If you’re assertive, you’re difficult. If you’re empathetic, you’re not taken seriously. What can women in leadership roles do to overcome the double-bind? Dawn Leane explains. The issue of how women are perceived in the workplace is regularly oversimplified, and the best example of this over-simplification is the concept of the ‘double-bind’. It is a dilemma in communication in which an individual receives two or more conflicting messages. In the case of gender balance, it highlights how women who succeed are held to a different standard than their male counterparts. To succeed, women must display the traits commonly associated with effective leadership, such as assertiveness. However, when women behave assertively, they may suffer a whole other set of consequences that men typically don’t experience. Being empathetic, looking for the win-win, or simply having a pleasant demeanour can prevent women from being taken seriously, while being direct, assertive, or openly ambitious often means that they are labelled as being difficult. Regarding the double-bind, women are told to ‘man-up’, that it doesn’t matter if they are liked as long as they are respected. But the challenge of the double-bind is not that women need to be liked; rather, there is a significant, long-term impact associated with it. The double-bind can prevent women from receiving the crucial feedback they need to progress. According to research conducted by McKinsey & Co. and LeanIn.org, managers were more likely to cite concerns about seeming harsh or provoking an emotional response when delivering critical feedback to women, meaning women aren’t getting the same guidance needed in the workplace as men. The double-bind also means that women face bias when they are giving feedback. Research found that employees’ job satisfaction dropped more when female managers delivered critical feedback than when male managers did. Once again, this bias existed in both female and male employees, but the male employees surveyed viewed their female managers as less competent after receiving criticism from them. Simply put: women cannot win, and these contradictory expectations are just as likely to come from other women as men. Addressing the double-bind The double-bind is an insidious barrier that women must overcome before women can even begin to be assessed on the quality of their work. However, there are some ways women can address it: Ask open questions and point out inconsistencies in expectations. For example, if a colleague calls you ‘bossy’, ask ‘compared to whom?’ If your contribution is overlooked until a male colleague makes the same point, don’t let it go. Instead, highlight the fact that you’ve already raised the point and are glad that your colleague agrees. Ensure that the relevant people know who you are and know your work. Then, find a sponsor to advocate on your behalf who can help raise your profile and highlight your work. It’s important to get issues out in the open. Otherwise, they will always stay outside the awareness of those who aren’t impacted. Every conversation, every email and every meeting is an opportunity to begin restoring the balance. Dawn Leane is the founder of Leane Empower.

Hybrid working is here to stay, but how can companies get it right? Anne Phillipson says that planning, adapting and fostering a culture of trust is key to hybrid working success. Hybrid working is a hot topic for every business right now: how and when should we ease back to the office? How should we develop policies for making hybrid working a success? It’s a difficult task, given that there is no ‘correct’ answer; it’s a matter of making decisions that are right for your organisation and recognising that as circumstances change, the policies will also have to adapt. To help form your thinking and discussions, here are a few topics to consider. Define success criteria. What would make hybrid working a success for your business and your people? Describe the ‘ideal’, and that will provide an end-goal to work towards. You made remote working a success over the past 18 months; that happened without a lot of advance planning, but if we had all been given more time, we might have pre-empted some of the difficulties we encountered. Now is the time to facilitate an honest discussion, with the beauty of hindsight, about what worked well, what difficulties you encountered, and what practices you want to bring with you into this next evolution of hybrid working. For most organisations, success criteria include productivity, customer satisfaction, team development, professional development, and employee satisfaction and wellbeing. Think about the most important factors for your team, and then you will have a target to aim for and a way of evaluating whether expectations are being met. Agree principles. Rather than putting pressure on yourself to design perfect solutions and policies, why not agree on guiding principles first? These can provide the guardrails within which you may experiment over the coming months. Principles might be that ‘everyone works flexibly’, or ‘working patterns support the business, stakeholders, and employees’. A great principle is ‘we trust employees to work in support of company interests’. Within these guiding principles, the tactics might change but the principles don’t. This will allow teams to co-create their own working patterns and decisions within these overarching guidelines. Harmonise needs. Encourage all employees and managers to consider the needs of the individual employee, the team, and the client. All are important, and any solution should satisfy all three. For example, with fully remote working, we have found that the team’s needs may not be fully met, or the extra hours and endless Zoom meetings have not cared for the needs of individual employees where they have sacrificed their wellbeing for the sake of the team or customer. A Venn diagram may help identify the needs of each and where the overlaps are. At the centre is a hybrid model that can satisfy all needs. Consult and communicate. The key to making any change effective is to listen to the people doing the work, understand their perspectives, and communicate the rationale for decisions. You don’t want your employees to feel that the reason for returning to the office (even partial) is that you don’t trust them when they have demonstrated their trustworthiness over the past 18 months. Messages must explain ‘why’. Why is being together in the office, even occasionally, better for them, for their colleagues, or for their clients? People will respond positively if their views have been asked for, considered, and they have a degree of control over their working patterns to make hybrid work for everyone. Anne Phillipson is Director of People & Change Consulting at Grant Thornton.

With the forthcoming introduction of the Senior Executive Accountability Regime, Michelle McNamara explains what banking and insurance firms need to do to prepare and why accountability is key to that preparation. The past decade has seen a seismic shift in global focus towards greater accountability for decision-making in the financial sector, undoubtedly influenced by the fallout of the financial crisis. In 2018, the US Federal Reserve’s response was to launch a set of guidelines for how large financial institutions could manage risk and, in particular, individual accountability. Closer to home, the UK has sought to strengthen its market integrity within the banking and insurance sectors – giving firms and regulators greater powers to hold individuals to account through its Senior Managers and Certification Regime (SMCR). However, most jurisdictions within Europe have not yet moved toward regimes specifically designed to assign individual accountability. The Central Bank of Ireland’s (CBI) Senior Executive Accountability Regime (SEAR) may well change that. Together with other measures, SEAR is part of the CBI’s wider framework to boost transparency in the financial sector and will require firms to clearly set out where responsibility and decision-making lie. The regime is expected to apply to the Pre-Approval Control functions (PCFs) under the current fitness and probity regime. It will have implications for board members, executive committee members and senior leaders with critical decision-making roles. Put simply, SEAR will enable every senior member of an organisation to be clear about what is expected of them and the consequences of deviating from standards. Sitting alongside SEAR, enforceable Conduct Standards will set out the behaviour expected of regulated financial services firms and individuals working within them. These standards will oblige individuals to conduct themselves with honesty and integrity, act with due skill, care and diligence in the interest of consumers, and co-operate with regulatory authorities. All these elements are aligned with the SMCR’s Individual Conduct Rules. A further element is the enhanced administrative sanctions regime, which will allow the CBI to hold individuals to account directly for their misconduct rather than having to link the misconduct to a regulatory breach by their firm. Regulated financial services firms in Ireland can look to the UK for guidance. The SMCR has been in force for UK banks, building societies, credit unions and PRA-designated investment firms since March 2016. It was extended to cover all Financial Conduct Authority (FCA) solo-regulated financial services firms from 9 December 2019. The SMCR’s overarching aim is to reduce harm to consumers and to strengthen market integrity. Despite being in the early stages of establishing SEAR, Irish firms must prepare for what lies ahead. Given the importance of Ireland’s financial system in a post-COVID, post-Brexit environment, and the subsequent potential risks posed to our broader economy and society, individual accountability needs to be top of mind now more than ever. The lessons from the pandemic and the experience in the UK pose a unique opportunity for Irish firms to start preparing for SEAR and reap the benefits. While implementing SMCR at Pershing, we quickly identified that a significant change project would be required. Firms should start their SEAR planning early to allow plenty of time to account for unexpected setbacks, re-evaluate existing processes and ensure that the right people are around the table. This includes senior management, human resources, compliance and legal teams. Communication and training will be integral to build awareness and trust from employees subject to the regime. Firms may also need to involve information technology teams, as there could be a need for system changes. Dedicated resources will be required, with a strong internal communications stream to educate employees, as SEAR will directly impact areas such as governance, policies, procedures, recruitment practices and training. Although the timeframe for implementation is yet to be announced, firms should create statements of responsibilities and responsibility maps at an early stage to help them allocate the prescribed responsibilities with supplementary training. This step will be helpful in the overall implementation process. Statements of responsibilities and responsibility maps should set out senior executive functions’ roles and areas of responsibility and document key management and governance arrangements. Clear processes for replacing senior executives should also be established. Based on the experiences of firms in other jurisdictions that have been through the process of embedding individual accountability, the overarching responsibility is to fully understand how the firm’s culture aligns with what SEAR is trying to achieve: greater accountability for individual decision-making and a positive cultural change to drive higher quality outcomes. Michelle McNamara is Vice President of Compliance at BNY Mellon | Pershing.

