Creativity, Inc. is a book for managers who want to lead their employees to new heights, a manual for anyone who strives for originality.
#2. The Greats on Leadership: Classic Wisdom for Modern Managers by Jocelyn Davis All you need to lead with impact is practical wisdom: the insight, judgment, and strength of character that all great leaders have. Most business schools and corporate workshops will never teach you that but The Greats on Leadership can get you there. Key leadership insights are woven together with business examples, the best contemporary research, and tools to help put it all into practice.
#3. Grinding It Out: The Making of McDonald's by Ray Kroc Meet Ray Kroc, the man behind McDonald's, one of the largest fast-food corporations in the world! Irrepressible enthusiast, intuitive people person, and born storyteller, Kroc will fascinate and inspire you on every page. #4. How to Raise an Adult: Break Free of the Overparenting Trap and Prepare Your Kid for Success by Julie Lythcott-Haims Beware this book is not for tiger moms! Based on research and conversations with educators and employers, this book offers practical alternative strategies that underline the importance of allowing children to make their own mistakes and develop the resilience, resourcefulness, and inner determination necessary for success. #5. Mindware: Tools for Smart Thinking by Richard E. Nisbett In Mindware, the world-renowned psychologist Richard E. Nisbett offers a tool kit for better thinking and wiser decisions.
* Bookazine is happy to offer you a 15% discount on any of these 5 books. To redeem the discount, please show this article to our staff. This offer is valid until October 31st, 2016.
Corporate Traveller lands in Hong Kong Corporate Traveller, a subsidiary of the Flight Centre Travel Group (FCTG), has announced the launch of its operations in Hong Kong to meet the demands of the growing small and medium enterprise (SME) market. Offering boutique travel solutions tailored to the independent enterprise, resource-lean SMEs can expect personalised and flexible travel management service designed to save SMEs time, money and hassle with no lock-in contract. Corporate Traveller brings to Hong Kong a unique expert technology suite to help travellers book, plan and get the best value out of any budget. Coupled with Corporate Traveller’s team of travel management experts, travellers can experience seamless and productive business travel with an online booking engine, mobile app and profile management.
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Corporate Traveller has identified that many SME’s struggle to get the best value out of their flights, accommodation and ground transportation and Caroline Kerr, General Manager of the Corporate Division, FCTG Hong Kong, says “it is essential for them to engage the expertise of a travel management partner that will not only be able to secure the best prices, but also ensure that their travellers’ needs are well taken care of every step along the way”. Established in 1993, Corporate Traveller has since grown to become a leading corporate travel management solutions provider for more than 13,500 clients globally. W | corporatetraveller.com.hk
AustCham Mentor Programme
Mentor Programme: Leading in Circles
his years’ Mentor Programme has progressed with matched pairs meeting and getting to know each other. Our latest event - 'Making the Most of your Mentorship Relationship’ was facilitated by Speak Ltd in early August. At this interactive and discussion filled evening, as mentors and mentees were grouped into Mentor Circles that are encouraged to meet up and get to know each other on a quarterly basis. The purpose of the Mentor Circle is to provide participants with extended support and networking opportunities. The groups got off to a fantastic start, getting to know each other, whilst sharing and contributing their reasons for being a part of this programme.
problems. With a focus on doing over talking, this interactive, high energy session will show a new way to approach work enjoyably and effectively. We are very excited and appreciative to have such an innovative and progressive speaker provide his insight and time. Finally, a shout out to Cliftons, our new venue partner, for the use of their spacious rooms and professional service for this event and future seminars.
