Given the remote and hybrid working circumstances in which society is now largely operating, maintaining a strong and cohesive team culture is more challenging than ever. Dearbhla Gallagher outlines how delegation can create trust and enable communication between a leader and their team. The ability to delegate is an essential leadership skill, but often a forgotten one. Failure to delegate can make a leader less productive, turning their attention away from big-ticket issues that need attention towards more mundane tasks. On the other hand, great leaders have the ability to naturally delegate to their teams and, in doing so, empower their members to step up and take on more challenging and interesting work. Let’s look at some of the outcomes a leader could expect from employees if they master the ability to delegate successfully. Trust A good leader does not ‘do’; instead, they strategise, plan, coach and then delegate responsibility for specific tasks, confident that the employee will complete the task. By these actions, they are implying a level of trust that the employee almost always appreciates. Engaged and ambitious employees want more challenging tasks and want to be trusted to do them. This increased sense of trust by the employee leads to improved team culture, a win-win for everyone. Communication Communication, never an easy thing to conquer in the workplace at the best of times, has become even more challenging in the remote environment. Face-to-face contact and the use of body language is not present anymore. Endless Zoom and Teams meetings are pointless if very little has changed by the end of the meeting. Successful delegation can lead to improved communication. Leaders actively work with team members to discuss projects, brainstorm ideas, and share tasks, thereby keeping the remote team engaged and interested in a particular project. Time In a remote world where team members are not sitting nearby, it is all too easy to get bogged down by everyday repetitive and mundane tasks and not spend enough time on the more strategic planning and business development elements of the role. Effective delegation allows you to dedicate more time to more important tasks, moving the whole team towards its goals. Employee retention Certain commentators have begun to discuss the concept of the ‘great resignation’. Although statistics have yet to bear out the theory in Ireland, retaining good employees is increasingly challenging as employees begin to question the value of their work and look for ways to have a better work-life balance. Think about some of your best employees currently trying to juggle childcare, schooling and their home while attending Teams meetings, all in a very structured nine-to-five environment. It is very challenging trying to keep it all together, so it may become easier to walk away for some. Effective delegation can make a difference to valued employees and give senior team members more control over how and when they work on a particular project. It empowers them to be decision-makers, allows them more control over their schedule, and maintains that necessary work-life balance, leading to an increased sense of self-worth and value in the organisation. Dearbhla Gallagher is the HR and Learning and Development Manager at Baker Tilly.

Now we are bedding in new, permanent work arrangements, it’s a good time to ensure that you and your staff have the skills to thrive in a remote or hybrid work environment. Anne Phillipson explains. Conversations about returning to the office, adopting hybrid, or going fully remote are currently being held in every organisation worldwide. But I don’t hear so much chat about how we need to upskill employees at every level to help them navigate this new world of work. Last year, as the pandemic took hold, upskilling was the last thing on people’s minds as organisations rushed to send workers home with a laptop. We created our make-shift offices in our homes, logged into our accounts as best we could and got on with it. One month became a quarter, a quarter became a year, and before we knew it, we became remote workers. But that doesn’t mean we have implemented remote working as effectively as possible. Now, new habits have set in – and not all of them are healthy. Helping staff and leaders develop the skills necessary to be effective while continuing to work remotely or in a hybrid situation means, in some instances, introducing new approaches and, in others, breaking bad habits. Think of it as a refresher driving course: if you’ve had your license for some time, you would all likely benefit from a driving lesson or two to highlight the bad habits that have crept in over years of being on the road. If you were to do your driving test tomorrow, would you pass? Working remotely for the past 20 months doesn’t mean that we are doing it as best as possible. Personal effectiveness The first step could be to look at personal effectiveness. What routines help you start and end your working day well? Do you drift from the breakfast table to your desk and let Outlook direct your day? Or is it blocked out in advance, with focus time set aside for priority projects? Do you unplug from all distractions when doing focus work (reading, writing, thinking)? If not, your productivity will suffer as your brain switches back and forth from focus to distraction to focus again. Each shift takes longer for your brain to get back into the groove. As much as we like to think we are brilliant multi-taskers, our brains are not wired that way. We are far better off setting a timer, disconnecting, and focusing on the task at hand for a good block of time. Managers should ensure that their staff practise good time management and achieve work-life balance to ensure productivity. This is best achieved by leading by example. Book a time management course for all staff, attend yourself, and adopt those practices for you and your team. Communication mediums For collaboration with others, are you choosing the best medium for each type of discussion? Just because we can have a Zoom meeting with cameras on doesn’t mean we have to! If a call will do, then pick up the phone. Staring at ourselves on-screen is contributing to our fatigue. Notice your default behaviour and that of your team. Then, consider what habits have formed and how to improve the experience for people in and out of the office. Supporting leaders Finally, how are leaders being supported to lead teams in the new context? We know from companies that have embraced remote working for many years that leaders must also develop new skills to lead remote and hybrid teams. Less time together means that leaders must be intentional about connecting and communicating with their team, both in one-to-one and team settings. Distance means that there is more opportunity for confusion, so clarity of expectation is even more critical. Checking in, not checking up, is a good habit for leaders to develop. By investing in upskilling and talking about working practices, organisations will ensure that their people have the skills to succeed – whatever choices they make for the new world of work. Anne Phillipson is Director of People and Change Consulting at Grant Thornton.

Many trustees are planning to ensure that their occupational pension schemes will fully comply with IORP II regulations by the end of 2022. Munro O’Dywer explains how companies, as sponsors, should use the remainder of 2021 to strategically assess their existing pension value proposition and determine if they should consider a different approach. Pensions represent a significant component of the employee benefit value proposition. However, employees often do not see the actual value in their pension arrangements due to their inherent long-term nature. Those companies who can convey the value of their pension structures to their employees, both in the short- and longer-term, will drive increased loyalty. But what does value mean in the context of the pension scheme for the employee? This should not simply be viewed as the level of employer contributions being made. Adequate contributions are only a small part of the overall retirement planning jigsaw. Other aspects that should come into consideration include: scheme participation; investment options; investment performance; charges; member outcomes at retirement; member support to make optimal decisions; and the use of technology. The changing needs of employees Delivering a pension scheme that meets the needs of all five generations that exist in today’s workplace is by no means easy. Each generation has its own set of preferences. In addition, many will have different pension makeups (e.g. defined benefit only; a mix of defined benefit and defined contribution; and defined contribution only). Defined contribution pension schemes are becoming the norm. There is a greater focus on the adequacy of retirement savings and broader financial wellness. Employees can also have multiple pension sources, potentially across different countries. This creates added personal portability and taxation challenges. Furthermore, how employees expect to be supported on their retirement savings journey varies. There are different preferences around communication channels and the level of support (self-guided, group, or one-to-one). Achieving the right mix of pension components – structure, contributions, employee support and communications etc. – to maximise their effectiveness for all employees is more critical than ever. The market evolution In the same way generational needs and preferences differ, the pension providers, their propositions and the regulatory and taxation environment in which they operate continue to evolve. Operational changes, technology enhancements, investment thinking, and member engagement innovations are only some of the areas providers continue to adapt to, each of which has a knock-on impact on costs. For companies, it is essential to benchmark existing structures relative to the broader market. This will likely become a feature of the new regulatory regime, as outlined in the draft Code of Practice. The impact of the new regulatory regime The past ways of governing and managing trust-based pension schemes are expected to change under IORP II regulations. There will be a greater focus on risk management, value for members, and the ongoing monitoring of outsourced arrangements. As well as the culture and the ability of the trustees to look after member interests, risk, time and cost will increase when it comes to operating a single trust-based pension scheme. Many pension schemes can spend a disproportionate amount of time on regulatory compliance. This can come at the expense of those aspects that are likely to be valued higher by employees. This imbalance has the potential to be heightened by the new regulations. Areas include the adequacy of contributions, achieving strong investment returns, and making the right decisions at the right times before, at, and after retirement. What employers should consider before 2022 Companies have until the end of 2022 to be compliant with the new regulations. 2022 will be a year of pension changes. Companies need to ensure that their changes in 2022 are well considered in the context of the broader pension value proposition and look to enhance, rather than diminish, it. An effective way for companies to use the remainder of 2021 is as follows: Document your existing pension value proposition for employees (benefits/costs) Companies should document all benefits that employees receive from the pension scheme (e.g. employer contribution, tax relief, strong governance, investment options, help and support etc.) and the associated costs. Understand your employee needs and how these will evolve The next stage is to consider your employees and their particular needs. This will help companies understand if the employees’ views on what is valuable to them about their pension scheme are consistent with the benefits/costs documented and, if not, where the gaps lie. Consider the impact of the new regulatory regime IORP II regulations will mean more time and cost spent on regulatory compliance. This could affect the employee pension value proposition, where the elements most valued are neglected due to regulatory pressures. Consider how the existing proposition can be adapted or modified Companies should explore alternative pension structures (e.g. consolidation of pension schemes or master trusts), which will help mitigate the regulatory impact but where the employee pension value proposition remains intact or is indeed enhanced. Munro O’Dwyer is Pension Partner at PwC.

