Eid homecoming has become an annual tradition in Indonesia, always followed by an increase in public spending, either to finance the trip itself or to buy gifts for relatives. With the 2022 homecoming directive issued by the government, homecoming activities can resume after being stopped due to the pandemic. In its capacity as a national switching institution, Jalin is ready to provide the convenience of the people who will do homecoming by providing ease of transaction through ATM Link.
In addition, the public is also allowed to do Eid homecoming only if they have received two vaccines and one booster, along with continuing to apply strict health protocols. However, breaking the fast together and holding open house events are prohibited for government officials and employees.
As a follow-up on President Jokowi’s announcement, the Ministry of Transportation immediately issued a Press Statement supporting the 2022 Eid homecoming policy. Some of the points discussed included:
- People are allowed to do homecoming only if they have had two and one booster vaccine injection while still following strict health protocol.
- The Ministry of Transportation will coordinate immediately with the Covid-19 Handling Task Force, Ministries, and Institutions, along with other related elements as a follow-up to the 2022 homecoming policy.
- The Ministry of Transportation will issue a Form Letter (SE) regarding technical implementation guidelines in the field, both for foreign and domestic travel.
- The SE of the Ministry of Transportation is needed as a reference to ensure that the implementation of foreign and domestic travel can run smoothly and safely from Covid-19.
- The technical implementation in the field will be discussed with stakeholders, including the Indonesian National Police, related to the mechanism for monitoring the provisions of travel requirements and the application of health protocols in the field.
Stay Convenient to Transact When at Homecoming Travel with ATM Link
Homecoming has been a tradition in Indonesia for a long time. Usually, this annual tradition will be followed by an increase in the expenses of homecoming travelers. They will use the funds to pay for their trips, such as buying vehicle fuel, transportation tickets, buying snacks, buying gifts for relatives, and taking money to give to nephews or other family members as holiday allowances.
In order to anticipate a surge in transactions, financial industry players must be able to prepare themselves by taking appropriate strategic steps. As a national switching institution, Jalin will also take various strategic steps to provide convenience for people who will do homecoming through its products and services. One of the Jalin services that can be used by the public to transact conveniently when at homecoming travel is ATM Link.
ATM Link is a network of ATMs owned by Himbara (Mandiri, BRI, BNI, and BTN) that facilitates ATM debit cardholder customers from Himbara to perform various financial transactions such as Check Balances, Cash Withdrawals, Transfers, and Bill Payments. The ATM Link network managed by Jalin has more than 38,000 ATM units spread throughout Indonesia.
Through ATM Link, people who are on their homecoming can make cash withdrawals and check account balances without being charged or transfer money between Himbaras at affordable fees.
To make the homecoming trip more comfortable, people should not forget to prepare several things. For example, physical health preparation, making travel budgets, checking the health of vehicles for those who do homecoming with private vehicles, and ordering tickets at least two weeks before departure to avoid more expensive costs.
In addition, it is also necessary to remember to comply with applicable health protocols to minimize the spread of the Covid-19 virus, which is still ongoing. For those who have not been vaccinated or have not received a complete vaccine, you can check the Peduli Lindungi application to get information on the nearest vaccination schedule and location.
Have you ever felt that your achievement today was just a stroke of luck? Maybe you felt unworthy of a given position? Some of you might live through with feeling that you are not as great as or as brilliant as others think. The condition in which a person doubts their abilities and thinks they do not deserve their achievements because they feel that everything is achieved through luck is known as Impostor Syndrome.
If you ever experienced those feelings, you’re not alone. A great actress like Natalie Portman, who graduated from Harvard, also had experienced this condition. In her Harvard Commencement Speech, Portman mentioned that day was like when she first came to Harvard as a freshman in 1999. She used to feel like she wasn’t smart enough to be there and had the burden of proving that she wasn’t just a dumb actress.
