Sometimes employees don’t work out. That’s part of being in business. But when the employee that doesn’t work out is the Chief Executive Officer of the company, then things can get a bit more confusing. A proper CEO dismissal requires a thoughtful and official process, alongside a vote to board members and key stakeholders, an interim CEO appointment and an official hire for the CEO position as soon as possible to reduce impact on private companies.

But just as with dismissing any employee, CEO firings could be subject to an unfair dismissal claim if they feel they have been dismissed without due cause. Board decisions are still subject to the same scrutiny, so it’s important that any company seeking to remove a CEO first tries to seek legal advice from employment law specialists to ensure everything is carried out correctly.

With this in mind, we’re revisiting advice from Beverley Sunderland today, MD of Crossland Employment Solicitors, specialists in employment law, whose advice is still as relevant today as it was when she shared her thoughts with us back in 2016. Before we get to Beverley’s advice, we’ll also explore the topic more widely to further guide you on how to remove a CEO in the right way.

What Is The Correct CEO Dismissal Process?

It is often the managing director and board members that handles both the recruitment process and dismissal process for a new CEO. As such, it’s important that they’re familiar with the correct CEO dismissal process to avoid unfair dismissal claims.

• Performance review
• Support in place
• Proper review
• Full dismissal process
• Final meeting
• Notice period and pay

Performance Review

Before any dismissal process can begin it’s important to review your CEO’s performance. This can be based on your CEO’s direct reports, but also on stats and results, and by speaking to members of staff (staff morale is a key indicator of CEO success). If there is an issue that flags up, it’s important to speak with your CEO directly.

Support In Place

Unless the issue is a form of gross misconduct, it’s your duty to support your CEO and try to improve their performance. After all, this gives them the chance to meet your expectations and helps you decide if they are the right CEO for your company or not. Put together a communication plan, targets to be met, and strong data analytics techniques that will help you monitor their progress.

Proper Review

After putting the proper support in place, you should sit down with board members and the CEO and conduct a full review. See how they align with the company’s core values and culture, look at the path they’ve been on with support in place and review their progress towards it. If they’re still falling short, it’s time to start a path towards dismissal.

Full Dismissal Process

Your dismissal process for your company will look different from another’s. Firing the CEO shouldn’t look different to firing anybody else, though, whether they’re a family member or not (as is often the case in smaller companies). Your company should have a detailed disciplinary and dismissal process in place, outlined clearly in the employment contract or employee handbook, and you should ensure you stick to this when dealing with your CEO to remove the risk of an unfair dismissal claim.

Final Meeting

After following the full procedure outlined by your company, it’s time to sit down with your CEO in a final dismissal meeting. Throughout the process you should have documented every meeting, decision, and piece of evidence supporting a dismissal – this can all be used to explain to your CEO the reason for their dismissal.

Notice Period & Pay

It’s important that your former CEO receives the appropriate notice and pay for their service to your company. Even if you have reason to dismiss them, you may be found to have done so unfairly if you do not pay them what is owed.

The CEO Cycle

Of course, dismissing a CEO may not always be due to performance or misconduct, but simply part and parcel of being a CEO at your company. Sometimes new leadership is required so the former CEO steps aside to make room for the next CEO, who will step aside in time, too.

Beverley Sunderland explores this CEO cycle in depth below, and focusses on how to remove a CEO fairly.

Removing A CEO – Beverley Sunderland’s 2016 Advice

Companies have two choices: either agree on the number of years at the outset with the new CEO, in which case bosses are unlikely to attract top talent; or adopt the approach of firing CEOs after five years irrespective of how they are performing, which is likely to have the same effect, particularly if they dismiss top performing CEOs.

Realistically it would need all companies to adopt the same approach at the same time. CEOs hold two positions: as directors they are officers of the company, but they are also employees. To avoid a claim for unfair dismissal, once a CEO is in place for two years, the dismissal must be for a fair reason: redundancy, capability, conduct, some other substantial reason or illegality.

For the “up front” approach, a business might consider a fixed term contract. Much overlooked is the fact that failure to renew a fixed term contract is a dismissal and so for those CEOs employed for five years there still must be a fair reason to dismiss. “We do not want you to become untouchable or unaccountable” is unlikely to fit into any of the categories above, especially if the CEO happens to be doing a good job.

There is no reason why, at the outset, a new CEO and their employer cannot agree that the maximum term will be for five years, that they both agree it will end at that stage and no matter how successful, the CEO will not stay on past that date. When the contract comes to an end at five years, the argument is that it is by agreement rather than dismissal.

However, the UK Corporate Governance Code applies to listed companies and provides for re-election of directors every year for FTSE 350 companies or in the first year and then every three years for other companies. It says that notice should be for no more than a year and poor performance should not be rewarded. The Association of British Insurers (ABI) and National Association of Pension Funds (NAPF) “strongly encourage boards to consider contracts with shorter notice periods.” It also disapproves of “golden goodbyes” – an agreed payment on termination.

For this reason, any contract should clearly define the maximum length the CEO can be in post and that the company can still bring the contract to an end before five years on giving notice limited to one year, less if the reason is capability or conduct.

Looking on the bright side, even if this does not work, the maximum compensation for unfair dismissal in an Employment Tribunal is £78,335 or one years salary, whichever is lower. This is assuming no successful allegation of dismissal because of discrimination or whistleblowing – although, if they were always going to leave then it would be difficult for an employee to allege that they’d been asked to leave because they’d blown the whistle or been discriminated against.

Also, practical issues need to be considered including drafting share options and long term incentive plans which would have to be written on the basis of a maximum five year tenure. The danger is that this might encourage decisions by a CEO which are in the best interests of them maximising their remuneration, rather than the best interests of the company and would call for a strong board to prevent this.

Finally, if a board knows the CEO is going at a fixed point in time, not only will they need to consider succession planning well in advance but this may lead to power struggles or undermining, knowing that the CEOs time is limited.

Whether you agree with Walker’s comments or not, there are definitely pros and cons to limiting the appointment of a CEO, which all need careful consideration whatever decision the company makes.

Similarly, there are steps that can be followed if you need to legally make employees redundant without being the target of unfair dismissal claims.

Beverley Sunderland is MD of Crossland Employment Solicitors, specialists in employment law.

Final Thoughts

It can be a great idea for companies to be upfront and honest about their CEO appointment from the get-go. If they see long term CEO tenures as potentially disruptive to the business because it places a limit on potential benefits, then even good CEOs shouldn’t expect to be in position after the agreed period.