The IASB is proposing changes that may be of interest to finance leaders. Emer Keaveney takes a deep dive into who will benefit from them. To date, the International Accounting Standards Board (IASB) has focused on the requirements for publicly traded entities rather than group companies or standalone statutory financial statements. My interest was piqued by two recent publications from the IASB, which suggest a change in this focus. Widening scope to include group restructuring In November 2020, the IASB issued a discussion paper proposing how to account for business combinations under common control (BCUCC). A BCUCC is one in which all the combining entities are ultimately controlled by the same party, before and after the combination. This type of transaction is sometimes called a group reorganisation or a restructuring. Who will this affect? In today’s dynamic business environment, group reorganisations are very common across all sectors, from large public entities to small and medium-sized enterprises. They can be structured as transfers of shares or transfers of trade/business. There are a number of reasons for a group to restructure. It could be to facilitate the sale of a part of the business, for succession planning, for banking or tax purposes, or to simplify the legal structure. There is currently no International Financial Reporting Standards (IFRS) that address how to account for BCUCCs. In fact, common control transactions are specifically excluded from the scope of IFRS 3 Business Combinations. This has caused a great deal of diversity in practice, making it difficult for users of financial statements to understand the effects of these transactions. It certainly drives the need for more clarity. Currently, there are two allowable methods of accounting by the entity receiving the transfer of shares or trade/business: the ‘acquisition method’ and the ‘book value’ method. There is no consensus on which method is appropriate in which situation. This discussion paper aims to reduce this diversity in practice. IASB’s view is that there is no single method that can be applied to all scenarios. The discussion paper proposes detailed prescriptive rules, reducing the scope for policy choices and bringing clarity to which method should be applied in each scenario. A new take on reduced disclosures In July 2021, the IASB issued the exposure draft that proposes to allow eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement, and presentation requirements in IFRS. The board’s aim here is to reduce the cost of preparing IFRS financial statements for subsidiaries that are not publicly accountable while maintaining the usefulness of the information provided. The election is optional and can be revoked at any time. So, which entities will benefit from the proposals? This will be any entity which, at the end of the reporting period: is a subsidiary as defined in IFRS 10 Consolidated Financial Statements; does not have public accountability. That is, “its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market” or it “holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses”; and has a parent that prepares consolidated financial statements available for public use that comply with IFRS. If you work with entities meeting these above criteria, I encourage you to provide feedback to the IASB through comment letters until 31 January 2022. The intent of this proposal is similar to the existing FRS 101 reduced disclosure framework applied by many group companies in the UK and Ireland. FRS 101 differs significantly in the details from the proposals in IASB’s exposure draft, and it is currently unclear how the two will interact in practice. Globally, a number of national standard-setters have implemented different national IFRS-based reduced disclosure regimes. However, IASB’s exposure draft has the potential to enable a radical streamlining of the preparation of statutory financial statements for organisations operating across multiple jurisdictions – for example, in a shared service centre environment. Emer Keaveny is an Associate Partner in Financial Accounting Advisory Services at EY.

Being a small business owner in the current economic climate can be difficult, but every new year presents new opportunities. Sven Spollen-Behrens explains what SMEs should consider when planning for 2022. After an unpredictable two years, 2022 is right around the corner. Next year is about the return to proactive planning and expansion as we continue to adjust operations and budgets to a post-pandemic business environment. Here are seven things SMEs should consider when business planning for next year. Setting goals Even though we don’t know what the future will bring, you must stay in future-thinking mode – focused on growth, deals and opportunities. Identify what generates business, set targets, and always push to improve yourself, the business and the performance of the people around you. Operations review Do you have the proper procedures in order? How efficiently do you keep spending under control? Is it possible for supply chain issues to let you down? These are all questions SMEs should ask themselves in this calendar year. Prepare your operations for changes coming down the track. Customer experience You win customers over with excellent service, and there is always something extra you can do or say that doesn’t necessarily add cost but adds immense value to the relationship. This could come in the form of follow-up communications, sharing expertise informally, or reassessing clients’ needs regularly. Marketing When it comes to your brand, a social media presence is ideal. Images or videos for LinkedIn and Twitter (among others) are inexpensively produced and customers relate well to visuals. Depending on your service or market, a local radio ad, door drops, or ads may be just as effective. Marketing planning begins by asking yourself who the customer is and how you can reach them. If your business is large enough, contract a marketing manager or PR professional to help. Create an online presence If you haven’t already, explore getting a mobile-friendly webpage and, if appropriate, e-commerce platforms. People increasingly source their products and services online. It’s handy to peruse the goods in comfort and hit the ‘buy’ or ‘contact’ button. Track finances Always have an up-to-date balance sheet tracking your company’s assets, inventory and liabilities. You must be clear on the figures, whether you carry more debt than assets or, hopefully, own more than you owe. Stay on top of accounts receivable and payable, available cash, and payroll commitments. Don’t be a busy fool; ensure your efforts are generating the right return and, if not, question why. Delegation It’s important to delegate the tasks outlined when setting out your goals. It’s common for small business owners to take on the brunt of the work themselves, but one person can’t be all things. Build a plan with your team and transfer ownership of tasks and goals to appropriate employees. Be sure to track the plan’s progress throughout the year and adjust as needed. Sven Spollen-Behrens is the Small Firms Assosciation (SFA) Director at MentorsWork, a free, Government-funded scheme created to help support business analysis and planning. This is delivered by the Small Firms Association and Skillnet Ireland.

To help the next generation reach their goals, parents and grandparents often want to ensure some financial security for their children. Leanne McCrystal outlines three investment options for parents in the UK. With the ever-increasing financial challenges faced by the younger generation, parents and grandparents often find themselves wondering how they can invest for their children’s futures. Whatever hopes and dreams you have for your children or grandchildren, it’s reassuring to know you can take steps now to help put them on the path to achieving their goals. Perhaps your goal may be to help them purchase their first home or contribute to the rising costs of further education; taking small steps while children are young can help achieve these goals. The power of compounding Today’s low-interest-rate environment has created challenges for investors seeking adequate returns on savings, particularly for the younger generation. While cash may seem like the safe option, the negligible interest rates currently available for savings, coupled with inflation, has exposed the actual cost of holding cash. One cash-alternative option is investing designated savings to give your children or grandchildren a head-start in their investing career. The old adage of “time in the market rather than timing the market” still holds, particularly for the younger generation for whom compounding can be their greatest asset. The power of compounding can be easy to overlook. However, regularly investing small sums while letting the funds compound over the long-term can make a monumental difference to a savings pot for your children or grandchildren. Possible investment vehicles There are various ways to invest for the next generation, depending on the quantum of funds you wish to invest and the level of control you would like to retain over how and when the funds are accessed. Junior ISA For children under 18, a Junior Stocks and Shares ISA is a popular choice. Under the 2021/22 UK tax rules, up to £9,000 can be invested in a Junior ISA each year with no tax payable on the interest, dividends or gains accrued. While the account needs to be opened by a parent or legal guardian, anyone can add funds to it. One potential area for consideration for those thinking about a Junior ISA is that the minor will become fully entitled to the funds upon reaching 18. It will automatically convert to an ISA in their sole name. If giving a young adult unfettered access to a substantial amount of money is a concern, alternative investment vehicles can be considered. Pension If you wish to consider a longer-term investment vehicle, pensions are among the most tax-efficient investment vehicles available for savers in the UK. A stakeholder pension can be a highly tax-efficient way of investing for children or grandchildren. While contributions are limited to £2,880 per year for children and non-taxpayers, pensions have the added advantage of receiving an additional 20% top-up from the UK government in the form of basic rate tax relief (i.e. £720 based on a contribution of £2,880). The overarching benefit of a pension is the long-term investment horizon, with access limited until the beneficiary reaches age 57. The long-term investment horizon provides an opportunity to invest funds in higher-risk investments, thereby targeting a possible higher return over the long-term. This, coupled with the benefit of compounding, can build a significant nest egg for young savers to help them in later life. Trust planning Consider trust planning if your principal objective is to gift larger sums of money to your children or grandchildren. Trusts can be useful vehicles for transferring wealth to the younger generation while allowing you to retain control of the assets should you wish to do so, even after your death. Effective trust planning also has the added benefit of potentially reducing your estate for inheritance tax purposes. Trusts can be administratively simple to set up. Still, careful consideration should be given when considering your overall financial objectives, including who you would like to benefit, when, and how much control you wish to retain over the assets. Leanne McCrystal is a Chartered Wealth Manager at Davy UK.