According to the article published in the International Journal of Behavioral Science, 70% of the US population experienced a condition often referred to as Impostor Syndrome at some point in their lives. Another article mentioned that 25% – 30% of high achiever people experience impostor syndrome. In Indonesia, the data of people with impostor syndrome is still hard to obtain due to a lack of this condition awareness.
Impostor Syndrome in the Work Environment
The impostor syndrome term was used for the first time in 1978 by psychologists Pauline Rose Clance and Suzanne Imes. Despite the fact that there is no definite cause for impostor syndrome, several factors can trigger it in the work environment, namely:
- New challenges or opportunities
New jobs, roles, responsibilities, or promotions can trigger impostor syndrome. It usually happens when we shouldered high expectations and creates a feeling of fear of not being able to meet those expectations.
Discrimination at the workplace can create unhealthy competition and feelings of having to be better all the time. It can also escalate the need to prove one’s abilities are better than others.
Labelling someone as a high performer or top achiever at the workplace can lead them to have an unreasonable high-performance standard. It will inflict a feeling that they’re not allowed to make mistakes or errors.
How Can Impostor Syndrome Affect Your Career?
Those who experience impostor syndrome are often trapped in the impostor cycle. This cycle begins with the idea that every job must be done perfectly without any help from others. Perfectionism and anxiety about poor results can lead to responses such as delaying work. Another possible response is excessive preparation and taking a long time to complete given tasks.
When they can’t achieve the goals that have been set, they will feel overwhelmed, disappointed, and see it as a big failure. Meanwhile, if the goals set are successful, they will attribute it to luck rather than a result of their hard work and abilities. The cycle that arises can even cause them to avoid receiving praise and positive feedback for their achievements.
Impostor syndrome can harm someone’s career because they spend more time proving their competence. This, of course, is tiring and counterproductive. The negative impact, which might occur, is the loss of career opportunities because they continue to feel unworthy, even though they have sufficient competency.
How to Overcome Impostor Syndrome
To reduce the negative impact of impostor syndrome, these several things can be done:
- Realize that nothing is perfect
Start learning not to strive on getting perfect results and instead realize that everyone doesn’t have to be perfect. It doesn’t mean lowering the quality but focusing more on small continuous improvement. Don’t forget to reward yourself for not giving up on your goals.
- Know yourself, acknowledge your strengths and abilities
Give yourself time to write down your skills and efforts that have been done whenever there is doubt about the success that you achieve. By recognizing this, we can change our perspective that success is the result of hard work and not just luck.
- Focus on what can be learned rather than results/performance
Impostor syndrome tends to give rise to the feeling that the mistake made was a failure. To deal with this, develop a positive mindset that can help you reduce anxiety about results. Think that mistakes are a learning process that will add to your experience and skills in the future.
Overcoming impostor syndrome is not easy, but that doesn’t mean it’s impossible. If one day you face a new challenge outside your comfort zone at work, realize that many people have experienced the same thing and it can be overcome. Stop focusing on the possibility of failure and think of it as a learning opportunity that can give you new skills that no one else has. Happy growing!
Head of Financial Analysis & Treasury
Ramadan is one of the most anticipated months for the Indonesian people. Not only Muslims but also business owners who want to maximize the momentum of Ramadan celebrations to increase their products or services sales. Because every time Ramadan arrives, the expenses of Muslims also increase.
The year 2022 is the third year that Indonesians welcome Ramadan amid the Covid-19 pandemic. However, many predict that the interest of Indonesians to shop online during Ramadan this year will increase compared to the previous year. The shift in spending behavior is inseparable from the way of life that has changed due to the imposition of restrictions on social activities, which is one of the government’s efforts to prevent the spread of Covid-19 in the country.
A survey by The Trade Desk and YouGov found that two out of three (68 percent of survey respondents) Indonesians plan to shop more online. InMobi, a multinational mobile advertising technology company, also shared similar findings. In the Getting Ramadan Rush Ready with Mobile survey, they revealed that there was a significant increase in Indonesian people spending between IDR 2 million to IDR 3 million in this year’s Ramadan.
