The Top of the Net Zero Leaders List: Philip Morris International

In the corporate world, sustainability has become a crucial aspect of business strategy, and Philip Morris International (PMI) has emerged as a leader in this arena. Recently topping Forbes’ Net Zero Leaders list, PMI’s journey to sustainability is a testament to its commitment to environmental responsibility and strategic foresight.

Sustainability as Strategic Imperative

PMI’s rise to the top of the Net Zero Leaders list is not just a reflection of its environmental efforts but also its understanding of sustainability as a strategic imperative. The company’s Chief Sustainability Officer, Jennifer Motles, emphasizes that sustainability is integral to PMI’s risk mitigation, resource optimization, and value creation. It’s clear that for PMI, sustainability is not an optional extra but a core component of its competitive advantage.

Transitioning to Smoke-Free Products

A significant part of PMI’s success story is its transition to smoke-free products, which include heated tobacco, chewing tobacco, oral nicotine items, and vapes. This shift not only represents a move towards healthier alternatives for consumers but also aligns with PMI’s goal to have more than two-thirds of its revenue from these alternative products by 2030. This strategic pivot is a clear indicator of PMI’s dedication to innovation and adaptability in a changing market landscape.

Achieving Carbon Neutrality

PMI is on track to achieve carbon neutrality for its Scope 1 and 2 emissions by the upcoming year. This ambitious goal demonstrates the company’s proactive approach to reducing its direct environmental impact. For Scope 3 emissions, which encompass the entire value chain, PMI aims to reach net zero by 2040, showcasing a comprehensive commitment to sustainability that extends beyond its immediate operations.

Beyond Emissions: Forest Positive Initiatives

PMI’s sustainability efforts go beyond merely reducing emissions; the company is actively working towards becoming “forest positive.” This involves eliminating deforestation from its paper supply chain and investing in reforestation projects. These initiatives not only contribute to carbon credits but also preserve natural ecosystems and biodiversity, highlighting PMI’s holistic approach to environmental stewardship.

The Business Case for Sustainability

PMI’s sustainability achievements underscore the business case for environmental responsibility. As consumer awareness and regulatory pressures increase, companies that prioritize sustainability are likely to see enhanced brand perception and long-term business benefits. PMI’s leadership in this area sets a benchmark for other corporations to follow, proving that sustainability and business success can go hand in hand.

Conclusion: Leading by Example

Philip Morris International’s move to the top of the Net Zero Leaders list is a clear indication of its leadership in sustainability. The company’s comprehensive approach to environmental responsibility serves as an exemplar for others to follow. As the business landscape evolves, PMI’s success story offers valuable insights into the integration of sustainability into core business strategies, ensuring resilience and competitiveness in an ever-changing world.

For more about Net Zero Leaders: Meet 2024's Net Zero Leaders (forbes.com)

 

Embrace Your Learning Journey: Insights from a Lifelong Learner

As a passionate advocate for continuous learning and professional growth, I had the privilege of joining two reflection sessions on Individual Development Plan (IDP) with over 300 finance professionals on 15 April 2024. I shared my experiences and insights, and I’d like to share them with you here.

My Biggest Learning Moment

My biggest learning moment takes me back to my experience with Robotic Process Automation (RPA) using Microsoft Power Automate. A few years ago, I found myself surrounded by repetitive tasks, endless data entry, and manual processes. That’s when I discovered RPA—an exciting technology that promised to transform the way we work.

With Power Automate, I could create clever workflows, link various apps, and orchestrate processes—all without writing a single line of code. It was like having a digital helper that never took a coffee break. As I invested time in mastering Power Automate, my work life transformed:

• Efficiency Boost: Tasks that used to drain my energy were now streamlined. Data extraction, report generation, or email notifications—Power Automate handled them like a pro.
• Fewer Mistakes: Remember those human errors? Well, they became rare. Consistency became my secret weapon.
• Time Liberation: Suddenly, I had extra time in my day. Instead of chasing spreadsheets, I focused on strategic thinking and stakeholder management.

