One on One with Lahiru Jayasinghe - Chief Operating Officer of St. Anthony's Industries Group
(Lahiru Jayasinghe is the Chief Operating Officer of St. Anthony's Industries Group and Executive Director for the St. Anthony's Interior Solutions (Pvt) Limited. He also acts as Independent Director / Chairman of the Audit Committee of Sanasa General Insurance. Lahiru who is a Chartered Accountant, originally started his career as a finance professional and made his transition to the general management and corporate leadership roles. He is also a Chartered Marketer and posses Lean Six Sigma Black Belt)
01. What type of leader are you?
My leadership style centres on democracy, valuing collaboration and inclusivity. However, I tailor my approach to suit team dynamics, company culture, and specific situations. I aim for transformational and strategic leadership, inspiring positive changes while upholding a clear vision for lasting success. Ultimately, I aspire to become a charismatic leader, leveraging influence and effective communication to unite others around a common vision.
02. What are the personal qualities/behaviours that lead to your success
The qualities and actions that have driven my success include integrity, dedication, vision, adaptability, and passion. These traits helped me reach the role of COO/Director at just 32. Integrity means being honest and trustworthy, dedication pushes me to pursue goals relentlessly, vision guides strategic choices, adaptability helps me thrive in changing environments, and passion fuels my commitment to excellence. These qualities are the core of my leadership style, allowing me to make significant changes and succeed in the business world.
03. If you meet yourself, 20 years younger, what advice would you give?
If I could advise my younger self, I would emphasize two key points: Firstly, spend time with people who inspire growth and excellence, those whose lives you admire and aspire to emulate. Surrounding yourself with such individuals can fuel personal development and broaden perspectives. Secondly, commit to continuous learning and reading. The knowledge gained will not only enrich your understanding but also equip you with the insights and skills needed to lead effectively in the future. Embrace these principles, and you'll pave the way for a fulfilling and successful journey ahead.
04. What is your take on Economy? Can Sri Lanka come out of the crisis?
The economic challenges facing Sri Lanka are indeed multifaceted, stemming from depleted reserves, agricultural sector crises, fiscal deficits, reduced foreign investments, and high inflation. The contraction in GDP, coupled with soaring inflation, has significantly burdened the cost of living, affecting sales volumes and profitability of companies.
However, there are glimmers of hope amidst these challenges. Recent improvements such as the decline in the prime lending rate, consistent growth in private sector credit, and modest economic expansion in the third quarter of 2023 indicate resilience and potential for recovery. Moreover, the positive signal from the purchasing managers index for the construction industry suggests favorable prospects for businesses.
To overcome the crisis, Sri Lanka needs a comprehensive approach that addresses fiscal consolidation, revenue generation, and effective restructuring efforts. Political stability is crucial for implementing such measures, particularly in an election year. With concerted efforts and prudent policies, coupled with continued improvements in economic indicators, Sri Lanka can navigate through the crisis and pave the way for sustainable growth and stability in the future.
05. What are the 3 key industry trends that you think will have a major impact in the building materials/hardware/construction industry within the next 5 years?
Over the next five years, the Sri Lankan construction and building materials industry will witness the following trends shaping its trajectory.
· Sustainable Construction Practices and materials will gain momentum, responding to environmental concerns and regulatory mandates.
· Digitalization and Technology Adoption, including robotics and AI, will revolutionize construction and building material industry, enhancing efficiency and project outcomes.
· Prefabrication and Modular Construction methods will see increased adoption, addressing labour shortages, waste reduction, and expediting project timelines.
Embracing these trends not only fosters innovation but also fosters the industry's recovery and fosters sustainable growth. This is particularly vital in Sri Lanka, where construction contributes significantly to the GDP (9% to 10%) and engages around 2.5 mn of stakeholders directly and indirectly, underpinning the nation's economic vitality.
06. What are your tips for time management?
I commence my workdays promptly at 8 am, equipped with a meticulously planned agenda for the week, prepared over the preceding weekend. Each day is dedicated to adhering to this agenda, ensuring productive and efficient use of my time.
To enhance my time management skills further, I rely on the Eisenhower Matrix, attributed to former U.S. President Dwight D. Eisenhower. This productivity tool categorizes tasks into four quadrants, aiding in effective prioritization.
Here's how to use it:
Quadrant 1: Urgent and Important (Do First): Tasks in this quadrant require immediate attention and have high significance. Prioritize these tasks and tackle them promptly to prevent crises or missed deadlines.
