Future of payments: physical to digital currency

Back in the day when we went to university, it was a common feature in every batch to have a group of friends who would inadvertently have a designated "Khadem" or "assistant" from the same class, an ordinary-looking, kind-hearted male classmate who would take care of their every need at the drop of a hat!

If you look carefully, you can also find these "assistant" figures in the corporate world. It reminds me of a CEO friend of mine who was well-known for driving his big company to a new height with innovative and digital initiatives.

In the process, he masterminded a tech company with the support of a key partner and a prominent stakeholder. One of his loyal and trusted "assistants" who was rejected by other divisional heads of the company for his lack of professional prowess, was luckily placed in the project coordination activity to save his job.

One day, the "assistant" ambitiously approached the CEO to recommend him for the CEO role. Shocked at his proposal, the CEO reminded him of his inadequacies against the heads of competing companies. Despite the CEO's reservations regarding his professional abilities, the "assistant" eventually managed to clinch the top job in the tech company, using his so-called magic.

"Assistants" usually forget their models when they outlive their roles. True to his nature, in a recent interview with a prominent newspaper, the assistant-turned-CEO of the new company claimed full credit for himself for the entire process of conceiving the project idea to its current implementation.

"Sharing is caring is one of the first lessons we get from our parents, but we, like this "assistant", don't always follow it. And when it comes to sharing credit, we are even more remiss!

Common reasons behind this tendency include professional insecurity and being exceedingly ambitious. Another reason is the genuine belief that he/she made a greater contribution to the project deserving more credit.

Some are overly concerned about how it would impact their reputation or career prospects. And of course, there are the individualistic types who value personal recognition over team success.

Contrarily, sharing credit has many benefits to its credit – pun intended. For one, it can help foster trust and a sense of teamwork and collaboration, a sure recipe for building strong and effective teams.

Recognition can motivate team members to engage and perform better, strengthening relationships simultaneously. Finally, sharing credit prevents conflicts while building goodwill, which helps ensure recognition. In my long career, I have never found any leaders or managers ever being penalised or deprived of sharing credit with others.

There are many ways that credit can be shared in the workplace. Acknowledge the contribution of others by recognising the efforts of each and every team member. The use of inclusive language also goes the extra mile. For instance, use "we" instead of "I". And give credit, no matter how small, when and where it is due. If someone has made a significant contribution to a project, make sure the due credit is given in public.

Traditional leaders generally have a formula for success: passing all the work to others and taking all the credit when it comes to success. But the leaders of the digital era are quite different. They work together, take pains, share credit, and grow together. Let's all try to make digital-era leaders our role models and create a better working environment.

The author is a telecom and management expert.

I had the privilege of working with a good number of high-tech wizards in a recent event where I found most of the chief technology officers (CTOs) are upset that the IT budget has been slashed due to the looming economic uncertainties and the ensuing challenges in the banking sector.

The vendors I met were more upset because they are not only having to bear the brunt of the budget cut but there is also the challenge in opening letters of credit. As for the senior management or the board, it is the easiest decision to manage a crisis!

While the pandemic has forced us to drive a digital transformation, albeit on a limited scale by the global standard, it has certainly brought on a large-scale transformation by the local standard. All kinds of corporates accepted work from home, online approval, virtual meetings etc. to deal with the challenges.

Had there not been such a crisis, our board and senior management would still be debating on the need for these changes. Ironically, the credit for the digital transformation in the last three years goes to none other than the coronavirus.

Post-pandemic, all countries are facing unprecedented economic uncertainty triggered by factors such as the Ukraine war, the China lockdown, and the high-interest rates to tackle higher inflation, to name a few.

In the case of Bangladesh, we have the additional challenges of depleting foreign currency reserves and a weak banking system. The board and the senior management may take a lesson from the pandemic on how driving a digital transformation can boost productivity and transform the economic culture. During a crisis, the team prefers to be led.

Digital transformation is something that does not just happen overnight. Its benefits are tangible over years of painstaking efforts.

Because of our national tendency to over-emphasise the pain of today over the gain of the future, we ended up de-prioritising digital transformation, which ensures long-term sustainability. As a result, we lagged as a nation. This behavioural trap is evident in most of the corporates in Bangladesh.

Another reason for not valuing the need and benefits of digital transformation is ignorance.

Digital transformation results in changes across an organisation that impacts the top-line, the bottom line, people and culture. And yet many leaders are still hesitant to invest in such transformations due to the lack of clarity on the returns on investment.

While advising companies in various industries, I have observed several challenges: 1. Most of the top management believe in the need for it, but hesitate to act on it; 2. Some embarked on it because of the pressure from the board; 3. Lack of leadership and team alignment within the organisation; 4. Fear and inability to manage the unknown; 5. Basic level of digitalisation like the paperless office is missing; and 6. CTO/CIO is keen to develop everything with its own team while the ready product is available on the market.

In my earlier job at Robi, the team was clear to drive digitalisation in the payment and collection systems well before the pandemic. When the whole country, including the telecom industry, was hit by the pandemic, Robi was least-impacted because of its pre-pandemic digitalisation initiatives. The digital recharge went up by 44 per cent. 