With that said, not all CEO appointments are wise. Where this is the case, it might be necessary to dismiss your CEO earlier than planned due to poor performance. It’s imperative that you follow the same dismissal process that’s in place for other employees, and that you collect evidence at each stage of the dismissal process to protect you from any unfair dismissal claims that might follow if your CEO is upset by their dismissal.

In business, preparation for the future is key, and knowing how to dismiss your CEO the right way could protect your company’s reputation in the long term.

The post Removing A CEO And Avoiding Unfair Dismissal Claims appeared first on Real Business.

By Amrit Sandhar, CEO/ Founder of &Evolve

Before we consider how leaders and managers can better engage and support their employees, first, we need to take a step back and consider what’s happening in society overall. With a huge rise in populism, first since Brexit and the surprise election in 2016 as Trump becoming the US president in 2016.

Michael Cox from the London School of Economics describes populism as reflecting ‘a deep suspicion of the establishment, that in the view of most populists doesn’t just rule in the common good but conspires against the people.’

With the decline of trade union memberships from an all-time high of 13.2 million in 1979, to approx. 6.25 million in 2022, and with concerns about trust within HR departments, there is a risk that the populist wave that seems to pervade society as a whole, may also have a significant impact on the workplace, where nobody is perceived to be ‘looking out’ for ‘ordinary people’. 

Whilst the Endelman Trust Barometer has consistently shown that more people have trust in their organisations over their governments, with demands by some to get back to the office, has highlighted the tension as to whether employers do have the ability to trust their employees and also whether employees can really be trusted. And who stands for the needs of employees if not HR or a union? It therefore seems inevitable that this deep mistrust of the ‘establishment,’ will continue to impact how people can feel about their workplaces.

Despite this, in a world full of division our workplace, regardless of politics, religious or sexual orientation or background, can create a sense of belonging and purpose and provide feelings of self-worth, as our roles tend to form a fundamental part of our identity. These aspects can also help define how much we identify with our organisations, as viewed from the psychological concept of Social Identity Theory. 

Taking all of this into account, what should leaders and managers consider as their main focus for 2024?

Empathy

An accusation made of some politicians is that they don’t understand what ordinary people are going through, often detached from the pain of survival during the financial hardship of the cost of living. Empathy has been highlighted over decades as being important, but still many managers and leaders struggle with it.

To understand and share one’s feelings alone, is not enough, unless a person can express that empathy, for others to see how much that person understands and shares those feelings. Expressing empathy requires action.

The ability to act when seeing people are being overworked, to show a genuine interest in peoples’ lives, the willingness to help people struggling with personal problems and showing compassion and care at times of loss or hardship. Leaders and managers often think they should be seen as resilient and ‘keeping it together,’ remaining calm and in control. The truth is, that by being vulnerable, opens leaders and managers to express those emotions others are experiencing daily, leading to greater empathy. 

We’ve heard so much about the importance of wellbeing over the years, yet it’s hard to truly focus on your wellbeing when everyone around you including your manager fails to prioritise their own wellbeing. By actively looking after ourselves we give permission for others to do the same. This is about breaking the cycle from talking about the importance of wellbeing, to showing the importance of it.

Many would assume that those who look after their own self-care and that of others around them, will be naturally caring and compassionate as people. Leaders and managers know that giving 100% on any given day will vary hugely, depending upon how individuals are feeling, what’s going on in their personal lives and what’s on their minds.

Leaders and managers are not always the people who bring about pressure and stress at work, it’s often employees being hard on themselves. Supporting employees to understand that considering what they might be experiencing, and if the best they can give that day is all they can give, then that is their 100% and good enough. This goes together with personal recognition.

Self-care is often seen as only focused on wellbeing, but when leaders and managers can recognise and celebrate their own achievements, they are more likely to see them in others. Culturally, across many organisations people are still too reluctant to shout about their achievements, often citing what they have yet still to do, or highlighting any achievements down to luck. 

Authenticity

People are tired of a lack of truth. Whether it’s the news, social media, discussing topics with friends or family, there is so much confusion and mistruths (which may be what’s driving some of the populism that we are seeing), we are more aware of it, and then we are looking out for it. 

In the world of work, leaders and managers need to lead by being themselves, being more human and being more aligned to who they really are. This requires every leader and manager being aware of their own personal values and living their lives aligned to them.

There’s something so refreshing when you meet an individual who knows what’s important to them and lives their lives aligned to that – we are drawn to them. This in turn goes on to create a more relaxed environment at work, where others can be more of themselves, feeling more psychologically safe. 

When we meet people who are anxious and on edge, it seeps through every pore, and the mirror neurons kick in, causing emotional contagion. Leading authentically with care and compassion, will create a culture where employees – whether remote or on site, begin to experience that culture, where they feel the impact through each interaction, Teams call, email, phone call or visit to the office.

People want to be their best at work, and it doesn’t come from working in a fearful environment where people are treading on eggshells. This is an opportunity to stop the clichés, to stop squaring that circle, and to simply humanise the workplace through expressing behaviours that are aligned to our values, so being at work is less of an effort.  

We have a golden opportunity to redefine our workplaces this year, to stop rhetoric and lead with empathy, authenticity and truly valuing employees, making them feel more comfortable, valued and cared for regardless of where people choose to work from. This will allow for the creation of a much stronger connection to the organisation and to the cultures we create. 

The post Making The Most of 2024 – What Should Leaders & Managers Consider To Drive Greater Impact? appeared first on Real Business.

There are many reasons why your business should focus on the SME segment. Many companies choose to focus their close contact with industry giants, updating their products regularly to meet these clients demands and expectations. As larger based clients, they can also suffer from larger revenues. The competition among businesses trying to entice SMEs market can often be a lot less aggressive.

It’s not hard to understand why new companies queue up outside the doors of major brands. After all, the bigger corporations often order the more comprehensive packages and young entrepreneurs are often seduced by the potential revenue these orders can bring in. The consideration of adding their logo to your customer list does have rewards. What you need to consider, is at what cost and can you do that in a simple way, for a show perspective, whilst going after a potentially more lucrative option elsewhere.

The fallacy with this school of thought is that SMEs are actually the largest sector in the economy as opposed to large corporations. So if their needs are not given sufficient importance, the repercussions could affect more than just a few companies it could gradually slow the economy and job market of the entire country. SMEs play a vital role in job creation, economic progress, and innovation.