According to new analysis from EY, GDP is not necessarily a good measure of how well a society is doing – and specifically, how well a country fares after the pandemic. Yannick Cabrol and Simon MacAllister suggest other considerations. Economists and public decision-makers have been relying too long on GDP to measure the health of our society. GDP assesses the overall size of the cake and excludes social indicators, which can lead to mistaken conclusions. After all, if a doctor checks someone’s temperature with the wrong tool, they may not make the proper diagnosis or propose the right treatment. Below are areas that must be considered when thinking about the impact of the pandemic on Ireland. The vulnerable At the onset of the pandemic, particularly during the initial lockdown, there was a great emphasis on the sentiment that “we are all in this together”. However, over the last 12 months, this has ceased to be the case. Instead, the pandemic had a greater impact on those already vulnerable, while others benefitted. Social inequalities The impact of the pandemic is very different to that of the financial crisis of a decade ago. But one area of similarity is that the burden of impact has fallen more acutely on the most economically disadvantaged in society. The health outcomes mimic the economic ones, with people in disadvantaged areas more likely to contract COVID-19 or suffer job loss or severe disruption. The disease itself has disproportionally affected the poorest people in our societies. In Ireland, those considered very disadvantaged are almost 50% more likely than the average citizen to contract the virus, while the most affluent are 30% less likely to contract the virus. Geographical inequalities Residents of Irish cities are 32% more likely to contract COVID-19. This can be explained by higher population densities, increased levels of social interaction, and the prevalence of younger, more mobile communities. This presents significant difficulties for decision-makers. Public health regulations need to be clear and simple to follow, but a centralised approach can sometimes be perceived as unfair and excessive for areas with lower incidence rates. The future will be shaped by diversity – of working patterns, of place, and of individuals. Technology will open new possibilities for towns and rural economies, and cities will become more time fluid with a greater emphasis on entertainment and socialising and less on routine and homogeneity. Sectoral inequalities Economic commentary and policy formation tends to focus on the exporting industries that are key to driving growth. But the pandemic has shone a light on the industries that form the backbone of the labour market: our public services and retail, leisure and entertainment industries. While public services have been among the least disrupted sectors, the accommodation, retail and entertainment sectors have endured a very difficult year. Lower paid jobs have been the most disrupted by COVID-19. The pandemic impacted nearly 90% of jobs in the hospitality sector at some point in 2020. Workers in that sector already had the lowest weekly earnings pre-COVID, at around €376 per week. Financial inequalities Unlike during the last major global recession, the main drivers of wealth – namely, stock prices and housing – have held up very well. The stock market performance reflects the acceleration of digital business models and the success of businesses in sectors such as information and communications technology and healthcare. As a result, COVID-19 has exacerbated the mismatch between the labour market and the stock market. In 2020, stocks increased by 15%, while the number of people employed decreased by 18% (excluding those temporarily supported by the Government). The result is increased financial inequalities. The pandemic is benefitting the few who have financial assets while disadvantaging the many who are struggling to keep or find a job. Those who have been able to work from home also managed to save more money than ever in 2020. The Central Bank of Ireland reports that Irish households saved over €14 billion in the year to December 2020, with total Irish household deposits reaching a record €124.5 billion at the end of the year. This contrast in wealth and labour market outcomes is just another example of disruption causing division and creating a disconnect between winners and losers. International inequalities Interestingly, more equal societies appear to be doing better in their fight against COVID-19. This may be linked to a greater willingness to invest in public health infrastructure as well as a commitment to delivering better living conditions for disadvantaged people. A fairer society is a goal sought by almost every economy in the world. However, the rewards for achieving such a goal have often been the subject of heated debate. Does a greater redistribution of wealth curtail an economy’s ability to grow or enhance it? Perhaps the impact of the pandemic will provide another reason, if one was needed, to strive for a fairer society. Yannick Cabrol is EY-DKM Economic Advisory Services Assistant Director in EY. Simon MacAllister is Strategy and Transactions Partner and Head of Valuation, Modelling and Economics in EY.

Getting your business off the ground may have taken everything you had, but taking it to the next level brings a whole new set of challenges. Hugh Campbell and Shane Kerins recommend taking five specific steps to help you expand. The reality is that scaling up your business will require a different skillset to the one you employed to get it off the ground. You now need to manage both growth and risk. In practice, that means planning ahead so that the business has sufficient resources to service the needs of its customers and staff. It also means ensuring that those resources are managed in the best way possible. Managing expansion Scaling a business is synonymous with growing your team. Finding the best staff to help propel your growth is one of the most important steps. But equally important is considering how best to motivate your staff to be their most productive and introduce measures to avoid losing them to competitors. What motivates one person may not be aligned with somebody else’s expectations. This can be relevant if you begin expanding internationally and hire talent overseas. Tax-efficient bespoke incentivisation schemes take time and effort to design. However, it should help ensure that your employees are enfranchised and motivated to achieve your growth targets. Diversify the business You must not become dependent on a single large customer for much of your business’s revenues. As your business grows, keep a very close eye on the proportion of revenues you get from each of your customers. Don’t be tempted to neglect efforts to diversify the customer base when you’re doing particularly well on one account. It may even be worth appointing an account manager to handle such a customer, freeing up your time to develop new business. Test the risk in your business’s growth As your customer base grows, you need to be certain that your operating model is appropriate for your business. Do you have the resources necessary to cope with the projected growth? Do you have the financial foundations needed to support the anticipated growth? Crucially, cash flow management is critical to bridge the period between investment in product development and ultimately generating revenue from product sales. By routinely stress-testing your business, you can confront these challenges before they become pressing. You need to assess the impact of business growth on the resources available, including people, space and finance. It is crucial that your cash flow forecasts accurately project your likely future fundraising requirements. Manage cultural change Entrepreneurs often find it difficult to let go, but recognising your limitations is an important part of achieving business growth. For one thing, there are only so many issues you can attend to personally each day. In addition, growing a business requires new skills that entrepreneurs often have to learn. It may be more efficient to find others who specialise in these areas to re-balance the workload. It’s equally important to learn to delegate to the right people at the right time and help your staff grow along with the organisation. Use management information wisely The data your business generates on a day-to-day basis can help inform many of the decisions outlined above. However, unless you understand the data and how to interrogate it, and act quickly on the insights that timely information can provide, you will be operating on intuition. Often, entrepreneurs talk about following their gut instincts, but the truth is that data will help you make much better long-term strategic decisions. Hugh Campbell is a Director in PwC Entrepreneurial and Private Business Practice. Shane Kerins is a Senior Manager in PwC Entrepreneurial and Private Business Practice.