As we move ahead making Covid-19 a thing of the past, let's keep the digitalisation process an integral part of our lives instead of a "one-off" feature. Let's not wait for another crisis to jumpstart our next level of digital transformation. It will not give any competitive advantage as others will be forced to follow equally.

If an organisation drives transformation as a continuous process, it will gradually develop a competitive edge, making it hard for the competitor to match.

The author is a telecom and management expert.

In one of my expat job locations, I discovered that the status symbol of that society would be having a western CEO in their company. I observe the same infatuation with western CEOs among employers and employees in some cases in Bangladesh. But Bangladesh could produce more local CEOs and corporate leaders if local employees and employers were more supportive.

In my experience of promoting local talents to senior positions, I have found the biggest challenges from local teammates. The general attitude is somewhat like how can I report to someone who is just one of us? There are also those who pride themselves in reporting to a foreign boss. Needless to say, there are always exceptions.

I was anticipated to take up the CEO role prior to the actual time. But it could not happen because of some colleagues' concerns about me, as I was told. When I assumed the CEO role in late 2016, one of the biggest initial challenges was gaining confidence from my team.

One group wanted to override me, while the rest was caught in a dilemma of whether the first local CEO could live up to the expectations in the foreign-owned telecom sector. Fortunately, I had the full support of my Group CEO at the time, which helped me tremendously. We often see success but not the struggle behind it.

There was a time when the top job in multinational companies (MNCs) in Bangladesh was held by expatriates. But today, many Bangladeshi CEOs in MNCs are proving to be equally or more successful in their job, breaking the earlier jinx. It is truly helping change the mindset of local employees, and if the trend continues, we can see more home-grown talents as leaders.

Another reason for selecting local CEOs or leaders against expatriates is the changes in the organisational structure in the last decade or so. In most MNCs in Bangladesh, the finance, supply chain, HR, and even part of marketing report directly to the regional functional head. Only dotted or administrative reporting is done to the local CEO. Hence, the CEO's role becomes limited only to sales and marketing (not brand often), dealing with local authorities and regulations etc.

Generally, it is beneficial for foreign companies operating in Bangladesh to have a local CEO who understands the local culture, language, and business environment. A local CEO usually has established relationships with local stakeholders, including customers, suppliers, and government officials, which can be valuable in building trust and navigating the business environment.

Additionally, a local CEO may be better equipped to understand the unique challenges and opportunities of the Bangladeshi market. This can help the company tailor its products, services, and marketing strategies to the local market and gain a competitive edge. Additionally, a local CEO would generally have an eye for national interest, unlike an expat.

However, it is important to note that every company and situation is unique, and there may be circumstances where an expat CEO may be a better fit. For instance, if the company operates in an industry that requires international expertise, such as technology or finance, an expat CEO with global experience may be more suitable. Ultimately, whether to hire a local or expat CEO should be based on the company's specific needs and its business environment.

Bangladesh is not a desired job destination for westerners or our neighbours. Hence, not the best of the expat resources would agree to get posted here. There are local leaders who can undoubtedly hold top positions, but our love for expats and the government's indifference to creating opportunities for locals hold back progress. Aligning with the "Made in Bangladesh" strategy, shouldn't we focus on "Made in Bangladesh CEOs" too?

The author is founder and managing director of BuildCon Consultancies Ltd 

In recent times, people seem to be smitten with the term, blockchain, popping it into conversations without much knowledge of the concept.

Recently, I attended a client call on digital transformation when the client's chief financial officer was almost frantic in using the term blockchain, irrespective of its relevance in the conversation. I had little choice but to refrain from correcting his misconception of the term.

A few days later, one of my friends announced that he had invested in a new blockchain company and that he is going to be a millionaire! When asked what blockchain is, he simply replied, "Don't ask me as I'm not quite sure I understand fully what it is. But I do know that blockchain is the future, and it's going to revolutionise everything."

I asked him whether he meant Bitcoin by blockchain, and he immediately pounced on it, exclaiming, "Yes, exactly!" Unlike my client's CFO, I could tell my friend this time that blockchain and Bitcoin are not the same things!

In my lifetime, I have never heard of any election in Bangladesh without allegations of corruption. This deep-rooted public mistrust goes way beyond the electoral process. While Bangladesh is making commendable progress on its path to digitalisation, its citizens would also love to see breakthrough changes in its electoral system, at least being piloted in the future local or mayoral election.

Blockchain is one such technology that can revolutionise elections by providing a secure, transparent, and tamper-proof means of voting system.

Blockchain can enable a decentralised voting system where each participant can verify the authenticity of the vote without relying on a central authority or intermediary. It can provide a transparent and auditable record of all votes, which can help prevent fraud and ensure the results are accurate and trustworthy.

Once recorded on the blockchain, the vote cannot be altered or deleted, providing a tamper-proof record of the vote. It can enable a secure and confidential voting system where each participant can verify the authenticity of their vote without revealing their identity.

Blockchain can enable remote and mobile voting, enabling easier participation in the voting process. Lastly, blockchain technology can enable near-instant vote counting, providing timely and accurate results to the participants with no scope for manipulation.

At present, there are only a few countries that have used blockchain technology in their voting systems. Estonia has been using a blockchain-based voting system since 2014.

In 2018, Sierra Leone became the first country to use blockchain technology in its presidential election. In the US, West Virginia implemented a blockchain-based voting system in 2018 for the midterm elections.