For example, most small companies have few employees and just dont possess the capital or infrastructure required to purchase advanced software.

Being in the SaaS industry, I think software entrepreneurs in particular should start focusing on addressing the needs of this segment instead of devoting themselves to those at the top. These are the companies that can really benefit from accessibility to new digital technology, especially considering that many are using outdated alternatives that may save money in the short-term but compromise on long-term efficiency and revenue generation.

If you’re among those fighting it out to get attention from the big players, here’s why you should focus more on attending to the needs of SMEs:

The silent majority

According to the European Commission, SMEs account for a whopping 99 per cent of all businesses in the continent 85 per cent of new jobs in Europe were generated by this segment.

Not only do they form the largest sector of the economy, these companies are generally headed by dynamic individuals with an insatiable desire to expand. Many of them have fewer than 100 employees giving them an urgent necessity for services that offer a competitive edge.

The biggest asset here is the fact that these companies are still growing, often looking to their competitors for solutions. Take the hospitality industry for example small and mid-sized hotel owners often read reviews by other hoteliers before choosing a property management system (PMS).

Growth potential

Theres a lot of potential within the SME segment providing them with your services could be just the catalyst theyd been lacking.

This could work out to be a very profitable, mutually-beneficial relationship; especially as their company expands and achieves better market penetration, guaranteeing upsells.

Cost advantage

Entrepreneurs that build a strong reputation in this segment often get a lot of attention through word-of-mouth and may see their marketing expenses and customer acquisition costs decrease.

If the product is well thought-out and easy to use, ongoing service and support costs can also be minimized. These savings can be invested back into the development process, paving the way for even better cost-efficiency.

Entrepreneurs must bear in mind that targeting so many customers does demand some effort, and the above mentioned benefits will not fall into place overnight. But there are measures you can take to speed up the process.

Make sure that your product is easy for customers to get started with and that the benefits take centre-stage early on during the adoption stage. Clients love services like live support and it’s great if you can offer that; if not, make sure your support team is knowledgeable and responsive.

Business is never easy. Obtaining the right relationships and customers can be a huge step and bigger isn’t always better. An SME segment focus may be the right move for you.

Aditya Sanghi is co-founder and CEO of Hotelogix.com.

The post Why your business should focus on the SME segment appeared first on Real Business.

With many property investors looking elsewhere as residential buy-to-let becomes less attractive, Gary Hemming of ABC Finance takes a closer look at the merits of investing in commercial property investment.

Get a breakdown on whether it’s a good investment, what you should be looking for in a potential investment and how to fund these properties in 2023.

Why are investors turning their backs on residential buy-to-let?

There are a number of reasons why buy-to-let (BTL) investment has become less attractive in recent years. As property prices have been increasing, yields have been reducing and now average rental yield just 3.53%.

In addition, tax rules have become less favourable for those who own property in their own name rather than through a limited company. So you might opt to buy to let through a limited company.

Finally, the 3% stamp duty surcharge introduced in 2016 has further squeezed the available returns.

How does commercial property investment work?

For those familiar with BTL investment, the concept will be simple. A property is purchased and then let out in return for a rental income.

With commercial property, that rent may be monthly, quarterly or almost any other timeframe that works for both the landlord and tenant.

This will be laid out in the lease agreement. These agreements are usually bespoke, rather than the standard AST (Assured Shorthold Tenancy) agreements used with residential investments.

Leases are usually agreed over longer terms than ASTs, with lease lengths between 3-20 years being commonplace.

What are the pros?

The returns available when investing in commercial property are undoubtedly higher than those on buy-to-let property.

Retail properties average a yield of 5.7%; a £200,000 investment in a retail property would produce £11,400 on average, compared with just ?7,062 from a residential BTL.

“As the leases are much longer, these properties usually have an investment value in excess of their bricks and mortar valuation. This means that you can acquire a vacant property and, if let on a strong lease to a good tenant, you will see an instant increase in value.”

Finally, many leases are fully repairing and insuring, meaning the tenant is fully liable for the repairs and insurance of the property. These leases remove a lot of the cost of maintaining the property and a lot of the effort involved.

This can be a big benefit as residential ASTs require repairs, maintenance and buildings insurance to be handled by the landlord, at their expense.

And the drawbacks?

The commercial property market is less liquid than the residential market. This often means it can be harder to find a tenant when your property falls vacant. As such, it may mean longer void periods for the landlord.

During these void periods, business rates must still be paid, with the responsibility falling on the landlord. If you have a mortgage on the property which must also be paid, it can be a significant drain on cash flow.

Finally, commercial property prices tend to be more volatile than the residential market. Therefore, in times of difficulty in the wider economy, you may struggle to sell your property quickly without taking a more significant hit on the price you receive.

What should I be looking for in a potential investment?

Common sense is the key here. Looking deeply at the market rather than blindly investing is the way to go.

During the first lockdown, many retail businesses saw the government order them to close. In this case, the likelihood of the rent falling into arrears increases as the tenant will have no income.

At the same time, essential retailers such as convenience stores saw their sales sharply increase. This made them a very popular choice for investors as they were seen as ‘pandemic proof’.

Although you can’t always predict the future, you should always stop to assess the potential changes to markets in the future with the aim of making an informed choice.

“There’s no substitute for experience. As such, it’s important that you surround yourself with an experienced professional team who will be able to advise you on market trends.”

A surveyor, a solicitor and a good commercial mortgage broker can be valuable resources when considering a new investment.

How can I fund commercial investment properties?

These properties are funded using commercial mortgages. The commercial equivalent to a buy to let loan is a commercial investment mortgage. Although they work in much the same way, there are some key differences.

Mortgages for commercial property tend to be offered at slightly higher interest rates, especially for first-time commercial property owners.

Secondly, the loan to values tend to be a little lower, with 75% being the absolute limit, but 65% currently being more common.

Finally, commercial mortgage lenders often expect borrowing to be taken on a capital repayment basis. Some lenders will accept interest only, but this isn’t a given.

The post Investing in commercial property in 2023? appeared first on Real Business.

Digital Employee Experience (DEX) in 2023 has become more crucial than ever for businesses to get right. Hybrid and remote working have become the norm for many businesses, with no sign of returning to pre-pandemic working models. Employees’ expectations have evolved, and they now expect an environment of open communication, personalization, efficiency, and simplicity with processes like timesheets and requesting leave. However, according to recent studies, 63% of UK organizations still do not offer personalized DEX.

