One mistake almost all leaders make
Christian Fuchs, Nordic Minds
Even the best leaders are not immune to errors. But there is one mistake that impacts the entire company, even though it could easily be avoided: leadership is not about excellence – it is about other people, yet this is astonishingly often ignored or overlooked.
The problem already starts with either promotion or recruitment. Typically, companies promote or hire employees for leadership positions because of their outstanding performance, high level of expertise, and valuable experience – often based on individual success stories or as a reward for loyalty.
How to Properly Conclude an Electronic Labor Contract in China: Clarifications Issued in New Guideline
- China recently clarified the legitimacy of electronic labor contracts in the country and explained important considerations when concluding, transferring, and preserving an electronic labor contract.
- The newly released Guideline adds obligations for employers in the process of concluding the labor contract with employees and notes protection of employee interests.
Career Change During a Pandemic? Keep These 3 Things in Mind
Marcus Honkanen, Managing Partner, Nordic Minds
Times of crisis can provide the opportunity for a new beginning. Major transformations often bring clarity and the chance to rethink preferences and priorities. Yes, this pandemic is a huge challenge. But that is not necessarily a bad thing.
A crisis can be a long-overdue invitation to reevaluate what is — and isn't — working for you. Right now could be the perfect moment for a career change. However, the realities and stresses of the situation should not be underestimated. That’s why it’s important to keep the following three things in mind when thinking about a career change right now.
The Indo-German Magazine
The Indo-German Magazine features the latest information regarding the Indian economy. This includes the latest trends and developments in Indo-German cooperation as well as the various activities and initiatives undertaken by AHK India.
As a member of the Chamber, CT Executive Search is proud to support the association's initiative to promote doing business in India.
To view the magazine, click here
Foreigners’ Work Permit Application and Renewal: Recent Changes
China work permit renewal on remote basis
To help expatriates stranded overseas on their Chinese work permit renewal, many local foreign offices have released the temporary policy. For example, on Feb 1st, the Shanghai Administration of Foreign Experts Affairs has announced the Notice on the implementation of the “no-visit” examination and approval for all matters related to the work permit for foreigners in Shanghai.
According to the policy, applicants for renewal of work permits were no longer required to bring the original application documents to the local foreign affairs office in China. Instead, by making a commitment on the authenticity of the documents, applicants can renew their work permits remotely.
Operational and upcoming railway lines in Nigeria
Several African countries have ongoing and planned rail projects. Africa’s largest economy is developing the rail sector to improve the poor transport infrastructure. africon recently completed a project in the railway sector in Nigeria for one of our clients who manufactures rail components. The project aimed to give an overview of the industry in terms of ongoing and upcoming projects.
Corporate Cybersecurity in China: How to Protect Your Business
Ransomware is a common form of cyber-attack, where hackers lock their targets out of their own servers, systems, and data until the victim pays a ransom to the hackers to regain control. These attacks are likely more frequent than what is reported in the media, as companies avoid publicizing these cases to limit reputational damages.
SMEs are vulnerable to ransomware attacks since many do not have cybersecurity systems that are as sophisticated as larger companies. This article takes a look at steps SMEs can take to improve their cybersecurity practices and protect themselves against ransomware and other cyber threats.
Lithuanian Supreme Court on requirement of employee’s consent to amendments to employment contract
The Supreme Court of Lithuania issues its interpretation of Article 45 of the Labour Code (LC).
Article 45(1) LC regulates when the written consent of the employee is required for changes to the terms and conditions of employment. Consent is required when the employer changes or adds to the essential terms of an employment contract, changes the working time arrangements or intends to transfer the employee to another place of work on the employer’s initiative.
A Guide to Minimum Wages in China in 2021
Currently, Shanghai has the highest monthly minimum wage among 31 provinces (RMB 2,590/US$400 per month) and Beijing has the highest hourly minimum wage (RMB 25.3/US$3.9 per hour). Six regions – Shanghai, Guangdong, Beijing, Tianjin, Jiangsu, and Zhejiang – surpassed the RMB 2,000 (US$308) mark in their monthly minimum wage standards.