From the same survey, it was also stated that food, clothing, gifts, home supplies, and personal care were the most sought-after product categories in Ramadan this year. While the purpose of shopping is for themselves, family members, friends, business partners, and household assistants.
Tips to Increase Online Sales in the Holy Month of Ramadan
With a series of changes that occurred in Ramadan this year, business owners must understand the expectations of the Indonesian people who want to shop online. Therefore, they must make several adjustments to optimize online sales of their products or services in this month of Ramadan.
Here are some tips to increase online sales that can be practiced during Ramadan:
Before Ramadan arrives, business owners must do market research. The goal is to find out changes in market behavior during Ramadan, find which products might be popular, buyer demographics, and the best hours for promotions.
This small-scale research doesn’t have to cost a lot. If available, business owners can use the previous year’s sales data to study. In addition, they can also seek relevant data from institutions that always issue research data before Ramadan arrives.
Develop a marketing strategy
After getting the data needed, business owners can formulate a marketing campaign strategy according to the targeted audience. Each age group usually has different shopping preferences. This year, the InMobi survey report said 58% of respondents from Gen Z in Indonesia tend to shop at the beginning of Ramadan and prioritize free shipping when shopping online from most Indonesians.
However, keep in mind that the Covid-19 pandemic still exists. So, in addition to providing discounts or combining free shipping, business owners can also package more personalized marketing campaigns to create a unique personal experience for consumers. For example, if a business owner has a food product, they can make a funny, quirky, or touching video tailored to the needs of his target audience.
Get creative with promotional materials
In Southeast Asia, including Indonesia, it is common knowledge that consumers place their smartphones as their center of attention. Therefore, business owners must be able to create promotional materials with a focus on appearing on consumer phones. In order for these promotional materials to attract consumers’ attention, three criteria must be met.
- Tease: Promotional materials should be able to tease the users’ curiosity.
- Reach wider: Promotional materials must help consumers understand what is available to them and trigger action to share the material with a wider market.
- Retargeting: Promotional materials can embrace the power of storytelling to drive potential customers into deeper marketing channels and drive conversions.
Making special gifts or packaging for Ramadan
In addition to promos, many people also like limited edition products. Therefore, presenting products with unique and special packaging for Ramadan can be an idea that is worth trying. By making exclusive gifts or packaging, consumers can feel a sense of satisfaction when they manage to get unique products sold in limited quantities.
Business owners also don’t need to produce new products because they can also do repackaging with unique packaging designs. What needs to note is the relevance of the product. Business owners must ensure that the packaged products in special packaging are related to the Ramadan moment, such as food menus with date sauce or Muslim clothes with limited models.
Ramadan is the right month to win the hearts of consumers
Ramadan is a month full of blessings. Not only a blessing in the form of a reward for Muslims who worship, but also a blessing to entrepreneurs. It is common knowledge that when the holy month of Ramadan arrives, the interest of Muslims in Indonesia in shopping will also increase. Therefore, Ramadan can be one of the most appropriate months to win the hearts of consumers and increase business sales.
However, business owners also need to remember that Ramadan this year is different from Ramadan five or ten years ago when Covid-19 did not exist, and internet technology was not as advanced as it is now. So some adjustments should not be missed. For example, promotional campaign materials created and distributed must not forget empathy for people affected by the pandemic.
On the other hand, fully utilized advanced technology is a must to provide a unique experience to customers. When the convergence between product offerings, marketing content, and consumer smartphones converges, it can create experiences that delight, inspire and empower users. So, it will all make a difference in Ramadan this year and ultimately help the business to continue to grow.
Debit online is one of the favorite online payment methods used by Indonesian. A survey by the Katadata Insight Center and Kredivo in 2021 revealed these results. According to the study, 11 percent of the 3,560 respondents favor debit online as their preferred online payment method. Meanwhile, the rest chose digital wallets (65%), virtual accounts (51%), payments through convenience stores (39%), card-free installments or pay later (27%), and credit cards (6%).