As we emerge from the pandemic, our focus once again turns to saving our planet. One way to encourage sustainability in organisations is through wellbeing challenges. Anna O’Flanagan explains how. How is your team doing right now? The teams I have spoken with recently seem to be worried about everything, from their own health to the overall wellbeing of our planet. This is all very normal for the times we are in. Many teams have set up fitness or health and wellbeing challenges, and these have proved highly successful in bonding the team while also promoting physical and mental health. What if there was a way to develop this team wellness theme further while also benefiting the environment? A team sustainability challenge that combines these complementary goals could fortify your team and give them a sense of empowerment because they are taking control of their mind, body and environment. Goal of sustainability Sustainability aims to promote an environment where nature and humans can exist in harmony, as set out in the UN Sustainable Development Goals. This focuses not only on the environment but also on poverty, health, education and housing (and more). Therefore, leaders should take the opportunity to bring the team together (online or in offices as they begin to open) to brainstorm ways to incorporate sustainable practices (personal and environmental) into their everyday lives as part of a challenge. Here are some task ideas: Plan and encourage employees to attend sustainability events and courses; Cycle to work or to run your errands. It addresses a possible fitness goal while keeping one less car on the road; Make a bird feeder for an outdoor space; Learn how to compost; Plan your meals to reduce food waste; Use a reusable coffee cup; Plant a tree in your garden; or Volunteer in your community. Once you agree on your priorities as a team, you can then assign points to each activity, give it some timelines, and off you go. Incentives and prizes are always good motivators, so ensure that they are valued by your employees while also maintaining the organisation’s sustainability goals. This type of challenge will not only give the team a sense of working towards a common purpose, it can also release them from the feeling of powerlessness in the face of climate change and COVID-19 and create sustainable practices in their personal and professional lives. And, it will transport them from their (ever-decreasing) spaces to feel part of something bigger, more communal, and that affects change. Anna O’Flanagan is the Founder of Red Squirrel.

As companies continue to grapple with customs requirements in the aftermath of Brexit, Brian McNamara outlines the steps CFOs can take to ensure their company remains customs compliant. The last six months have seen a fundamental shift in the trading environment for Irish businesses dealing with the UK. On a macro level, we have thankfully avoided any significant disruption to supply chains. But at a company-specific level, many CFOs are struggling with hastily put together customs solutions and supply chain workarounds. Much of the focus since 1 January has been on keeping goods moving and minimising duty. While this is understandable, the re-introduction of customs on trade between Ireland and Great Britain has significantly increased the level of compliance risk for many businesses. CFOs need to get comfortable with the requirement for accurate company customs data and complete documentation. The challenge of staying customs compliant Crucially, the responsibility for customs compliance falls solely on the trader. While you may outsource the filing of customs declarations to a third party, your company is 100% liable for the accuracy of the declarations. Inaccurate declarations can result in interest and penalties. Several factors have emerged over the past six months, which have made it more challenging for businesses to stay compliant: A lack of knowledge on customs matters in the business, increasing the likelihood of errors; Multiple agents filing declarations on behalf of a company, making it harder to get a clear view of the numbers; Under-capacity and a lack of experience within freight companies filing customs declarations, increasing the risk of inaccurate declarations; and Insufficient information in customs reports from the Revenue Commissioners, making it very difficult to account for Postponed Import VAT accurately. It should be remembered that getting a Green Routing on a customs declaration does not necessarily mean it is correct. Data errors and under-declarations can be repeated without being picked up in a customs audit for months or even years. With back duties, fines and penalties, customs errors could present a severe problem for a business. Measures you can take to minimise the compliance risk in your business Raise awareness across the business of the importance of being customs compliant: ensure that colleagues outside the finance department are fully aware of the potential cost of compliance issues. Given the implications of non-compliance, customs declarations should be treated with the same level of respect as other tax returns. Take ownership of your customs declarations: have complete visibility of the customs declarations being filed in your company’s name; request details of company declarations from whoever is filing them and carry out regular spot checks for accuracy. Do not claim preferential rates unless you have the proper documents to prove you are entitled to them: the EU/UK Trade Agreement allows for duty-free access on certain goods moving between the parties. However, it should be remembered that preferential import duty rates are not an automatic entitlement and can only be claimed on UK origin products. If in doubt, don’t claim. Claims for preferential duty rates can always be made retrospectively. Ensure that you properly account for import VAT: postponed Accounting for Import VAT can provide a significant cash-flow benefit for importers, but the Revenue Commissioners can exclude a company from availing of it if they are not accounting for it correctly. All import VAT postponed in a period must be accounted for in a company’s VAT return for that period. Don’t delay: if you have concerns about your customs exposure, don’t wait to address them. The longer errors or under-declarations of duties persist, the bigger the potential problem. While the past six months have been a steep learning curve for many businesses, it isn’t too late to get on top of trading in a customs environment. Aligning all departments with an improved customs compliance approach will also significantly improve the chances of your business remaining customs compliant. Brian McNamara FCA is Managing Director of SwiftFile, a full-service customs clearance business.

In a hybrid world, it can be challenging to spot conflicts early. If leaders take certain steps, however, they can resolve existing conflicts efficiently while empowering colleagues to resolve disagreements in the future. Louisa Meehan explains. Have you noticed an increased unease with working virtually all the time? Even in the best of times – when we can sit in the same room, greet each other normally, and hear what is being said while observing the body language used – we are still imperfect communicators. Miscommunication is one of the primary root causes of conflict in the workplace. It occurs for various reasons, including different cultures, language, not listening, distractions, etc. If we can have communication issues even in the ‘best’ setting, it is no wonder that conflict can arise in a hybrid world, where we rely on technology to assist in our communications. When I work with clients through mediation, we always discuss perception. If you and I have an interaction, my perception is my reality. However, you could have a different perception of the same interaction, and that is your reality. So, there is no one reality; how we perceive the past makes it so. And different perceptions can lead to conflict. The question, therefore, is: how can we resolve conflict? The answer starts long before the conflict exists, with leaders fostering a culture where trust and open communication are encouraged. The ideal way for any conflict to be resolved is for the two individuals who disagree to feel capable of discussing it directly with each other. This may sound simplistic, but consider the last time you resolved a disagreement with someone you care about; how did you do it? You likely discussed it with them at some point and came to an agreement about how to move forward. There are, of course, some situations we avoid and sweep under the carpet. That’s okay if it’s a conscious decision and something you are happy to let go. The difficulty occurs when you don’t address the issue and you don’t let go. Then, it can fester and grow into a much more significant conflict. As a leader, it takes skill to know when to step in and help resolve a situation. Sometimes a team member will tell you that they are having a disagreement. This often happens at a point of escalation; they no longer feel that they can address it themselves. However, there were likely early signs of the conflict in the form of behaviour change. In a hybrid world, it can be more challenging to spot conflicts early. You can mitigate this by having regular check-ins with all team members to see how they are doing and whether you can help. I recommend doing this at least once a week. Through this habit, you should be able to identify problems early. The steps towards conflict resolution, in person and in a hybrid world, are as follows: Encourage direct conversation between the parties. Support a resolution as their line manager, if possible. Engage an external independent person, such as a qualified meditator, to support resolution. Potentially engage with formal internal procedures if resolution cannot be found. However, this formal option has many challenges and should be a last resort. Louisa Meehan is an HR expert and workplace mediator, and founder of Woodview HRM.