Russia has been testing a blockchain-based voting system since 2019. South Korea also tested it in the city of Seoul.

However, implementing a blockchain-based voting system would require significant technical expertise, careful consideration of legal and ethical implications, and ecosystem readiness, like mobile connectivity.

Globally, the use of blockchain technology in voting systems is still in its early stages, and there are ongoing debates regarding its maturity. Bangladesh should have the vision to have a blockchain-based electoral system to regain voters' trust, which will definitely be a milestone on its path to becoming an intelligent nation, as our prime minister envisaged.

The author is founder and managing director of BuildCon Consultancies Ltd

There was once a young and talented woman who got a job at a corporate giant. Her dedication and sincerity impressed everyone, and she seemed to have a brilliant start until her employer voiced his expectations. He warned that he expected her to work long hours and do anything to get the job done, even if it meant bending the rules.

Soon it dawned on her that her boss's ethics didn't quite align with hers. With each passing day, the ethical compromises weighed heavier on her until she decided to quit.

Walking out stronger from experience, she decided to start her own company, and within a short time, her business came to be known as one of the most ethical in the industry. Then one day, she came across her former employer, who wanted to know the secret of her success. She replied, "I followed your advice. I worked long hours and did whatever it took to get the job done. The only difference is, I did it ethically." Ethics ensure the long-term sustainability of a nation and an organisation.

Last week, I had a very interesting chat over dinner with some friends, including an old colleague-cum-mentor, sharing experiences on ethics and the malpractices that go around in the corporate world under the veneer of ethics.

Present at the table was a former CEO who shared his fate of getting framed and fired by a compliance team after daring to oppose his Group CEO's views. Another recalled how a company had fired a CEO in the name of ethics only to replace him with someone fired by another company.

These stories are all too familiar to those of us who belong to the corporate world, although they may not surface in open discussions.

While we pride ourselves on our progress in almost every sphere of life, we often overlook how ethical standards around us are fast-depleting. Honest police officers struggle to do their job ethically in fear of receiving calls from higherups, honest customs officers often get posted to a non-important station, migrant travellers are often deprived of fair treatment at the airport, the rich know the art of evading taxes at the cost of the poor, and the list can go on.

From my experience, a government organisation had intentionally or "unintentionally" lost my file with them, so a hefty sum could be collected to regularise it. When I protested against paying, the officer suggested going to court.

Generally, we only complain about the ethical standards of government officials and political leaders etc. Ethical malpractices are also prevalent in sophisticated local and multinational companies to various degrees. The common factor in all these cases is that the more power you have, the more likely you will emerge as the winner, while the losers are commonly those at the bottom of the pyramid of the company or the country.

The question is, where do we turn to when we are victims of injustice or oppression? To courts? Delays in our legal system have often proved that justice delayed is justice denied. Even the geo-political scenario is no different as Bangladesh hesitates to fight for justice with big players like India, China or the US.

Living ethically in an unethical world can be challenging and requires an uncompromising personal commitment to integrity, personal courage and setting an example for others. Those who are looking for success by compromising on ethics must bear in mind that there is something known as karma or natural justice that does not spare anyone. Living ethically is a journey, not a destination.

The author is founder and managing director of BuildCon Consultancies Ltd 

A common sight during winter months in recent years has been the distribution of blankets by our politicians, corporate leaders and businessmen to communities with little or no real need for them. News and social media coverage, mobile clicks and press conferences may outnumber the total spending on these so-called noble endeavour that go by the CSR (corporate social responsibility) title.

A global trend, CSR is now the subject matter of high-ranking international meetings on the environment, climate etc., with very little to its credit. The trending manner and race for CSR seem to outstrip and dilute its purpose and the term CSR into corrupt social responsibility!

How often do prominent corporate leaders donate to schools, hospitals, or care centres? Why are corporates so prominent in their CSR?

In most cases, a CSR budget is allocated for a year, and it must show a return in the same year. The so-called good corporates also use the CSR budgets to satisfy critical stakeholders to fund their CSR or their spouse's CSR initiatives. I know many examples where top officials, including lawmakers, seek assistance in their areas to garner local support using the fund of CSR.

There are also those that use CSR to get tax benefits, pressing the National Board of Revenue (NBR) for more concessions.

I recall an incident dating back almost 15 years, where Mr Anis Ud Dowla, chairman of ACI Group, surprised his audience by going against the flow in a session on CSR organised by the American Chamber, saying, "Our first duty is to pay taxes to the government and take care of your employees…. once you do that, you can concentrate on CSR."

His words still ring in my ears! Certain big local business houses in the country dodge taxes and deprive employees but are very active in CSR engagements in their local areas.

Let's do a quick calculation of CSR RoI (Return on Investment) of blanket distribution. If one distributes 1,000 blankets worth around Tk 5 lakh, it will cost another Tk 5 lakh to organise a press conference in a five-star hotel. If 10 newspapers cover the story (free of charge), they receive a benefit worth Tk 10 lakh or more of free publicity.

If one considers social media mileage, it will be considered a very profitable investment, let alone the leader's branding. I must confess that I was also a part of this culture at one time.

A study by the Harvard Business Review found that companies with vital CSR programmes experienced a long-term positive impact on financial performance.

