The right mindset, along with a robust support network, can do much to help women in their careers. Dawn Leane explains the four factors that have contributed to the career accomplishments of successful women in business In my last article, I shared details of a research study carried out by Fiona Dent and Viki Holton for their book, Women in Business: Navigating Career Success, in which successful women revealed the factors that either encouraged or inhibited their careers. Now, we need to look at the factors the participants in that study identified as crucial to promoting and supporting their achievements. Personal work attitude Resilience is essential for women as they navigate hidden challenges and barriers their male counterparts do not face. This includes a strong work ethic and the ability to manage adversity. In her book, Mindset: The New Psychology of Success, psychologist Carol Dweck contends that, from early childhood, we develop one of two mindsets: a fixed mindset or a growth mindset. People with a growth mindset believe that, with effort, we can develop our skills, abilities and talents. They also focus on learning from positive and negative experiences and persevere when facing adversity. In contrast, those with a fixed mindset believe success is based on innate ability. By understanding, challenging and adjusting our mindset, we can change our career trajectory, relationships and happiness. Supportive family and friends In her book Couples That Work, Jennifer Petriglieri discusses how dual career couples face challenges that are usually framed as a zero-sum game, where one partner succeeds at the expense of the other. Couples who thrive develop what Petrigilieri terms a ‘secure base’, meaning both partners are supportive and encourage each other to take risks. The support role is interchangeable. Sometimes, one person is the support, and at other times they are the one being supported. Many participants in Dent and Holton’s study valued the support of their partner, family and friends in achieving success. Having a ‘secure base’ is one of the ways in which women can gain support needed to thrive. Organisational support The support of managers and colleagues is also crucial to women developing their careers. In response to the question “During your career, please indicate the people who have supported you in achieving your goals?”,  87.6 percent of Dent and Holton’s study participants identified their bosses, and 79.9 percent identified colleagues. Almost all participants highlighted the importance of their manager offering encouragement, providing challenging opportunities and the psychological safety of being allowed to experiment and fail. The manager is also crucial to one of the most pivotal points in a woman’s career: maternity leave. Research carried out by Dublin City University, Re-Engaging Talent Post- Maternity Leave: Enablers and Barriers to Positive Reintegration, identified that: “one of the critical factors in determining how women experienced the transition back into work after maternity leave was the perspective management had on maternity leave and this transition in a woman’s career. We saw many positive examples where line managers and/or the organisation viewed their maternity leave as a brief interlude in the individual’s long-term career. In these organisations, the females often reported a positive transition back after leave”. Developmental opportunities, such as a willingness to study for more qualifications and continuing personal and professional development, were also identified as essential factors, as were moving regularly and gaining international experience. Self-awareness A strong awareness of individual skills, career goals and taking advantage of opportunities were also associated with career success. Being unashamedly intentional and strategic about their ambition can feel uncomfortable for women because of their experience and societal conditioning. Having a sponsor, coach or mentor at key junctures allows women to access experience, further develop self-confidence and judgement and remain on track when navigating barriers to success. Dawn Leane is Founder of Leane Leaders and Leane Empower. In October, she will deliver a workshop for aspiring female leaders, Women in Leadership, Navigating the Environment.

With a new UK prime minister in power and a major cabinet reshuffle, what lies ahead now for Northern Ireland? Gillian McAuley gives her take on what the region needs After a summer dominated by the Conservative leadership election, Liz Truss assumed the role of Prime Minister of the United Kingdom last week. For businesses in Northern Ireland, the prospect of a new UK Government represents an important step towards potentially restoring some political certainty in the region. At the British Irish Association Conference in Oxford last week, there were some cautious glimmers of hope for the Northern Ireland Protocol. We are hearing some encouraging noises from the new cabinet. If this opportunity is to be realised, however, all actors in the process must learn from past mistakes. The new UK government and European Union must together adopt a careful and sensitive approach to defining the issues to be addressed and, crucially, the process of resolution must include meaningful engagement with all relevant stakeholders in Northern Ireland, including businesses. The need for agreement could not be more apparent. One business told us recently that, for as long as Protocol issues remain outstanding, investment in the region will suffer. For this business, as inflation takes hold, there is no capacity to continue second-guessing what trade in Northern Ireland will look like six months or a year from now… This is not an isolated case. As inflationary pressures spiral, the need to resolve the Protocol becomes more urgent. To be sustainable, this resolution must be achieved by agreement. There are persistent rumours about an emergency budget in Westminster, suggesting that in the weeks ahead, a package of measures will be introduced to tackle inflation. Decisions also need to be made for businesses in Northern Ireland, however, and the people who live and work here — and, for this to happen, we need a restored Executive. NI Chamber has campaigned for many years for the introduction of multi-year budgets that would facilitate longer-term planning. The business networking group welcomed the move to a three-year budget cycle. Yet, almost halfway through its first year, we remain without a budget and an Executive to deliver it. This is not sustainable. We need urgent action from a restored Executive, with all policy leaders at the table tackling the challenges feeding this crisis – not least the urgent need to address business rates to free up cash flow, which is currently being absorbed by rising costs. Supporting businesses and protecting jobs must be at the top of the new Government’s priority list. Gillian McAuley is President of the Northern Ireland Chamber of Commerce and Industry 