Aoife Lenox explains how a better understanding of temperament can help introverts acclimatise to office life. ‘We’ve been preparing for this our whole lives’ was a popular introvert working-from-home meme in March 2020. No commute and the convenience, at least in the short-term, worked for most people, but many extroverts found the disconnect from colleagues quite difficult. Introverts relished the opportunity to retreat from busy and overstimulating work environments, finding time to recharge during the day (albeit with home-schooling challenges), more emphasis on one-to-one communication, and the ability to contribute in meetings via chat functions. In this article, I will explain how your temperament influences how you work and, as an introvert, how you can successfully navigate a return to the office. Understanding temperament Psychologist Carl Jung developed the terms ‘introvert’ and ‘extrovert’ 100 years ago. He noticed that some people were more energised by an outward focus while others were more inward. Up to half of the population are introverted, but many of us use character traits to perform at work – being more vocal than we naturally are or showing more energy than we feel. This, I have found, leaves people confused about temperament. Influence on work Extroverts talk to think, and introverts think to talk. Introverts are internal processors and, as evidenced by MRIs of the introvert and extrovert brain, have increased activity in the pre-frontal cortex. This explains our inclination for deep thinking and reflection. It is why we can be slower to make decisions, need additional time to process, can be reluctant to speak up at meetings, and can get drained by excessive social interaction. Introverts’ increased sensitivity to dopamine, which can fuel and energise an extrovert, has the opposite effect on an introvert – often in the form of burnout from a full week in the office. Thrive A recent study by Aviva found that personality has such an impact on our wellbeing that it should be included in organisations’ wellbeing strategies. All change begins with awareness. To successfully navigate a return to the office, you might consider the following strategies: If you find your office environment overstimulating, speak to your others about your need to recharge. This might be a walk outside or time in a quiet room. I find closing my eyes for five minutes helpful. A hybrid or flexible working model also offers the opportunity to balance recharge time. Expressing our needs is important for mental wellbeing. If you need additional time to process information in a meeting, use questioning techniques to ensure that you can still contribute authentically. Identify and use your strengths to promote feelings of confidence and wellbeing. Unfortunately, negative stereotypes on introversion still pervade, so showcasing our strengths is very important. It is natural to feel anxious if you are returning to the office in the near future. Understanding your temperament allows you to recognise your needs and identify ways to create a work experience that works for you. If you are leading other people, have open conversations about their feelings on returning to the office. Remember: there is no ‘one size fits all’ solution. As the saying goes: we have all been through the same storm, but we have been in different boats. So let’s take it slow. Aoife Lenox, the founder of Inside Strategies, is an introvert strengths coach, trainer and people specialist. She runs webinars, workshops and offers people and culture support to SMEs.

You have had a successful career to date. You are either recently qualified or have successfully climbed the corporate ladder. Then, you encounter a funded, successful start-up and think it might be the one for you. It’s time for a career change – or is it? Rob Mac Tighearnain outlines the key considerations. First, let’s talk about the reality of a start-up. The truth is that all start-ups are the same – we are faking it till we make it. It’s the nature of the game, but what does it mean for you if you join? Once you step behind the pretty start-up exterior, you will either find nothing at all or chaos. The likelihood is chaos, and it’s not because the existing team is careless or incompetent. On the contrary, they are incredibly talented. The harsh reality is that start-ups run on a shoestring. It’s the survival of the most resilient, so when you join, you will likely be faced with a fragmented department trying its best to juggle everything and keep progressing at breakneck speed. As a result, things will be dropped and/or missed. But don’t let this daunt you. We will talk about how to navigate your first 90 days later in this article. Two years in one I tell everyone I meet that the work you do at a start-up isn’t necessarily the most time-demanding job in the world. However, it is some of the most intense and unrelenting work you will ever do. Every decision you make will materially impact everyone around you and likely affect the ability of the start-up to continue to move fast and, crucially, to scale. However, the following realities must be borne in mind: the data you have is likely incomplete; the issues you are trying to solve today are evolving continuously; when it comes to software, you may not have enough resources for a large implementation; what you do must be straightforward and understandable to those who need to know because they are busy solving their own challenges; whatever ‘it’ is, it must scale; and it must be able to support the organisation as it evolves and pivots rapidly. So, how do you make decisions in such an environment? Keep your finger on the pulse and make sure you know what is happening in other departments. If you know where other teams are going, you won’t make departmental decisions in a vacuum. To fail, or not to fail… If I’m honest, your chosen start-up will likely not be as successful as everyone hopes. Nine in ten start-ups fail, and even those backed by venture capitalists have a success rate of just 25%. So, go in with your eyes wide open. Financial reward aside, working for a start-up is, in general, incredibly career-enhancing. You will learn how to survive in a challenging, fast-paced and resource-constrained environment. Any company you join (after the likely failure or flatlining) will be lucky to have you with the experience and skills you have gained. Whom will you work with? At a start-up, your colleagues will probably be some of the most resilient, resourceful, and courageous people you’ll have encountered in your professional career to date. They will care deeply about the organisation’s success and go to incredible lengths to achieve it. Ensure that you gel with those you meet during the interview process, as there is no escaping anyone in a start-up. The team you join will be very lean and likely nowhere near as well-resourced as your previous corporate job. Having the right people on board is everything for a start-up. You move so fast that there isn’t time for ego or office politics. You need to know the culture you’re joining and that you can work with everyone, because the start-up will become your second family. Time to listen and learn By now, you have evaluated everything and decided that joining a start-up is the right decision for you. But now what? First, listen and learn – and then stop. You’ve just joined a business into which the founder (who is likely also the CEO) has poured everything they have. You have been evaluating the business for one week and spotted many issues and opportunities to put out fires. However, remember that the business has gotten this far; it doesn’t need you to get out the firehose and drown everyone. The key is to listen and learn for at least the first month. This is always harder in a start-up because there are always urgent issues, some of which might appear to be ‘company killers’. Solve those, of course, but keep resisting the urge to overhaul things too quickly. Once you listen and learn, you will understand the underlying business and what is deemed a priority. You will also know why specific issues remain unresolved and why others are dealt with quickly. This will help you formulate your goals and strategy, and your approach to the start-up’s issues will evolve dramatically. You will recognise issues that need immediate action and, most importantly, those that are bubbling beneath the surface. The main reason you have been hired isn’t to fight the fires that exist. It is to stop (over time) the fires from catching light at all. That’s why taking time to listen and learn at the outset is so crucial. Now, go and join Nothing is for granted, and everything comes with risk: so, should you really join a start-up? Absolutely. It will be the biggest, most all-consuming challenge of your professional life, and you won’t regret it. Rob Mac Tighearnain is Head of Finance at Tarabut Gateway.