With the Great Retention and Resignation crisis looming over businesses, the time has never been more important for HR teams to rethink their strategies to better streamline the employee working experience. Without access to the highest quality digital tools to manage their day-to-day, many employees will look to new employers who can provide an easier working experience. This article will explore the latest trends in DEX and how businesses can stay ahead of the curve.

Mobile-First Approach to DEX

In today’s digital world, a mobile-first approach to DEX is essential for businesses. The benefits of a mobile-first experience are substantial, enhancing engagement and allowing people to use technology that’s familiar to them. It also helps with hybrid working, allowing employees to access the information they need 24/7, wherever they are based.

Employees now expect the same level of experience in the workplace as they get from their favorite consumer apps. With the next generation of workers being digital natives, they expect a smooth and sleek HR experience, such as HR services in app form that they can simply download on their phone. However, with personal and working lives becoming increasingly hard to separate, businesses must do all they can to help their workforce “disconnect” and properly unwind when implementing a mobile-first experience.

One way to do this is by introducing “right to disconnect” policies to help staff keep their home and work lives separate. Businesses that are looking to adopt mobile-first experiences must set boundaries and ensure managers and senior leadership teams enforce these, otherwise they risk encouraging an unhealthy work/life balance.

Hybrid Connectivity is a Must for DEX

Pre-pandemic, the notion of having an entire workforce based remotely seemed alien for many businesses. However, what companies have discovered over the past couple of years is that existing prejudices and infrastructure were the major barriers.

To provide a more connected digital EX when employees work from home, businesses need to restructure their hybrid working connectivity. One simple way is to introduce an EX platform that unites the company’s whole HR tech stack, providing a one-stop-shop for all HR services and making it easy for employees to access everything on offer in one place, at any time.

Agile DEX for Uncertain Times

The past few years have been turbulent for businesses and employees alike, with HR teams often finding themselves at the epicenter of the challenges. However, HR teams that had agile HR technology to communicate with their workforce were able to contact and update the business with necessary changes – like Covid rule changes – straight away. Those that didn’t looked to all-staff emails or more manual methods of communication, both of which are very admin heavy and miss that element of personalization, which became very important to employees during Covid.

With more employees working across different locations, on varied devices and in various environments, HR leaders must be able to act with agility and reactiveness when it comes to communicating with and updating employees. Especially as the working landscape continues to show uncertainty. With hybrid and anywhere working not going away any time soon, the ability for HR teams to deliver personalised and relevant information to employees through their workplace technology has become even more important. This is where digital employee experience (DEX) comes into play. As mentioned earlier, DEX refers to the sum of all interactions and experiences an employee has with their employer’s digital technology and tools. To ensure that these interactions and experiences are positive, HR teams must prioritize DEX and adopt a mobile-first approach. This means providing employees with access to the information they need 24/7, wherever they are based, through technology that is familiar and user-friendly to them. It also means ensuring that the digital tools and platforms used by the organization are agile, scalable, and offer a seamless user experience.

Implementing a mobile-first approach is not only a must-have for the DEX but also for the modern-day work culture. Companies must adapt to the technological advancements and ensure that their employees have a smooth and seamless experience. With the rise of digital natives in the workforce, it is more important than ever to adopt a mobile-first approach. The next generation of employees will expect a streamlined HR experience with services available at their fingertips. This will require companies to offer HR services in app form that can be easily downloaded on the employee’s mobile device.

However, companies must be mindful that personal and working lives are becoming increasingly hard to separate. It is important to set boundaries and ensure that managers and senior leadership teams enforce these, otherwise they risk encouraging an unhealthy work/life balance. A recent survey by the Trades Union Congress found that one in four employers is considering introducing “right to disconnect” policies to help staff keep their home and work lives separate.

Hybrid connectivity is a must-have for DEX, especially in the post-COVID world. Companies need to restructure their hybrid working connectivity to provide a more connected digital employee experience. One way to achieve this is by introducing an EX platform that unites the company’s entire HR tech stack. This will provide a one-stop-shop for all HR services and make it easy for employees to access everything on offer in one place, at any time.

Moreover, the agility and reactiveness of HR teams have become increasingly important in the current working landscape. With more employees working across different locations, on varied devices, and in various environments, HR leaders must be able to deliver personalised and relevant information to employees through their workplace technology. This has become even more important as the working landscape continues to show uncertainty with hybrid and anywhere working becoming more common.

Summary – DEX in 2023

In conclusion, companies that will find success in 2023 will be the ones that make provisions to give their workforce the best Digital Employee Experience possible. With the Great Retention and Resignation crisis looming over businesses, the time has never been more important for HR teams to rethink strategies to better streamline the employee working experience. Businesses must be forward-thinking and prioritise DEX, adopting a mobile-first approach, restructuring their hybrid working connectivity, and embracing agility and reactiveness. Companies that don’t adapt risk falling behind and losing top talent to the ongoing hiring crisis.

The post Digital Employee Experience (DEX) in 2023: Reinventing the Future of Work appeared first on Real Business.

Following July’s alcohol awareness week, Real Business finds out what our UK SMEs can do to lower the risk of staff drinking at work. Considering the risks of staff drinking at work social events and how best to try and prevent problems. The use of alcohol in the workplace creates a toxic environment for everyone, and this relationship has been a long-standing issue for some time. In England, there are estimated to be over 600,000 dependent drinkers with low numbers receiving any support.

Those who have worked in the white-collar corporate realm for decades will say that the lunchtime boozers are a dying breed, and “is nowhere near the way it used to be” said David, former Managing Director of an International Trust Company.

There was a time, under the shadow of London’s Canary Wharf, that there was a smattering of suit drinkers who typically left work early on a Friday lunchtime to chat about their week and what their plans were when they left the city for the weekend. Have you ever wondered why so many public houses are very close to old hospital grounds – They got good business from the staff! For many, the workplace drinking culture stopped beyond socially drinking with colleagues on a Christmas get together, however for some, the pressures of Britain’s drink-fuelled business culture is embedded between the lines of their job description. Meeting clients or colleagues outside of the office is often set within a bar or restaurant, featuring a pint of beer, whisky over ice, or a bottle of champagne.

Staff drinking at work or in the work environment can create a myriad of problems. It blurs judgement and releases inhibition – not always for the better.

Alcohol Consumption of the Working-Woman

Over recent years, we have witnessed a shift in our drinking patterns amongst genders too.