Quadrant 2: Important but Not Urgent (Schedule): These tasks are important for long-term goals but may not be immediately pressing. Schedule time to work on these tasks to prevent them from becoming urgent later on.
Quadrant 3: Urgent but Not Important (Delegate): Tasks in this quadrant may seem urgent, but they don't contribute significantly to your goals. Delegate these tasks to others if possible or minimize their impact on your time.
Quadrant 4: Not Urgent and Not Important (Eliminate): These tasks are neither urgent nor important and often represent distractions or time-wasters. Eliminate or minimize these tasks to free up time for more meaningful activities.
By categorizing tasks using the Eisenhower Matrix, you can prioritize effectively and focus your time and energy on activities that align with your goals and values, ultimately improving your time management skills.
07. Finance leadership to Overall Corporate leadership, How did you manage the transition?
Transitioning from a finance leadership role to overall corporate leadership was a significant turning point in my career. It required a fundamental shift in my mindset, expertise, and focus as I moved from a specialized role to understanding the broader aspects of the company's operations and direction. This change happened when I was 32, a time when other department heads had more experience in their specific areas.
Effectively managing this transition demanded a multifaceted approach. I focused on continuously learning new skills, building strong relationships with all the departments, communicating effectively, and embracing servant leadership and adaptability. By integrating these strategies, I successfully navigated the transition and made meaningful contributions to the organization's overall success.
08. Can a good CFO become a Good CEO/COO?
Yes, a good CFO can certainly become a successful CEO or COO, but it depends on various factors. CFOs often possess key skills and traits that are valuable for executive leadership roles, such as strategic thinking, financial acumen, decision-making ability, and strong leadership qualities.
However, transitioning from a CFO to a CEO or COO role may require developing or enhancing certain competencies, such as broader business knowledge, operational expertise, people management skills, and a strategic vision beyond finance. Additionally, successful CFOs must be able to adapt to the broader scope of responsibilities and challenges that come with leading an entire organization or its operations.
Ultimately, whether a CFO can become a successful CEO or COO depends on their ability to leverage their existing strengths, acquire new skills, adapt to new responsibilities, and effectively lead and inspire teams to drive organizational success. Many CFOs have made successful transitions to CEO or COO roles, but it requires dedication, continuous learning, and a willingness to embrace new challenges.
09. What is your philosophy on work life balance? Any tips for handling pressure?
My philosophy on work-life balance is one of interdependence and integration. Rather than viewing work and personal life as detractions from each other, I see them as enablers for a fulfilling existence. Family and self-care are always top priorities, with work serving as a means to support and enhance these aspects of life. It's crucial to communicate this perspective to loved ones and strive for their understanding and support. While there may be times when work demands extra attention, a genuine love for what you do can make long hours more manageable. Flexibility is key, allowing for occasional weekends dedicated to work alongside frequent vacations with family. Ultimately, work-life balance is about finding harmony and fulfillment in both realms.
Handling pressure effectively is essential for maintaining well-being and performance. Here are some tips:
Organize and Prioritize: Break tasks into manageable steps, prioritize based on urgency, and create a structured plan for completing them.
Maintain Perspective and Seek Support: Remember that pressure is temporary, focus on the bigger picture, and seek advice or encouragement from colleagues or mentors.
Practice Self-Care and Stay Positive: Take regular breaks, engage in activities that promote well-being, and cultivate a positive mindset to navigate challenges effectively.
10. Name a thing you have learned from your direct reports from Generation - Z ?
Interacting with my direct reports from Generation Z has underscored the significance of embracing technological advancements and adjusting to evolving work methods. Their insights offer valuable perspectives on leveraging digital tools, navigating social media trends, and introducing innovative problem-solving approaches. Witnessing their fluency in technology has motivated me to maintain agility, prioritize ongoing learning, and harness digital platforms more adeptly within my leadership responsibilities. This experience reinforces the notion that staying abreast of technological developments is essential for effective leadership in today's rapidly evolving professional landscape.
11. What are your aspirations for Sri Lanka?
My aspiration for Sri Lanka to be a leading commercial centre in South Asia, driven by sustainable economic progress. We'll focus on agriculture, tourism, and IT, using our natural resources and innovation potential. Achieving this requires good governance with transparency, accountability, and integrity. It also needs dedicated leaders who are educated and committed to the country's advancement. By creating a business-friendly environment and attracting investments, Sri Lanka can realize its potential as a vibrant economic hub. We'll do all this while preserving our rich cultural heritage and natural beauty for future generations to enjoy.
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