The managerial ability of local firms compares well to those in other territories, according to the results of a survey conducted by the Macau Management Association (AGM).
The results of the survey show that the level of ability of the managerial sector of local firms this year scored 76.0 out of 100, compared to Hong Kong (71.6), India (75.5) and Australia (68.6).
The survey evaluated the performance of those in the sector in terms of 10 different managerial abilities, among which ‘integrity and governance of corporates’ saw the highest score for the MSAR, hitting at 80.8.
Other positive areas of performance included ‘performance leading’, ‘ financial management’ and ‘external relations’, scoring above the average, at 76.8, 76.9 and 78.8, respectively.
The survey further revealed that the city’s managers generally performed less satisfactorily in ‘organisational skills’, with the sector scoring 73.6, below the average score.
As such, AGM suggested that local firms examine and lay out policies for human resources after studying aspects in which staff can improve.
AGM stressed that good organisational skills of managers would result in better productivity and quality of products or services when facing competition.
Finance and insurance the best
Industry-wise, the survey found that managers working in sectors related to finance or insurance performed well in all of the 10 managerial abilities under evaluation, meaning that managers working in finance or insurance are performing better than those engaged in other industries.
AGM hence advised firms engaged in other industries to examine and improve their current management systems, and to provide related training for workers in order to increase their abilities in other managerial areas.
Meanwhile, the survey shows that the majority of personnel involved in the managerial sector are women, but the general performance of men in the sector was better in comparison to women.
CEOs continue good performance
According to the survey, managerial positions such as chief executive officer (CEO), general manager, or the chairman of the board have better scores in all 10 managerial abilities compared to other lower positions, similar to the results of the last survey.
For instance, staff that are positioned in managerial posts scored an average of 79.2, while staff in other posts such as ‘directly reporting to others’ or those who have ‘not served in any managerial posts’ scored 71.6.
AGM explained that the difference in scores obtained between the managerial sector and other positions is due to the different views and opinions when resolving problems. The association added that the divergence would likely create conflicts or uncoordinated situations.
The survey was conducted between March and July of this year, with 401 responses received.
In light of the development of the ‘One Belt, One Road’ project, as well as the Greater Bay Area, AGM suggested that the MSAR Government allocate more resources to personnel training, while also advising local firms to cooperate with other tertiary education institutions and business associations from other Greater Bay cities, allowing the exchange of experiences and creating a ‘butterfly effect’.
Meanwhile, the association suggested local firms learn via benchmarking. Firms could create customer value and improve business by comparing good practices of other firms, and by pinpointing the differences between their current operating processes and the best practices of businesses. Consequently, firms could improve their business by laying out the most suitable practices and implementing them.