While people from around the world gather in Glasgow to attend COP26, what is the state of Ireland’s CO2 emissions and how can we strengthen our commitment? Kim McClenaghan explains. The Environmental Protection Agency (EPA) provides the estimates of greenhouse gas emissions in Ireland. Its latest data shows that overall greenhouse gas emissions in Ireland decreased by 3.6% in 2020, and energy industry emissions decreased by 7.9%. The decrease was primarily driven by economic restrictions imposed in response to the pandemic, reduced peat use in power generation and an increase in renewable generation. Despite the decrease in emissions, the EPA warns that Ireland is still not on the pathway required to meet future targets and a climate neutral economy. To achieve permanent emission cuts in line with the Paris Agreement, it will be vital that this decrease is not an isolated occurrence, but rather part of a long-term trend as economic activity fully resumes. In the past year, Ireland’s long-term climate ambition has been restated, and the Climate Action and Low Carbon Development (Amendment) Bill 2021 has been passed into law by the Oireachtas. The Bill sets out the ‘national climate objective’ to achieve a climate-neutral economy no later than 2050. This target is consistent with the Paris Agreement and other international obligations. Carbon budgets To realise this ambition, the Climate Change Advisory Council has been tasked with proposing economy-wide carbon budgets, which will then be applied across relevant sectors by the Minister for the Environment and approved by the Government. The first carbon budget will see emissions reduced by 4.8% on average between 2021 and 2025. The second budget, running from 2026 to 2030, will see emissions reduced by 8.3% on average. The first two carbon budgets will provide for a 51% reduction in greenhouse gas (GHG) emissions by 2030 relative to 2018 levels, resulting in a cut of almost 35 million tonnes of CO2. The scale and pace of the economic and societal change and investment needed to achieve these targets are significant, but they will be necessary to reduce our emissions consistently and achieve the 1.5°C goal set by the Paris Agreement. Raising ambition The overarching aim of the climate summit in Glasgow – COP26 – is to mobilise stronger and more ambitious climate action from governments to keep the 1.5°C Paris Agreement goal within reach. This will require a significant strengthening of climate commitments from all countries, and especially from the G20 as without concerted action from this group, the chances of limiting warming to 2°C, let alone 1.5°C, will all but disappear. Converting climate pledges into action Governments have a pivotal role to play in creating the enabling environment for the transition to net-zero through policy and regulatory reform and investment. National targets need to be underpinned by policies that will deliver change at the pace and scale required. These policies will vary by nation, depending on the socio-political and economic context, but need to set the regulatory environment that businesses and individuals operate within, and encourage capital to be deployed to the right places. This requires clear overarching strategy and ambition, long-dated policy mechanisms, and the removal of fiscal or other disincentives. Private sector execution We have seen an unprecedented number of net-zero commitments by the private sector in the last 18 months. Over 3,000 businesses are now part of the Race To Zero Campaign, joining 733 cities, 31 regions, 173 of the biggest investors, and 622 higher education institutions. Alongside 120 countries, they form the largest ever alliance committed to achieving net-zero emissions by 2050 at the latest, collectively making up nearly 25% of global CO2 emissions and over 50% of GDP. Over half of the sectors that make up the global economy are now committing to halve their emissions within the next decade and achieve near-term emissions reduction targets. In each of these sectors, at least 20% of the major companies by revenue are aligning around sector-specific 2030 goals in line with delivering net-zero emissions by 2050. Time for all businesses to commit, plan and act Making the transition to a more environmentally and socially responsible world is now an urgent business imperative. We have less than two business cycles left to deliver the necessary changes. Working alongside governments, and providing the mandate and impetus for them to go further and faster, is vital if we are to keep warming to 1.5°C and avoid catastrophic climate change. By taking firm and decisive action now to halve global emissions by 2030 and reach net-zero emissions by no later than 2050, we have a chance to succeed. Kim McClenaghan is a Partner in Consulting and Head of the Energy, Utilities & Sustainability Advisory team at PwC.

Recent studies have shown that domestic abuse reports have increased during the pandemic. Joe O’Donnell outlines the role employers play in creating a haven for those affected. The pandemic has seen a blurring of the traditional boundaries between home and work, which has brought increased risks for victims of domestic abuse. Many victims of domestic abuse see the physical workplace as a haven and place of respite from the ill-treatment they might experience at home. For those living with an abuser, working at home brings a more significant threat of abuse. The increase in hybrid working has meant that the employer’s role in tackling abuse has never been so vital. This raises the question of what responsible employers should do to ensure that the workplace is a safe place. Research commissioned by the Vodafone Foundation in 2019 revealed that more than one in three (37%) working people surveyed across multiple industries and at varying levels of seniority had experienced domestic abuse at some point in their lives. In Ireland, Women’s Aid reported a 43% increase in the number of people contacting their domestic violence support services throughout the COVID-19 pandemic, as the lockdown restrictions have had an “unprecedented and exhausting impact” on victims of domestic abuse. And, in September 2021, An Garda Síochána reported that it was dealing with almost 100 domestic abuse incidents across Ireland every day. The impact of domestic abuse in the workplace The cost of domestic abuse to companies can be considerable. Safe Ireland has noted how “the effects of living with abuse permeate every facet of a person’s life, including work” in its guide for employers. The suffering of an abuse victim can directly affect an employer in terms of absenteeism and reduced productivity. In the Vodafone Foundation’s research, 67% of victims said that domestic abuse affected their careers, 56% of victims stated that the abuse they suffered also affected their co-workers. And there is a potential reputational effect for the employer; having effective workplace policies on abuse can help retain your staff – particularly women workers – and enhance your reputation as a responsible employer. Domestic abuse can no longer be dismissed as a ‘private matter behind closed doors’. An employer’s duty of care to staff means that companies have a pivotal position in demonstrating that such abuse will not be tolerated in society. Yet, despite their essential role, research from Business in the Community UK has shown that as few as 5% of companies surveyed have developed specific guidelines or policies on domestic abuse. The duty of employers What is the role of the employer on this critical issue? Irish health and safety legislation places an onus on businesses to provide workers with a safe working environment where employee wellbeing is recognised as an important consideration. This is not about asking employers to take on a specialist role as counsellors or healthcare workers in dealing with domestic abuse. However, employers can fulfil a definite role by supporting their staff and breaking the stigma around domestic abuse. Companies can do this by developing robust workplace policies and aligning with charities and organisations that offer specialised support to domestic abuse victims. Pandemic lockdowns have brought a renewed focus on how we all need to be attentive to the mental health of our colleagues. This has broken down much of the stigma that previously existed around discussing mental health and wellbeing, and we now see more open conversations about those issues. A similar focus is now needed on removing the stigma around discussing – and seeking support around – domestic abuse. Irish employers have a crucial role in tackling this culture of silence. Joe O’Donnell is the Corporate Responsibility Executive at Business in the Community Ireland.