Another study by the Global Reporting Initiative found that companies with high levels of sustainability experienced a positive effect on financial performance and increased stakeholder trust. Global corporates and their leaders are very aware of the economic benefits of CSR programmes. Hence, it is more of an investment than a selfless contribution or charity.

CSR is commendable if it is implemented effectively and aligned with the values and goals of the organisation, and tailored to the need of the beneficiaries. When companies engage in responsible CSR that goes beyond profit-making and consider the long-term impact of their actions on society, the environment, and their stakeholders, the benefits can be multifold, including long-term business benefits.

It is vital to ensure that CSR efforts are genuine, transparent, and accountable and not used to distract the public or cover up unethical practices.

The blanket distribution and the likes that go around in the media seasonally make CSR appear to be a corrupt social responsibility!

However, CSR can be a powerful tool for development and transformation if carried out ethically and selflessly. Even the recommended zakat (mandatory charity in Islam) to share the wealth with the underprivileged can make Bangladesh a better place to live in if made with greater planning and sustainability.

The author is a telecom and management expert   

Some common complaints are: my friends don't listen to me, my colleagues don't listen to me, my husband doesn't listen to me, and even my parents don't listen to me.

Nowadays a key problem in relationships is the failure to get listened to. Are we speaking when we should be listening? How many of us really understand if we have this problem?

It's like Molla Nasreddin who went to the doctor seeking help for his wife who was not hearing him well lately, fearing if she was going deaf or just plain ignoring him.

The doctor asked him to do a test, a test that involved speaking to her from various distances to check her hearing abilities. So, when Nasreddin went back home that night, he found his wife working in the kitchen with her back to him.

He went about asking her what was for dinner several times, shortening the distance each time, but there was no reply. Finally, when he was only inches behind her, she whirled around and screamed, "I have told you four times, chicken!"

This time he seemed to have heard her loud and clear. Now you know who has the listening problem!

Some while ago I got a call late at night from a respected minister's personal secretary, checking if I could meet him right then at his residence.

I had been trying for this meeting for quite some time and, hence, despite the short notice, within a short time, I had reached his beautiful home little knowing that I would spend more than two hours there listening to the honourable minister as he shared various colourful experiences of his life.

I sat patiently, looking for the apt moment to take a maximum of five minutes to voice my problem. A little desperate after midnight, I intercepted the monologue and started to talk only to have him declare flatly, "Mahtab, let's discuss office stuff in the office." And the meeting ended there.

I have observed similar behaviour with many business leaders who are successful and yet remain at risk of falling prey to the yes-men group who would never give them feedback on the importance of listening. A wise person listens and tries to get the best out of you by asking questions, enriching his or her knowledge in the process.

Listening is truly an art. Caring enough to listen deeply is a gift. Effective listening is important because it leads to improved communication, prevents conflicts and misunderstandings, and thereby leads to healthier personal relationships as well as more productive professional ones.

Effective listening is an act of showing care and respect to the speaker, and hence when you stop listening, you stop caring.

According to the International Listening Association, only 25 per cent of people are effective listeners. In a study by the American Management Association, it was found that employees who are poor listeners waste an average of 2.1 hours per week due to misunderstandings. A survey by Forbes found poor listening is the most significant contributor to miscommunication in workplaces.

Getting the boss to listen, instead of speaking, is often considered a rare stroke of luck. The reasons for this may be many including, time constraints, overconfidence, the know-all syndrome, being too focused on their own stress, and lack of empathy.

Our biggest mistake is listening to half of what is being said, understanding its quarter and speaking double. In this digital era, patience and attention span are twining in depletion. Smartphones have often been cited as the culprit, making matters worse as they are audaciously being used in meetings, classes, and events.

Hence let's resolve to make a conscious effort to listen more and speak less, and put away our phones when others are speaking, especially if it happens to be the wife!

The author is a telecom and management expert

Once upon a time, there was a man who always bragged about his smartness. One day he came across an old man from his village and boasted, "I am the smartest man in the world. Nobody can match my intelligence."

The old man said, "Really? Prove it by answering this question. What is the heaviest thing in the world?"

The man readily replied, "Gold."

The old man smiled and said, "Wrong. The heaviest thing in the world is ignorance. It weighs down the mind and holds back progress. Smartness, on the other hand, is as light as a feather and lifts us to heights."

The man was humbled and from that day on, he focused more on becoming wise and humble.

We are all smitten by the idea of building a smart Bangladesh. But in order to do so, we need to understand the deeper meaning of the whole concept.

The vision of building a smart country by 2041 involves implementing smart technologies to improve various aspects, such as economic growth, education, healthcare, and governance. The first step is to develop a national strategy, a comprehensive strategy facilitating the use of technologies to improve the country at the micro-level. The strategy should consider the country's strengths, weaknesses, and growth opportunities.

Second, a widescale investment in infrastructure is essential to build a smart nation. Robust and reliable infrastructure includes high-speed internet and mobile networks, delivering optic fibre to each household, among others. Governments should invest in these infrastructure elements.

Encouraging innovation and entrepreneurship can help drive technological advancement. The state can provide funding and support for start-ups and research and development efforts, as it has done by forming Startup Bangladesh Ltd. It is also vital to promote digital literacy so that people are comfortable using technologies.