Last year, due to the COVID-19 pandemic, most regions postponed their minimum wage adjustment plans. Only three provinces – Fujian, Qinghai, and Guangxi – raised minimum wages.
Local governments in China are required to update their minimum wages at least every few years but have the flexibility to adjust wages according to local conditions.
CAPITAL INVESTMENT IS MODERATE
Dr. Reinhard Kohleick, Managing Director, Quadriga Capital Russia
What are the advantages of using an independent consultant over a consulting firm?
In my opinion, hiring a local specialist from the respective industry is a good option to manage a market entry, restructure a market presence, and carry out the preparatory analyses. The capital investment is moderate, and no long-term obligations in the form of fixed costs or taxes are created.
SUCCESSFUL MARKET ENTRY WITH INDEPENDENT CONSULTANTS
Christian Tegethoff, Founder and Managing Director, CT Executive Search
Is there a demand for our products in India, Russia, or Central Asia? How big is the local market? What certifications are necessary? How is the competition structured? What are the needs of the local consumers? Which sales model should be chosen: export via an importer, a representative office for setting up and maintaining a dealer network or direct sales through a local subsidiary? How can maintenance and service for technical products be ensured?
There are many issues that must be effectively addressed when developing a market entry strategy. Decisions made in the beginning can have long-term consequences.
When entering the market, it is important to consider which financial and organizational investments can be expected to generate which income. To minimize risk, many medium-sized companies choose a step-by-step approach: first sales through importers, then the establishment of a representative office, and finally, opening a subsidiary in the target country.
COOPERATION PROVES ITSELF ON UNCHARTED TERRAIN
Horst Heinrich Kübel, Global Director Marketing & Sales at REMA TIP TOP AG
Where do you see the advantages of working with an independent market consultant, also compared to a management consultancy?
A management consultancy would certainly have done a thorough analysis that would have been followed by an equally great presentation. However, we needed someone who could also implement the subsequent strategy developed. This final task required someone who would be committed to actually achieving the goals set. For me, it was very important that it didn‘t stay with the theory, but that things were actually implemented.
SOTM: The logistics sector in Rwanda and Ethiopia
SOTM: Overview of the tech scene in select countries in Africa
The tech scene in Africa as a whole presents an interesting market for German and European companies in general. Nigeria and Kenya have the most mature tech sectors, while Rwanda and Ethiopia are growth markets. Nigeria is Africa's largest technology market with the highest investment in tech hubs.
Russian Residence Permit: Pros & Cons
Work permit or residence permit - which makes more sense when it comes to executive search and expatriate recruitment in Russia?
There are definite pros and cons associated with actually getting a residence permit in Russia. Expatriant takes a look at the significant advantages and disadvantages.
Foreign Employees and Work Permits in Vietnam: Decree 152
- The Vietnamese government introduced Decree 152/2020/ND-CP (Decree 152) guiding the implementation of the labor code overlooking the hiring and management of foreign employees in Vietnam.
- Decree 152 came into effect on February 15 and replaces other decrees including Decree 11.
- Employers should study the new Decree carefully to ensure they are in compliance or risk strict penalties.
Wage Growth in China in 2020: How to Read the Latest Data
On May 19, 2021, the National Bureau of Statistics released wage data for 2020, showing that wages in China increased despite the COVID-19 pandemic and its associated economic impacts.
Wages in some industries, such as information technology and finance, grew at a rapid pace, while those in other industries hit hard by the pandemic, like tourism and hospitality, stagnated or declined.
Turkey: There is a light at the end of the tunnel
Christian Tegethoff, Founder and Managing Director, CT Executive Search
What positions do you usually recruit for in Turkey?
Not only is Turkey interesting as an export destination, but it has also established itself as a production hub for the Near and Middle East. At the same time, the country is integrated into the European supply chains.
Thus, about half of the mandates processed by us and our Turkish partner have to do with production and administration, while the other half is related to sales. We typically recruit for positions that report to the company’s European headquarters. Mostly, these are managing directors, plant managers, finance directors, sales managers and other positions at the local C-level.