Women now drink just as much as men and currently stand as the fastest growing group susceptible to alcohol abuse. Although the pandemic has elevated the rates of alcohol abuse among women, there are also other contributing variables.

Research found that women – particularly mothers – take on a greater share of tasks, that ringing especially true for women who work remotely.

In addition to this, the changing of cultural norms and societal messages of the relationship between alcohol and women have changed drastically. It is now seen as “trendy” to “want” alcohol; shifting the commercialisation to be targeted more to women. For example, low-calorie drinks and hard seltzers, which are ultimately designed to make alcohol more attractive to women.

“Booze Culture” in the UK

Drinking culture in the UK has evolved significantly over the years, with differences in the way we drink, how we drink, what we drink and where we drink steadily altering depending on the marketing and legislation of alcohol.

Compared to other countries in Europe – although the UK’s overall consumption is relatively average – we are consistently among the highest for binge drinking. However, our growing reliance on alcohol has been greatly fuelled by the pandemic, in which the boundaries between home and work life were blurred, and alcohol was perceived as a stress-reliever, or associated with “switching-off”. This unfortunately can create a long-term habit.

The Rise of being ‘Sober Curious’

For many, not drinking has been rather suspect when at work gatherings. Often interpreted as someone who struggles with alcoholism or that you’re just a virtue-signalling teetotaller, who doesn’t know how to enjoy themselves.

Yet, recently you may be more aware of the shift to those being “sober curious”. Those who don’t or barely drink and do it with complete pride. Often, broadcasting their abstinence on social media.

At 1.9 billion views, the #sober hashtag on short-video platform, ‘TikTok’ acts as a very popular and valuable resource for many who are intrigued by the benefits of sobriety. Additionally, the rise of empowerment community groups on social media such as, Sober Girl Society allows for many sober curious individuals to be in an environment of acceptance, which they may not have established within other social aspects of their life.

Founder of Sober Girl Society, Millie Gooch explained to Real Business that, “Over the last few years we’ve seen more and more people get mindful about their relationship with alcohol, something that was vastly accelerated by the pandemic.”

“Catering for sober curious employees can vastly benefit company culture because it means everyone can be included. Socials that revolve around alcohol are likely to make some employees – including those from religions/cultures who choose not to drink – feel excluded and therefore not part of the team. It also limits the type of bonds that colleagues can make if they don’t have drinking in common, whereas different types of social-activity-led-events will allow colleagues to bond over new experiences and create a better work dynamic between them.”

People’s perception of non-alcoholic drinks has drastically changed over the past year, with sales of non-alcoholic beer growing by 58%, the markets most popular alcoholic brands are innovating their product portfolio to satisfy consumer demand.

But, why is the alcohol-free market growing at such a fast rate?

Snowshock claims that “the UK is becoming a lot more health conscious… through the rise of veganism and ethical consumerism.”

They go on to say that the Kombucha markets have “boomed” over the past two-years. The health benefits attached to the fermented goodness, links to improvements in indigestion, reduced feelings of depression and anxiety, and weight-loss – and also, considered to be a low-to-no (NOLO) alcohol drink, as it contains less than 0.5% alcohol.

Additionally, due to the adaptation of many alcoholic brands altering their drinks to alcoholic-slush options, the global slush machine market is predicted to reach a value of $391.3 million by 2026. Snowshock says that “NOLO slushies will be the next best thing to compete with the alcoholic market”.

What You Can Do as a Business Owner

Employees often take their cues from those higher. However, some reports state that managers are more likely to be impaired on the job and more so, in jobs where there is limited supervision from managers, there could be more abuse on the job.

The purpose of workplace drinking culture is that it is meeting the needs of many of our staff, that perhaps are not being met in other ways. Leadership expert and HR Consultant, Claire Brummell explained to Real Business that leaders “need to understand what needs the drinking culture is meeting and how to create initiatives that meet those needs in other ways.”

“A lot of the workplace drinking culture takes place because people are looking to connect with others, and drinking is one of the most common ways that people have learned to do that in the UK.”

Claire recommended that as a business owner, “if you begin to arrange and organise other non-drinking related ways for their employees to connect, the tendency of their employees to connect via drinking will reduce.”

Recent research from Drinkaware, revealed 43% of adults admitted to drinking on work social events due to a feeling of needing to keep up.

As part of diversity strategies within your business, alcohol-free work socials should be high on the agenda, aligning and respecting your staff’s cultural choices and personal preferences.

Claire also explained that alcohol is associated with relieving stress. “Just think about how many people, after a long or challenging day, say, “I need a drink.” There are two approaches to this aspect of the culture, firstly leaders can look for ways to reduce or minimise stress within the working environment, and secondly they can again create initiatives to help employees de-stress which do not require drinking.”

As an employer, it’s of high importance that you recognise the many benefits of implementing programs that are designed to improve employee health and wellness, such as being sober curious.

This will enable you to create a workplace culture and community that is inclusive, alongside incorporating a system which allows for your team to be conscious of their personal resilience and maintain a sense of well-being.

Ideas for you to incorporate social events that don’t elevate a drinking culture:

• Shift the focus of client meetings away from alcohol consumption and “happy hour” to the focus being, “networking”
• Reduce or put a limit to alcohol which is being provided by the company, and ensure there are non-alcoholic options offered for the non-drinkers
• Diversify the types of social events, which don’t involve alcohol (this may deter staff to attend, so ensure you promote the event to avoid the company culture to be centred around alcohol)
• Utilise and offer certified addiction awareness facilitators to your staff for education, training, and resources

Lack of Policies and Rules

In some cases, employees and their managers aren’t aware of the company’s policies for staff drinking at work or work events.

Tom McLaughlin, Managing Associate of Employment Law Firm, BDBF explained to Real Business that, “The key thing is that employers develop a clear policy setting out their rules and expectations around alcohol use at work… the policy should also recognise that some employees will struggle with alcohol abuse and sign-post appropriate help.”

Research shows that if there are policies in the workplace, they are not being enforced. As an employer, how can alcohol abuse touch upon employer obligations? Tom McLaughlin added, “There are the obvious implications from a health and safety point for employees operating machinery and in safety critical role… alcohol addiction is specifically excluded from the definition of “disability” under the Equality Act (otherwise employees suffering with it could well meet the definition).”

“But alcohol addiction can often be caused by, or cause, other conditions which do qualify as disabilities. So, for example, where an employee abuses alcohol because they are clinically depressed, then this may meet the definition of “disability” and give rise to important obligations.”