Digital literacy may be promoted through education programmes and training, in addition to creating infrastructures like hi-tech, software parks and upazila-level fibre connectivity.

Building a smart country requires collaboration between the government, private sector, and other stakeholders. The state should foster partnerships with stakeholders to ensure that their collective effort towards a digital transformation is aligned and effective. Mass-level efforts are required to encourage the entire population to adopt digital technologies in their daily lives.

An important component of a smart country is cybersecurity. As technology becomes more integrated into society, it is key to ensure that the country is protected from cyber threats. Very strong cybersecurity measures are essential to protect every citizen's data and privacy.

Half of the world's population lives in the cities and Bangladesh is catching up fast in this trend with its urban population making up 39.7 per cent of the total population. In its efforts to be smart, Bangladesh is using advanced technologies to address the issue of climate change by using less energy and improving air and noise pollution, traffic congestion, waste management, utility supply and many more.

So far our journey towards being a smart country has been commendable. Smart technology is definitely the means to reaching our Vision 2041. In other words, harnessing ICT, the Internet of Things, Artificial Intelligence and Blockchain to get insights into data and develop smart applications like smart agriculture, smart homes and smart supply-chain is the way to reach our goal. These smart applications will undoubtedly make people's life easy, efficient and comfortable. Despite the challenges, I believe a Smart Bangladesh is imminent.

The author is a telecom and management expert

Walking back from the corner shop, Mr Chowdhury met a neighbour who inquired about what his sons are doing nowadays.

Mr Chowdhury explained that his eldest son completed his Master's in Economics, the middle son has a PhD in Artificial Intelligence, and the youngest one is a politician.

The neighbour was impressed by the older two, but about the youngest, he said, "I would have thrown him out of the house."

Chowdhury quickly responded, saying: "But he is the only one earning money. The rest are unemployed."

The moral of the story: a degree is not everything in one's career.

I had earned my certified management accountant degree well before I joined Unilever and was excited to add it to my visiting card. But then I observed that others in the office did not mention their degrees in their cards, no matter how prestigious it was.

Perplexed, I asked the head of HR, who confirmed that there is an unwritten policy of not mentioning degrees on the card because your work is more important than your degrees and that it may be taken as an attempt on your part to imply that you are superior to those with whom you share the card. That was a well-learnt lesson at the start of my career, a lesson that I itch to impart whenever I am handed a card filled with such details.

I was under the spotlight recently when I ran an election campaign for a professional body. My followers urged me to have my professional degrees on my card, arguing that it would not be advantageous if I didn't. But I refused to budge despite the highlighted risks and the positive election results proved such efforts' futility.

The benefits of tertiary and professional qualifications lie in the edge they give you in terms of increased knowledge and expertise, career advancement, networking, and relatively speedier personal growth during the early stage of your career.

While listing degrees and certifications on a visiting card can indicate a person's education and professional qualifications, it does not necessarily make one superior if that is the intent of the exercise. Many factors, including work experience, skills, and accomplishments, primarily measure professional capabilities.

Additionally, some may have relevant knowledge and experience that can't be gauged by formal education or certifications. Therefore, displaying degrees on the card does not serve the intended purpose; instead, it may indicate vanity and frivolity. 

Another perspective we often tend to miss is that multiple degrees also come with a cost, not only in terms of financial investment but also the time invested. It also highlights if the investment would pay off in the long run and how far it would correlate to a real-world experience.

I have yet to see a direct relationship between the number of degrees and career progression. Rather many promising corporate individuals have lagged because of their passion for acquiring new degrees. Undoubtedly, a good degree helps get a suitable designation and good pay at the initial stage of one's career. But after that, an employee is judged primarily on his or her job performance.

Certification courses to improve individual or organisational productivity are crucial, but not necessarily academic or professional degrees.  If the available time is shared between the job and degrees compared to someone who primarily focuses on the job is likely to succeed as a corporate leader.

Do we need a visiting card in the current digital era? Wouldn't a bar code on your mobile phone suffice, not to mention how eco- and people-friendly it would be?

The author is a telecom and management expert.

A college friend who was once an outstanding student failed to do well in his IT career. His family of two university students barely managed with his single income until the pandemic. But since then, the price of his basket of goods has increased significantly. As a result, the family is finding it very hard to make ends meet with his monthly income of Tk 60,000.

To make matters worse, he recently got fired by his struggling IT company, which is heavily dependent on the export market. Completely devastated, he turned to his friends for support of any kind.

He is just one of the many I know who fell into troubled waters recently with no salary to pay for house and car mortgages. 

While technology companies announced massive layoffs last year, 2023 is looking even worse. Tech giants, including Amazon, Facebook, Microsoft, Google, IBM, SAP, and Salesforce and many smaller tech companies announced sweeping job cuts.

In the US alone, approximately 150,000 jobs were lost in 2022, which is shockingly similar to the first three months of the current year. In India, 166 IT companies fired more than 65,000 workers in 2022, and the trend is continuing in 2023.

The primary reason behind this job crisis in the tech sector was the hiring spree of big tech companies during the pandemic when lockdowns sparked a tech buying binge to support remote work coupled with abnormal uptake in e-commerce. Persisting supply chain issues, inflation and the war in Ukraine also impacted business and consumer spending, leading to fears of a global recession.