During the evening, mentors and mentees were also provided with a workbook enhancing their knowledge on mentorship qualities, and support tools for a more fruitful and objective driven Mentorship Relationship. Along with this workshop, all participants had the opportunity to complete a ‘Jigsaw@ Work' to help understand their communication styles and the impact this may have on their mentor relationship. We have received amazing feedback from this years’ participants, who are thoroughly enjoying the process. A special thanks to Alex Oxford for his introductory chat on the benefits he experienced from having a structured programme and mutually beneficial relationship still continuing with his mentor to this day. Our next event scheduled for 13 September, 'Design Thinking Applied: Solving Business Problems with Design Thinking', will be delivered by Kristin Low. Kristin will introduce participants to the fundamentals of the Design Thinking Process, giving a framework of creatively solving complex business
issue 184 | austcham news
Cliftons Room 508-520, Hutchison House, 10 Harcourt Road, Central, Hong Kong www.cliftons.com Cliftons delivers corporate events across a network of Cliftons owned and global partner venues. We are a dedicated team of 200 who deliver 15,000 global events per year and are committed to delivering our clients desired event outcomes. What are the main skills of your job? Working with people, it is innately understanding our clients’ needs and enabling our staff to be the very best that they can be. What’s the most unusual thing you have had to do as part of your job? Although the majority of our events are straight forward corporate events, we also deal with unusual situations. Hosting a sales event for a new i-phone requires additional security measures and crowd control. With a 200 delegate BYO device computer training event that needs to connect through multiple firewalls to a remote Citrix server, our IT teams in Hong Kong and Australia were at hand to extend their expertise to seamlessly deliver these more complex events. What does your company do really well? Because we deliver such a high volume of events, it is the pre event planning and the on the day event delivery that we do well. When we follow the Cliftons process from enquiry through to invoicing, there is little room for error. How would you describe your workplace and colleagues? It’s a small team of 12 in Hong Kong, which allows us to have a very flat structure, where we encourage each other to deliver excellence in everything that we do.
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Jacob Feenstra General Manager - Hong Kong
What’s something most people don’t know about your company? Likely it is the volume of events that we deliver at our Cliftons venues and globally through our affiliate network. There are few cities in the world where we have not delivered an event. What’s your company’s connection to Hong Kong? Cliftons has a long standing connection with Hong Kong, we have been here since 2003. Our Australian owner grew up in Hong Kong, is very fond of this vibrant city, and its people and is committed to the long term success of our business here. What’s your favourite place to go on the week-end? To get away from the city and go hiking, like in Sai Kung, there are places in Hong Kong that are so quiet and the polar opposite of the bustling city. What’s your favourite place to eat lunch? Although most often I eat lunch on the go, when time allows I go to Dumpling Square in Sheung Wan, it’s the best place for a quick and great Hong Kong dumpling experience.
DNC Consulting Group Suite 903, 370 Pitt Street, Sydney 2000, Australia www.dncconsulting.com.au Partners: Sonia Shaw, Wilson Liu, Frank Ren, Wayne Wang
DNC Consulting Group, an Australian based career training and consulting service provider, was founded in 2008 and started as an accounting training provider for university graduates. With accumulated experiences along with upgraded training programs, DNC has moved to a market leader position, specialising in accounting and finance training, and offering a complete range of innovative career consulting including career planning, recruitment services, job seeker coaching, internships and networking platforms services, and it serves graduate students and wins comprehensive market recognition. It is a developing market trend that requires graduates to become more competitive. As many of the graduates are not aware of the changing environment and many others are not well prepared for career planning, DNC Consulting Group commences its sole efforts to guide them to have the correct mind set, and trains them in the necessary skills to ice-break into the job market. With professionally designed home-made training courses, students experienced highly simulated on-the-job scenarios which enable them to satisfy employers’ hiring needs. As DNC Consulting Group witnessed more and more successful showcases, it has laid a solid brand and enjoyed growing popularity among university students. With continuous improvements on the services, DNC, its enthusiastic consultants, tutors and our trainees established not only mentorship but also life-time friendships. As part of the Group’s development, a DNC Elite group was founded to bridge young professionals to a networking platform. The group shared job experiences, interview tips, technical skills, job referrals, and built up a tight network for future career progression. What are the main skills of your job? We provide career coaching and consultancy services for university graduates in Australia, including industry knowledge training, interview skill coaching, CV writing , internship placement and recruitment services.