Kevin Empey considers how we can “test and learn” our way through the aftermath of COVID-19 while creating a more informed and positive world of work. “The future is not quite what it used to be.” Quoted by numerous writers over the past 100 years, from Paul Valéry to Robert Graves, this phrase certainly has a new resonance today. Observers of the evolving world of work point to times in history when a significant change in the underlying economic and technological landscape triggered far-reaching changes to how we work and live. We are told, for example, that the exponential technology advancement in the last 20 years alone has moved us into the 4th Industrial Revolution, which is a game-changer for how, and by whom (or by what), work will get done into the future. The COVID-19 outbreak has further accelerated our thinking and practices regarding new, digital, remote and innovative ways of working. These trends were already well underway as part of the ongoing ‘future of work’ debate in recent years, but the pandemic has dramatically catapulted these practices into the mainstream. It is now an open question as to what the ‘zoomification’ of work will mean for employers and workers as we shape the post-COVID world of work. Like previous disruptions through the ages, the zoomification of work will likely bring many advances and upsides, but also risks and dangers. However, perhaps the lessons learned from our individual and collective COVID-19 experience will signal a more human and authentic world of work. A world where ‘good work’ is valued and a more mature and honest employment relationship is built on genuine partnership, empathy, trust, and servant leadership. Where technology serves as a toolkit for flexible working lives and as a final solution to some of the more outdated and inflexible work practices of the 20th century. Perhaps the next phase of work will be more human and not just about technological adoption and economic efficiency, which typified earlier cycles. The challenge now is to ‘test and learn’ our way through the immediate aftermath of COVID-19 while shaping a more informed, positive vision of work, culture, and leadership, which we will be forced to explore more radically and deliberately than ever before. The combination of skills acquired since March 2020, and those we have yet to develop as we adapt to the new hybrid world of work, will also serve us well in future-proofing our careers through the inevitable disruption that lies ahead. In Thrive In The Future of Work, we explored this evolving world of work from this more personal perspective. It is a research-based account of what we can do as individuals to navigate and thrive during all the changes that seem to be coming at us in greater frequency and impact than ever before. Kevin Empey is the Founder of WorkMatters and author of Thrive in the Future of Work: How Embracing an Agile Mindset Will Benefit You and Your Organisation.

Janis Heather explains how a change in career is likely to be the new norm in the future. People sometimes ask my seven-year-old daughter what she would like to be when she grows up – an answer I’m always intrigued by given my career in recruitment and also because the answer changes as often as the wind. However, the reality is that whatever career path she ultimately chooses, there is a strong possibility that this role does not yet exist. This may instil fear in someone just starting their career in what is considered a clear career path, such as accountancy or law. But instead, it should be welcomed as it presents a huge opportunity to diversify skills and experience in the future. Over the past couple of years, KPMG has hired for increasingly diverse roles and skillsets. This includes specific technology consulting experience such as applied intelligence and cybersecurity, digital transformation consultants, energy and sustainability expertise, and town planners – all roles that were not priority hiring demands for us just a few years ago. We have also seen an increase in demand for deal advisory professionals with experience in M&A activity, government and infrastructure, debt advisory, and strategy. But how do people end up in these roles? Very often, their careers didn’t start in such a specialism. Many people trained in audit, tax, or advisory in KPMG, for example, but they transitioned into another area of their choice on completing their professional qualification. Auditors have moved into strategy, risk consulting, transaction services and financial instruments teams. Tax professionals have transferred to regulatory and consulting teams. And employees in support departments, such as HR and IT, have moved into client-facing roles across the business. In some of these transitions, individuals had transferrable skills and were relatively comfortable with the move. However, there is a sense of nervousness and sometimes fear for many. When an individual moves to a completely different type of role, it is important to remember that change is supposed to feel uncomfortable; it is part of the process as we stretch and grow. Focusing on why you are changing roles (if by choice) and how you will benefit from the change can help with the first few weeks and months of that transition. Over the last year, many people have reflected on their work and how it marries with the type of work they would like to do. People seek meaningful work and are trying to focus on tasks that bring more joy to them daily. Career detours can sometimes be by choice or not, but I am a firm believer that high performers can apply themselves no matter what they do. For those finding themselves at a career crossroads, I would encourage you to look to your seven-year-old self, be brave and dream big. Janis Heather is Head of Experienced Hiring at KPMG Ireland.

Being proud of who you are is a wonderful feeling. But what if you had to constantly hide who you are out of fear? Éirénne Carroll tells us her story and what we can do to make the workplace more inclusive.  It’s officially Pride month, and with it, there are many ways to celebrate and show joy. But what if Pride isn’t a time of celebration for many? How do we move beyond celebration to inclusivity? I had the pleasure of sharing some of my story with members of Chartered Accountants Ireland at its virtual Pride seminar last week. I highlighted how my story shows the pitfalls of living visibly out, some of the barriers that still harm trans people in the workplace, and how allies and other LGBT people helped me feel safe at work and re-find my joy in Pride. I initially came out at work to a supportive community in a corporate marketing department in the south of the United States during the era of HB2, also known as the “Bathroom Bill”, in 2016. During that time, the friction caused by the presidential elections impacted my work, my life, and my ability to celebrate Pride. My identity was a hot button issue for me. And even now, six and half years later, my right to be visible at work, home, and in public is still debated on radio shows, in print, and in homes every day. For me, coming out was a potentially career-ending act, so it was difficult to see where Pride fit in. And that truth isn’t lost on other trans people at work, whether internationally or here in Ireland. According to Transgender Equality Network Ireland’s (TENI) research in Speaking from the Margins, 49% of all trans people in the country are either unemployed or underemployed. Getting your foot in the door as a trans person, or retaining your position when you come out, is a very tenuous struggle – even in an era when more and more organisations are building robust diversity, equity, and inclusion departments to support their businesses and staff. In my coming out story, I was able to find allies and to find my voice at work. I was lucky enough at the time to have a team that understood and supported me. Having allies that are willing to take the heat with you are so valuable. Having people you can depend on is imperative. And working in a place where you feel safe to be who are you is crucial. I’ve been out at work for six years, and I can say I now enjoy Pride. I thoroughly enjoy where the road has led me, and I have enjoyed the people I have met and worked with. I believe our society, and our businesses, are always better with more diversity and inclusivity that allows people to be who they are. Éirénne Carroll is the Chief Executive Officer of TENI.