The recent impact of artificial intelligence on people's productivity is also to be considered. With the dismal global economic scenario and if we consider Bangladesh's high inflation, the forex reserve crisis and the poor banking system, we can foresee a perfect storm brewing!

Why is there a sudden shift from an employee-driven market (Great Resignation) to the unprecedented scale of tech layoffs?

Amid a strong labour market, companies were competing for talent worldwide. At the same time, trends like quiet-quitting and the Great Resignation made way for employees to make more demands. At the same time, reports of rampant hiring freezes and layoffs left many workers nervous.

People who left their jobs are now worried about keeping their new positions. Other workers are wondering if 2023 is the right time to switch careers.

There is debate among billionaire CEOs regarding the reasons for the layoff. Investor Keith Rabois recently said firms had over-hired IT engineers who do "fake work."

Investor David Sacks, a friend of Elon Musk, commented: "Does anyone still work?" Musk replied with a cry-laugh emoji. Most CEOs in this category admit that they made a mistake by excessively recruiting during the pandemic.

Since Bangladesh is in short supply of tech workers, the impact on tech companies may not be that harsh in the short term. But the crash will be more significant in industries dependent on the export market, like IT and garments.

Bangladesh's job market has fortunately not seen many challenges since our liberation. The nation has only seen progress. Our workers and employers are yet to learn how to deal with the Great Migration or the high lay-off scenario. Under the circumstance, options like salary cuts, lower working days, and new skill development may be considered in balancing the interest of both parties.

One last piece of advice: be less adventurous as an employee with job changes, as it is always better to take shelter under a big tree during a storm.

The author is founder and managing director of BuildCon Consultancies Ltd 

Once, two Americans found themselves lost in the Arabian desert without food or water. They came across a mosque and one of them suggested they change their names to pretend they are Muslims to avoid not being helped. But the other refused, saying, "You go ahead being Muhammad while I remain Joe".

At the mosque, a bearded man greeted them with a smile offering how to help.

"Hello, I'm Muhammad and this is Joe. We were wondering if we could have something to eat and drink," asked Roger.

"Why, of course. Joe, we will bring you some food, and for you, Muhammad, we can share a meal at sundown when we break our fast," replied the man. The experience taught the Americans how embracing Islam is and the true spirit of camaraderie and sharing of Ramadan.

Ramadan is the holiest month in the Islamic faith, a time when Muslims try to purify their souls in their attempt to draw closer to Allah. The act of fasting is not only refraining from food and drink but also exercising self-control in our worldly desires.

But how much of this spirit do we see around us today?

Ramadan is increasingly becoming a month of feasting and festivities instead of charity, where profiteering in business, fun, and frolic are the mantra. Far from prioritising worship, a certain section of our society is busy with elaborate iftar parties, many hosted at restaurants.

Iftar parties have turned into iftar-cum-dinners, and, as if that is not satiating their spirit of fun, the innovative minds have started the trend of Sehri parties.

Our corporate houses are not lagging in sporting the "Ramadan spirit" either. Most five-star ballrooms and restaurants are booked in advance by them, where the cost of a meal is enough to feed an entire family for a month.

This lavish feasting shouts bad taste, especially during the current local and international economic crises where the cost of living has increased exponentially with no increase in salary. The hardest hit is the poor, many of whom turn to mosques for free meals. The mayhem gets even crazier with our corporate chanting: "the bigger the crisis, the bigger the opportunity".

It goes without saying that big corporates reap the maximum benefit in a crisis, as was observed during the coronavirus pandemic. A crisis makes the rich richer and the poor poorer.

According to the Bloomberg Billionaires Index, 131 billionaires more than doubled their net worth during the pandemic. In the case of Bangladesh, I couldn't manage any official data to share, but undoubtedly, our wealthy individuals and corporates have had their share of the bounty too.

For corporates that deal with essentials, Ramadan is also a party time, a busy month of counting profits. These same corporate houses are seen racing to outdo each other in boasting their CSR. In reality, such spending is a mere fraction of their massive profit in a crisis, not to mention the artificial crisis they create at such times.

This month, the fashion and food industries are also fraught with a mindless extravaganza. Far from the spirit of Ramadan, a month of moderation, we see people chasing their material desires with greater gusto, bringing city traffic to a pathetic state. The recent launch of Tk 20,000 per kg jalebi with gold targeting the insensitive group is another great example.

Ramadan is only halfway through and it is still not too late to wake up. We can still reap the benefits of this blessed month by practising moderation in all phases of life. I humbly request that all individuals and corporate houses cancel gala iftar events and channel the funds to charity to make others' life easier.

The author is founder and managing director of BuildCon Consultancies Ltd 

Economists dub the lottery a stupidity tax because the odds of getting any payoff by investing in a lottery ticket are approximately equivalent to flushing the money down the toilet. Why in the world do we play the lottery? There may be many answers, but the first one would surely be seeing a lot of winners on TV or in newspapers, right? When was the last time we saw interviews with anybody who lost?    

If the media covered a fraction of the losers, the lottery would have long been a thing of the past!

If you want to be a multi-millionaire, just go to a remote village and become a mobile banking agent to start an online gambling business. Several agents have become multi-millionaires thanks to this business. Social media is continuously advertising gambling apps such as Lucky Win, Glory Casino, Rapid Cash, and Emirates Lottery, luring the young generation.

