SINGAPORE: Singaporean workers have a distinct competitive advantage in today’s global workplace – one that draws on the strengths of Eastern and Western work cultures, says Josephine Lok, the first female chief executive officer (CEO) of Mizuho Singapore.
In her nearly three years at the Japanese bank, she has learnt the value of long-term commitment.
Japanese organisations may take longer to make decisions, says Lok, but “once they’re committed, they’re all out” – prioritising long-term relationships over short-term gains.
Japanese workplace culture, the Singaporean adds, favours alignment and consensus before making decisions, and values team achievement over individual glory.
Western workplace culture, by comparison, places greater emphasis on speed, individual accountability and open conversations, she says – with leadership often tied to individual visibility and charisma.
It is this contrast, Lok says, that gives Singaporean workers an edge – combining speed, agility and execution often associated with the West with Asian values of respect, trust and consensus-building.
“Singaporeans have a niche. We have Asian roots and Western efficiency,” the 50-year-old said in an interview with The Straits Times at The Ritz-Carlton, Millenia Singapore in late June, adding that this enables them to serve as effective cultural and business bridges.
“Our ability to balance speed with sensitivity is a distinct competitive advantage. I want to take the best of Singapore and Japan and combine it. I think that will make Mizuho Singapore very strong.”
One of the first things she noticed when she joined Mizuho Singapore was its Japanese-style security system, which the local office had adopted some 40 years ago.
The first employee to arrive each morning had to deactivate the alarm using a switch that was not intuitive. The last to leave had to walk around the office to confirm everyone was gone before reactivating the alarm.
The security procedures made sense historically in Japan, where Mizuho has many retail branches, including in remote locations.
“It may seem like a small issue, but the security system had wider implications,” said Lok.
Among its practical constraints: employees were less inclined to arrive early; cleaning activities had to start later and often coincided with peak office hours; and movement across floors was more restricted, limiting opportunities for spontaneous collaboration.
Lok said: “I asked: We’re in Asia Square in Singapore – a very safe country – with building security already in place, so why are we still doing this?”
As a result, she replaced the alarm systems and access cards with modern facial recognition. She acknowledged it took time to convince the head office in Tokyo, but noted that it was ultimately supportive.
“Rather than making a small improvement, we leapfrogged to a completely new solution.
“When we made that change, some of our long-serving colleagues said, ‘I can’t believe we were actually able to change that’.”
That security revamp was part of a five-year transformation plan she introduced when she joined Mizuho Singapore following an eight-year stint at UBS and, before that, a six-year stint at Credit Suisse.
The first phase has been successfully completed, with the Japanese bank now in the second phase.
Lok said: “We strengthened our foundations in technology and infrastructure, modernised the office, and improved our processes over 16 months to 18 months.”
Another initiative is the bank’s flexi-benefits programme, under which employees receive flexi credits that can be used for various well-being and their lifestyle expenses.
When Lok first joined, however, the programme had many restrictions, such as separate spending limits for different categories.
“Why do we need all these restrictions? From the bank’s perspective, the impact is minimal regardless of how employees choose to use their credits,” she said.
Mizuho then worked with its insurer to remove those unnecessary limits, giving employees greater flexibility to use the benefits to best meet their needs.
Lok recognised that transformation is not only about change, but also about preserving and strengthening what already works.
“At Mizuho, that’s our deeply rooted culture of care.”
Lok makes it a point of meeting new joiners quarterly to hear their ideas for change, always asking them two questions: What do they miss about their last workplace? What is their first impression of Mizuho?
She also rolled out the MizuhoCares programme, which encourages employees to identify opportunities and solve problems to create positive outcomes for colleagues, clients and the wider community.
“When we started, we sent out an e-mail every Friday. The goal was to build momentum and create a sense of anticipation, so that every Friday, people would expect an update and know that something new or a change was coming.”
She added that the bank has highlighted 97 initiatives so far. — The Straits Times/ANN
