Purpose at Work | SVIHK Chair Gordon Watson’s Journey to Discovering Ikigai

We had the opportunity to sit down with Gordon Watson, SVIHK’s Founding Chair and non-executive Chairman of AXA Asia, as he reflected on his life experiences that helped shape how he approaches business. From his encounter with different cultures on different continents came his desire to change the way of doing business, realign profit with purpose, and make the workplace more inclusive and innovative.

On Career

What was your dream job when you were a child or student? Did this aspiration become a reality? 

I never had a dream job per se, what I did have was a strong desire to work overseas and travel the world. I am naturally curious and fascinated by different cultures. I had a penchant for photography and thought that maybe a photographer for a global publication like National Geographic would be something rather cool.

What initially attracted you to the insurance industry?

When I reflect, then two things. Firstly I didn’t really want to be a banker and secondly, and more importantly, my mum suggested insurance and I was attracted by the risk part of the business. I also knew that there was something I could do with risk to improve outcomes, but I did not know what at the time. Today I am working with behavioural health data to improve people’s lives to live longer in a healthier state.  AXA has done a lot in this space.

At what point in your career did purpose start to play a more significant role for you? How did this lead to the founding of Shared Value Initiative Hong Kong?

I moved to Africa, after New York, and saw what real life was about in an upfront and personal way. This is when I started to think more about how I could make a difference. I remember meeting a young man the same age as me in Kenya who could barely walk, only because when he was young and broke his leg and it was never reset properly in a cast. I thought we could change that for the future.

Why do you believe creating shared value is the new path to achieving economic success? How does this concept translate to the insurance industry?

Philanthropy and CSR are great. However, I felt that if companies can put social issues at the centre (or even a part) of their strategy, then this would be more sustainable. As social issues usually present a gap in the market and if the initiative became profitable, then more could be done to tackle the issues by reinvestment by scale. Insurance is the ultimate shared value industry according to FSG, the consulting firm co-founded by Michael Porter and Mark Kramer: social impact is integral to economic success. By pooling the resources of the middle class, we can create life and health products that bring life-saving treatments to individuals who would not be able to afford the type of health care or post-life support for their family, if they were working on their own. Meanwhile, reducing accidents, improving health, and helping organisations better prepare for economic risks improve the profitability of insurers.

On Mental Wellbeing

You recently completed the Masters of Global Mental Health program at the University of Glasgow. How did your interest in mental health develop, and why do you believe it should be a priority in the boardroom?

Great question! I think I developed the interest when I was growing up in Glasgow. I witnessed and experienced a lot of both physical and mental bullying.  I saw people berated for having an unusual accent, a different name, or for not much at all. This always got to me, and I wanted to see how this toxicity from the schoolyard could be eliminated so everyone could maximize their best self.

When I entered the workplace, I also saw much intimidation and poor leadership practices. I saw these took a toll on mental health.  At that time, we did not really talk too much about mental health as everyone had to show a hard exterior, and any cracks in this armour were seen as a sign of weakness. I also saw a lack of Diversity, Equity, Inclusion and Belonging (DEIB) in the workplace and always had a sense that everyone needed a chance.  I believe in a meritocracy and “Kind Leadership” as described by Bonnie Hayden Cheng in her recent book, The Return on Kindness (I recommend you read it if you get the chance!). I also lost a close friend to suicide, and this shook me as I had only been with him a week prior and he seemed to be happy with his life, no one knew what was underneath. This was a further catalyst.

On a personal level, what tips do you have for maintaining mental well-being and flourishing?

I do not have any magical formula other than you need to commit to it. You need to know you are enough. You need to start the day by grounding yourself, showing gratitude, and looking at the day in a positive way in what you can either just be, or achieve.  Recently I took a breathing course with Neelam Harjani, it was incredible and helped me reset my day. She gave us a breathing routine I do every morning (or evening if I cannot fit it in that morning ). I believe we are always a student and I love studying or practicing new things. Last week I was in Berkeley for a 10-day intensive course on executive coaching. I learned a lot, not just coaching skills but life skills and replacing judgement with curiosity.

On Purpose at Work

What advice would you give to a business leader who is just starting their career in 2024?

I think at the beginning of a career it is good just to learn and connect with as many people as possible as it is difficult to know exactly what you want to do. As your career develops, I think the modality of Ikigai is really helpful to allow you to start shaping what you really want to do. Of course, if you have a calling from early on then go for it. Ikigai is a Japanese term that blends two words: “iki” meaning “to live,” and “gai” meaning “reason,” which translates to “a reason to live.” It’s a concept that encourages people to discover what truly matters to them and to live a life filled with purpose and joy.

I also encourage you to go with your gut with what will work and take some calculated risks, for example in Japan, when I was in my thirties, I was appointed as the Chief Executive Officer (CEO) of a formerly bankrupt life insurance company. I didn’t speak a word of Japanese when I walked into my first meeting with the leadership team and realised that most were 20 years older than me and did not speak English. I gambled with my gut and creativity, as it was obvious they were rather shocked a young gaijin [a foreigner] had been made CEO, not an older Japanese man. I was working for a global international insurance company, and the Global CEO and my boss at that time was notoriously impatient. As the company was bankrupt and in a bit of a mess, I knew I had to do something soon, there was no time to wait.

So leaning into my gut, I asked my executive committee to draw a self-portrait of themselves, which they did. They asked what for and I said I would tell them, however, first I advised them that I would take them offsite for five days to teach them to draw professionally. They weren’t expecting to be tasked to draw and thought I was “crazy”. When I opened the five-day session by asking them to draw a professional Picasso drawing, they were more than reluctant to try and advised me that I had not taught them anything yet. I said that was true and asked them to turn a Picasso drawing example upside down and draw it. After an hour, I asked them to stop and turn the drawing back the correct way. They were shocked to see how good their drawings were, and I explained it was because they were drawing what was there and not what they thought was there.  If it had been the correct way up, they would have tried too hard to make it look like Picasso’s, while upside down they did not, they just drew lines. 

This was a metaphor for business, as you need to address the facts as they are and not what you perceive the facts to be, and this was a large learning curve for them. After the session, they drew a self-portrait again, and the results were remarkable. I placed the before and after portraits outside the Boardroom for all to see, especially for the younger staff. This was a symbol to demonstrate that if I could transform the conservative management team in only a few days to draw almost like professionals, then just maybe I could transform the company, and we did. The gamble worked as the company became hugely successful with high engagement scores and eventually sold at a large multiple.