The Public Gambling Act of 1867 prohibits all such gambling activities, including app makers, advertisers like Facebook and YouTube, traders, and of course, the players. And yet, such business practices are rampant, dodging our legal system and the cybercrime cell with much ease. In the process, a large number of people are falling victim to gambling addiction and other related crimes, not to mention siphoning off money outside the country.

A Digital Security Act was passed in 2018 with the aim of preventing the spread of racism, sectarianism, extremism, terrorist propaganda, and hatred against religious or ethnic minorities through social media, print media or any other electronic media. Leaving alone the debate on the Act itself, one may ask if it is being enforced effectively, as a lot of prohibited content is still reaching the public through social media, which brings us to the question of whether our law enforcement agency is capable of preventing such contents from reaching the public?

If we look at the current scenario, the answer is clearly in the negative. While there is no doubt about the good intention of the authority, it is obvious that the problem lies in the lack of technological advancement required for the implementation of the Act.

Unfortunately, in countries like Bangladesh, laws are formulated based on traditional thinking, incognizant or incompatible with the digital progress in all fields. This gap between such laws and the rapid progress in technology is what makes their implementation a challenge, pointing to their futility. Under such circumstances, the law is executed without consistency, often becoming discriminatory.

Many countries like Bangladesh, with these laws, are not coping with the digital advancement in the era of 4IR. To address this challenge, lawmakers may consider the following factors:

1. Adopting new laws and regulations that address digital technologies' specific issues and opportunities; 2. Updating existing laws and regulations to adapt to the developments of digital technologies; 3. Using new technologies at the time of formulating or updating the law to ensure enforceability; 4. Learning new skills to keep up with the pace and complexities of digital technologies and their legal implications; 5. Addressing the lack of a common and coherent legal framework for digital issues at the international and regional levels; 6. Considering the challenges of enforcing existing laws in the digital sphere, especially across borders.

It is vital to address this challenge, which will only grow in the coming days if no action is taken. Laws are as important as their enforcement. Lawmakers need to understand the pace of digital progression, and law-enforcing agencies should be technically equipped with international collaboration.

The author is founder and managing director of BuildCon Consultancies Ltd

While studying the prospects of a digital university, I met one of our finest vice-chancellors who have the vision to launch a true digital university. During our discussion, I was fascinated to hear him share the learning management system facilities and his master plan for a Tk 1,000-crore mega campus.    

But I found myself scratching my head wondering how such a huge investment makes sense since the purpose of digital education is to take education home at the most affordable price.

Recently our regulatory authority has given the nod for blended learning, but not full-fledged digital learning. While the edtech business has revolutionised the education system globally, we are still talking about blended education and shying away from a full-fledged digital university. Those who feel proud of our education system are undoubtedly living in a fool's paradise!

While we are caught in the middle of traditional and digital education, the rest of the world is panicking over the death of education threatened by artificial intelligence (AI).

The hypothesis is that AI enables students to cheat in their assignments and thus, lose out on learning and undermine the system. The threat is unavoidable, and the concerns are well-founded. As a solution, we can first take steps to understand the threat and power of AI and use it to our advantage with mitigating actions that would lead to a positive transformation in learning and education.

AI can be a powerful tool for students to provide answers to questions, explain difficult concepts in simple terms, and suggest resources for further learning.

It can also provide personalised feedback and recommendations based on a student's strengths and weaknesses. Furthermore, it can help educators to improve their teaching by providing innovative ways to deliver content and engage with students.

Sal Khan of Khan Academy said in a Ted Talk, "We are going to transform education positively by giving every student on the planet an artificially intelligent but amazing personal tutor, and we are going to give every teacher on the planet an amazing artificially intelligent teaching assistant."

An AI-based tutor can be appointed to improve the performance of a student by catering to his/her strengths and weaknesses in a particular subject. The whole education process will simply be revolutionised.

The new method for a student will more likely be a little AI-based bot that will record the conversation and be accessible by the teacher.  There will be a second AI-based bot that will moderate but not provide the answer, and hence it will not be a cheating tool.

When the student asks, "Tell me the answer", it will respond with, "I'm your tutor. What do you think is the next step for solving the problem?"

The teachings of these AI tutors are anticipated to excel that of an average tutor. In short, it will transform the education system, introducing revolutionary features, including a teacher and AI collaboration, individualised learning, and universal access for all students.

Therefore, the threat of AI may alternatively be considered as an opportunity to revolutionise the academic experience of our students in Bangladesh. However, what is required is immediate recognition of the threat posed by AI and the urgent need to transform our education system by its introduction and incorporation and solve our long-standing issue of not having an adequate number of quality teachers by affordable means.

Our authorities' prompt and needful action may well transform Bangladesh into a knowledge-based powerhouse.

The author is founder and managing director of BuildCon Consultancies Ltd

During my university days, I was asked by my father to take charge of a horticulture project on a large piece of hilly land in our village in Cumilla.

My first thought was what to grow in such a jungle. In pursuit of its feasibility study, I sought guidance from a senior soil scientist in Khamar Bari. Perceiving my frustration with the quality of the soil, he said, "Mahtab, no soil is bad soil as long as you know what to grow there."