Insolvencies are low right now, but that doesn’t mean businesses are safe. Declan de Lacy explains why the number of insolvencies could rise in the future. Is the current low rate of insolvencies like the sea retreating before a tsunami? This is the worst-case scenario envisaged by the European Systemic Risk Board in its recent paper on preventing and managing many corporate insolvencies. Ordinarily, soaring unemployment rates and collapsing economic output are accompanied by rapidly increasing liquidations. The absence of this since March 2020 suggests that the Irish Government’s business supports have been effective. However, recent reports by the Central Bank and the Central Statistics Office suggest low numbers of liquidations are not a sign of robust corporate health but, instead, reflect the delayed transmission of the economic shock through to insolvency rates. The Central Bank reports that 26% of SMEs have made losses since the pandemic began and that 16% are in financial distress. More worrying is data from the CSO indicating that more than 16,000 businesses (7% of those surveyed) had their entire staff laid off since April 2020. Although restrictions directly prevented some businesses from resuming trade, it is likely that among those 16,000 businesses, economic viability prevented re-opening of some. As time passes, it becomes increasingly unlikely that this latter group will ever resume trading. The recent decision to extend government schemes including the Employment Wage Subsidy Scheme, COVID Restrictions Support Scheme, and tax warehousing until the end of the year gives businesses affected by the pandemic additional time to assess their position and take remedial steps before supports taper off. It will be essential for businesses to revert to a viable business model based on sustainable costs and revenues during this period. When the economy fully re-opens, many businesses will be viable on a day-to-day basis. However, they will have insufficient profit or liquidity to make good on debts incurred before or during the COVID-19 crisis. These debts are likely to include rent arrears and taxes warehoused during the pandemic. As creditors revert to more normal collection models, the survival of these businesses will depend on their ability to either restructure or reschedule their obligations. Historically, there has not been a viable process for SMEs to restructure their debts. However, the Small Companies Administrative Rescue Process, which will be introduced before the summer ends, is expected to provide a fast and fair rescue process for distressed SMEs. It is incumbent on accountants to familiarise themselves with this process and recommend it to clients for whom it is necessary. In the last recession, many companies had to be liquidated because they had incurred large debts to finance credit to customers who ultimately did not pay. To avoid this happening again, businesses that advance credit must manage their exposure to customers whose viability is uncertain. It is inevitable that as supports taper off and debt collection becomes more muscular, many companies will be unable to continue trading. The true number of companies fatally impacted by the pandemic will not be revealed until this happens. Declan de Lacy FCA is an insolvency practitioner and leads the advisory and restructuring practice in PKF O’Connor, Leddy & Holmes Limited.

For organisations to thrive in a modern Irish society, serious work needs to be done on fostering diversity and inclusion in business organisations. Sandra Healy explains an evidence-based approach. Today people want to work with organisations where they feel respected and valued, no matter how diverse they are. In Ireland, we have the youngest population in the EU, with one in eight people from a migrant background. This young, diverse population expects organisations to have supportive, inclusive cultures that reflect the society we live in. Additionally, all over the world, regulators, shareholders and investors are demanding fairness, transparency and a customer-led approach to doing business. While many employers have positive intentions regarding equality, diversity, and inclusion, it can be challenging to know where to begin, what to prioritise, and how to make progress in building an inclusive culture. Branding vs supporting Some organisations get behind diversity and inclusion (D&I) initiatives for employee resource groups (ERGs) through external sponsorship or brand campaigns. Externally, it demonstrates to customers, shareholders, and potential talent that your organisation values diversity. For D&I initiatives, it can be a powerful way to amplify reach. However, the external investment must be accompanied by a commitment to fostering inclusion and diversity within your organisation. Evidence for change Building an inclusive culture takes time, resources, focus, and commitment. To make progress, it is important to understand what challenges exist and where. An evidence-based approach takes the guesswork out of culture and ensures that actions are meaningful, impactful, and make a difference. A very relevant and important example of this is gender pay gap reporting, which will commence in Ireland in 2022. A lack of representation at senior level will be an issue and a reputational risk for those that are not prepared when the time comes. Organisations need to plan now by examining their data as it relates to gender, position, and pay scale and understanding the barriers that exist for female progression. In addition to external reputation, employers must consider how the pay gap information will land internally and whether there is a potential risk in terms of current female talent exiting the business when the time comes. Organisations have the information they need to take action now and make a commitment to improving gender representation. Furthermore, those that get ahead will be able to control the external and internal narrative when the time comes – thus avoiding unnecessary fallout.   Going beyond gender As examined above, the gender pay gap is just one example of where and how organisations can use data and evidence to deliver meaningful change. However, organisations must also consider the levels of diverse representation beyond gender at all levels. If organisations are willing to commit and focus time and resources, there is much that can be done to enhance and improve wider diversity across areas such as race, age, neurodiversity, sexual orientation and disability – to name just a few – building more equitable and inclusive cultures for all. Retaining diverse talent requires an inclusive, supportive culture where people can be who they are. Research shows that more diverse and inclusive organisations deliver better customer outcomes, foster more innovation, and have better reputations. Ireland is a young multi-cultural society, and we have a great opportunity to get it right. Organisations are competing globally for talent and if employers are not proactive in building inclusive workplaces, they will lose out to those that do. Sandra Healy is the CEO of inclusio and Founder of the DCU Centre of Excellence for Diversity and Inclusion. inclusio puts science into culture change so organisations can build workplaces where people want to work by levelling the playing field for employees. 

Hybrid working is on the cards for most offices, but how can organisations successfully implement it? Moira Dunne has three top tips to help plan for the new way of working. Pandemic restrictions are easing, and businesses are preparing to return to the office. Many employees have enjoyed the flexibility of working from home, and a ‘hybrid’ working model will likely be the new way of working. Hybrid working is a mix between remote and office working. Ideally, the model provides the best of both worlds. If successful, employees and employers can benefit from the flexibility of working from home while also collaborating in the office. To make this happen, it is important to plan for the new way of working. Here are three tips for successful hybrid working. Reset This is a good time to reflect and reset. Due to the sudden onset of the pandemic in 2020, people adjusted quickly to homeworking. Hybrid working will continue to involve homeworking, albeit part-time. So, it is important to review the following: Do I need a better routine when working from home? Can I optimise my workstation and equipment? What distractions cause me to lose time and focus? This review can help people optimise their home working environment, boosting productivity and comfort while not in the office. Plan To get the most benefit from hybrid working, consider how to split work between home and office. Consider the time and location dependency of the work. Is there a requirement to support others at set times? Is there a need to access office-based files or systems? Which tasks are independent of time and location? Tasks that require a high level of focus are more suited to a quiet home environment. Time in the office enables group work, such as problem-solving, innovation or coaching. Each employee can plan the: time-dependent tasks that must be done during core hours; location-dependent tasks that require access to files or systems in the office; collaborative tasks that require interaction in the office; and solo tasks that can be done individually, independent of location or time. If a team gets together to plan their schedules, they can create a rota to cover all responsibilities. They can also optimise collaboration time in the office. Deliver Successful hybrid working happens when each person takes responsibility for delivering in their role. This can build trust and help remove the residual stigma about remote working. It helps shift assessment of performance away from presenteeism. Both employees and managers have a part to play in delivery. Productivity is improved when: employers provide clarity about what needs to be delivered. This helps people work independently at home; employees seek clarity if they are not clear about expectations. They report on progress and discuss any issues that arise; and there is open communication. This is beneficial in any working environment, but it is particularly important in a hybrid working model. Hybrid working offers benefits for both the business and employees. There is a collective responsibility for making it work, but it may take time for the new model to settle. It is new territory, so it is best to take an iterative approach. Encourage people to adopt a continuous improvement mindset. By trying the model, reviewing, modifying, and improving it, you will have a successful hybrid working situation. Moira Dunne is the Founder of BeProductive.ie. You can find more tips about successful hybrid working in her webinar.

