Day: June 24, 2024

Ioannis Michos is an acclaimed thought leader in the industry, named as the Top FS Leader globally for 2023 by “the Consulting Report”, and throughout his career, he has been involved and led some of the most iconic initiatives in the Financial Services and Insurance sectors. Currently, he serves as a Managing Partner in TCS, where he heads up the Financial Services and Insurance Consulting Practice in EMEA. He is at his best when designing, directing, and managing teams that challenge the status quo and influence large-scale change in the world of business. Name few of the industry’s biggest success stories and you’re very likely to find Ioannis’ footprints.

As a true value creator, Ioannis is well known in the industry for his deep knowledge of different markets and practices across the globe, as well as his high degree of business, political, and commercial acumen. Adding to the above his deep expertise in building, motivating, and retaining competent teams, and it shouldn’t come as a surprise that his name has become a synonym of success in his field.

Prior to joining TCS, Ioannis served in multiple senior executive positions both in the consulting and in the industry, in organizations like Willis Towers Watson, PwC, Grant Thornton, and Achmea Group to name a few. He holds a Master’s in Management, and a Bachelor’s in Economics, he is an INSEAD alumnus, a Chartered Accountant (FCCA), a CFA Charter holder, an AWS Cloud Practitioner, and Prince2 qualified.

A Career of Choice

Ioannis always wanted to run businesses, share (in many cases create) best market practices, and advise senior executives about how they can improve their firms. And from the positions he had over the years, this is exactly what he has been doing. Even after almost 2 decades now, he does it with the same passion as day 1. Across geographies, across industries, and across topics such as strategy, operations, finance, risk, and technology – just to name a few. This multifaceted nature of his role is what he enjoys the most and what keeps him motivated.

In his current role as a Managing Partner in TCS Ioannis works closely with a number of FS and Insurance clients across EMEA to help them optimize their strategies and operations, improve their profitability, achieve quantifiable operational and financial efficiencies, and reduce their cost base. Also, as expected from someone at his level, he is responsible for the pipeline, the go-to-market strategy, the P&L, and all the strategic, operational, and financial aspects of this part of the business.

And what makes the work even more interesting is the work environment at TCS.

“The reason why I decided to join TCS in the first place is because of the unparalleled technological capabilities and advancements that it can offer to its clients combined with its deep domain knowledge. Not in theory, but in a very practical way; something I didn’t have in my previous firms. And, according to my personal view, the latter is one of the biggest key competitive advantages that TCS has. Yes, I do enjoy being at the forefront of every revolutionary change in my industry globally, but always in a way that can actually help my clients; I don’t like revolutionizing just for the sake of it,” says Ioannis.

An Optimistic and Approachable Leader

Ioannis does not believe in hierarchies. He feels that hierarchical structures eventually lead to unnecessary inefficiencies and bottlenecks that unavoidably affect peoples’ productivity, effectiveness, efficiency, and – ultimately – their morale. “Throughout my career, I have always tried to be very approachable, open to everyone (regardless of their seniority), and lead by example. Trust me when I say that no one will get inspired and follow a leader if this leader does not live by his / her beliefs. At least not in the long run,” he says.

An inherently optimistic person, Ioannis is always trying to see the bright side of things. His personal philosophy is that nothing is impossible and that we should always aim high, regardless of the hardships. Not a fan of excuses, Ioannis has always believed that excuses are there, only to hold us back. Trying to find justifications about why we failed in something is undeniably in human nature. However, he does not think it is constructive.

“It is much better to say that I failed because of XYZ so next time you solve the problem in a different way that addresses / takes into account the XYZ, than find all the excuses in the world so we can go easy on ourselves and get us “off the hook”. I do appreciate that the latter comes much more naturally, but the former is what helps us become better! Personal development and self-improvement is a never-ending journey, but the sooner we embark on it the better it will be for our professional and personal lives,” he explains.

Problem-solving and Strategic Planning

What truly matters to Ioannis is his clients. He always puts them at the center of everything he does. But he never forgets that this is the case with his clients too. Their clients are their most valuable asset. This is exactly the reason why it is very important in every problem-solving and strategic planning exercise to reverse engineer and carefully consider the impact that a decision will have on clients.

“This is my approach and one of the key strategic advices I give to the CxOs of the Firms I work with. Always consider your clients; they are the end buyers of your services / products and the ones who ultimately determine how successful – or not – an organization is. Everything you do should aim to have a positive impact on them,” he explains.