As an employer, you are in a unique position to provide your workforce with the appropriate support to improve their well-being. It’s important that you’re proactive in addressing alcohol misuse within your workforce, which will ultimately have a direct influence in the future of your company culture and will reduce the risk of absenteeism, health complications, on-the-job injuries, and other losses in productivity.

Next time you organise the works night-out, we hope you take this into consideration.

If you or someone you know is struggling with alcohol addiction or substance abuse, here is some useful contacts:

Drinkline (free helpline in complete confidence): Call 0300 123 1110 (weekdays 9am to 8pm, weekends 11am to 4pm).

Alcoholics Anonymous (AA) is a free self-help group.

Al-Anon Family Groups offers support and understanding to the families and friends of problem drinkers, whether they’re still drinking or not.

SMART Recovery groups help people decide whether they have a problem, build up their motivation to change, and offer a set of proven tools and techniques to support recovery.

Caring for an alcoholic? Find out where you can get support.

The post Staff drinking at work – The problems created appeared first on Real Business.

Female entrepreneurs continue to make strides globally. So far this year, at least a dozen new female-founded unicorn ventures valued at $1 billion or more- have emerged. The latest, Incredible Health, was co-founded by Dr Iman Abuzeid  CEO of the health tech start-up.

She follows in the stead of Eynat Guez who heads Papaya Global, an HR platform;  Market Kurl, a fast-growing online grocer in South Korea founded by Sophie Kim; Jessica Alba’s The Honest Company;  Cristina Junqueira, co-founder of  Brazil’s nubank, and Falguni Nayar’s beauty brand Nykaa in India.  Female founders outperform, exiting quicker and at a higher valuation, according to Pitchbook’s “All in Female Founder in the US VC Ecosystem”.

Yet behind this seemingly glowing picture lies a bleaker reality: whilst VC funding has seen a surge in recent years, in the US for example, female founders raised a dismal 2,3% of total venture funding and in the UK a paltry 1.1% in Europe according to a Pitch Book report. Not only do female-founded businesses receive less funding in total, but even more worrying, they secured on average less than half the amount received by their male peers ($935,000 compared with $ 2.1million). This is despite the fact that for every dollar of funding female founders generated twice as much as male-founded firms (BCG).

With venture capital and its accompanying support vital to power high-growth start-ups, it is perhaps no surprise that female-founded businesses end up being smaller than those of their male counterparts. Tackling this gender VC funding gap is recognised as essential not only to the growth of female-founded businesses but also to redress the gender wealth gap and to create more employment opportunities for women, as female-led firms are known to hire 25% more women.

But here is a bright spot on the horizon- the rise of the female investor. Helping to bridge this funding gap is a new group of angel investors, and venture capitalists- particularly General Partners (GPs) and female-led gender-lens funds. This trend which began in the last decade has accelerated in recent years.  One of the first and probably the most well-known is the Female Founders Fund (FFF), founded in 2014 by Anne Duggal, which has focused on funding tech-related start-ups. The influence of FFF on the funding ecosystem for women has been phenomenal by shedding light on the investable opportunities that female founders represent.  In Europe, Voulez Capital founded by Anya Navidski, was the first VC fund for women lead ventures.

On an equally positive note is the increasing number of female GPs which has risen to 15.4% of the total in 2021, up from 12% in 2019. This is important as studies show that female founders’ chances of securing investment rise when there are women investors present during a pitch.   The women-investing-in-women trend has benefitted in recent times from public figures entering into the gender lens funding arena. Notable examples are Melinda Gates through her Pivotal Ventures, which aims to close the funding gap for female founders, and Serena Williams who recently announced she would shortly retire from tennis and dedicate more time to her Serena Ventures which raised $111million in  March to invest in minority and female-led ventures.  One highly influential US female investor is Ann Griffin of G9 Ventures which she set up in 2017 who is searching for finance for the next women-led venture with unicorn potential- she has invested in Goop, Bumble, and Spanx and has a reputation for also leveraging her high-powered connections to help entrepreneurs find investors and mentorship.

Women are also creating an impact in the angel investor space, traditionally the remit of men. With women now controlling 32% of the world’s wealth, we have seen an increased interest in becoming investors. Amanda Robson, principal at Cowboy ventures- all of whose investments as of August 2022 this year have been to female founders- has set out to grow a network for female and non-binary investors helping to educate and starting at smaller check sizes as low as $5,000 where normally this could be as high as $150,000. Other innovative female-run funding models include The Billion Dollar Fund for Women, and following its success Beyond the Billion, both co-founded by Shelly Porges and Sarah Chen, as well as Vicki Saunders’  SheO, a global initiative to transform funding for female entrepreneurs.

Other notable developments are in the impact space, public sector and international development finance institutions reflecting the recognition of the inclusive role female entrepreneurship can bring in terms of social impact and development.  Notable global initiatives include the We-Fi, the Women Entrepreneurs Finance Initiative, a global partnership hosted by the World Bank Group mobilising financing and non-financial support for women-led/owned businesses in developing countries which has so far allocated close to US$250 million to tackle challenges women entrepreneurs face in developing countries.

Project Sage 4.0, by Wharton’s Social Impact Initiative, co-authored by Suzanne Biegel, co-founder of Gender Smart, catalogues over 200 funds globally that invest or finance ventures globally using a gender lens. As of June 30^th last year, the funds in the study had raised $6bn in both debt and equity with venture capital providing over 60% of the total funds. Though not exhaustive, this directory in its fourth iteration provides a valuable resource to female founders and a measure of the growth of these funds.

Female investors and female-led funds are leading the way in providing capital to women founders.  Their success will go beyond the amount of investment they make to changing the culture and catalyzing mainstream capital providers towards gender-balanced investment. In recent years we have begun to see some of the most conservative capital providers in the investment banking sector specifically target female entrepreneurship. For example, Goldman Sachs’ 10,000 women, in partnership with IFC provides female entrepreneurs around the world with financial as well as business management resources. In the wake of the racial justice movement in the US in 2021, it sparked its 1,000,000 Black Women programme which includes funding for female-led businesses.

On the whole, progress is being made with female investors leading the way but a lot more concerted action is needed to achieve gender balance in funding entrepreneurship.

The post Funding Female-Led Businesses: The Way Forward appeared first on Real Business.