Turkish employees are adaptable and reliable
Haluk Kaya, fmr. Managing Director of the Emerging Markets region, BSH Hausgeräte GmbH
How are German and other European employers viewed by Turkish employees today?
Every company - no matter where it comes from - should document that it is ready for a long-term commitment in Turkey. Germans and German companies are generally perceived very positively in Turkey and German products have an excellent reputation.
Young executives and other White-collars keep track of exactly how much the company invests in their personal future and careers. In this regard, German companies are perceived as systematic and reliable employers.
German-Turkish economic relations will continue to grow
Dr. Thilo Pahl, Managing Director, German-Turkish Chamber of Commerce and Industry (AHK Turkey)
Today, the Federal Republic of Germany is the Republic of Turkey‘s largest trading partner. The bilateral trade volume amounted to USD 37.7 billion in 2020 and German companies are among the leading investors in direct foreign investments (FDI). There are currently around 7,500 companies with German direct investments active on the Turkish market. They employ 120,000 people and represent an FDI of over USD 10 billion.
HR, International Business, and Finding the Perfect Talent
Christian Tegethoff, Managing Director, CT Executive Search for Startup.info
How does CT Executive Search innovate? What specific tools, software, and management skills are you using to navigate this crisis?
Christian Tegethoff: It’s no secret that the global pandemic has changed the way business is being done. The HR sector and we as a company have not been immune to the accelerated digital transformation that followed the global lockdown.
As a company, we have embraced these changes. In fact, the adoption of new HR technologies such as video interviewing software (top examples include Spark Hire, HireVue) and online meetings lead to higher productivity and greater results in terms of hired candidates. It also widened our pool of clients.
Overtime Regulations and Compensation in Vietnam
- Overtime hours and regulations refer to time worked in excess of regular working hours in Vietnam
- Understanding overtime can be of critical importance for calculating costs for businesses operating in the country.
- Vietnam Briefing briefly discusses the laws and compensation that regulate overtime hours as well as a comparison with Vietnam’s neighboring countries.
Romania: New legislative amendments in labour relationships
New legislative acts have been adopted with the main objective of making labour relationships more flexible and adapting them to the current socio-economic reality.
On 6th May, 2021, two new emergency ordinances entered into force, namely (i) GEO 36/2021 and (ii) GEO 37/2021.
EXPAT LIFE IN INDIA
CT Executive Search Press Release: Online Event Organised by CT Executive Search, Rödl & Partner India, and AHK India
“As India’s economy continues to grow, it is important for expatriates looking to work in India to take into account the cultural and workplace differences to ensure that business processes run smoothly, and they adapt effortlessly to life in India”. – Christian Tegethoff, Founder and Managing Director, CT Executive Search.
On 28th April, 2021 CT Executive Search, Rödl & Partner India, and AHK India held a joint webinar titled – Expatriates in India: Recruitment Trends, HR, Legal and Tax Aspects.
Christian Tegethoff, Founder and Managing Director, CT Executive Search then spoke about expatriate recruitment in India, as well as diversity in the workplace, and what to expect when adapting to the country’s cultural norms.
What is going on in Russia?
CT Executive Press Release: Online Event Organized by Bundesverband mittelständische Wirtschaft (BVMW), CT Executive Search and SCHNEIDER GROUP
“Russia remains one of Germany’s most significant business partners. As we move past the restrictions brought on by the pandemic, it’s important to know how the market has changed post-lockdown, and what opportunities lie ahead for effective and mutually beneficial business relations.” – says Christian Tegethoff, Founder and Managing Director, CT Executive Search.
Top representatives of German companies came together to receive the latest updates on doing business in Russia at the webinar organised by Bundesverband mittelständische Wirtschaft (BVMW), CT Executive Search and SCHNEIDER GROUP.
Christian Tegethoff, Founder and Managing Director, CT Executive Search continued with a detailed overview of Russia’s HR sector, highlighting recent trends and prospects for executive search post-COVID-19. He also spoke about remuneration and employee benefits, as well as expatriate recruitment in the country.