Pointers that Drive Growth

Diversification and strong knowledge of the market are the two factors Ioannis believes drive growth. “Diversification when it comes to services, offerings, market propositions, solutions, and accelerators so we can cover fully the breadth and depth of the demand we are creating. And strong knowledge of the market because understanding the true needs of the clients, their agendas, their pain points, and in many cases also helping CxOs to actually identify the aforementioned based on where the market is moving and what their peers are doing, should bea critical success factor for any business,” he shares.

The combination of these two is the recipe for success. But a recipe without a strong brigade is just words on paper. And this is why he cannot stress enough how important it is to have the right team. “As we used to say, if you want to go fast go by yourself but if you want to go far, go with your team,” he states.

Challenging Projects

Challenges have been the very nature of his work for two decades now. Challenging the status quo and helping CxOs achieve extraordinary results is what Ioannis excels at. One way or another, he has been involved in some of the most challenging programs in the world. Some had to do with redesigning from scratch and transforming end-to-end clients’ core operations so measurable efficiencies, improved profitability, and better bottom lines could be achieved. Some others had to do with designing and optimizing divisional and group-level strategies and business plans. Some involved material technology and/or outsourcing interventions across clients’ value chains with the aim of achieving significant cost cuttings and/or better valuations.

Despite the uniqueness of each program he has run over the years, there is one common denominator in all of them (one can call this a “lesson learned”). And this is that every single program in the world, regardless of the industry, the complexity, or the region, is doomed to eventually fail if the people in the business are not onboard!

“The people who are working in the business need to understand why something is happening, how it may influence their day-to-day jobs, what they will get out of it, and why they should support it. At the end of the day, they will be the ones who will live with its outcomes at the Business As Usual phase,” he explains.

Emerging Trends in Financial Services

The biggest trend Ioannis sees at the moment is Artificial Intelligence (more specifically Generative Artificial Intelligence) and its practical applications – and implications – that it can have on existing business models.

“Last week, I was reading a comprehensive study which involved approximately 1,300 senior executives from 24 countries in Asia, Latin America, Europe, and North America (more than half with revenue over USD 5 billion), that proved – actually emphasized – exactly that. More than half of the respondents believed that AI will be greater than (or equal to) the Internet (!) and that they are excited about its potential impact on their business,” he points out.

“Also, a stunning 60% believed that the impact of AI will be greater than (or equal to) smartphones! Let me repeat that. Greater than smartphones! As you (and hopefully our readers) can understand, this megatrend has the potential to truly transform the Financial Services and Insurance sectors as we know them,” he adds.

Envisioning the Future

Ioannis vision for the future is to expand his reach in less “popular” regions and businesses, and to also continue to deliver unparalleled value to his clients by revolutionizing their current ways of working with practical and well-tested interventions. The reason for that is because despite all the transformations the industry has undergone over the past decade or so, the truth is that there are still significant quantifiable efficiencies to be explored and “unlocked” in the ways the vast majority of Firms globally are conducting their business.

“Efficiencies that have the potential to skyrocket their profitability, their bottom lines, and their valuations. Efficiencies that no one may have been able to realize a few years back due to technological (and perceptual) constraints. This is what experience is showing us. Not in theory, but in practice since I am seeing this actually happening day after day,” he shares.

Words of Experience

To the aspiring executives, here is what Ioannis has to say in the concluding lines:

“I would give them exactly the same advice my mentor gave me 20-plus years ago (this is what I have drawn to my daughter’s room when she was born by the way). Always have a clear target (a dream if you wish) and then strive to “fly” above it! Never, NEVER stop until you reach it. And then, set up your next target, and then the one after. And so on… We all need to redefine ourselves in the process of course, but this is the beauty of it! Throughout my career, I have seen many great minds with huge potential fail, because they were not persistent enough! They quit after the first or the second “fall”. We should never forget that it really doesn’t matter how many times we “fall”, but how many times we get back on our feet. As long as the latter is greater than the former, success will eventually come.”

A Quote to Live By

Undoubtedly, sky is the limit!

“From a very young age, this is the motto I passionately believed in and lived by. The reason is simple. If someone truly believes that the sky is the limit and he continuously strives to reach it with everything he has, then even if he fails and stops somewhere in the middle, well; it is high enough!”

Disclaimer: The views and opinions expressed in this article belong solely to the interviewee and they do not represent the views of TCS and its clients.

Known for its commitment to providing guests with enriching experiences, JW Marriott hotels are designed to let guests focus on feeling whole – a respite from the outside world where they can rejuvenate in comfort and luxury. Part of the Marriott International portfolio, JW Marriott is a renowned luxury hotel brand established in 1984, and named in honor of J.W. Marriott, the founder of Marriott Corporation.

