Look to self-disrupt, says Alibaba's Tsai

KUALA LUMPUR: Businesses need to constantly disrupt themselves to keep up with the market, said Alibaba Group executive vice-chairman Joseph C Tsai.

“Alibaba is a disruptor, so we have to look for ways to disrupt ourselves. Consumer expectations are constantly changing and growing,” he said at Khazanah Megatrend 2017 on Monday.

He added that an understanding of statistics and psychology is important to shaping the future workforce.

“My daughter is going to college and told me she wants to take up computer science. 

“I thought that is good, but I also suggested she should take up statistics and psychology.

“You use statistics to understand data characteristics, and psychology to understand human behaviour,” Tsai said.

He pointed out that the finance and retail sectors can be disrupted very quickly, while healthcare is lagging in innovation.

Tsai said apart from compensation, the culture of an organisation also plays a role in retaining talent.

“People need to know they are growing and are a part of the organisation. 

“Inspiring leadership is also important,” he said, adding that leaders should be humble to attract talents.

“In Alibaba, we want people to feel happy and excited to go to work. Like going to school, where you have your friends and learn together,” he said.