Drinks With Will Thomas, The Economist
I am blessed with having a lot of very smart friends and colleagues. So, I decided to ask them to share their insights on topics relevant to nonprofit organizations. I hope you enjoy the first installment of this series.
It is a pleasure and an honor to kick off my new “Drinks with…” series with my good friend and college roommate Will Thomas from The Economist. Will is based in Singapore and has lived all over the world. I was fortunate enough to get Will’s global perspective on some issues that are important to nonprofit leaders.
David: This year, in the United States, nonprofits are more focused on macroeconomic issues than I have ever seen. Their primary focus is inflation. What is your outlook for inflation in the United States and the rest of the world?
Will: Inflation is up for different reasons in different markets, but it comes back to an imbalance between supply challenges and the uneven return of consumer demand. That imbalance doesn’t get resolved quickly, but we will see things come back into alignment as the business environment evolves into a new normal. Expect to see inflation rates start coming down in developed markets by the end of this year, stabilizing at pre-pandemic levels within 2-3 years. Lesser developed markets are likely to face longer bouts of inflation because their economic recovery will be more drawn out.
David: You have run a marathon on every continent. What did you learn about achieving major accomplishments that you would like to share?
Will: One of the most important things I learned is that we can do far more than we realize. The trick is to convince your brain that you really can do what you want, whether it’s running a marathon, pursuing a PhD, starting a business, getting married, or some other big change. You can do this by setting smaller objectives and working your way up, rather than intimidating yourself by trying to accomplish the ultimate goal immediately. Give yourself time to see what you are capable of doing.
David: Do you have any observations about how nonprofits are different in the United States compared to Asia?
Will: While volunteerism and charitable giving do exist in Asia, they happen on a smaller scale than you see in the US. Nonprofits often end up more dependent upon government support and corporate social responsibility than upon individual donations, relative to what you see in the west. Volunteers are also harder to come by, and groups often rely heavily upon students whose schools sign them up for volunteer work. Family structures are more important than community involvement in many Asian cultures, and this has a big impact on nonprofit support.
David: What are the two most important traits you look for in a leader that make you comfortable following them?
Will: The first thing I’d look for is an interest in listening. A leader needs to be open to ideas from others, even though they won’t use those ideas every time. People want to know that their experience and ability are valued. A second trait would be an interest in continuous learning because that helps a leader appreciate when change is needed.
Dr. William Thomas is based in Singapore and has been a geopolitical consultant and leadership coach in Asia since 2011. A retired US Air Force lieutenant colonel, he holds a degree in economics from the University of Virginia and a PhD in public policy from George Mason University. He taught at the US Air Force Academy and at Georgetown University and as a Fulbright Scholar at Nanyang Technological University in Singapore. William is also an international marathon runner and one of the few people in the world to complete The Marathon Grand Slam: running a marathon on all 7 continents and at the North Pole. His book Cross The Lines is available on Amazon at: https://www.amazon.com/Cross-Lines-Journey-Complete-Marathon-ebook/dp/B01M7SZQ77