The impact spread across my team and organization. We embraced a culture of automation, and soon, colleagues were automating their own processes.

A Challenging Moment and What I Learned

Two years ago, I found myself facing a task that felt like diving into uncharted waters. I had to review and update the Authorized Signatory Matrix (ASM) after our Finance Transformation in Philip Morris International (PMI) Duty Free. There weren’t many people around who could guide me. So, armed with curiosity and determination, I embarked on my journey.

I rolled up my sleeves and began from scratch. I reviewed the guidelines, acted like a detective, and learned on the fly. The process taught me resilience, adaptability, and resourcefulness. I not only updated the ASM but also gained a valuable skill. I learned how to navigate ambiguity, find answers, and create an up-to-date well-functioning mechanism.

Advice for Others Planning Their Development

It’s never too late to invest in yourself. Whether you’re just starting out or well into your career, growth awaits. Don’t aim for Everest on day one. Start small, fail small. Every small step matters.

We have a toolbox right here at PMI:

• PMI Campus: Think of it as your treasure chest. It’s got gems—courses, resources, and fresh insights.
• Udemy Business: Imagine a library with endless shelves. You’ll find everything from coding to leadership.
• Cooperate with Your Colleagues: Your coworkers are mentors, collaborators, and wisdom carriers. Cooperate, share ideas, and learn from each other.
• Project-Based Adventures: Our projects are mini-adventures. Dive in, learn, and grow.
• Chat with Your Manager: They’re your compass. Discuss your development areas with them.
• Seize Opportunities: Every meeting, every project, every simplification idea, every challenge—it’s a chance to level up.

So, my friends, take that step forward. Embrace the journey. Reflect, learn, and watch your progress unfold. Remember, every click saved, every workflow automated, and every process streamlined brings you closer to your full potential.

Enjoy your learning journey! 🚀

Am I a Workaholic?

I'm on the last day of my annual leave, and for the past few days, I've been stuck with this question in my mind: Have I become a workaholic? Why can't I separate my work from my personal life, or why does work keep lingering in my mind even after work hours? In the past, I saw this as dedication and perhaps even took pride in it, but now, I'm worried if it's spiraling out of control, just like the saying goes, "too much of anything is harmful."

On December 25, 2022, one day before my 40th birthday, I had planned my summer vacation to Cyprus with my family for the middle of July, booking it through an early reservation. I had also requested my annual leave for the same period. Days turned into weeks, and weeks into months, until finally, that Friday evening, which I had arranged my vacation almost 7 months ago, had arrived. After carefully setting up an impressive "out-of-office" message with the help of ChatGPT and preparing a notification to inform my internal and external stakeholders that I would be on leave for the next week, I made sure I left no open items behind at work and closed the shop. Although I was quite conservative when it came to using my annual leave, the recent painful loss of our family member had made me in desperate need of this break.

On the morning of July 17, Monday, we woke up at 3 am to catch the first flight to Cyprus. When we sat down for breakfast at the hotel, it was 9 o'clock, and my son Okan asked me to turn off email notifications so that I wouldn't check my emails. After turning off the notifications right in front of him, I started telling myself, "You're on vacation, don't think about work." I had already checked and cleared my unread emails, including bank statements, at the airport. I thought I could still manually check my emails in case of emergencies. In fact, I even had discussed this approach with my manager before going on vacation as well.

I found a shady sunbed by the pool, with mail and meeting notifications turned off on Outlook and the status set to "offline" on MS Teams. I started checking my social media accounts, thinking that Wi-Fi was working perfectly everywhere. After consuming a considerable amount of content, I thought, "Let me quickly check if there's anything urgent before swimming." So, I logged in to Outlook. I quickly deleted informational emails and marked the ones that required action as "unread" again. Some of them could wait until after the vacation but dealing with some in the mornings might lighten the load after the holiday. With these thoughts in mind, I jumped into the pool and started swimming.

