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News
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Cracking the glass ceiling

With gender pay gap reporting on the horizon, it’s time for organisations to really examine whether they’re doing the best they can for female employees. Dawn Leane outlines 10 things every business can do to help women in the workplace. According to recent research, the advancement of women in the workplace has, at best, stalled. So, what can organisations do to get back on track? 1. Start with the culture Many organisations over-engineer initiatives to improve gender balance. This often manifests as policies and procedures, which research shows can be counter-productive and have a negative impact. Organisations should focus less on control and more on creating environments that are genuinely egalitarian. This is achieved by modelling appropriate behaviours and embedding good practice. 2. Ask questions Don’t assume you know why women are not advancing in your organisation. Issues can be specific to the culture of individual workplaces or teams. Without insight, you could spend a lot of time and money developing solutions to the wrong problems. Independent interviews with current and former employees can help build an objective picture of the challenges unique to your business. 3. Support fathers All fathers are entitled to paternity and parental leave. However, only a third took paternity leave last year. Research suggests that men and women believe fathers don’t take their full entitlement because parental leave is still viewed as the domain of women. Yet, fathers are no less interested and engaged in their children’s lives. Encouraging fathers to take leave might not do much for your individual organisation, but this is a wider issue for business and society and will contribute to higher staff retention and satisfaction. 4. Don’t outsource management responsibility A survey by the 30% Club found that employees spend increasingly less time with their manager discussing their personal development as they progress through the organisation. Opportunities for career-relevant advice and feedback are outsourced to mentors or coaches. Women at this stage of their career receive less advice from their manager than men by a ratio of four to one. While mentors and coaches have a role, it is the relationship with their manager that is pivotal to women’s development. 5. Provide access to gender-specific training This can be a divisive topic, but research shows that women benefit enormously from gender-specific training. The chance to discuss common experiences, like gender bias or personal leadership challenges, is key. However, it is important to ensure that management doesn’t wipe their hands after offering this kind of training. Other types of development opportunities should also be offered to women. 6. Create dress rehearsals Developing leadership abilities takes practice and requires learning from mistakes. With low levels of women in senior roles, those who do succeed have increased visibility. Organisations can create space for women to enhance their leadership skills without being subject to undue scrutiny. Opportunities such as leading projects or deputising for their managers, when coupled with appropriate feedback, can help to provide such a ‘safe’ space. 7. Reduce the opportunity for unconscious bias In organisations, even the smallest amount of bias can have significant consequences. Unconscious bias is prevalent in both women and men. The Implicit Bias Test developed at Harvard University offers incredible personal insight. Training for unconscious bias has proven to be largely ineffective. Until our conditioning changes, the solution is to limit the opportunity for such bias to occur. For example, blind, systematic processes for reviewing job applications will help to end such bias. 8. Monitor where women are in your talent pipeline The McKinsey Women in the Workplace reports advise that, for women, inequality starts at the very first promotion; entry-level women are 18 percent less likely to be promoted than their male peers. This has a dramatic effect on the pipeline as a whole. Organisations should be attuned to this, as it is easier to correct imbalance at earlier stages in the pipeline. 9. Accept that careers are marathons, not sprints Organisations often place too much emphasis on rapid advancement, leading people to burn out and leave, particularly when they have competing demands outside work. Reframing career development as a long-term goal allows both women and men to increase and to slow their pace as appropriate to their circumstances without being written off. 10. Focus on output not presenteeism If accountability and results are what matter, show this through flexible working arrangements. Hybrid working has been both a blessing and a curse to women in the workplace. Flexibility is necessary to ensure women continue to be productive and successful members of the team. Dawn Leane is the Founder of Leane Empower.