So, you’ve got an awesome business. After a couple of years of incredibly hard work, things are finally going great. You’ve got backers. You’ve got customers. And now, for some reason, all you can focus on is creating an exit strategy. It’s what the industry tells you that you need to do. But it just doesn’t make sense. At a time when startups are feeding the economy, we need a shift in focus. It’s time for entrepreneurs to stop obsessing over their exit strategy and build a great company instead.

Why there is more to business than a fast exit

While there is no shame in seeing a lump sum payday for your efforts, there is a strong argument to be made for looking to the bigger picture. And re-evaluating accepted pearls of wisdom.

People spend several years specialising and becoming an expert in their chosen field and following a sale, there is a risk that the new venture may not work. Why obsess over changing your career and interests into something that may not be successful, as opposed to continuing to increase your expertise in your current field and create legacy?

You don’t need to be successful before you’re 25

If you read any entrepreneurial press, you’d be forgiven for considering yourself a failure if you’ve hit 26 without making your fortune. According to all the benchmarks, you should have created a game-changing business, sold it for millions, and moved on to your next big thing before you’ve reached your quarter century. But that’s a lot of unnecessary pressure to put on yourself.

25 is really young. Half the population still don’t know what they want to do with their lives at that stage – and the other half will probably change their minds later.  According to research conducted in 2013, the average man doesn’t become fully emotionally mature until age 43. Women, at age 32. So, why put that extra pressure on yourself? Of course, most of us have the drive to attain money. It is one of life’s essentials. But there is nothing about developing and running a profitable business that could be classified as unsuccessful. We need to redefine what we mean by success.

Shaping a mission around business growth can be more rewarding than a fast sell

Redefining success means acknowledging the value of your efforts. And for most startups and entrepreneurs, creating a sustainable business with a strong strategy should be something to celebrate.

Of course, in some cases, getting a business in a fit state to be sold is the only viable option. If you don’t have the capital to take your business in the direction you wish it to go, or you know that your product will flourish under a bigger brand’s umbrella, then selling makes sense. And provides its own satisfaction. But working with your business, building it to the best it can be, provides more.

It also opens the opportunity for a better deal further down the line. If you focus on making your business a success, your exit – if you wish for one – will look after itself.

Acquisitions are an easy out rather than the desired outcome

And yet entrepreneurs are still taught to work with an exit strategy in mind. Why? Because in the scheme of things, acquisitions are easy. If you sell your business as soon as it becomes potentially viable, you avoid some of the hardest graft. And fine, that might really appeal to you. But the satisfaction of seeing your tiny, nebulous idea grow into a going concern under your leadership is incomparable.  Growth should always be a startup’s goal. An acquisition can always come later. Some books that focus on building great companies that last a lifetime include Built to Last by Jerry I. Porras and Good to Great by Jim Collins. Recommended reading if you aspire to create a legacy with your business.

Once upon a time, building your own business was something to aspire to. If you created a company that could sustain your career or even half of it, you were successful. But for some reason, we’ve switched. Developing an economic ecosystem that values fast turnaround over long-term success.

It’s time to realise that building a business and continuing to grow both the business and your expertise within that role, IS a worthy purpose. If we want to return sustainability to startups, entrepreneurs need to stop focusing on their exit strategy and instead commit to sustained development, being the best in their field, and maintaining their legacy.

The post Why Entrepreneurs Need to Forget About Their Exit Strategy appeared first on Real Business.

The recent pandemic has brought attention to how important it is to treat each employee as an individual. But a shift in workplace attitudes had already begun before we ever learned about the Coronavirus.

Fortunately, the past 24 months have had a significant impact, and companies are now beginning to prioritise the emotional and physical health and welfare of their employees, as seen by new, more flexible working arrangements. But inclusion means much more than that, so how are we including the neurodivergent workforce in the conversation about diversity and inclusivity?

More than 15% of UK adults, according to recent studies, are neurodivergent, which means that their brains function, acquire knowledge, and process information differently from what is normally expected by society. This includes people who suffer from a variety of conditions, including dyslexia, autism, dyspraxia, and ADHD (attention deficit disorder).

Inclusivity for all

Direct action is being taken by certain organisations to address and embrace diversity. To better meet the demands of neurodivergent employees as they transition from the entirely remote life of the pandemic to a new hybrid work schedule, they are changing their workspaces to facilitate greater collaborative interaction.

Employers are increasingly aware of the significant benefits neurodivergent-friendly workplaces, which accommodate staff members’ different sensory responses to a shared environment, have on everyone’s health and wellbeing.

Thanks to more inclusive design, people do not need to change who they are in order to fit into the work environment. Instead, the space can be altered to benefit everyone, neurotypical and neurodivergent alike.

Making neurodiversity a priority

Numerous studies reveal that while neurodiverse workers can bring unique talents to the office, such as imaginative storytelling, coding, and empathy, they may not always thrive within the rules and routines of the conventional workplace.

Working in the modern office is challenging for many people. The hustle and bustle of an open-plan office may be disturbing for people who operate best in a quiet setting. However, for those who have neurodivergent conditions, this barrier may be considerably higher.

Lack of consideration for neurodiversity in office design can lead to frustration and, ultimately, disability. A work environment without enough acoustic shielding to muffle noise pollution can be crippling for someone with sensory sensitivity, and harsh overhead fluorescent lighting can be overpowering for someone with autism. Even overlooked aspects like texture, colour, sequencing, compartmentalisation, temperature, and odours can cause neurodivergent individuals to be over- or under-stimulated.

Depending on how severe the sensitivities are, biological stress levels might increase over time, which can reduce productivity and lead to sick days. Performance and confidence are affected, and in extreme conditions, this might lead to forced or voluntary unemployment. For instance, only 21% of individuals with autism and 50% of those with disabilities work. I really feel that one evident contributing factor to the issue is the way we design our workplaces.

Little changes for a big impact

Understanding that different people approach different tasks in various ways is essential when dealing with neurodiversity. In fact, including neurodiversity into design calls for a far more nuanced strategy.

As previously noted, neurodivergent workers may find it difficult to fit into a standard work environment, but with a few small changes that will help everyone, you’ll be able to benefit from their special skills and foster a more welcoming workplace.

Of course, expecting organisations to design for specific needs is unrealistic. However, by fusing a range of preferences with a variety of settings, we may still accomplish the desired outcome—a location where everyone may feel comfortable working effectively. This essentially lessens the appearance of difference.