Interview with: Sonia Shaw Chief Executive Officer, DNC Consulting Group
Could you share with us what challenge(s) you usually face as part of your job? I think the biggest challenge I face constantly is to adapt to the technology changes in the Education industry. What does your company do really well? We are good at training talent and guiding them to the right career path, bridging the gap between university and workplace. How would you describe your workplace and colleagues? Very friendly workplace and everyone is like a family. We all have one goal, to make a difference in people’s lives by doing what we are good at. What’s something most people don’t know about your company? As most people know that we have helped lots of students find their dream job, people may think those opportunities are from our recruitment agents, but actually 90% of our referral job opportunities are from our previous students who have been working. This means we have built a referral network that constantly provides quality jobs. What’s your company’s connection to Australia? We are an Australian based company with offices in Sydney , Melbourne and Beijing , with head office in Sydney. What’s your favourite place to go on the week-end? I like to drive out of Sydney during weekends and enjoy the beautiful weather and views. What’s your favourite place for dining in Sydney? My favourite place to dine is Kobe Jones. issue 184 | austcham news
On The Scene
Rod Van Buuren of Infosys and Sean Pepper of Tor Investment Management.
Luke Mitchell of Varian Medical Systems, Jenni Kang of Austrade and Gerron Stahmer of Stahmer Engineering.
AustCham’s Jason Quinn with Jacqui Hamilton of Zenith and Ian Robinson of Robinson Management Ltd.
The Summer Mix at Six was hosted by the Chambers’ Small Business Network (SBN) and partnered with The Federation of Australian Alumni Associations Hong Kong (FAAA), held at Tivo in Central.
Cathy Wong and Wai Li of Primasia.
Tom Croagh of Brookfield Global Integrated Solutions and Hugh Harrington of UGL.
Congratulations to the lucky draw winners!
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Julia Brilliant of Corporate Traveller, AustCham Chief Executive Drew Waters and Chloe Gray of Woven Image.
Timothy Lok of Viseo and Vice Chairman of FAAA Charles Ng.
Sean Pepper of Tor Investment Management with Victor Ma, Yoyo Lo and Aki Lau of Bright International Education.
AustCham Chief Executive Drew Waters welcomes all.
Chairman of FAAA Shirley Mak introducing guests to their organisation.
AustCham Women in Business Network (WIBN) Summer Drinks “Art & Champagne” was held at The Garage Society in late August. The evening was also a premier preview of “CHINOISERIE” by guest artist Emma Hack. Emma is an Adelaide-based artist working in the unique medium of body paint installation and photography. Exhibiting extensively throughout Australia since 1999, Emma’s astounding artworks have since captured the attention of collectors and art lovers worldwide.
Venue Partner: Chris Aukland of Ambition and Tyson Wienker of LexisNexis.
Nicole McMillan with guest artist Emma Hack.
Gushi Sethi and Calrina Hewltson.
MaryAnn Vale of PVH Far East Ltd and Diane Riachi of Verizon Business.
Vera Gu with Rebecca Walker of Speak.
Karley Lo of Flight Centre Hong Kong and Teresa Tam of Primasia.
Katie Hempill of Flight Centre Hong Kong and Katie Davies.
Lynne Barry of Telstra, AustCham People Forum Co-Chair Madeleine Price and Monica Browning of Aegon.
AustCham Sarah Bower Chief of KPMG Executives with AustCham Drew Deputy-Chair, Waters welcomes Chair of Women all. in Business Network Fiona Nott.
Kate Dunstan and Brooke Morcus of Clifford Chance.
Jodie Coutts of Nord Anglia Education, Kym Fortescue of Prudential Plc and Ricky Short of CBRE.
Karen Taylor of LexisNexis, Amelia Lavery of CLSA and Hannah Swift of Eversheds.
AustCham Deputy-Chair, Chair of Women in Business Network Fiona Nott welcomes all and introduces Emma.
Emma talks about her journey as an artist.
issue 184 | austcham news
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