What is a Debit Online?
Debit online is a banking service innovation that can facilitate customers in completing transactions using debit cards at online merchants or e-commerce equipped with OTP or 3DS (3D Secure) security. The funds used for transactions can come from customer savings accounts or debit online card balances, which are already top-up.
According to a Kompas article, this facility was introduced in the first place by Bank Mandiri in Indonesia in 2013. It was the first visa debit card certified by Visa (VbV – 3DS) in Indonesia used for online shopping at online stores that have been Verified by Visa. The certification functions to ensure transaction security and protect users from cyber fraud.
Benefits and Disadvantages of Debit Online
The presence of debit online can be an alternative online payment method for customers who do not like to be ‘indebted’ to the bank because the source of funds used is the customer’s funds. In addition, customers can also experience several other benefits from this debit online service. Here’s a brief explanation:
Benefits of debit online:
- Online shopping easily: Customers who have a debit online facility can shop online easily on various platforms that already support the 3DS security system, both at home and abroad.
- Practical: Customers can complete online shopping transactions without switching from an e-commerce application to a mobile banking application.
- No interest or fines: Unlike a credit card, debit online can be used for shopping without worrying about interest and fines because the funds source is from the savings account of the customer who owns the debit card.
- Big amount of transactions: Debit online users can transact in bigger amounts than the credit card limit so long as the nominal transaction does not exceed the balance in their savings account.
- Debt-free: Debit online customers are not listed as parties who have debt like credit card customers because the funds used are funds in the customer’s savings account.
In addition to paying attention to the benefits, customers also need to consider the disadvantages of debit online to choose and use the payment method that best suits their needs. Here’s a brief explanation.
Disadvantages of debit online
- No monthly installments: In general, debit online does not facilitate installment payment, so customers must pay their online shopping bill in full with funds from their savings account.
The Choice Is in the Hands of the Customer
Indonesian people currently have many choices of digital payment methods. Each of these payment methods has its advantages and disadvantages.
For example, customers can use a digital wallet to shop online without having a bank account. However, most of these services are limited to domestic use only.
Payment methods through minimarkets or retail outlets are also a promising option in Indonesia. However, this method is also limited to use domestically, needs to count the cash, and customers need to go to the nearest minimarket only to make simple transactions.
Therefore, the presence of debit online can actually be a middle ground for the people of Indonesia. This service can facilitate Indonesian people to make online shopping transactions conveniently, and they don’t have to worry about bills at the end of the month like when using a credit card.
However, take note that every individual needs and level of financial literacy are different. Thus, the favorite payment method between one individual and another is not similar because each individual chooses after considering various financial aspects of his own.
Many people, especially for businessmen and professionals, are confused on how to react to VUCA (Volatility, Uncertainty, Complexity, Ambiguity). The pandemic situation as a form of VUCA has shaped a different way of doing business, because of changes that continue to occur. Thus, we must quickly adapt in the face of the turbulent challenges of time.
One of the things that can be done to prepare ourselves for VUCA is to use the Kaizen method. This business philosophy originating from Japan focuses on continuous improvement or making small and continual changes. The goal is to create a more effective and efficient work process to improve the company’s operating performance.
However, sometimes we focus too much in doing big things to make improvements. Whereas producing much more significant growth can be done by making small-scale improvements consistently. So, what are the benefits of continuous improvement for the company?
Benefits of Continuous Improvement for Companies
Implementing continuous improvement within a company has many benefits, such as:
- Productivity and Quality Improvement
If done correctly, employees will always think to adjust every process in their work and find an effective way to work. It can have a positive impact on resource efficiency, increase employee productivity, and better work quality.
- Cost and Time Efficiency
Saving time and money is also a benefit felt by employees when carrying out continuous improvement. It is achieved by shortening unnecessary processes and utilizing the technology resources provided by the company.