Following its first hotel in Washington, D.C., the brand quickly expanded its reach globally, with its first international hotel launching in Hong Kong in 1989. Today, JW Marriott boasts over 100 properties around the world, each offering a blend of modern luxury and refined sophistication with each resort telling a story of its own.

At JW Marriott Phu Quoc Emerald Bay Resort & Spa, the unique selling proposition revolves around its captivating narrative and concept. Inspired by the transformation of a colonial 19th-century university, Lamarck University, envisioned by Bill Bensley, the resort offers an immersive and distinctive stay. From guestrooms converted from classrooms to buildings named after school faculty, and a bar reimagined from the Department of Chemistry, every aspect of the property tells a story.

“I’m confident that this innovative approach not only sets us apart from competitors but also creates lasting memories for our guests, establishing us as a standout destination in the competitive market,” says John Woolley, as both the General Manager and Dean of this remarkable university.

Delivering a Wholesome Experience

JW Marriott Phu Quoc Emerald Bay Resort & Spa’s approach begins with thoughtful design and storytelling. Every aspect of the resort transports guests to the enchanting world of Lamarck University. They complement this with a diverse range of activities and offerings that cater to different interests and preferences.

For its younger guests, the resort offers educational and interactive activities such as learning to grow plants at the JW Garden, or Treasure Hunt at Khem Beach. These experiences not only engage children but also foster an appreciation for the surrounding nature.

Adults seeking relaxation and personal enrichment can enjoy tranquil morning yoga sessions or unleash their creativity in workshops like scented candle-making. They also occasionally have “Yoga with the Dean” classes, where John – the Dean, also participates as a facilitator. Interacting with guests during these sessions has highlighted the significance of “fostering meaningful connections”. The Chanterelle Spa by JW provides a sanctuary for rejuvenation and renewal, offering a variety of treatments to uplift the guests’ spirits.

In addition, with shuttle service, the guests can enjoy vibrant entertainment and natural beauty that Phu Quoc island has to offer, boasting several renowned attractions. Sun World Hon Thom offers breathtaking views from its cable car ride and pristine beaches, while the iconic Kiss Bridge provides a romantic setting for visitors to capture unforgettable moments. The mesmerizing Kiss of the Sea Show showcases the beauty of marine life through captivating performances. Vuifest, a colorful festival

celebrates culture, music, and art, creating a truly immersive experience for all who visit. Together, these attractions form a harmonious blend of entertainment and environmental preservation in the stunning backdrop of Phu Quoc island.

The Dean: The Leader

Hailing from the US and spending his childhood on the Island of Jersey in the UK, John’s professional journey began in the late 1980s, working in the breath-taking world of adventure tourism in the Himalayas. During his time in Nepal, John came across a quote that resonates with him to this day: “Life is like a book, if you stay at home, you only get to read one page.” This mantra has inspired him to embrace new opportunities, take a risk or two, and continuously expand his horizons in both his personal and professional life.

For the past 24 years, John has had the privilege to work for the world’s largest hotel chain Marriott International, holding various assignments spanning the Americas, Europe and Asia Pacific. His Marriott career started in “The Big Apple” at the iconic New York Marriott Marquis in the sales discipline. His first international assignment was on the “One Happy Island” of Aruba which then led him to area sales and marketing roles in India, Australia and back to the Caribbean. After launching the European Convention Sales Network, for large MICE focused properties John took on his first General Manager role on “The Island of the Gods” at a magical hotel Courtyard by Marriott Seminyak Resort in Bali.

Then he moved a few kilometres east to the world of luxury hospitality and leading The Ladies & Gentlemen at The Ritz-Carlton, Bali through the pandemic. Currently, John has the honor of being General Manager at JW Marriott Phu Quoc Emerald Bay Resort and Spa a role that comes with the coveted title of Dean of Lamarck University (finally he gets to use his BA in Modern History!).

Making Work Fun

There’s a profound quote from JW Marriott, founder of Marriott International, that has been John’s guiding principle: “If you take care of your associates, your associates will take care of your guests, and the guests will come back.” It’s a simple yet powerful concept that encapsulates the heart of what the employees do at Marriott. “If you will it’s a Hotelier’s Hypocratic Oath,” quips John.

“We spend so much time at work we must have fun at work and not take ourselves too seriously,” he adds. As GM John introduced called the “OOPS Award”. This tongue and cheek program celebrates managers whose initiative that failed the most spectacularly. Rather than seeing mistakes as failures, they view them as opportunities for empowerment and growth. By recognizing and rewarding these ambitious endeavors, they not only encourage creativity and risk-taking but also cultivate a supportive environment where everyone feels empowered to learn and experiment.