May 13, 2022
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News
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Wartime tax concessions

With the continuation of the Russian–Ukrainian war, Revenue has introduced a tax concession for Ukrainian citizens working from Ireland. Jane Quirke explains what the concession involves and how to comply. On 14 April 2022, Revenue announced a concession in relation to the Irish tax treatment of Ukrainian citizens who continue to be employed by their Ukrainian employer while performing their duties remotely from Ireland. There are several points people need to keep in mind while helping those in this position with their tax. Liability of income to Irish tax and concessional treatment Regardless of the tax residence position of the employee or the employer, income from non-Irish employment attributable to the performance in Ireland of the duties of that employment is chargeable in Ireland to income tax and the Universal Social Charge (USC). It is within the scope of the PAYE system of deduction of income tax at source. However, by way of concession, Revenue will: treat the Irish-based employees of Ukrainian employers as not being liable to Irish income tax & USC on Ukrainian employment income attributable to the performance of duties in Ireland; and ·not require the Ukrainian employer to operate within the PAYE system on such employment income. The concession applies solely to employment income paid to the Irish-based employees by their Ukrainian employer. This concessionary treatment will apply for the tax year 2022 where the employee: would have performed their employment duties in Ukraine but is currently unable to because of the war; and is still subject to Ukrainian income tax on their employment income. Corporation tax Similarly, due to the ongoing war in Ukraine, an employee, director, service provider or agent may have come to Ireland and may, as a result, have an unavoidably extended presence in the state. Revenue will disregard such presence in Ireland for corporation tax purposes where the employee, director, service provider or agent would have continued to be present in Ukraine if it wasn’t for the war. This concessionary treatment will apply for the tax year 2022. Record keeping Any individual or relevant entity that avails of the concessional treatments set out here should make sure to keep any documents or other evidence – such as a record with the individual’s date of arrival in the State – showing that the individual came to Ireland due to the war in Ukraine and is performing their work or duties here. Jane Quirke is Director of Tax and Legal at Grant Thornton.

May 13, 2022
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The greatest risk to organisations? Doing nothing

Businesses facing rapid change, emerging threats and unforeseen disruption must prioritise proactive risk management and build the right culture to support it, writes Andy Banks. Risk is unavoidable and, as the pace of change continues to quicken, managing risk is becoming a bigger challenge for all organisations. Disruption—be it geopolitical, environmental, social, or technological—is impacting societies at every-greater speed, making the risk landscape facing businesses more volatile and uncertain than ever before. It is not enough to stand still. In an increasingly unpredictable world, companies need to rethink their fundamental risk management principles to help protect and grow their business no matter what might lie ahead. So, where to start? Through our own research, we have found that four key characteristics can help to future-proof businesses facing greater risks. 1. Be forward-looking Recent events have underscored the need for organisations to be more proactive in scanning the horizon for risks, from industry regulations to systemic global disruption. A range of new threats are now emerging, and many have no precedent. As a result, we can't always use past events to tell us what comes next. Instead, organisations should consider what they learned in the past about handling major disruption and use this assessment to prepare a flexible response to future threats. 2. Be transparent and build a culture of trust The pandemic has further demonstrated that you can earn or lose trust depending on how you respond to the threats and challenges you face. Organisations should consider how they can embed a culture that supports transparency, particularly when it comes to identifying and addressing risk. This will be crucial as we all respond to major macro-challenges that require trust and transparency to forge a culture of accountability and drive positive behaviours. 3. Be resilient Many of the risks facing organisations are unavoidable. This is not just true of the COVID-19 pandemic—it is also true of other systemic issues, from supply chain disruption to cyber crises. The focus, therefore, needs to be on ensuring that your organisation can weather the storm, adapt, and emerge stronger. 4. Be inclusive The scale and interconnectedness of the risks facing organisations and society at large demands a collaborative response. This comes in many forms, from being open to new ideas, and seeking perspectives from different people, to co-operation between industries and sectors. We can't overcome systemic challenges without asking for help and working together on shared solutions. Risk journey questions Kick-start your organisation’s risk management journey by considering these 10 key questions: Is your risk management framework forward-looking and comprehensive? Does it align with your organisation's purpose and values? Is your business strategy translated into a risk strategy and risk appetite framework, as the foundation for all risk management processes? How does the risk function contribute to decision-making? How do you develop tangible data insights to model and quantify risk so that threats can be prioritised and measured using imaginative thinking? How is the organisation accountable to employees and other stakeholders? How does your organisation promote trust and transparency when it comes to equity and diversity? Is your risk appetite framework understood, implemented and used to steer the day-to-day business? How does risk management support agile and responsive decision-making? How diverse are the teams within your organisation? How does your organisation listen to different voices that can challenge entrenched habits and viewpoints? Andy Banks is Partner of Risk Assurance Services at PwC.