- Better Communication
The implementation of improvements often involves various roles of stakeholders, including the top management role to lead large-scale changes. In the process, different interactions such as discussions and socialization that can build synergies and a positive corporate climate also happen.
- Employee Morale Improvement
When an employee’s idea of improvement is being implemented by the company, he will feel the value of his presence. It can increase employee morale and motivation to contribute more to the company.
- Immediate Troubleshooting
Basically, continuous improvement focuses on finding solutions to the problems at hand. Often, temporary improvement solutions turn out to have a significant long-term impact in realizing permanent improvements in work processes.
- Optimal Utilization of Resources
For companies, small continuous improvements implementation is beneficial in optimizing resources, so that company goals can be achieved more quickly. For employees, a more efficient work process means they can have more time to focus on other work priorities or develop other skills that can help accelerate their career.
JalinSIP, Jalin’s Version of Small Continuous Improvements
In line with the Kaizen principle – not a day goes by without improvement – Jalin launched the JalinSIP (Small Improvement Project) program, which aims to facilitate Jaliners or Jalin employees to get used to implementing continuous improvement in their work areas. This program is also a realization of Jalin’s corporate culture JalinID (Jalin Identity), particularly the TANGGUH value which put forward positive attitudes and responses to change, readiness in facing uncertainty, and focuses on solutions.
Since 2021, JalinSIP has produced various internal improvement programs that are beneficial for the company’s operations to this day. Among these are improving the quality of services for bank and non-bank members of Jalin through the use of the Automatic ITM module and transaction data housekeeping tools in the development engine, document approval process efficiency through the use of Office 365 tools, digitizing employee’s health facility restitution form, and many more.
JalinSIP implementation is now starting to provide benefits. For employees, the JalinSIP program can be an opportunity to increase their competency and hone a more agile way of thinking, so that they can identify problems and opportunities for improvement. Meanwhile for the company, the tenacity of its internal resources is vital in supporting Jalin’s business continuity.
This year, JalinSIP will be held with a growing program idea. JalinSIP 2022 is expected to foster an improvement mindset and positive habits of employees and shape professional talents who are adaptive, competent, and ready to face changes. Thus, it can support in realizing Jalin’s vision of becoming The National Digital Highway, which continuously exists to give meaning to every digital financial transaction in the archipelago.
Rr Riananda Putri Kinanti
Off. Organizational Development
Government Securities, abbreviated as SBN, include both government bonds and state sharia securities. Both are securities in the form of debt acknowledgments denominated in Rupiah and other currencies. The Republic of Indonesia guarantees interest and principal payments from SBN purchases for the duration of the validity period offered.
The government issues SBN as an alternative source of funds to finance community welfare programs and developments. Simply put, you as a member of society lend money to the government, and the government returns the money in full when it is due. You will also receive yields from the purchase of SBN, which will be credited monthly to your account before the due date.
Types of SBN
The government provides SBN products to investors in two ways: auction and non-auction systems. Products available through the auction system are aimed at large-capital investors such as institutions, investment managers, and insurance companies. Meanwhile, the non-auction products are aimed at retail investors (individuals), and the capital required to purchase them is relatively low.
SBN with an auction system consists of Government Bonds (SUN) and State Sukuk. SUN products are classified into two types: State Treasury Bills (SPN) with a maturity date of up to 12 months and government bonds with a maturity date of more than 12 months. Meanwhile, Sharia State Treasury Letters (SPNS), Islamic Fixed Rates (IFR), and Project-Based Sukuk are three types of State Sukuk products (PBS).
A non-auction method SBN has four products that can be categorized based on management principles and yields. Saving Bond Retail (SBR), Retail Government Bonds (ORI), Retail Sukuk, and Savings Sukuk are the four. The general public can invest in these four products with small amounts of money ranging from Rp1 million to Rp3 billion.