Half of workplace illnesses are tied to mental health issues, emphasising the need for better wellbeing supports in organisations. Here are two work-friendly mindfulness methods from Louisa Meehan that can be utilised if you are stressed and anxious. An ongoing and persistent high level of stress is detrimental. It can impact on us emotionally, mentally, and physically. Work-related stress, anxiety and depression accounts for 50% of work-related illnesses according to the ESRI, so it makes sense for organisations to put supports in place to reduce stress at work – especially as the island opens up, people return to the office, and COVID-19 cases rise. Meditation and breath work is proven to benefit our brains. It reduces stress and introduces a level of calm. Employees can do a simple piece of breath work in just a couple of minutes, so it can be easily incorporated into anyone’s daily habits. Mindfulness methods There are many ways one can practice mindfulness, but two good methods for the office are the box breath and the body scan. Both can be achieved while sitting in an office chair with two feet on the ground. Box breath Box breathing is a simple technique that can be practiced almost anywhere. It is regularly used by individuals in high-stress jobs when they face a fight or flight response, and is excellent for re-centring yourself and improving focus and concentration. Close your eyes. Breathe in through your nose while counting to four slowly. Feel the air enter your lungs and pay attention to it energising you. Hold your breath inside while counting slowly to four. Try not to clamp your mouth or nose shut. Simply avoid inhaling or exhaling for four seconds. Begin to slowly exhale for four seconds. Hold your breath out for a count of four seconds. Repeat steps one to four at least three times. Ideally, repeat the three steps for four minutes, or until calm returns. Body scan There are different ways to do a body scan, but the aim is to draw your attention away from your thoughts and into your body. We know that the more connected we are with our own bodies, the better able we are to address issues as they arise. Here is my suggested method. Begin by bringing your attention into your body. You can close your eyes if that’s comfortable for you. You can notice your body seated wherever you’re seated, feeling the weight of your body on the chair. Take a few deep breaths. As you take in a deep breath, bring in more oxygen, enlivening the body. And as you exhale, pay attention to the sense of relaxation. Take notice your feet on the floor, and the sensations of your feet touching the floor; the weight, pressure, vibration and heat. Notice your legs against the chair – the pressure, pulsing, heaviness or lightness. Notice your back against the chair. Is there any tension or tightness? Bring your attention into your stomach area. Is your stomach tense or tight? If so, let it soften. Take a breath. Notice your hands. Are your hands tense or tight? If so, allow them to soften. Concentrate on each finger, one at a time. Relax the muscles as you go. Notice your arms. Feel any sensation in your arms. Let your shoulders be soft. Notice your neck and throat. Let them be soft. Relax. Soften your jaw. If your tongue is touching the roof of your mouth, let it fall away. Let your face and facial muscles be soft. Finally, note your whole body present. Recognise how it is all interconnected. Take one more deep breath. When you’re ready, open your eyes. These are just two simple options that are fast and easy for anyone at home or in the office to help with stress and anxiety. If you are in need of assistance in the area of mental health, emotional and wellbeing supports are available at the Thrive wellbeing hub on https://www.charteredaccountants.ie/thrive-wellbeing-hub/thrive-wellbeing-home Louisa Meehan is the Founder of Woodview HRM.

Sustainability funds are in high demand, but what is driving investors to them and how can the concerns about returns be addressed? Anastasia Petraki and Grace Canavan explain. We have all heard the story: sustainable funds are in high demand. By the middle of 2021, their assets had reached an unprecedented $2.3 trillion, mainly driven by continued growth in the European fund market. Net sales in the first half of 2021 overtook those in 2020, which were more than double those in 2019, which were more than double those in 2018. Such spectacular growth could be driven by several things, such as solid performance (particularly in 2020), new fund launches, or existing funds being repurposed to add a sustainability tilt. The fund sales numbers would indicate that it is not just a function of increasing supply. Retail investors genuinely want to buy more sustainable funds. Environmental impact matters According to the Schroders Global Investor Study, the most important driver of interest in sustainable funds is the environmental impact. The potential for higher returns matters, but it comes further down the pecking order. This is consistent across regions, but notably, investors in Europe, which has the largest sustainable fund market worldwide, are less likely to be influenced by return expectations than other regions. In all regions and most countries, only a small percentage of people are put off sustainable funds because of performance concerns. Interestingly, performance scepticism is higher in countries traditionally associated with sustainability, such as Sweden, Denmark and Germany. US and Chinese individuals, by contrast, seem to be less put off by worries about performance. Return concerns exist Retail investors are quite open to the possibility of their entire portfolio shifting to sustainable funds (assuming the same level of risk and diversification). Again, their reason for feeling positive about this suggestion is less about performance and more about positive impact. However, return concerns are the biggest hurdle for the small percentage of people who feel negative about the idea. Indeed, when it comes to why people would feel positive or negative about the portfolio shift, the responses are very consistent across the board. For people who are optimistic about it, impact ranks ahead of returns in driving that view. But for people who feel negatively, return concerns dominate. This result is independent of region, age group and investment knowledge. Sustainability as an investment input and output The question is: should people expect a specific level of return from sustainable funds? Broadly, there are two groups of people. The first group views sustainability as that little extra – that magic ingredient that can lead to higher returns. The second, much smaller group are those who view sustainability as a portfolio constraint and, as such, can only lead to a worse or suboptimal risk-return outcome than if there were no such constraint. What they both have in common, however, is that they view sustainability solely as an input. But what if sustainability is also an output? We could think of sustainability as an outcome where sustainable business models can identify trends, risks and opportunities and adapt in an ever-changing environment. This is how value is created. Investors have many tools at their disposal to assess which businesses operate sustainably. Some tools involve financial metrics, some non-financial. Some cannot even be adequately quantified, like culture. Taking sustainability factors into consideration is about broadening the toolkit and using multiple lenses to assess if a company is likely to continue operating and growing. A company that is harming people and the planet while creating profits is not sustainable. Its social licence to operate will expire sooner or later through litigation, consumer action, policy action etc. There are different approaches one could take to get to address this and achieve sustainability. One may involve screening, another may involve targeting an outcome alongside returns such as impact or thematic investing. Yet another may involve active ownership, which is using your influence as an investor to help a company improve and become more sustainable. At the end of the day, it matters very little what road to sustainability one takes. It is the end-station that is important: sustainable businesses underpin sustainable returns. Anastasia Petraki is the Head of Policy Research at Schroders. Grace Canavan is the Head of Intermediary Business Development at Schroders. A version of this article was originally published at thefmreport.ie.

The last 20 months have seen organisations transform how they do business. Francois Lacas highlights the technologies that will shape the profession in the future. The change in working conditions brought about by the pandemic has forced many companies to accelerate their technology strategies. Cloud technology is rapidly becoming a critical investment for future-proofed businesses, with 30% of companies planning to move to cloud systems and adopt Software-as-a-Service (SaaS) platforms as a top priority next year. The benefits of cloud computing in finance have long been the driving force behind adoption. But an additional advantage of the technology in reducing costs, ensuring server availability, and preventing unforeseen disasters is something businesses have become all too familiar. Alongside these black swan events have been the sudden changes in working environments, moving to more flexible/remote practices, and more questions being raised about cybersecurity. There are three technologies companies should prioritise to help them embrace the future of their business. Remote cybersecurity Thanks to new technology, colleagues are working wherever they please, with the new office environment being anywhere from the kitchen table, city-centre office, or the beach. But cyber issues are continuing following changes in working habits. Employees log in to their computers using less secure public networks – hotel Wi-Fi signals, the gym between workouts, their iPad in the park while walking the dog – increasing the risk of sensitive data. The situation creates an opportunity for cybercriminals to identify a chink in the armour –  a weak password or an outdated software system – to hack into networks and steal vital business information. So how can you ensure your IT infrastructure doesn’t come crumbling down? Staff first need to be armed with the knowledge they need to protect your information. Basic cybersecurity training can go a long way here as many colleagues aren’t aware of how cybercriminals gain access to systems. You can go as far as to operate a “live fire” exercise to show how easily you can fall victim to an attack. Second, make encryption your friend. For employees working from home or a remote location, encryption can protect company files from unauthorised access and theft. Therefore, accounting departments should invest in an accounts payable solution that offers encryption services when the data is not in use. Remember that cybersecurity is a team effort, and you need to put your employees in a position to succeed. Cloud technology Mobility is the top new trend in the working environment, so the priority for businesses is to minimise unknown disruption by becoming as flexible as possible while ensuring finance teams can access data while on the move and without being compromised. By using the cloud, accountants can provide their clients with a more nimble service, but it can also lead to greater flexibility for the accountants themselves. Client information and inventories available from any internet-connected device can enable them to work flexibly and in ways that suit them, which is invaluable. Automation Automation in the finance department is quickly becoming the glue that holds processes and teams together, helping mitigate risk, decrease the time taken to alert stakeholders and increase speed to resolution. Automation in finance improves data accuracy by removing repetitive manual administration tasks from employee tasks. Finance system integration synchronises critical data between databases, reducing the risk of human error and making processes quicker and easier. The range of automated solutions out there means core finance tasks, such as invoicing, book-keeping, expense management, can now be automated. This not only reduces the risk of delays and inaccuracies; it also frees your team to do much more useful stuff. Automated traceability and cyber security are part of this rigorous process, making these solutions effective in fighting fraud. Accounts payable automation allows data to be captured and stored securely and efficiently shared through data visualisation and ERP solutions to support remote working employees across the business and enable finance leaders to access real-time data. Francois Lacas is the Deputy COO at Yooz.