May 13, 2022
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Helping your employees navigate the cost-of-living crisis

With inflation on the rise, everyone is going to feel the pinch. But what can organisations do to cut costs and retain staff? Moira Grassick suggests alternatives to the traditional pay rise. The population of Ireland is experiencing an arduous cost-of-living crisis as inflation rises to its highest level in 22 years. Millions up and down the country are struggling to heat their homes, fill their cars, and put food on the table as prices surge, and many workers are finding their income stretched to an unprecedented degree. It is likely that many business owners will be hearing the same question: "Can I have a pay rise?" As a result, organisations are also finding it difficult to weather the inflationary storm, with many simply unable to offer additional payment to keep up with inflation. So, when faced with the pay rise request, and the risk of losing valued workers, what can companies do to help employee pay packets stretch that little bit further – even when pay rises are out of the question? Business owners are having to think outside the box when it comes to supporting staff through these challenging times. However, there are many ways to help employees reduce their outgoings. Employee assistance programmes Help your staff look after their mental health with the provision of an employee assistance programme (EAP) – particularly as financial issues can take their toll. An EAP provides your staff and their families with access to 24/7 counselling and support on all of life's issues, all totally free to them. Implement hybrid working The pandemic thrust flexible and hybrid working into the spotlight, so consider implementing this where possible. Not only could it help your employees balance their home and work life more effectively, but it will also cut commuting costs. And businesses could benefit from too, with less energy expended in the workplace. Remember though that working from home isn't for everyone – and there is the added issue of higher utility costs – so it's always best to give your staff the choice. Taxsaver schemes To further reduce commuting costs, consider giving staff the opportunity to avail of Taxsaver travel tickets which they can use to save tax and up to 52 percent when paying for a bus, train, or Luas pass. Other ways to reduce travel costs include offering a cycle-to-work scheme, which can help cover the expense of a bike with added tax benefits. SMany companies are also opting to provide electric car schemes to the same effect. Bonus vouchers A bonus in the form of a voucher, which can be used to purchase goods or services, can be given tax-free to employees once a year up to the value of €500. This can help people to shoulder the expense of daily lunches or household food shop. Discount services Lastly, using discount services means that staff can enjoy discounts on days out, food and drink, tech, food shopping, and everything in between, making their pay stretch further. Consider a pay rise Of course, if it's feasible, a pay rise in line with the rate of inflation will go a long way in supporting your employees and the organisation in the long-term. But with bills going up for everyone –  and that goes for businesses too – it's not always possible. And that's where these alternative ideas come in. Moira Grassick is Chief Operations Officer at Peninsula Ireland.

May 05, 2022
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How to navigate the uncharted territory of the metaverse