A responsive ransomware incident plan is critical for organisations. Carol Murphy and Ross Spelman outline what the plan should include and how to respond in the case of an attack. Every organisation should have a ransomware incident response plan in place, and this should be regularly tested, reviewed, and updated. This plan should include roles and responsibilities for all stakeholders, including IT, legal, compliance, human resources, operations, communications, and end-users. The response effort should focus on key functional areas, including IT, information security, legal, and communications. The teams looking after these areas should share information in a central location and establish clear communication channels with regularly scheduled incident update sessions. IT Ransomware is a technology problem and, once detected, the first step is to disconnect any infected or suspected systems from the network and shut down non-infected systems to protect them from infection. Once that is complete, available backups should be identified and evaluated. It is critically important that backups pre-date the attack. If a system cannot be cleaned and brought back to a secure, operational state, the system must be rebuilt or restored. The restoration process should follow a clear, prioritised sequence based on business criticality and risk exposure. For example, critical production servers or systems providing email/collaboration services may come first, followed by business-critical workstations supporting payroll and other critical areas of the business. Depending on the priority, general user workstations may come last. Information security The information security team should attempt to identify the type of ransomware that has infected the system and, if possible, pinpoint the criminals responsible for it and then determine if a decryption key or remediation software is publicly available. A forensic investigation should be undertaken to determine whether any data was stolen, how the network was accessed, the particular systems accessed, and what activities took place on them. Devices and equipment which appear to be non-infected should be examined for evidence of hacker activity as a matter of routine. Once the investigation is complete, the team should work with IT to fix the vulnerabilities used by the criminals to access the network. It is not good enough to fix the root cause(s) or vulnerabilities exploited by the attacker: the organisation should strengthen multiple layers of security controls and improve/adopt a defence-in-depth approach to security. Legal and communications Depending on the criticality of the incident, company officers and employees may need to be notified immediately. Business partners and key external parties should also be informed at the earliest possible juncture and kept informed as the investigation progresses. The legal and communication teams should prepare a statement to inform the broader public of the incident. They should also work with IT and Information Security to develop and implement temporary workarounds for impacted critical functions, including email, payroll, and customer portals. The team should also prepare for regulatory or compliance reporting requirements such as those covered by GDPR. No ransom We do not think you should pay ransom demands for a variety of reasons. Paying ransoms will only fund continued criminal activity. Payment could also expose companies to legal risk with no guarantee that the criminals will make good on their promise to supply a decryption key or other means of recovering data. Indeed, companies that pay ransoms may find themselves vulnerable to re-infection by the same criminals or their associates. No organisation can afford to be without a cyberattack or ransomware response plan. The plan should be subject to periodic review and set out the role of all appropriate sections of the organisation in the response and recovery process. Particular emphasis should be placed on the investigation phase as this will assist in the prevention of future attacks. When an organisation recovers from a ransomware incident, it should emerge much stronger. Carol Murphy is Consulting Partner and Head of Risk Transformation at EY. Ross Spelman is Cybersecurity Director and Lead at EY.

Over the last number of years, ESG has become increasingly important to investors. By dedicating time and resources to ESG now, companies can reap greater rewards in the future. Edel O’Reilly explains. In my organisation, I act as a conduit between many publicly listed companies and the global investor community, and I have witnessed first-hand how important the issue of environmental, social, and governance (ESG) criteria has become to that community in recent years. Increased regulation, societal demand, underlying customer demand and perhaps, most importantly, improved investment outcomes are the key issues that have fuelled this change, and global investors and lenders now see the adoption of ESG practices as a crucial driver of value creation. This has been reflected in an acceleration in engagement levels between companies and their investors on the key issues.  What are investors looking for? So, what do investors care about and what are they looking for? I regularly organise corporate governance and ESG roadshows, and investors are intensely focused on corporate governance as a key indicator of evaluation. Why? Because good governance underpins strong business performance without excessive risk-taking. Investors focus their attention on board members, the processes in place to support adequate oversight, and board accountability. Board chair and members For allocators of capital, it is critical that the board chairperson is independent, while a diversity of skills and additional board experience are important criteria for board members. And, as the world becomes ever more digital, investors like to see board members who have cybersecurity and IT skills. Processes and oversight When it comes to governance architecture, best practice dictates that there should be three board committees: A nominations committee to ensure board balance; An audit committee to oversee the financial reporting aspects; and A remuneration committee with responsibility for proper alignment with executive pay. Investors want to see balanced compensation packages for management teams that reward performance but that are also related to long-term goals. Investors assess potential long-term value by judging the quality of policies and processes in place and the board’s diligence and care in overseeing their implementation. Accountability Critically, good governance can’t stand still and, as a company grows, it should have governance in place for each stage of its maturity. There must be continual reviews of whether the board structure and policies in place are fit for purpose at every stage of development and growth phase of the company. A formal external evaluation process and response plans to any gaps identified are important steps and initiatives that investors like to see.  Companies that demonstrate a strong commitment to ESG best practices will benefit from greater access to debt and equity capital at competitive costs. Any company seeking a loan or equity investment will potentially be screened through an ESG lens, which will determine access to – and the cost of – such capital. So, the drive for good corporate governance has never been more important.  Investors are rewarding companies that can prove they are legitimately committing resources to sustainable goals – good governance is an essential part of this journey.  Edel O’Reilly is Head of Investor Relations at Goodbody and a member of the Chartered Accountants Ireland Sustainability Expert Working Group.