Despite its potential benefits for businesses in distress, a relatively low number have so far availed of the Small Companies Administrative Rescue Process (SCARP) but that is likely to change in the months ahead, writes Hilary Larkin Given the economic headwinds facing businesses, the relatively low take-up thus far of the Small Companies Administrative Rescue Process (SCARP) has been surprising. This is perhaps because the impact of COVID-19 on individual businesses has been masked, to a large extent, by government supports, including Revenue’s debt warehousing scheme and other creditor forbearance. Similarly, Brexit is not fully implemented, and we have yet to feel the full impact of rising energy costs and interest rates on consumer spending and the broader economy. So far, there have been just 10 SCARPs with six having commenced in August. Insolvencies right now are at an artificially low level yet so-called “Zombie companies” continue to trade. It is likely that the level of insolvencies and restructuring cases (including SCARPs) will increase as the true impact of rising costs become apparent in the winter months, and Revenue’s plans to implement debt warehousing repayment plans take shape. What is SCARP? Introduced under the Companies (Rescue Process for Small and Micro Companies) Bill 2021, SCARP is a restructuring tool for SME’s who are facing temporary insolvency affording them the opportunity to restructure through a combination of a write-down of debt and new investment. SCARP is based on the key components of examinership and is subject to strict timelines and rules for meeting quorums and approvals. Careful planning and engagement with key creditors is essential, prior to commencing the process in order to achieve a successful outcome with the required creditor approval levels. Mazars acted as Process Advisor for the country’s first SCARP case in January. We have found that SCARP is ideally suited to small retail and hospitality operations. It is aimed at small and micro-companies and designed to act as a cost-effective restructuring option with limited court involvement. It is likely that many of these businesses will be heavily impacted by oncoming inflationary pressures and will require restructuring support if they are to survive. Process observations SCARP does have some notable limitations, such as no automatic stay on creditor action, and the fact that legal contracts (leases etc.) cannot be varied without court involvement. These issues can only be addressed in SCARP with legal representation and court supervision, adding substantial costs, which could price many small companies out of the process. Revenue can opt out of the process where there is a history of non-compliance with Revenue legislation. In our experience, however, Revenue has engaged constructively with the process to date, which can only positively impact the uptake of SCARP.  Nevertheless, SCARP can be a useful restructuring tool for small companies, allowing them to compromise legacy debt that would otherwise leave them with no option but to enter into liquidation. We would, therefore, strongly advise that all small companies concerned about their short-term solvency consider SCARP and its potential relevance to their circumstances. Hilary Larkin is a Financial Advisory Partner with Mazars

Budget Day is fast approaching, but this time against the backdrop of war in Europe. Neil Hughes gives his take on what the Minister for Finance should prioritise for 2023 The uncertainty the Russia–Ukraine war has brought about in terms of global inflation will undoubtedly add to the already difficult job facing the Minister for Finance in the lead-up to Budget 2023. But, the war is not the only issue.  The fallout from both Brexit and the pandemic has been hugely challenging for Ireland, our government and businesses — in particular, for SMEs and micro-enterprises. The government had to quickly bring in radical measures, such as subsidies, to deal specifically with the economic shock of COVID-19. Despite these measures, some companies needed additional help to prevent them going out of business. In December 2021, the Small Company Administrative Rescue Process (SCARP) commenced in Ireland and is already helping small companies that scraped through COVID-19 to pull through the recovery phase. Those companies that emerge successfully from SCARP will hopefully continue to provide employment and tax revenues in years to come. This shows how a process like this can protect businesses, jobs, and the economy. Now, however, Minister Donohoe faces the challenge of balancing the competing demands and priorities of government departments in Budget 2023. The housing crisis, inflation and energy independence are top of the agenda and, in a time of war in Europe, it is becoming increasingly apparent that incremental measures will not be sufficient. The pandemic has proven that emergencies require radical responses. Nudging tax bands or rates, small percentage increases in social welfare payments, or tinkering with subsidies, will appear lacklustre compared to the cost crisis unfolding in some households and businesses.  Now is the time for far-reaching initiatives that can influence and change the behaviours of people who are vital to solving the country’s problems.  This might involve radical measures that incentivise the development of housing schemes and speed up planning processes, and the introduction of headline-grabbing incentives to encourage both households and corporates to invest in renewable energies. Along with Scotland and Denmark, Ireland has some of the best renewable opportunities in Europe. In this upcoming Budget, the government must create a platform for those opportunities to be quickly exploited. Finally, those most vulnerable in terms of energy and commodity prices must be comprehensively protected as we face the prospect of energy rationing akin to World War II, when gas company-employed inspectors nicknamed “Glimmermen” went door-to-door in Ireland, seeking to catch anyone evading gas rationing.   It is extraordinary that, in 2022, the Minister for Finance must frame a budget that features the possibility of rationing energy in Ireland once again – but such is the scale of the task facing policymakers who must address the needs of an increasingly alarmed electorate. The best course to follow is clear. To borrow a phrase from the early 1990s: Minister Donohoe needs to be radical – or redundant.  Neil Hughes is Managing Partner at Baker Tilly and author of A Practical Guide to Examinership