While exploring the hotel and researching places to eat, drink and swim (the best pool which is closest to the pool bar) it was time to check into our room. When I laid down on our comfortable bed, away from the sun's direct rays, my hand reached for the phone again. After another dose of social media, I succumbed to the urge to check my emails again to avoid missing anything. The scenario was the same as before. Some emails were informational, which I read and deleted. Unfortunately, some required action. I marked them as unread and mentally classified them as tasks to be dealt with when I first logged in my computer. Unconsciously, I began keeping notes in my mind, like I do on my regular workdays using applications like Microsoft To-Do or OneNote.

The second day followed a similar pattern. Checking my inbox, categorizing emails, and taking quick actions from my mobile phone had become routine. However, on Tuesday evening, before going out to dinner, I had some free time, so I turned on my computer and saw an email that required faster action than others, and it was a process that included other people’s effort as well. By the way, I could be asked why I brought my computer on vacation. Unfortunately, I always carry it with me on workdays, except weekends, in case there's an urgent e-signature process that I need to do. Although there is no immediate need, it provides a certain comfort. Anyway, that Tuesday evening, I almost irritated a subject matter expert colleague via WhatsApp about that approval process. Afterward, I made an action plan in my mind. When I went back to my room, I sent the necessary emails and reviewed what I needed to do when I received a response.

I went to bed, but the possibility of that urgent matter proceeding slowly due to the vacation season ruined my sleep. I kept thinking about the difficulties I might encounter during the approval process, alternative solutions, and their associated control risks. After a restless night with poor sleep quality, I woke up before 7 o'clock. After sorting out social media and email, the satisfaction of receiving a response to my message at 7:50 a.m. made me say, "my day has begun" and I immediately opened my computer to prepare my file according to the amounts stated in the email and started the approval process. However, I also needed to inform the people in the approval flow about the urgency, so they could prioritize accordingly. This time, I sent private messages to relevant people on Teams, explaining the urgency of the matter. Although I appeared offline on MS Teams, my notifications were on, and as the working hours started in Europe, I started receiving replies to my messages. Of course, I received queries like "Why is it urgent?", "Why should I prioritize this?", "Our colleague who handles this will be back on Monday; can't we wait?". I politely responded to each of them with something like, "Well, I am on annual leave, but due to these reasons, the matter is urgent. Thank you in advance for your cooperation." Of course, this also kept me engaged with my phone for a while longer.

After surviving Wednesday with this traffic, on Thursday morning, after clearing and replying to emails on the computer, getting my social media content by the sea and the pool, the same routine continued with Teams messages for approval flow. In the evening, we returned to the room early, as it was both the fourth and last night of the vacation and because we needed to start packing. Of course, I couldn't resist, so I thought, "Let me check the computer for a while." My energy was high this time, so I started working on the tasks that required action. As I completed them, I felt a sense of relief. It felt like a regular workday, and during an approval process in the evening, I noticed a technical issue. Unfortunately, it was a process that required quick action and the intervention of the IT team because the issue was outside of my control. As it was a process that needed to be resolved with both internal and external stakeholders, I began opening a ticket and starting the email chain, all while it was almost midnight. I was initiating a process to solve the problem, both internally and externally, and multiple people needed to be informed. Therefore, I had to provide explanations through various channels. I started dealing with it just as the clock struck midnight. Unfortunately, my last night was spent restlessly, when I laid in bed, I was still creating new solution scenarios in my mind.

The next morning, I woke up to find no response to the email I had sent late at night. Since it was the last day of our vacation, and we needed to check out before 12, I decided to take care of all the tasks that required my attention and leave the rest for others to handle passively. So, I packed my computer into my backpack.