Since everyone has various needs, it is imperative to provide a range of settings so that employees can select the one that is most appropriate for their mood or for doing particular tasks. This entails designing communal open spaces for mingling and working together, enclosed silent spaces for more high-concentration work, designated phone and meeting zones, resting rooms, and relaxation spaces.

In this regard, there are a few important design factors to consider when attempting to improve office users’ sensory experiences and conditions, making the workplace more inclusive and welcoming for everyone.

Considering acoustics and sounds

Even when separated by cubicles, a noisy, active open-plan office can cause a lot of distractions among employees. Additionally, it’s nearly impossible to stop a natural office culture from developing, which often entails chitchat in the background, unexpected laughs, and more often than not, virtual calls.

More and more designers are gravitating toward sound-controlling workplace solutions to combat noise. In addition to providing acoustic baffling and a private workspace, walls and partition systems can be placed to effectively absorb sound.

The beauty of biophilia

The concept of “biophilia” claims that humans have an inbuilt desire to interact with and understand other living things and their environment. It is a practical (and visually pleasing) method for reducing or getting rid of some of the distractions and triggers that are frequently present in offices.

Access to natural elements like plants and sunlight may help calm neurodiverse employees who are overstimulated and improve the air quality in the office.

Everyone, not just those with neurodivergent traits, benefits from biophilia. Being connected to nature at work has a significant positive impact on all employees, according to a recent survey, which found that there is a 15% increase in well-being and a reduction in stress and boredom. Additionally, employees report feeling more appreciated and supported by their employer when provided with the addition of internal green spaces, natural light, and even brighter colours on the walls.

One of the most effective methods for allowing natural light to enter the space is using glass walls and partitions. This straightforward design choice will maintain noise and privacy levels while giving occupants an instant sense of connection to the outside world.

One thing we must understand is that, in order to design for neurodiversity and create an immersive experience rather than a bland, functional workspace, all five senses must be considered. This encourages people to come back to work because they know they will enjoy a sensory experience or a workplace that will match their personality and work style. This way too, you’ll empathetically accommodate anyone who is neurodivergent or has a disability.

The post Putting the Neurodiverse Workforce at the Centre of Your Office Design is a Win for Everyone appeared first on Real Business.

Today, companies are receiving an influx of requests from customers, investors, and regulators to manage a wide range of environmental, social, and governance (ESG) risks. Earlier this year, the UK’s Financial Conduct Authority announced plans to regulate ESG rating providers, while the USA’s Securities and Exchange Commission may also be introducing rules on ESG information. It’s never been more important for companies to respond to and manage ESG issues, despite the pressure this can place on business resources.

Carrying out the necessary activities to meet stakeholders’ demands is no small task, with a number of hurdles presenting complex challenges for businesses.

However, the right data, tools, and technology enable companies to overcome these hurdles, streamline sustainability-related activities, and reduce the potential burden on business resources.

Why businesses need the right data

The supply chains that support businesses’ operations and production are often large and hard to gain full visibility of, and the ESG risks within them can differ across multiple regions and industries. It can be extremely difficult for companies to see where components, products, and services originate, to know who the workers are, and understand what conditions they work in.

To complicate matters further, ESG itself lacks an agreed-upon definition, with multiple standards existing across a variety of rating providers, frameworks, and financial services businesses. This makes the world of ESG a complex one for businesses to navigate, even as its relevance increases.

This multiplicity can make preparing for ESG requirements a confusing task – especially when ESG frameworks have similar, but not identical, guidelines to other sustainability-related activities. Businesses typically also have to meet supply chain and modern slavery legislation and respond to consumer demands, all while driving their own sustainability programs.

The solution can be found in collecting, accessing, and analySing the right operational and supply chain data. This data creates the visibility and insight required to fulfill multiple sustainability requirements while facilitating other benefits including more efficient energy use and the ability to better navigate supply chain disruption.

Getting the data right

Some core areas and topics feature across various ESG frameworks. It’s likely a company will already have data on some of these topics, especially if they produce an annual modern slavery statement or conduct sustainability reporting. By taking a holistic approach to these activities, companies can identify the common data needs across the business and streamline efforts to gather this data.

Environmental data, for example, may include air emissions and physical waste, while social risk-related data might include injury rates, forced labour risks, trade union membership, and the number, gender, age, and nationality of workers. Bringing this data together allows businesses to meet various reporting needs, from modern slavery to ESG.

This data can also be stored centrally to inform additional analysis, for example through sophisticated tools to analyse ESG risks across the whole of a company’s supply chain. For example, Sedex’s risk assessment tool provides 340,000 risk scores across countries and industries to facilitate an initial, high-level global risk assessment. Where companies have collected data on specific suppliers and work sites, the tool also integrates this to create individual risk scores for every facility, to reflect site-level differences.

Putting this data to use

Demonstrating proactivity and action on ESG risks allows companies to show commitment and progress to stakeholders. As an example, let’s look at a specific risk, what is needed to address it, and the next steps that a business can take using the right data.

One issue that poses particular difficulty for businesses is identifying modern slavery. To help manage related risks, businesses need to gain and analyse data on the workplace “indicators” of forced labour, as outlined by the International Labour Organization.

Indicators of forced labour can include excessive overtime, restriction of worker movements and withholding of worker ID documents. Businesses can get data on these for the work sites in their supply chains via tools such as self-assessment questionnaires, social audits conducted by third parties, and worker voice tools that gather anonymous feedback.

Findings that indicate a higher risk of forced labour allow businesses to conduct deeper assessments at work sites, to understand whether this increased risk translates into exploitative situations in reality. Once all necessary data has been gathered, companies can then take the steps needed to protect potential victims of forced labour, and work with the different stakeholders surrounding the situation to make corrections that prevent exploitation from reoccurring.

Showing the changes

Just being aware of ESG risks is not sufficient to meet the increasing demands of investors and regulators. These stakeholders expect businesses to visibly demonstrate proactive risk assessment, and action to address any concerns they identify.

Data that maps a company’s activities, suppliers, work sites, and employees across the whole supply chain is crucial for doing this. It enables companies to identify and tackle ESG issues and measure performance in a clear and credible way. This data can go even further and help companies to earn better ESG ratings by showing they are going beyond a framework’s baseline requirements.

Using the right data to build better visibility of supply chains, highlight ESG issues, and show credible progress has the power to drive operational, reputational and financial benefits, alongside supporting long-term business sustainability and creating more resilient supply chains.

The post Why Data is the Key to Unlocking ESG Risk Management appeared first on Real Business.