According to recent research, SMEs rate cyber attacks as the top threat to their organisation's growth. But are private businesses right to be worried? Pat Moran outlines five issues SMEs should be aware of and what they can do about it. The reality is that the cyberthreats facing private businesses are no different from any other type of organisation. Cybercriminals are essentially opportunistic and will look to attack wherever they see vulnerabilities. However, private, small businesses have some distinctive characteristics that create specific cybersecurity risks that need to be addressed. These are the five areas that we believe SMEs should address now to make themselves more cyber-secure. 1. Educate family members on the importance of online security Apart from reputational damage and personal safety, the unguarded use of social media can create many risks. If you're the principal in the family business, you're probably reasonably careful with your online activities. But what about the rest of the family? For example, do you know what photos your children are posting on social media? What locations, properties or people are showing in the background? Are location services enabled that show exactly where the photo was taken? Educating family members about the acceptable use of social media may help mitigate some of these risks. 2. Make cybersecurity an embedded part of the business culture Some private business owners may feel that they're not big enough to be attractive targets. This mindset can lead to an unwillingness to spend money on cybersecurity until a threat materialises. However, cyber attackers don't generally chase specific targets but focus on opportunities to gain entry. Rather than being an afterthought, cybersecurity needs to be baked in at all levels of the business—owners, executives, employees—through regular awareness training and practical guidance. Security is everyone's responsibility, and everyone must be alert to the risks. This applies to members of the owner's family too. 3. Implement a mobile device management tool According to Statista, over six billion people globally have a mobile phone. The problem is that many people use the same handset and apps for their personal and work activities. If a device is compromised or lost, it can impact the business' data and systems and possibly offer attackers an access point. The solution is to implement a mobile device management tool on everyone's handset that segregates the work and personal data, ensuring it's properly managed, protected and backed up. 4. Control access to all company data: both virtual and physical Data is the lifeblood of any business and the main target for cyberattacks. At a minimum, make sure that your company applies tools like multi-factor authentication, strong passwords that are updated regularly and the latest security patches. In SMEs, it can be common for people to share passwords and accounts. Don't do this: it makes it much harder to tell who was involved or responsible if an incident occurs. It's not just a company's frontline data that you need to be careful with, but also any backups exposed to the internet. Companies must back up vital and sensitive data while also ensuring the backup is segregated from access via the internet so attackers can't reach it. Don't forget the physical data. Cybercriminals still rely on getting someone into the office to breach systems, so it's vital to have proper physical access controls and logs. It's equally important to perform due diligence on anyone with remote access to the systems, such as suppliers or contractors. 5. Have a plan If a cyber-incident does occur, it's imperative to have a plan already in place for what to do. While most private businesses have IT support, they can lack the forensic and information security skills they'll need once a breach occurs. In advance, you should determine what steps you'll take and which cybersecurity expert you'll call to investigate and help. One option to consider is cyber insurance. As well as potentially covering costs, such as systems remediation and business interruption, insurers will often have lists of approved experts. A world of blurring risks Today, digital and physical security are becoming indivisible, and everything we do online has consequences in the real world. From critical business systems to social events, virtually every aspect of work and life is exposed to the all-seeing gaze of the internet and thereby to cybercriminals. And when they come knocking, SMEs need to be ready. Pat Moran is a PwC Cyber Security Leader at PwC.

  There is increasing evidence that strong ESG (environmental, social and governance) credentials can boost a company’s bottom line while also generating access to capital. Investors, clients and employees alike are seeking out companies with credible ESG profiles. There are many reasons why it makes sense for CFOs to take on the task of aligning financial and ESG goals. CFOs work in a variety of organisations. What unites them is that they are all trusted advisors and are core to both daily operations and long-term strategies. They recognise risks and opportunities and act on them. They are involved in critical decision-making and provide reliable information to investors and boards. They advise and influence action in others and are uniquely placed to be a positive force in driving change. What distinguishes CFOs from other financial advisors is their potential to influence and encourage greener choices at an executive level within their organisation. They have the authority to advise on procurement policies and procedures that focus on sustainability as much as cost control. CFOs also have a key role in the preparation of annual reports and in deciding on what they include. Measuring sustainability-related activities and reporting on them is an integral part of becoming a sustainable business. Choosing from among the many frameworks and standards is an example of the leadership a CFO can offer, particularly in the absence of standardised and comparable frameworks. Business models are moving away from placing shareholder value at the centre. Instead, broader sustainable measures are being embraced, and the CFO will play a critical role in this process. Susan Rossney is Public Policy Officer at Chartered Accountants Ireland.

Budget 2022 is forward-facing, but how will it impact businesses now and in the long-term? Emma Arlow comments on the key takeaways from the Budget address. In Budget 2021, we saw unprecedented levels of intervention and financial supports being provided to support the Irish economy against a challenging backdrop created by COVID-19 and the expectation of a no-deal Brexit. With more positive economic indicattaors than in prior years, Budget 2022 now looks to the post-COVID-19 era and to building recovery and confidence across all sectors of the economy. Inflation One key takeaway from the Minister for Finance’s Budget address has been the increased attention on rising inflationary pressures, notwithstanding the strong rebound in the domestic economy. The indexing of income tax bands and credits to take account of inflation will be welcome not only from the perspective of taxpayers but also for employers who, going forward, may find themselves under pressure to attract and retain the talent so vital for business growth. Business growth The need to plan for sustainable business growth also featured heavily in the Minister’s Budget address. While previous Budgets have given relatively little focus to the domestic business landscape, this year would appear to have moved the dial with respect to changes to the Employment Investment Incentive Scheme to provide greater access to funding for early-stage companies. The exact detail of the changes remains to be seen, but the Minister’s speech suggests that the future of domestic business is a key theme emerging in the medium- to long-term. Climate change The ever-present challenges in respect of climate change and sustainability were given considerable attention. As noted by the Minister: “Future generations will not tolerate inaction from the leaders of today”. We expect to see further changes and an increased focus on sustainability in the years to come. We have already seen such changes come to pass through amendments announced to the VRT system, and amendments to tax relief on certain energy efficient equipment. International tax Budget 2022 and the upcoming Finance Bill 2021 include several well-flagged changes to Irish tax law, including the imminent introduction of interest limitation rules required by the EU law. Such measures will operate to restrict a company’s net borrowing costs, and while they represent Ireland’s last remaining commitment under the EU Anti-Tax Avoidance Directive, commentary both on Budget Day and from the Minister in the days prior make it clear that this will not be the last we  hear of disruption in the international tax landscape. The recent announcement from the Minister that Ireland is to agree to the OECD international tax reform proposals on Pillars One and Two, which will alter the way in which multinationals (including Irish PLCs) tax their profits globally. A key focus in 2022 and onwards will, therefore, be on the design of such rules. We may expect to hear an update on this in next year’s Budget speech from the Minister for Finance. Early engagement with the business community on these imminent changes is vital to ensure that implementation of these rules is made as manageable as possible and continues to allow for innovation and growth in Irish business going forward. Emma Arlow is Director of Tax in Deloitte.