Throughout the day, I continued my habit of sneakily checking my emails. I had become quite adept at responding to routine emails quickly using Outlook's feature to search old sent messages. By the way, I had added an additional explanation to my email signature about potential typos I might make on the mobile app. I must thank ChatGPT for drafting that. Also, I noticed that I hadn't received any response to the ticket I opened the previous night until we reached the airport in the evening. Despite marking it as unread, I added it to my Saturday to-do list, in my mind, of course.

I woke up on Saturday morning in Istanbul, and as it was a hot summer day, we didn't have any specific plans. After grocery shopping for the fridge we had emptied before the vacation, I opened my computer to have some leisure time for myself. I started listening to my favorite YouTube channels, but somehow I found myself getting involved in the tasks I needed to take action on. I kept working until my computer's battery ran out. Yes, I also took care of that email response from the ticket. Later in the evening, as I thought about writing something for my blog, I decided to switch on my computer. To avoid battery problems, I moved to my room. Once again, I thought, "Let me take care of these before Monday," and started working. I felt better as I completed each task. When it was late in the evening, I decided to spend some quality time with my family, saying, "Enough work for today."

And just like how time flies from December to July, the last day of the vacation, Sunday, came with the same speed. At least I managed to find some time to write these lines. I asked myself the question I had been asking during my vacation once again: Have I become a workaholic?

Just Before Leaving our Room

My Take-Aways From the Movie “Air” – What the Air Jordan Story Teaches

I recently watched the movie "Air". From award-winning director and actor Ben Affleck, the movie is about Nike and how it managed to sign Michael Jordan and create the Air Jordan brand, from which Jordan still makes billions.

Besides being highly entertaining, there is much to learn from this movie about how to conduct effective business. Here are key take-aways everyone should learn from the movie Air.

Think differently from everyone else

Jordan wanted to sign with Adidas, and Nike had a certain budget for multiple players but with the small amount of money it had, clearly it could sign only three mediocre players.

Then it had an idea. Instead of using all that money to sign three decent players, it decided to take it all and attempt to sign one amazing player, Michael Jordan. The out-of-the-box thinking ended up saving the company.

See what others can't see

My favorite part of the movie was when Sonny Vaccaro, played by Matt Damon, recognized Jordan's potential before anyone else.

Jordan was only a rookie but only looked at the video of Jordan hitting a last-minute shot over and over and he didn't just see a person hitting a buzzer shot; he also saw a young confident player whom the coach chose to take the last shot and eventually win that game.

Sometimes, flexibility is necessary

Nike had the money to sign him but when Jordan was in discussions with the company, he made a demand that execs had never heard before. Jordan's reps proposed that he get a cut of every sneaker Nike sold, which was something the shoe company didn't typically do. But Nike wanted Jordan so badly, it had to compromise and make a deal the likes of which it had never even thought of.

Internal politics can ruin companies

As mentioned, Sonny wanted Jordan but no one was supporting him and everyone said it was impossible. So he risked everything and showed up at the Jordan home to persuade Jordan's mom to consider Nike.

Everyone got mad at him for bypassing his manager and Jordan's agent, but at the end of the day, he managed to get the Jordans to Nike HQ and to ultimately close the deal.

Storytelling is everything

The way Nike ended up closing the deal was not with some lame deck or promo video but with an inspiring speech by Sonny. Storytelling is everything. On top of this, through its astonishing storytelling, Air illustrates the power of believing in yourself and your vision despite whatever odds and obstacles seem to be challenging you.

A shoe is just a shoe until someone steps into it

This quote is repeatedly stated in the film. “A shoe is just a shoe until my son steps into it.” said Deloris Jordan, Michael Jordan’s mother. That’s literally the definition of branding. Without a brand to give its meaning, a shoe is just a commodity.

With Nike’s brand associations and Michael Jordan’s greatness, Nike’s Air Jordan has become a symbol that many people resonate with and aspire to have as a part of their identity. Within its first year, Air Jordan made $126 million in revenue.