Types of SBN Based on Management Principles
SBN products are classified into two types based on their management principles: conventional SBN and Sharia SBN. Debt securities with monthly interest yields are examples of conventionally managed products. The principal will be paid by the government at the end of the period. Meanwhile, Sharia-compliant products can be recorded as participation in state assets with regular returns as rent (ujrah) from tangible assets rented by the government.
Conventional SBN types consist of:
- Savings Bond Ritel (SBR)
SBR is a retail investment instrument in the form of government bonds that has characteristics similar to savings or bank deposits. The general public can invest in this product in multiples of Rp1 million up to a maximum of Rp3 billion. Despite the fact that this product cannot be re-traded on the secondary market, SBR has an early redemption facility with a maximum redemption value of 50% of total SBR ownership.
- Retail Government Bonds (ORI)
ORI is a retail investment instrument in the form of government bonds that can be traded on the secondary market. ORI also has a fixed coupon in the form of monthly yields paid to the investor who purchases it. The general public can invest in ORI in multiples of Rp1 million up to a maximum of Rp3 billion.
Types of Sharia SBN consist of:
- Savings Sukuk (ST)
The ST product is similar to the SBR in that it is not tradeable on the secondary market but is redeemable early. However, because this product is managed according to Sharia law, there are differences in contracts (agreements and settlements) in the issuance of state asset ownership as underlying assets or ST base assets. The general public can invest in this product through distribution partners with a minimum purchase of Rp1 million and a maximum purchase of Rp3 billion, with a fixed yield and payment made monthly.
- Retail Sukuk (SR)
SR is similar to ORI, but it is managed according to Sharia law. Secondary market trading is also available to retail investors with SR holdings. This product has a nominal value of Rp1 million and a fixed yield that is paid monthly to the investor’s account.
Types of SBN Based on Yield
SBN types can also be grouped based on the yield, namely fixed rate and floating rate with a floor. Here’s a brief explanation.
Fixed-rate is a fixed yield of SBN products from the beginning to the due date. Therefore, this return scheme can be beneficial for retail investors to avoid changes in market interest rates. SBN products with a fixed-rate yield scheme are ORI and SR.
Floating rate with Floor
Because it follows the change in Bank Indonesia (BI) interest rates, a floating rate with a floor is an unfixed return scheme for SBN products. However, the government has established a minimum coupon limit from the start of the SBN issuance, so the yield for a retail investor can rise but cannot fall below the limit established at the start. SBR and ST are SBN products with a floating rate with a floor yield scheme.
Maximizing the Benefits of SBN as an Investment Product Through Technology
Rapid technological advancement has resulted in numerous changes in almost every aspect of our lives, including the way we select investment instruments. SBN, as an investment product, is also affected by the shift. The Indonesian people’s interest grows year after year whenever the government issues SBN products.
This year, the government plans to issue seven retail SBN series, with a total issuance of Rp100 trillion. This target has risen since the completion of Retail SBN issuance in 2021, which totaled Rp97.21 trillion. The seven retail SBNs set to be issued in 2022 are as follows:
- ORI021 series with an offer period on 24 Jan – 17 Feb 2022.
- SR016 with an offer period on 25 Feb – 16 Mar 2022.
- SWR003 with an offer period on 1 Apr – 2 Jun 2022.
- SBR011 with an offer period on 23 May – 16 Jun 2022.
- SR017 with an offer period on 19 Aug – 14 Sep 2022.
- ORI022 with an offer period on 26 Sep – 20 Oct 2022.
- ST009 with an offer period on 28 Oct – 16 Nov 2022.
The public can obtain the seven retail SBNs easily through official distribution partners’ online services, both bank and non-bank. Aside from the security factor, because the government guarantees this investment, several advantages become reasons for people to invest in this product. Among them are:
- By investing in SBN, you indirectly participate in building the country.
- SBN yields tend to be unaffected by the ups and downs of the market.
- Less tax.
- Competitive returns compared to deposits.
- Ease of SBN disbursement, either through early redemption or trading on the secondary market.