On the webinar “Resilient Enterprise – Resilient in Challenges” organized by Deloitte Vietnam Consulting and Auditing Firm and the Vietnam Institute of Administrators (VIOD), Mr. Le Tri Thong, Basic Director of Phu Nhuan Jewellery Joint Inventory Firm, PNJ shared about PNJ’s journey to “go in opposition to the tide” within the midst of the epidemic and turn into the No. 1 firm within the Asia Pacific area regardless of the entire trade. Pages and luxurious items are strongly affected by Covid.
PNJ CEO began the story with the duvet picture of the report on the PNJ shareholders’ assembly in March this yr, with the picture of a ship going in opposition to the waves: “I consider Xuan Quynh’s poem “Wave”, PNJ has a unique attribute from different industries that we’re proper on the middle of the wave. If we have a look at the style trade, retail and luxurious industries, even manufacturers monuments on the earth, firms with tons of of years and thought of very profitable like Aldo, Zara .. nonetheless have to shut.
In April 2020, PNJ recorded a lack of 90 billion VND/month for the primary time as a result of we needed to shut 90% of shops nationwide due to the space, a narrative that we have now by no means seen earlier than. Nevertheless, on the finish of the yr, we nonetheless succeeded, exceeded the plan, expanded market share and even grew increased than the earlier yr.”
Slice No. 1: The preventing spirit of staff is essential, as a premise for different issues.
In line with the CEO of PNJ, the human coronary heart and preventing spirit of the workforce are extra essential than the pressures, “waves” of COVID-19 and financial difficulties.
“So we give attention to conserving and controlling the ‘deep wave’. To ensure it is a ahead wave. In an effort to battle for a very long time, the military’s coronary heart have to be robust, so we spend quite a lot of sources and energy to guard it.” and deal with our forces to be stronger.At PNJ we divide our wage into 2 durations, however earlier than epidemics like this, we pay extra so that you can deal with your loved ones, put together for the vacations. approach, we ship every bag of medication and nutritional vitamins to every worker’s home one after the other, as a way to keep wholesome.”Mr. Le Tri Thong shared how PNJ leaders accompanies staff to undergo the storm.
On the finish of Might 2021, when PNJ shops needed to shut in line with the order of social distancing, however with the intention to preserve staff from dropping their morale, the CEO of PNJ launched the initiative “Mini Grocery store zero VND”. There are those that have households, have youngsters, have circumstances however nonetheless serve at supermarkets, when it rains, they ship presents to college students at dormitories. “What comes from the center touches the center so we care about creating vitality from the center. We unfold care with our prospects that provides us an edge when the market recovers”Mr. Le Tri Thong was touched.
Not solely caring for staff, final yr when the shops had been closed, PNJ understood that prospects wanted monetary help and so they wanted to resell their merchandise, so the corporate raised capital to satisfy prospects’ wants. .
Slice #2: “One step forward – implementing F1 (method 1)”
F1 right here is known because the pace of the Components 1 race observe, the story of pace, of many response eventualities.
Thong recalled, on January 29, 2020, it was the fifth day of the Lunar New Yr, the primary case of COVID-19 appeared, a Chinese language affected person who traveled to Vietnam (January 2020), then the administration board How did the director plan the protection? In March 2020, everybody watched a film in regards to the superpower competitors mixed with the story of the financial disaster of 1933 to think about what occurred subsequent.
In July 2020, Covid broke out in Da Nang, at the moment the chief of the retail buyer group requested one million USD query, what if the epidemic unfold in Da Nang and unfold to the entire nation, how would PNJ do it. Happily, Da Nang was capable of management the scenario at the moment, however PNJ ready a state of affairs to unfold to the entire nation. “WOMENThat day, I instantly despatched the message to tighten the squad shifting ahead, making PNJ acquire pace, as a result of we ready quite a lot of eventualities to reply.”
Valentine’s Day 2020, PNJ has switched to on-line gross sales, free residence supply and this marketing campaign was in-built Three working days, the earlier pace was measured in months.
Concerning the initiative “Mini Grocery store zero VND”, the tightening part of the directive 16 PNJ arrange a web-based mini grocery store in 48 hours and three weeks in the past made a zero dong mini grocery store in Hanoi.
PNJ CEO recollects, “We had a gathering with the Hanoi Younger Entrepreneurs Affiliation on Tuesday, and on Saturday afternoon, PNJ’s power had completed deploying the grocery store and welcomed prospects. Supermarkets assist these in want with respect – it is extra essential than what we give, that is how we do it.”
Slice #3: Perseverance (F5)
Since 2018 PNJ has carried out the company reform program (Company Transformation – press F5,Refresh). The CEO of PNJ and the corporate’s leaders at the moment made the purpose of getting to prescribe applicable medication, however not instantly reforming, creating Massive Bang explosions, so PNJ carried out a collection of reforms within the enterprise. enterprise from Three years in the past.
In line with Mr. Thong, with the wave of COVID-19, financial obstacles, now companies want perseverance, “now’s the time to battle extra, to hurry ahead, now’s the time when the affect of the story of the reform three years in the past is simpler”Mr. Thong made a degree.
“On March 14, 2020, I ship the message preserve calm to all PNJ employees, we should maintain fingers and act, we will solely transfer ahead, the chance we have now ready since 2 years in the past, this storm examined who we’re”, CEO of PNJ shared. The way in which PNJ modified that was to restructure, rearrange the corporate mannequin, reorganize the title system, construct an IT system, and an inner coaching system.
“The data inside our firm is saved in a warehouse known as “Double Treasure” so that everybody can simply share it, the title system can also be widened the fence between models and departments. One individual can do many issues. extra and one factor to be accomplished by extra individuals. Applications on the block stage are extra coordinated. Collaboration is demonstrated”Mr. Thong shared.
Mr. Thong additionally expressed the view that know-how is what PNJ values through the pandemic. Know-how helps PNJ change the best way it really works, serving to companies go quicker.
“Urgent F5 with excessive depth has helped us obtain success in Vietnam and Asia markets. For the primary time, PNJ has risen to No. 1 within the trade within the Asia-Pacific area. four years in the past we thought it was proper. It took 7-Eight years to seem on the gold board, however the outcomes got here quicker than anticipated.Partially, as a result of different companies within the affected space had been sluggish, we had been nonetheless shifting ahead. down 31%, PNJ nonetheless grows 10% this yr we nonetheless set a excessive goal, we went very quick within the first four months, accomplished 50% of the plan, the previous Three months are nonetheless turbulent and the swimming in opposition to the present has not ended but. In March of the shareholder assembly, we constructed the worst case state of affairs to organize for 2022, now the fifth model has been launched, we’re getting ready the worst case state of affairs till 2024 to manage the epidemic. The plan might be constantly up to date with market modifications.Thong concluded.
PNJ’s progress outperforms the entire trade