He went on to explain that you plant crops based on the nutrition of the soil and on a process of trial and error. He continued that when a piece of land is not suitable for planting pineapples, try planting jackfruits. If jackfruits are not growing, try planting dragon fruits or veggies.

And if none of that works, scatter buckwheat seeds, which will one day bloom in flowers. On the very land itself, one seed will germinate and grow. His words remained in my heart as a lifelong lesson that I could apply to many situations throughout my life.

Success is a combination of hard work, determination, patience, and support from the right people. And during the journey of life, failure with frustration and disappointment is inevitable. Do not stop. Keep going. After all, your failures don't define you.

There are many examples of success preceded by failures. On his failed attempts before inventing the bulb, Thomas Edison said, "I have not failed. I've just found 10,000 ways that won't work."

Michael Jordan is one of the greatest basketball players of all time. However, he was omitted from his high school as well as university basketball team. JK Rowling struggled on welfare as a single mother before her success with the Harry Potter series.

There was once this young man who failed to perform well in academics and at work despite his repeated efforts to prove otherwise. Then he got a job as a primary school teacher that he started to enjoy. Soon, he found himself sacked for his incompetency.

Dejected, he went home, and his wife comforted him, pointing out how he did not have any formal training in teaching or experience. She explained, "When the creator says yes to your prayer, he gives you what you want. And when he says no to your prayer, he has something better for you. Hence, there is probably a more suitable job waiting for you out there."

Gathering some hope, the man kept looking for opportunities but continued to fail at jobs while his wife remained steadfast in supporting him. Finally, he encountered success when he found a job as a counsellor in a school for physically and mentally challenged kids. In a few years' time, he opened his own school with branches in other cities and became a multi-millionaire.

After many years, on a lazy afternoon, the now rich man asked his wife what prompted her to believe in him when he was repeatedly proving himself to be a failure. Her reply was simple, yet very profound. She said that no one in this world is useless. The land may be fertile, but you may not have figured out your seed. It takes a while to figure out what works for you, but once you know it, you fly!

Success is not about avoiding failure but rather about persevering through it. What is important is to have a positive attitude, the will to keep trying, self-belief, and a determination to learn from each failure. These are the keys to ultimate success. Setbacks and failures all add up to the journey to success.

The author is founder and managing director of BuildCon Consultancies Ltd 

In 2020, a cyber-criminal managed to take over the Twitter accounts of several high-profile individuals and companies, including Elon Musk, Joe Biden and Apple. The accounts were used to post a Bitcoin scam, promising followers they would receive double their money back if they sent Bitcoin to a specific address.

If that can happen to the people of the first world, then Bangladesh has valid reasons to worry about the rumour that shockers are in store for August 15!

The National Mourning Day on August 15 is a solemn occasion observed with much respect across the country. But this year, the impending occasion is abuzz with speculations of serious threats of cyber-attack from some religious and ideologically motivated hacker groups.

According to sources, they have declared their intent to launch a storm of cyber-attacks against the country's cyberspace on the day. The government's Computer Incident Response Team (BGD e-GOV CIRT) has issued an alert to all public and private organisations, especially banks, financial institutions, health care, and critical information infrastructures, to take the necessary precautions against any conceivable disruption and damage.

The hacker groups have long been targeting organisations in Pakistan and Bangladesh using various tactics such as distributed denial-of-service attacks, website defacements, data breaches, and malicious payloads.

The National Cyber Security Index 2020 of the UK ranked Bangladesh 65th among 160 countries, a commendable improvement from its previous ranking of 73rd. Bangladesh also ranked second among Saarc countries. Despite such improvements, Bangladesh is still far from being invincible to such cyber-terror attacks.

Cyber-attacks can compromise the confidentiality, integrity, and availability of sensitive information, such as personal details, financial transactions, health records, and national secrets, leading to identity theft, fraud, blackmail, espionage, and sabotage.

When a national day of such magnitude is chosen for such vile acts, it is apparent that the target is to undermine the trust and confidence of the people in its government, disrupt the social harmony of the state, and create fear, panic, and confusion among the people.

The likelihood of a cyber-terror attack on August 15 depends on multiple factors, such as the expertise and motives of the hacker groups. In all likelihood, the hackers are aware of the loopholes in the existing systems in both government and private institutions.

Some recent incidents serve to indicate that despite their severity, we, as a nation, have not taken the risks of cyber security seriously.

The cyber-attack alert issued by BGD e-GOV CIRT advises organisations to take measures to ensure their security, including monitoring user activity, especially during non-office hours, and watching out for any indication of data exfiltration, implementing load balancer solutions, regular backup of data and systems, and keeping them offline or in a separate network, updating all software and hardware with the latest patches and security updates, implementing strong authentication and encryption mechanisms for accessing systems and data.

The potential cyber-attack on August 15 challenges the country's cyber security and sovereignty. It requires the collective effort and cooperation of all stakeholders, including the government, the private sector, civil society, and the general public, to prevent and mitigate the impact of such attacks.

The country must also strengthen its legal and institutional framework for cyber security, enhance capacity-building and awareness-raising initiatives, and foster regional and international collaboration to combat cyber threats.

The author is founder and managing director of BuildCon Consultancies Ltd   

the daily star