The advent of the metaverse will transform every aspect of our lives, and businesses and governments need to prepare for it now, writes John Ward Consider the possibility of hosting a meeting with colleagues physically located in different parts of the world but virtually present in the form of 3D avatars. What about being able to try on clothes in a virtual shop without leaving your armchair, or even designing and test-marketing a new car without the need to build a prototype? These are all examples of the massive potential held out by the metaverse, the shared three-dimensional virtual world where people interact with objects, the environment and each other through digital representations of themselves. Up until now, online platforms have enabled us to simulate many offline activities, but they cannot substitute physical presence. The metaverse aims to bridge this gap by creating a tactile, sensorially immersive experience that delivers the feeling of being present without requiring your physical presence. This will demand a radical shift in companies’ approach to customer engagement, branding, product development, innovation and, ultimately, their entire business model. We are already seeing retailers sell clothing and shoes for avatars, manufacturers creating digital twins to optimise factory performance, and organisations using the technology to conduct interviews and onboard recruits. Governments are beginning to realise the potential for deeper interactions with citizens in areas such as education and culture. Some countries are combining artificial intelligence (AI) with digital replicas of physical environments to predict the spread of wildfires. These examples provide a glimpse into the astonishing possibilities offered by the metaverse. But there are also potential pitfalls. The challenge for businesses, governments, and society is to successfully navigate the transformed environment created by this immensely powerful new technology. As we begin the journey into this new world, five key questions emerge: How will the metaverse transform business? Irish businesses need to ask themselves what investments they should make to prepare for the metaverse. Like digital transformation, the metaverse has the potential to become a breeding ground for a new set of competitors, markets, customer preferences and business models. Businesses need to start factoring this into their medium- and long-term strategies. Are regulators ready for the metaverse? The metaverse is likely to magnify challenges already faced by regulators in areas such as personal data collection and privacy. The virtual and augmented reality devices used to access the metaverse will allow organisations to track and collect highly personal data such as blood pressure and other health indicators. This will require extensive revision of current data regulations and legislation. What will good regulation look like in this new landscape, and how can regulators ensure their efforts do not lag behind the technology? How will the metaverse impact human-centred experiences? Successful experiences in the metaverse will be contingent on the ability to understand and adapt to changing customer behaviours and expectations. Furthermore, as customers journey through the metaverse, trust will become even more important. In this context, organisations will need to examine how this will change the way brands design and implement the customer journey, what it will take to deliver trusted experiences, and how customer engagement and loyalty will be redefined. How will the metaverse affect sustainability efforts? Making the metaverse a reality will require a vast new technology infrastructure, and it will necessitate the adoption of resilient, net zero solutions. The shift to a virtual world could, on the one hand, reduce physical resource consumption and greenhouse gas emissions, but the electrical power required by the expanded infrastructure could offset many of these gains. At the same time, the metaverse could transform our ability to model the physical world, offering a more profound understanding of our environmental impacts and enabling better decisions on mitigation. How will the metaverse develop in different countries and regions? Although globally recognised standards will emerge over time to enable interoperability, governments worldwide will likely intervene in the implementation and operation of the metaverse in the same way as they have done with the internet. Organisations must ask how this will impact the evolution of the metaverse and their global operations utilising it. At the same time, the global decentralisation movement – which seeks to free the internet and the metaverse from government and corporate regulations – is gaining traction. What implications might this have on the future of business models and corporate structures? We are standing on the threshold of a transformative technological epoch, and this will demand a new approach to every sphere of human and business activity. Businesses, governments, and civic society will need to understand the full implications of the technology and prepare accordingly. John Ward is Partner of Head of Digital & Emerging Technology at EY.

May 05, 2022
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Sustainability
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Using ESG transformation to respond to stakeholder needs