With a commitment to halve emissions by 2030 and net-zero emissions no later than 2050, Ireland needs to consider how best to transition to sustainable energy. Russell Smyth explains how R&D can help A renewed ambition for an emission-free future—sparked by the launch of the Irish government's Climate Action Plan in 2021—has led to a rise in sustainable research and development (R&D) in both the public and private sectors. This R&D explores innovation as a means to support our transition to a low-carbon economy and utilise surplus energy, and these projects are not just about increasing yield, but also improving sustainability. The energy sector is increasingly looking at ways to come up with greener alternative fuel solutions. Mechanical and electrical engineering firms are examining ways to reuse waste products from large-scale industries, for example, with one Irish company researching methods of heating homes by recycling the hot water waste product generated from cooling data centres. In agriculture, several companies are working on using hydroponic farming—growing plants without soil—to produce nutritionally dense food. Hydroponic farming has the potential to be a much more energy-efficient way of producing food while also tackling issues like species conservation, land usage, soil pollution and deforestation. R&D and Ireland's climate targets Agricultural emissions are one of Ireland's biggest climate challenges, with proven technologies already in use only achieving an estimated 20 percent reduction in emissions. Unlike other sectors, which have identifiable net-zero pathways, agriculture relies on R&D and innovation to achieve a credible net-zero journey. This makes it a high-priority area for R&D investment. Furthermore, Ireland has highly ambitious home retrofit targets, with the retrofit scheme aiming to bring 500,000 homes up to a minimum B2 standard by 2030. Progress to date suggests this target will prove challenging using existing labour- and capital-intensive retrofit models. Significant innovation and R&D is required here. Opportunities for future activity AgriTech Advances in technology in agriculture could substantially help to reduce greenhouse gases. Machine-learning algorithms are being applied to increase farming efficiency through yield prediction, weed and disease detection, livestock welfare and water management, for example. In Ireland, several companies are preparing to bringing concepts such as computer vision, edge computing and the Internet of Things into arable and livestock farming. Quantum computing Though a novel field, some thought leaders in quantum computing believe that carbon emissions could be reduced using two-state-based systems — specifically, creating new complex chemicals, drugs and enzymes to reduce industrial carbon output. Google CEO Sundar Pichai believes that quantum computing could be used to come up with a replacement for the Haber Process—an artificial nitrogen fixation process responsible for around two percent of global carbon emissions—within the next ten years. Agricultural gene editing and selective breeding As we face a radically changing climate, food shortages will become one of society's biggest problems. Gene editing and the selective breeding of plants could offer several potential benefits here, including greater yield, higher nutritional quality and improved disease tolerance. While the EU currently prohibits gene editing, the EU Commission launched a public consultation concerning plants produced using new genomic technology in April 2022. The results of this consultation could see the EU's stance on gene editing in agriculture change, opening Europe up to a new and rapidly expanding field of R&D. Russell Smyth is Head of Sustainable Futures at KPMG

Many of us take water for granted without considering the emissions associated with its treatment and distribution. Stephen Prendiville explores these hidden environmental costs and what we can do to mitigate them According to Irish Water, we use upwards of 133 litres of water a day. This consumption is facilitated by hidden infrastructure that takes fresh water to treatment facilities, cleans it, pressurises and then pipes it to our homes and businesses where it is used for drinking, cooking, cleaning, washing, and flushing. These processes and infrastructure have a hidden CO2 footprint, driven by the energy required to make it all work. Even before we click on our kettle or start up the electric shower, our water already has a significant carbon footprint attached to it. Some observers have noted that our water and wastewater systems, and the energy required to power them, could account for as much as five percent of our total carbon footprint (more than three million tonnes of CO2 equivalent). And – shockingly – this may be a conservative estimate. Mind your water With this in mind, we must be mindful of our water consumption. How much more are we wasting through our own behaviours? Is there scope to improve? Without water charges and metres, our domestic water use in Ireland is somewhat unknown and underappreciated. To complicate matters, the past two years have necessitated abundant running water for hand washing as the world’s attention has shifted from one public health crisis (climate change) to another (COVID-19). Changing habits Coming out of some of the hottest days on record during the summer of 2022, the importance of our water resource and infrastructure has never been more apparent. It is not an infinite resource, however, and we must find ways to manage and mitigate against wasting it. There is great scope for climate change mitigation in how we use water at home. It can be as simple as filling the kettle with one cup of water when only making one cup of tea, or washing our car with a bucket and sponge instead of a hose. It might surprise us to know how little comfort we can forgo to make a real difference. Stephen Prendiville is Head of Sustainability at EY