The most powerful tool in a networker’s arsenal is the ability to give back to your network. By following the 10 key points outlined by Jean Evans, you’re guaranteed to cultivate a strong and supportive business network. One of the first things you learn about networking is the importance of giving back to your network, and most people starting out can become overwhelmed by this notion. You might think you don’t know anyone, or you’re worried that you don’t have anything of value to give to another person in your network. However, it’s a lot easier to give back than you think. Here are 10 things you can do to give to your network. Show up consistently If you’ve taken the time to join a network, I’m going to make a bold assumption and say that you’ve done your due diligence and you know the schedule and the frequency. Put this in your diary and schedule any other meetings around your networking meetings. This time spent networking should be sacrosanct. The know, like and trust factor Schedule one-to-one time with people in your networking groups as part of your networking process. Do a minimum of one of these individual meetings each week per networking group you are a part of to consistently and constantly build up your network. It’ll be noticed and appreciated. Add value As you get to know people and their businesses in your network groups, you’ll start to understand what matters to them. For example, you might come across an article that could be of interest. Why not email it on, share it on LinkedIn, or tag the person on a social media post? Then, they’ll see the article or post and know you were thinking of them. Referrals People generally network to get referrals. Of course, it’s great to be able to refer business to your fellow networkers. A word of caution, however: don’t be hasty. Always do your one-to-ones in advance to learn about a person’s offering before giving a referral. Testimonials If you’ve used a service or product of someone in your network, think about how a testimonial might add value to them personally or to their business. For example, a personal recommendation or testimonial might be put on LinkedIn. If it’s a business testimonial, ask where is best to place a recommendation (e.g. Google Reviews, LinkedIn, or just sending a testimonial by email that can be published on their website). If you include your full name and your company, it’s a little bit of micro-networking for your business too. Get social Find out what social media channels people are on, both personally and professionally. Then, follow them and start engaging – commenting, sharing, tagging others – with relevant content. Get involved and show you care. Be a connector Everyone in business has problems and pain points they are trying to solve. You might not be in a position to help, but you might know someone who could. Make the introduction and connect the two parties. They’ll both remember you for this gesture and the fact that you took time out to help. Share your knowledge One of the amazing benefits of networking is how much you learn from other people in your groups. Most networks have an ‘ed slot’ where five minutes are assigned to a member sharing business insights with the rest of the group. Be willing to share your knowledge. Be yourself Be your authentic self. Know your values, beliefs, and what you stand for, and be sure you can articulate this. This is important as, bit by bit, you’ll want to build a network of people aligned with your values. Don’t try to be something you’re not. Follow up If you offer to do something, be it giving a testimonial, an introduction, or organising a one-to-one, make sure to follow up. This is mission-critical. Everything succeeds or fails based on our ability to follow up. This speaks to your reputation and your reliability. All these actions go towards building up your social capital. If you invest in yourself and build relationships consistently over time, you’ll become known as a stellar networker. It does take discipline, effort, energy and time, but the rewards could be great. Jean Evans is a Networking Architect and Founder at NetworkMe.

With mixed feelings about returning to the office, how can leaders inspire and invigorate their employees? Paul O’Donnell shares his five top tips to manage expectations and morale. It is difficult to think of an aspect of our existence that the COVID-19 pandemic has not impacted. A recent Harvard Business Review survey, What COVID-19 Has Done to our Wellbeing, gives stark data on mental decline in general and burnout in particular. Now organisations are reopening, leaders must address a new challenge: how to rebuild their businesses in a manner that is safe and culturally adapted to reflect the new world while also taking account of the often-unspoken elements of stress in the workplace. Every crisis intensifies the need for solid leadership competencies. If you are a new leader, it will be a rapid learning experience. Here are five steps to get you started. 1. Re-connect your team to the vision or create a new compelling ambition  Operational recovery as a purpose is short-term. It creates initial buy-in but fades quickly. Your employees want to know that the work they do matters and fits with the organisation’s long-term objectives. If your team’s mission has changed because of the pandemic, redefine what that means for your team, communicate it clearly, and work carefully to create engagement. 2. Recognise and celebrate small wins What we took for granted pre-pandemic are often key successes during a challenging return. Small wins matter. They are often achieved against greater adversity when in recovery mode. These wins help raise the bar on what your team believes is achievable. Hunt out daily progress – even small moments of recognition can ignite an employee’s engagement. 3. Be honest about challenges and failures Create a two-way communication forum and make it safe for employees to share their concerns and perspectives. Be clear about the challenges; talk about what has and hasn’t worked and why. Encourage contribution. Don’t let ill feelings or worries fester; it can turn minor personal concerns into significant team disputes. 4. Keep what works and worked well Not everything you did before the pandemic was perfect, but some of it is still fit for purpose. If your team works or worked remotely, reflect on what you did differently and any efficiencies you achieved. Work with your team to find the best blend of “before” and “during” phase activities to create the right “beyond” plan. If your team is hybrid-working, ensure time is set at least once a week for the team to meet safely and discuss any issues they wish to raise. 5. Be clear that you care Your employees may have different personal priorities now from those before the pandemic. In addition, their experiences during, and continued navigation through, the pandemic has created anxiety and altered expectations. Bridge these new needs with the needs of your business through a clear focus on employee wellbeing, transparency in all matters, and alignment with all public health directives. It is easy during these times to fall back on old ways of getting things done. However, the strongest leaders will avoid that trap and take this opportunity to grow engagement and performance. These are the leaders who know the difference between surviving and thriving. Paul O’ Donnell is the COO of HRM Search Partners.

Many organisations in Ireland demonstrate a compliance-led mindset when it comes to sustainability but overlook the opportunities presented by value-led sustainability. Stephen Prendiville explains. It is time for organisations to consider why sustainability matters to them. If it only matters because governments and pressure groups are telling them they need to improve their environmental performance, then the war is already lost – not just for them but also for the planet. It may sound somewhat cliché, but organisations that are not part (and playing an active part) of the solution really are part of the problem. The EY State of Sustainability 2021 report reveals some green shoots of the value-led mindset, but compliance is the driving force for the majority. 53% of respondents believe that compliance with government regulations and requirements on sustainability is sufficient. Similarly, more than half (54%) do not utilise any form of recognised standard or benchmark to measure their sustainability performance. To boil it down, most Irish businesses, with predominantly Irish customers and operating in Ireland, see the Government as the standard-setters. They are then reporting on their own performance against their own set of standards. The EY survey was conducted before the publication of the latest report from the Intergovernmental Panel on Climate Change (IPCC) and the subsequent Met Éireann, Marine Institute and Environmental Protection Agency report, The Status of Ireland’s Climate. It is encouraging that the factor cited most often as the driving force for organisations is the desire to do good (22%), with compliance coming in second (16%). So too is the finding that just under a quarter (22%) of Irish medium-sized businesses have a science-based target to help guide them on their sustainability journeys. While initially, this could be cause for concern, setting science-based targets is a significant undertaking in itself, and we are heartened to see Irish businesses embrace this. Increasing this uptake over the next 24 months will be a defining feature of our sustainability readiness as a nation. Despite these green shoots, there is a lingering sense that organisations overlook the opportunity presented by taking a value-led approach to sustainability. There is a view still held in some quarters that sustainability actions add cost and reduce business efficiency. This needn’t be the case. Indeed, it shouldn’t be the case. Sustainability actions implemented correctly in the right place, at the right time, and using the right approach can reduce costs, improve efficiency, enhance a company’s brand, and make it more attractive to investors, customers and employees. This is what we call ‘value-led sustainability’. Unfortunately, there appears to be a low level of awareness of the opportunities on offer. For example, less than half of the organisations surveyed say they regularly assess current and emerging sustainability-related risks and opportunities. That lack of awareness means that sustainability actions and strategies are unlikely to add meaningful value to the business. Achieving sustainable performance Achieving superior sustainability performance is not as great a challenge as many people might think. The approach required is nothing new. It has been used for many years in ‘lean’ organisations. The same approach of questioning why everything is done and empowering everyone in the organisation to look for improvements in every aspect of what they do will deliver immediate and lasting sustainability gains. That requires accurate and verifiable sustainability metrics. What gets measured gets done, but in this instance, there is a dearth of such metrics. While 62% of organisations say they have management systems to record sustainability-related data, less than half (46%) say their sustainability reporting is aligned to recognised frameworks and standards. Employee buy-in is another prerequisite for value-led sustainability. Without employees at all levels embracing sustainability, understanding the targets and their importance, and believing in the organisation’s commitment, the objectives will be almost impossible to achieve. One third (33%) of respondents claim to have a sustainability-related employee incentive scheme in place. That low figure may represent an exaggeration of the true position as there is likely to be some confusion with employee benefits such as the Bike-to-Work scheme. This presents a huge opportunity for organisations to leverage a powerful cohort, who will be pivotal to the success of their sustainability efforts over the coming years as we approach 2030 and, later, 2050 sustainability targets. Overall, the findings contained in the EY State of Sustainability 2021 suggest that most Irish organisations could be missing the point when it comes to action on sustainability. Going forward The trajectory that should be followed is an acknowledgement of the scale of the crisis, accountability and responsibility at an individual level (no matter the position in the organisation), and a commitment to take real action. Organisations that fail to take a proactive approach to the issue and embrace value-led sustainability will find themselves struggling in the wake of competitors who do. It is not too late for Irish companies to share the rewards and opportunities offered by the sustainability transformation ahead. However, time is running short – both for them and the planet. Stephen Prendiville is Head of Sustainability at EY.