Environmental, social and governance metrics are crucial when formulating your business strategy and looking to the future. But what can organisations do to meaningfully embed ESG into their business? Fiona Gaskin explains. International events and movements such as COP26, the COVID-19 pandemic and Black Lives Matter (BLM) have concentrated the minds of investors and executives on the importance of integrating environmental, social and governance (ESG) into overall business strategy and non-financial reporting. PwC's latest CEO Survey revealed that ESG metrics are still not being integrated into long-term corporate strategies, however. Released in March, the report found that fundamental ESG targets, such as net zero, have only been set by a minority of Irish companies. So, why does ESG matter? At its simplest, ESG gets to the very heart of why you are in business, ‘who’ you are as a company, and what your impact on the world is. It’s also about how you align your business model with the needs of society, what you report, and how you engage with your people and stakeholders. Deferring integrating ESG into your overall business strategy gives rise to risk. It might mean, for example, that you will hardwire old value creation models that don't meet the concerns of your stakeholders and long-term needs of your business.  It also becomes increasingly likely that you will fail to manage real and material risks while also finding yourself out of step with your stakeholders. Integrating sustainability into your overall business strategy is essential, as ESG will propel the next wave of corporate transformation.  Strategic reinvention Companies are redefining their business and sustainability strategies before determining how to respond most appropriately to the evolving non-financial reporting environment.  Management teams are taking a fresh look at difficult strategic trade-offs in response to both new opportunities and external pressures. This includes concerns about heavy carbon emissions — very much on the radar of energy companies and cement manufacturers, for example — and a range of social concerns including health, race, gender, inclusion, and inequality.  So, what can you do if your organisation's current strategic priorities result in outcomes increasingly viewed as unsustainable (or even unacceptable)? In this case, you will need to introduce a strategy to address such concerns, exploit different opportunities, and redefine, not only what the business does, but also how it does it. Reimagined reporting The most immediate call-to-action is often a combination of heightened regulatory requirements, greater risk awareness, and demand for data that can support the management and disclosure of ESG data.  Everything from carbon emissions to racial and gender balance and the sustainability of sourcing strategies is under the microscope. Investors, governments, regulators, rating agencies, and informed customers assess whether businesses have identified, and are appropriately managing, ESG risks. As companies re-evaluate what they report publicly, formal non-financial disclosures are starting to augment or replace non-binding frameworks. Business transformation A business that begins to report against broader non-financial metrics will quickly find that objectives need to be defined in order to manage these metrics, and drive the change needed to achieve these objectives.  Similarly, a business that has had to redefine its strategic priorities to ensure its sustainability and relevance will need to transform to deliver on the new strategic objectives.  Either way, businesses will have to actively manage ESG outcomes by internalising ESG into strategy and transforming it to implement the related change and report progress and results.  Senior leaders have a critical role to play in driving this agenda for transformation, which is not separate from ongoing digital transformations but will inform and build on them, redefining both their context and purpose. Every company is uniquely situated, as is the scope of change needed. Whether the motivation is an ambitious emissions target that inspires strategic reinvention, deals to exit or restructure unsustainable businesses, ambitious diversity, equity, and inclusion (DEI) priorities or supply chain overhaul, the resulting ESG agenda will eventually encompass reporting, strategic and business transformation initiatives.  It all adds up to a new equation for business – behaviours based on purpose and trust that create value by forging solutions to society's challenges. Here are four steps you can take to help your company begin its ESG transformation journey. Decide on strategy and metrics The first step is strategic. Set an overarching approach to ESG. It should be supported by a clear tone from the top, with the CEO and leadership team committed to encouraging buy-in across the entire organisation cohesively and inclusively. Process and governance Standardised policies, procedures, controls, and governance are crucial to efficiently integrating ESG into your business. Automated workflow and data transformation tools can help ensure that your data is appropriate and your metrics are clearly defined. Through this kind of structured approach to reporting processes and governance, your ESG story will be grounded in objective and reliable data. Prioritise integrated reporting Treat ESG reporting like the integrated effort that it is. Create an architecture that includes data sourcing, aggregation, calculation, validation, reporting and analytics. Leverage existing financial reporting architectures to the greatest degree possible, and map each ESG reporting element to the architecture. Tell an authentic story When telling your company's ESG story, present more than a snapshot of where you are now. Instead, talk about where you want to go next and how you plan to get there. That sense of evolution will help you act now, with reporting and data you can stand behind into the future. The final word The impetus for businesses to address ESG issues and opportunities is likely to continue to grow, spurred by investors, shareholders, governments, policymakers, employees, suppliers, customers and citizens. Now is the time to start planning for a new future. Fiona Gaskin is ESG Leader for Assurance and Reporting at PwC Ireland.

May 05, 2022
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