The main challenge for them in Phu Quoc is the lack of international direct flights. To tackle this, they need support from airlines and tourism authorities to establish direct routes from key international hubs. Additionally, investing in marketing efforts to promote Phu Quoc as a destination can help generate demand for these flights.

Balancing Innovation and Tradition

Balancing innovation and tradition in their cuisine and service at JW Marriott Phu Quoc involves

harmonizing the concept of Lamarck University, a 19th-century colonial French university, with the JW Marriott brand playbook. John and his team infuse tradition into their offerings through elements like the JW Garden, where guests can engage with nature and experience the essence of farm-to-table dining, reflecting the university’s focus on sustainability and natural living. Simultaneously, they embrace innovation by introducing unique creations like the Pho Cocktail, which blends traditional Vietnamese flavors with a modern twist, providing guests with an unexpected and memorable experience. “In our service approach, we prioritize delivering luxury while ensuring guests feel comfortable and at home. This balance is achieved by combining the sophistication and high standards of the JW Marriott brand with the warm, welcoming atmosphere inspired by the concept of Lamarck University,” says John.

A Motivated Staff

John keeps the staff motivated to deliver high-quality hospitality experiences through personal engagement and leading by example. He’s regularly on the floor, meeting both guests and associates, to provide immediate feedback and address concerns. JW Marriott’s comprehensive training programs, ongoing coaching, and positive work environment further empower the team to excel in their roles and consistently deliver exceptional service.

To foster a positive work environment, the management has instituted recognition programs like ‘High Note’ and the ‘JW Treatment Card’ for individual acknowledgment, as well as ‘Standing Ovation’ to celebrate associates who consistently go above and beyond, sharing their exceptional contributions across all JW properties globally. “This comprehensive approach not only tackles industry challenges but also ensures our associates feel valued, motivated, and fully aligned with our unwavering commitment to exceptional service and hospitality,” explains John.

Handling Customer Expectation

When it comes to handling customer feedback and complaints, John believes in a personal approach. He ensures to talk to customers directly, actively listening to their concerns. He values every piece of feedback and addresses issues promptly, prioritizing them based on urgency and impact. As most guests enjoy the fabulous breakfast, he uses the Tempus Fugit Restaurant as a forum to touch base with guests. Marriott also provides the staff with an array of tools and metrics to measure guest satisfaction. They use these tools to gain insights into what the customers are telling them, allowing them to identify trends and areas for improvement. “By understanding the majority of our customers’ feedback, we can focus on addressing common pain points and enhancing the overall guest experience,” says John.

Going With the Trends

One trend that John and his team at JW Marriott Phu Quoc Emerald Bay Resort & Spa are particularly focused on is sustainability, which aligns perfectly with their commitment to responsible tourism. They’re continuously exploring ways to integrate sustainability into all aspects of their operations, from reducing single-use plastics to implementing energy-saving measures throughout the resort.

The resort adheres to Marriott International’s Serve360 initiative, which provides guidance for its sustainable operations, ensuring it makes positive impacts on both guests and the planet. At JW Marriott Phu Quoc Emerald Bay, the team is dedicated to sustainable practices that protect the environment and support local communities. Here are some initiatives they’ve implemented:

Reusable Glass Water Bottles: They used an in-house water system, offering filtered water in reusable glass bottles, reducing single-use plastic waste by over 120,000 bottles annually.

Locally Sourced Food: Their commitment to sustainability extends to their food sourcing practices. For example, the breakfast honey is sourced from Phu Quoc bee farms, promoting local economic growth and biodiversity conservation. They prioritize sourcing other food items locally, supporting nearby farmers, and reducing their carbon footprint.

Good Travel Program: As part of Marriott Bonvoy’s Good Travel program, guests can engage in meaningful travel experiences, such as participating in the coral reef farm. This initiative allows guests to contribute to coral care and restoration efforts, supporting marine conservation while enjoying their stay.

“As part of its sustainability initiatives, we’re excited to announce the upcoming Sustainability Culinary Week, branded as SEAGAN, taking place from June 5 to 10. During this event, we’ll be hosting chefs from our sister properties in the region, including JW Marriott Hanoi, JW Marriott Khao Lak, and JW Marriott Bangkok. This collaboration will showcase the best of sea- and farm-to-table delicacies, as well as innovative plant-based creations,” concludes John.

“Your smile is your logo, your personality is your business card, how you leave others feeling after having an experience with you becomes your trademark.”

“Our commitment to excellence is recognized through awards like the Best JW Marriott Hotel Award in 2022 from Marriott International, showcasing our dedication to exceptional service and making us a top choice in the market.”