With the requirement to work from home soon expiring, employers must be proactive in their approach to the return to the workplace. As restrictions lift and the vaccination rollout continues, planning and preparation are needed to ensure a seamless return, says Dera McLoughlin. With the successful rollout of Ireland’s vaccination programme against COVID-19, many Irish employers and workers are now preparing to return to their physical workplace after a considerable period of working from home. To ensure that the return to work aligns with current Public Health advice and measures to keep workplaces safe, the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, has published an updated Work Safely Protocol. It will help ensure that employers and workers continue to contain and prevent the spread of COVID-19. While many retail and hospitality sectors returned to work in May 2021 in line with Government advice at the time, a phased return to the office and workplaces for those currently working from home will now take place from 22 October 2021, when the requirement to work from home will be removed. This will allow employees to return to physical attendance in the workplace on a phased and cautious basis appropriate to each sector. Lead worker representative A key component for ensuring adherence to the Protocol is the role of the Lead Worker Representative (LWR) in the workplace. Employers are required to appoint at least one LWR who will work with the employer to assist in implementing and monitoring adherence to the Protocol to prevent the spread of COVID-19 in the workplace. LWRs should be trained appropriately by their employer and be the conduit between workers and the employer for any concerns about the implementation of the Work Safety Protocol. Guidelines within the Work Safely Protocol The Work Safely Protocol sets out comprehensive steps for employers and workers to reduce the risk of exposure to COVID-19 in the workplace, including: Updating the COVID-19 response plan; Implementing and maintaining policies and procedures for prompt identification and isolation of workers who may have symptoms of COVID-19; Developing, updating, consulting, communicating and implementing workplace changes or policies; and Implementing COVID-19 Infection Prevention and Control (IPC) measures. The Protocol also provides guidance on workplace and community settings, occupational health and safety measures, and a library of resources for employers and workers. Considerations for employers Through many workplace surveys carried out in the past year, it is evident that many office-based employees wish to avail of some form of remote work in the future. Many companies also indicate that they want to adapt and accommodate their employees and continue to offer a degree of flexibility. A recent survey from CIPD Ireland outlined that one in two businesses in Ireland plans to adopt remote working in some form permanently in the future. When organisations consider their working arrangements, any decisions made must be based on several factors such as business objectives, employees’ wishes, potential office space adaptations and associated costs. Here are some key considerations. Health and safety requirements Before any employee returns to their workplace, the work environment must be safe and compliant with all relevant Government and HSE guidelines and in line with the Safety, Health and Welfare at Work Act requirements. Companies are advised to create and/or update policies that reflect the environment, health and safety, and emergency protocols to align with HSE guidance. It is also essential that the organisation establishes clear protocols for returning to the building, provides the requisite training on accessing shared workspaces and equipment, and the measures in place if an employee displays symptoms of COVID-19 while in the workplace. The price of returning to work Before returning to the workplace, an organisation must evaluate and understand the costs of bringing people back to the office. There will likely be costs such as reconfiguring office space and seating, increased cleaning costs, and potential PPE costs. Types of work and phasing the return to work Before returning to the workplace, each role and team should be reviewed strategically to identify which roles need to be on-site and which roles use technology or machinery. When determining which teams should be prioritised, an organisation will plan a phased return to ensure maximum productivity. The voice of the employee The difficulties that employees have faced over the past year while remote working cannot be understated. Therefore, before employees return to the workplace, employers must assess and understand employees’ needs, personal situations, welfare, and mental health. Where possible, businesses must understand such employee concerns while ensuring productivity is maintained. Tax Hybrid working is the future, and while employers can provide certain benefits to staff tax-free (e.g. specific office equipment, mobile phone etc.), these are limited. Employers must be conscious of published Revenue guidance on what expenses and benefits the employer can provide tax-free to remote working employees. If the employer inadvertently provides benefits not addressed in Revenue guidance, the benefit would be considered a taxable benefit, resulting in a payroll exposure for both the employer and employee. Employers should look for any potential new measures that may be announced in Budget 2022. Dera McLoughlin is Partner, Head of Consulting at Mazars.

Ireland’s attractive immigration policies and work permit procedures have drawn attention to companies wishing to expand into Europe in a post-pandemic, post-Brexit world. Emma Richmond outlines what companies should consider before making a move. As travel restrictions ease globally, many businesses are focusing on strategic expansion into Ireland in a post-pandemic, post-Brexit world. In many cases, this expansion is driven by a business need to have an English-speaking European base. In addition, the desire of key employees who, having reassessed their lifestyle over the past 18 months and now wish to relocate with their family to explore new opportunities, is also a driving factor. Compared to other EU member states, Ireland’s immigration policies and work permit procedures are relatively straightforward. This is something that continues to attract multinationals and foreign direct investment to Ireland. We have seen a significant increase in work permit applications over the past three months, driven by activity in the market. The records show that 9,526 work permits were issued to non-EEA nationals between January and August 2021, which creates a significant amount of work for business in Ireland. Here are some things companies should consider. Work permits All non-EEA citizens require a work permit to work in Ireland, and certain non-EEA citizens will also need a visa to enter the country. Typically, companies investing in Ireland are interested in the Critical Skills Work Permit and the Intra Company Transfer permit. Critical Skills Work Permit This is easily the most popular type of work permit sought by companies relocating to Ireland. The key advantage of this permit is that it provides long-term access to citizenship in the event of the employee wishing to relocate to Ireland permanently and provides easy access for the spouse or dependant of the work permit holder to the jobs market. These are all key considerations where there is a long-term goal for either the company or the employee. The role offered needs to be on the Critical Skills Occupation List and have a salary of at least €32,000 per annum. However, all roles with a salary of €64,000 and above (and not on the ineligible list) are eligible. Intra Company Transfer Permit This permit provides for the temporary transfer of key personnel to Ireland on an initial two-year basis, which may be extended up to five years. Typically, this is used for crucial personnel required to establish the business in Ireland, ensuring the right local personnel are hired and providing a key decision-maker on the ground when critical start-up decisions are made. The maximum duration of this work permit is five years, so it is ultimately not suitable for someone looking to relocate permanently or achieve citizenship. Employment documents A copy of a valid contract of employment or letter of appointment will be required as part of the permit application. The employer must also demonstrate that they have registered with Revenue as an employer, and their ERN will be needed for the application. Additional documents such as employee handbooks and policies will assist the employer in running their business as it grows but will not need to be furnished at the application stage. Emma Richmond is Employment and Immigration Partner at Whitney Moore Law Firm.