The movie triggers some conversations that build the brand's mental availability and may influence future buyers of the brand, and that’s one of the ways brand can grow. And again, companies shouldn’t adopt brand purpose to increase revenue but should treat it as their compass to hold on to and to guide them throughout the unpredictable journey.

Brand purpose can be the company’s greatest weapon

Brand purpose has become a buzzword lately, with many businesses adopting brand purpose, not for the sake of purpose but profit. However, brand purpose only works when the brand truly believes in it, even at the cost of profit.

Like Nike, many businesses have their ups and downs. But at the end of the day when the going is tough, it is their North Star, or what Simon Sinek calls the ‘Why’, that keeps them going, reminding them why they came to exist in the first place.

Nike’s purpose wasn’t about themselves (eg. We aspire to be the #1 sports brand). It was about their fans and followers. Nike’s goal is to empower everyone because everyone has an athlete within them, and all their messaging has always been around this, including the famous tagline ‘Just Do It’.

When a brand creates a purpose that its people and customers can resonate, growth comes naturally.

Bigger brands may benefit from many laws of branding but small brands have more rooms to grow

The movie started with Nike being #3 in the market, following Adidas (#1) and Converse (#2). Nike acquired Converse in 2003 for $315 million and has now become the number one sports brand with annual revenue of $49 billion, almost double of Adidas’s.

Small brands have to work harder if they aspire to be number one. They could steal the share (capturing existing market) or grow the market (generating demands and capturing future demands). Nike did both.

What really drove Nike’s growth over the year is their brand, demand generation and how they define their customers. Rather than focusing on serving athletes only, Nike thinks bigger and positions itself to serve everyone because everyone can be an athlete. They created a demand that wasn’t previously there, which grows much more in volume than the existing market as time progresses.

As well, with less to lose, Nike took a risk on Michael Jordan and it worked out for them phenomenally.

Ambitious small brands have a lot to learn from Nike.

The Unsung Heroes: Why Operational Workers are Essential to Business Success

When we think about successful businesses, we often focus on the leaders - the CEOs, the managers, the visionaries who steer the ship. But behind every great leader, there are countless people doing the day-to-day work that keeps the business running smoothly. These people may not be in positions of power or prestige, but their contributions are just as critical to the success of the business. In fact, it could be argued that without them, the leaders would have nothing to lead. 

These unsung heroes are the operational workers - the people who handle the nitty-gritty tasks that make the business function. They may be responsible for tasks such as processing orders, managing inventory, providing customer support, or handling payroll. These tasks may not be glamorous, but they are absolutely essential to the smooth operation of the business. 

So why are these operational workers so important? Here are a few reasons:

They keep the wheels turning 
Without the operational workers, the business would grind to a halt. They are the ones who make sure that orders are fulfilled, customers are taken care of, and bills are paid on time. They keep the business running like a well-oiled machine, even when things get hectic. 
 

They are the backbone of the organization 
While leaders may set the strategy and direction for the business, it's the operational workers who execute that strategy. They are the ones who make sure that the plans are put into action and that the business is moving forward. Without them, the grand plans of the leaders would be just that - plans. 
 

They provide valuable insights 
Operational workers are often the ones who are closest to the day-to-day workings of the business. They see the challenges that arise and come up with creative solutions to solve them. They also have valuable insights into what's working well and what could be improved. By listening to and valuing the input of these workers, leaders can make better decisions and improve the overall success of the business. 
 

They are a vital part of the team 
Just because someone is not a leader doesn't mean they aren't an integral part of the team. Operational workers often work closely together and rely on each other to get things done. They form a tight-knit community and are often the ones who keep morale high and the team functioning smoothly. 

In conclusion, while leaders may get much attention and accolades, the operational workers are the unsung heroes who keep the business running. They are the backbone of the organization, providing valuable insights, keeping the wheels turning, and serving as vital members of the team. Without them, the business would be much less successful. So, the next time you think about the success of a business, remember to give credit where credit is due - to the hardworking operational workers who make it all possible.