Tax policy is essential for carving out a green future post-COVID-19. Peter Reilly outlines four key areas where tax policies can really make a sustainable difference. Climate change is one of the greatest challenges of our generation, requiring wholescale transformation of every sector of our economy, unprecedented innovation and committed leadership. Tax policy will play a major role in not only influencing behaviour towards a sustainable economy, but also encouraging investment and creating jobs in the right areas while boosting a green COVID-19 recovery. There are four key areas where tax policy can play a critical role in Ireland’s decarbonisation journey: Supporting renewable energy adoption, particularly an underdeveloped offshore sector  The Climate Action and Low Carbon Development Bill 2021, once ratified, will put targets including 70% renewable electricity by 2030 and a net zero emissions economy by 2050 on a statutory footing. This target may be further increased to 80%. Offshore wind in Ireland, in particular, is underdeveloped and presents huge potential, including the opportunity for additional capacity to be exported. This, in turn, would directly and positively impact Ireland’s economic prosperity. A range of potential tax measures would support the adoption and deployment of renewable energy projects, such as the introduction of capital allowances on grid connection costs. Opportunities are abundant in the areas of investment and divestment of projects, reviewing the R&D tax credit, as well as the cash flow considerations within the VAT and relevant contracts tax regime.    Environmental taxes and incentives  Environmental taxes, such as excise taxation, act as a key deterrent to behaviours that are contrary to our climate action goals. On the other hand, environmental tax incentives, such as accelerated capital allowances for energy efficient equipment, are a very valuable cash flow benefit for businesses.  Building on the progress made in Budget 2021, the further expansion of existing regimes to support a reduction in greenhouse gas emissions and promote investment in energy efficient equipment by businesses could be a smart initiative. For example, Government could consider extending the Biofuels Obligation Scheme to other sectors where mineral oils are utilised, e.g. to the heating sector where the use of fossil fuels is high. Promoting Ireland as a ‘green finance hub’ An environmental, social and governance (ESG) focus is propelling growth in the financial services sector. For example, 100% of global asset managers with operations in Ireland (confirmed in a PwC Ireland hosted webcast) that ESG investing will change the global economy in the next three to five years. With over 37,000 people in financial services in Ireland, the sector has the people with the skillset, initiative and drive to position Ireland as the leading international centre for ESG products and investments – a ‘green finance hub’.   There are a range of tax measures that could positively impact the establishment of ESG funds in Ireland in addition to measures that would encourage investment from both Irish and international investors in these Irish-based ESG funds. These measures would be subtle, but would be impactful in positioning Ireland as a centre of excellence for ESG innovation. Incentivising positive housing and mobility consumer behaviour Despite retrofit grants available, there are many reasons why households in Ireland may be deferring improving their home’s energy efficiency, not least due to the high upfront costs. A focused approach to retrofitting homes (including associated upskilling) would not only stimulate economic activity, but would also help provide for much more healthy, ergonomic and energy efficient workspaces for the new wave of remote workers. Ireland’s approach to retrofitting should be reviewed to include a ‘Help to Insulate’ scheme to incentivise retrofitting properties.  Further, more specific measures and expansion of existing measures in the areas of tax relief for public transport costs, taxation of hybrids and electric vehicles as well introducing a tax deduction for commuting expenses and reintroducing tax relief for investment in park and ride facilities must be strongly considered by Government. Peter Reilly is a Tax Policy Leader at PwC. This highlights PwC Ireland’s Green Pre-Budget Submission.

With many organisations still formalising and organising their remote working arrangements, there is a chance to really get the balance right when it comes to the next evolution of work. Fiona Dowling and Tom Armstrong explain. When it comes to remote working, one size will not fit all – there are significant differences between age groups, which reflect family circumstances and stages in life. The next phase of reopening society and workplaces will raise issues, concerns, and opportunities as yet unknown. Constant review and an open approach based on emerging themes will be required. In a recent survey, respondents were asked a series of multiple choice and open-ended questions about their working-from-home experience. Based on these findings, here are the eight elements management should keep in mind as working situations evolve over the next six months. Flexible working arrangements When asked what they would like their organisation to continue with after the pandemic, more than half of respondents (60%) said flexible working arrangements. This includes requests to work from home or remotely, as well as requests to control start and finish times with a greater emphasis on outcomes as opposed to hours worked. Physical sense of people Many are feeling the loss of being near other people brought about by remote working. Almost 93% of respondents expressed negative sentiment when asked how their connections to colleagues were affected. It’s good to remember that our people still need other people. Gender needs While everyone has experienced the same event, a standout divergence is that in relation to every statement in the survey, men consistently report a more difficult experience. Speak to the whole of your workforce to get a better sense of their needs and note that the needs of one group might be different than the others, and take note of emerging trends. Boundaries It’s important to remember that many employees want to feel the difference between their home and work life, especially when remote working, and boundaries around the right to disconnect need to be set. Many have expressed issues with the expectation of being available after normal working hours, exclusively working from home and the need to be mentally “always on”. Generational differences In the survey, the 18 to 24 age group have indicated the highest negative sentiment of all age groups. The 25 to 34 age group had the second most negative experience. The group that indicated the most positive or least negative experience is the 35- to 44-year-olds. The significant differences in sentiment between age groups clearly reflect the different needs at different stages of life and family circumstances. Providing practical support Organisations must take into account that while their work force is working remotely, they still need the same amount of technical support, office equipment and reimbursement for costs incurred because of home-working. Be sure to build these considerations into your budget going forward. Collaboration and problem solving Ability to collaborate, generate ideas, innovate and problem solve during enforced remote working experienced a bit of a slump. When moving to a new way of working going forward, organisations should continue to foster a culture of collaboration to aid in the business’s future success. Not only do you want to implement new ideas, so do your employees! Fun and morale As is this case when working from the office full-time, employees still want more time to socialise, informal staff meetings and enhanced social interaction. Make sure your staff are empowered to set aside time for the fun stuff without it having a negative impact on their day-to-day work and productivity. Tom Armstrong is an Executive Coach, Facilitator, Mentor and Chartered Accountant. Fiona Dowling is an Accredited Executive Coach, Career Strategist, and Leadership Facilitator.

June has rolled around and all the grand goals we planned in January are still sitting there, waiting to be achieved. Damian McCourt outlines five ways to help you get back on track. January is the month for grand goals, big ideas and hopeful change. February tends to be the month for keeping your head down, getting through it, and trying not to think about the grand goals lying in ruins at the end of January. By June, we might still have those goals in mind, but if you have abandoned them, they are hard to pick up again. Here are five tips to get yourself back on target. Was the goal for you or someone else? This might seem obvious, but a lot of the time the goals we set aren’t really ours. Do you want to lose weight because you’d like to be able to enjoy more physical activities (goal for you) or because you’re afraid people won’t find you attractive (goal for others)? Are you going for that business qualification because you’re interested in it or because you’re afraid your colleagues won’t see you as competent? Goals based on fears rarely succeed. Think hard about this one, because it’s the most likely reason you’re not achieving your goal. Was the goal realistic? Most of us don’t look at context when we make goals. “Learn Portuguese in six months!” might be realistic, but not if you’re also working long hours, bringing up three kids and trying to keep in touch with your friends. You need to figure out the daily time requirement for your goal and see how it fits in with your life now. It might be less than you think, and daily repetition is the key to achieving your goals. Did you figure out what daily change would lead to success? Organisations are good at long-term change because they can break down broad, long-term goals into medium-term, strategic targets and then into short-term, operational changes. If you’re trying to change something about yourself, you need to do the same thing. This is something many struggle with, and scaling is a great way to manage this. Score yourself on a scale of one to ten on the thing you want to change. Maybe it’s physical fitness, and you’re only a three at the moment. Now, what one thing could you change each day to move yourself to a four? Maybe it’s getting off the bus two stops early and walking the rest of the way each morning, or taking a ten-minute walk at lunch. It doesn’t have to be a huge change; in fact, it’s better if it’s not. You are just moving that scale, one point at a time. Are you trying to multitask? Despite the fact that multi-tasking is lauded as a critical business skill, most of us just can’t do it well. About one in fifty people have the genetic wiring to genuinely pay attention to several things at once without losing focus. For the rest of us, we work best when we focus on one thing at a time. Goals are no exception. Pick one goal you want to achieve more than any of the others, and make it the primary focus of your life until the daily changes required to make it a reality have become automatic. You don’t even have to have reached your goal; you just need to be on the way without having to direct willpower towards it each day. Did you set a due date? Don’t! This one is controversial. You might think having a goal date will spur you on, but what it really does is give you a failure state. “I didn’t achieve my goal in the time I set for myself” can easily turn into “I just can’t change!” after a few missed deadlines. Focus on daily changes, one at a time, and on making each one a habit. You’ll have scaled up to a 10 out of 10, goal achieved, before you know it. Damian McCourt is a freelance trainer and consultant specialising in workplace resilience, productivity and sensible leadership.