Julia Rowan answers your management, leadership, and team development questions. I recruited a team member three years ago. She had great qualifications and experience and, on many levels, was a good performer. I found it hard to give her feedback – she took it very personally. I often ended up taking work back from her and completing it rather than give her feedback. She is moving on and I’m about to recruit her replacement. How can I avoid this happening again? A. People often find it hard to hear feedback: they may see correction as failure, have come from a place (home, school, previous employer) where ‘feedback’ was a dirty word – and generally only given when things went wrong. It can be useful to set expectations by asking a feedback-related question at interview. For example: “In this firm, we share a lot of feedback. Can you give me an example of some helpful feedback that you have received in the past and what the impact of that was?”   When your recruit joins, revisit the feedback issue as part of a broader induction conversation: “We loved the example you gave at interview about the feedback you received. On this team, we share a lot of feedback about what works well and what doesn’t work well so let’s sit together regularly to reflect on how you are doing.”  Make sure to follow up on this regularly and acknowledge what they are doing well. It’s easy to overlook good performance. Give the positive feedback first and then bridge to the developmental feedback. Don’t use the word ‘but’ – it negates the positive feedback. Make sure that your body language, vocal tone and the words you use support the ‘feedback is normal’ message. Rehearse the feedback you plan to give out loud with a warm, confident tone. Your recruit has a right to know how they are doing. In my boss’s eyes, everything is urgent and important. Priorities change by the day and there is always a sense of panic. I like my boss and this firm, but I don’t want to work like this. How can I improve this situation? A. It sounds like your boss is stressed, not doing her best thinking, and unlikely to realise the impact of her behaviour. You need to think this through carefully before you talk to her and work out: what is the positive intention behind her behaviour? In this case, that could include setting high standards, giving clients great service, or avoiding a backlog.  Work out what you want in place of the current behaviour (a weekly meeting to agree priorities, an agreement that you decide on priorities etc.) and request a meeting. Give your boss a heads up on what you want to talk about. When you meet her, don’t describe her behaviour; instead, connect with her intention (“I appreciate the high standards you set”), and agree with her (“I want to meet those standards”). Then ask for a recurring meeting to plan the week ahead.  Julia Rowan is Principal Consultant at Performance Matters, a leadership and team development consultancy. To send a question to Julia, email julia@performancematters.ie.

 What is executive presence and can it be learned? Paul A. Slattery explains the three pillars of executive presence and how to put them into practice. This enigmatic and elusive notion of ‘executive presence’ (EP) may be a term surrounded by secrecy and shrouded in certain degree of mystique. Many of us may view it as something obscure and elite that is set aside for the use of leaders. How do you acquire it, and how can you project it?  A highbrow concept  What first springs to mind when thinking about executive presence is that it can’t be easily described, but it is recognised immediately when encountered. We all know people who have it. Before coming up with a list of politicians and celebrities, it may be prudent to think of someone we know or have encountered on a professional or personal level. That someone had the demeanour projecting an air of confidence and we are immediately engrossed in their presence. This person had the power of transforming rooms and conversations. That is how we know they had it. The revelation here is that EP can be learned, and it is not such an implausible dream as may be commonly thought.  No one lands a top job or develops a significant following without this subtle but necessary combination of confidence, poise, and authenticity. This amalgam of qualities subtly persuades us we’re in the presence of someone remarkable. In other words, it’s a blend of attributes projecting to others that one deserves to be in charge.  Cracking the EP code means you’ll be given a chance of doing something extraordinary with your life. What is notable about EP is that it steadily proves to be a precondition for success regardless of your social standing and your profession.  The practical stuff The first thing to know about EP is that it is a skill and not a personal characteristic, which means it’s something you can learn and nurture. EP is inarguably attainable for everyone, but as with every skill, it requires regular practice and systematic effort in order to advance. As I mentioned already, you can have all the experience and qualifications of a leader, but without EP, you won’t progress.  That said, expressing those qualities doesn’t come easily. Your topic may be universally interesting and fascinating, but unless you minimise distractions for your audience, you’ll never manage to convey that interest.  In 2013, Chia-Jung Tsay, an associate professor at the University College London School of Management, demonstrated through her piano competition experiment that the most accurate predictor of success in competition was not the musical performance itself, but whether a pianist could communicate their passion through body language and facial expressions.  Then, in 2020, she carried out a similar study, this time in a venture capital pitch competition. The participants were asked to forecast interview winners after reviewing the contestants’ presentations in different ways, which included videos with sound, silent videos, sound recordings, and transcripts. The silent videos most accurately allowed people to identify the winning entrepreneurs, showing that, in the context of entrepreneurial pitches, stage presence is more than crucial – it is fundamentally everything. That being the case, a question arises whether effective communication is more about the medium rather than the message – and EP appears to be the answer. The start Having or projecting EP begins by making the decision to start using EP. Workplace expert and professor, Sylvia Ann Hewlett lists the three areas that form the backbone of EP:  Gravitas – how you act;  Confidence – how you look; and  Communication – what you say and how you say it. She also points to how interdependent these features are: if your communication skills lend you a “command of a room”, your gravitas will proportionally expand.  Gravitas These universal dimensions are not equally important, however. According to Hewlett, gravitas is the very essence of EP. It is gravitas that helps us articulate the qualities that mark us as worthy to be entrusted with accountability and serious responsibility. Without it, you will not be seen as a leader, no matter your credentials. Gravitas is what signals to the rest of the world that we should follow you. In opposition to charisma – the former superstar term in the world of business communication – gravitas is understood as the “ability to appear calm, confident, and steady” in the face of uncertainty, and is vital for every business’s survival.  The importance of appearance As we saw from Tsay’s studies, appearance is our main critical filter. It is quite deceptive and contrary to what people may be articulating. A person’s ‘grooming and polish’ is a key contributor to executive presence. It’s very important to understand that the key to EP in the area of appearance is not a matter of what you were born with, but of what you do with what you have. The good news is that this can be learned and cultivated. The authenticity conundrum The primary struggle between conformity and authenticity is complicated. To what degree should we attempt to fit in and how much should we stand out? This tension can be particularly harrowing for women and minorities, due to the ‘straight white man’ archetype still so prevalent in the professional/corporate world. With age and experience, however, many of us notice that being different and authentic doesn’t necessarily keep us from moving up – on the contrary, it drives our progress. The three pillars of EP This ‘command-the-room and zoom’ quality essentially rests on the following three pillars:  Credibility Credibility can come in the form of your source of information and formal introduction.  When it comes to your source of information, there are a few questions you can ask yourself: where does the information you are sharing with the audience come from? Are you providing information that is current and well-researched? Are the findings and facts true, and from a reliable source? On top of your sources, it’s important when you are addressing an audience to share your background and your experience, and the longevity of your career, especially if you’re talking to external stakeholders. Sharing the credibility of your team is critical in demonstrating the integrity and authenticity that surrounds you.  Lastly, the trustworthiness of the organisation you represent – its values and vision for the future, and how well they align to your own values and outlook – will contribute substantially to yours. Approachability  You engage with the audience through your speaking skills and ability to remain amiable and authentic. Staying true to yourself and letting your enthusiasm speak through your body language connects you to your audience. Being able to look your audience in the eye when speaking and presenting has a transformative effect on your ability to meaningfully engage and inspire. Be mindful of other non-verbal cues: your tone of voice, poise and your attire can also add to, or detract from, your power to hold attention.  Structure EP relies heavily on solid structures, and without proper preparation, rehearsal and a routine that is consistently practiced, EP will become scrambled and non-existent. Thorough preparation leads to more confidence. I believe that we all need to find our own structured routine that will support us prior to connecting with our audience over video, but that also projects our EP in person, such as what social psychologist Amy Cuddy refers to as a power pose. When it comes to handling questions and objections from the audience, your EP is under the microscope. As Leil Lowndes, author of How to Talk to Anyone says, “Every smile, every frown, every syllable you utter, every arbitrary choice of word that passes between your lips, can draw others toward you, or make them want to run away.”  Hence the reasons why a structured response is vital to maintaining approachability and credibility all the way to the end of your presentation. While knowing your topic is a prerequisite, practicing your delivery is crucial.  Building and cultivating your executive presence comes down to three aspects of our behaviour that can be learned with training and practice. The crucial next step is a decision to acquire and cultivate one’s executive presence. It is a choice on how you want to act, how you want to be perceived, what to say, and most importantly, how to say it. For some people it is a strenuous process, more obvious for others. There are no quick fixes; the practice requires commitment and effort. Once you develop awareness of your behaviour, have a personal power pose, know your stuff and constantly practice your delivery, you will be on your way to finding your own EP formula. Paul A. Slattery is Founder & Managing Director of NxtGEN Executive Presence, an education company specialising in executive training, mentoring and coaching services for business leaders and company executives.