< Previous10 C EO M I D D L E E A S T SEPTEMBER 202 1 SUSTAINABILITY SG is at a tipping point. The momentum behind, and grow- ing commitment to a more sustainable way of living is undeni- able. If the past 12 months have proved anything, it is this: society is demanding a better approach to business, one that serves workers, customers, society, and the environment, not just shareholders. And as the UAE celebrates its mile- stone Golden Jubilee this year and the country’s leadership maps out what suc- cess looks like for the next 50 years, now also feels like a good time for companies to embrace a new approach to business that goes beyond the board room and corporate balance sheet. For many businesses, the pandemic has been a wake-up call. When I talk to private and public sector leaders, I see a certain adjustment in their focus: they are rethinking their organisation’s business purpose, its commitment to the planet, and their people. It is no surprise then that climate, a big part of what represents the “E” in ESG, is front and centre of so many conversations right now. The urgency of action required has been amplified by a global pandemic that has forced people and businesses to reconsider how they can make a difference to society. This is backed up by our own experi- ence. Most leaders (71 percent) surveyed in KPMG’s 2020 Global CEO Outlook said they want to lock in climate change gains made because of the pandemic. This is a major tick in the box for the sustainability agenda. If businesses are in any doubt as to where their strategic planning should focus, then the United Nations Sustainable Development Goals (SDGs) and United Nations Paris Agree- ment on climate change provide a clear road map to a more sustainable future. In the UAE, our research has recorded a significant uptick in sustain- ability reporting by businesses. UAE business leaders are developing a deeper understanding of sustainability and are increasingly integrating climate-related HOW ESG CAN RESHAPE THE FUTURE OF BUSINESSES As the UAE celebrates its milestone Golden Jubilee this year and the country’s leadership maps out what success looks like for the next 50 years, now also feels like a good time for companies to embrace a new approach to business E BY NADER HAFFARSEPTEMBER 202 1 CEO MIDDLE E A ST 11 SUSTAINABILITY risks into corporate strategies. At the same time, more businesses are starting to pay close attention to the relationships they have with their workforce and their connection to the communities where they operate. The pandemic has placed greater emphasis on the “S” in ESG. While this trend isn’t new, it certainly isn’t going away. The KPMG 2020 CEO Outlook report revealed the pandemic saw close to two-thirds (63 percent) of CEOs around the world shifting focus to the social component (“S”) of their en- vironmental, social and governance (ESG) programme. Business leaders are investing more time and resource in rebalancing both personal and organisa- tional purpose. The ‘social’ dimensions of ESG have seen a heightened concern over issues such as employee well-being and safety. While it has taken a pandemic to drive home the point that people’s well- being is critical to business continuity, the shared experience has also shaped more empathetic leaders, with stronger emotional connections to their organisa- tion’s purpose and workforce. Health and safety have always been crucial for operations across many sectors; Covid-19 is bringing it into sharper focus and making it a priority for everyone. Beyond the workplace, companies need to also consider their role in sup- porting a more inclusive and diverse society. The Special Olympics World Games held in Abu Dhabi in 2019 was a great example of how the corporate world, KPMG included, can contribute to the greater good, whether through finan- cial sponsorship, or in many cases, actual hands on, volunteer work on the ground. An element that is often overlooked in ESG adoption is governance. Done well, good governance allows companies and organisations to operate in a fair and ethical way. This is important given the scrutiny of corporate actions has never been stronger. Companies that rank low in terms of good corporate governance expose themselves to potential misman- agement, putting their businesses at risk. It is crucial that businesses in the UAE fully embrace ‘good governance’ as risks and opportunities attached to it are only going to increase as social, financial, and cultural attitudes mature. The work of DIFC-based Hawkamah, the insti- tute for corporate governance, to help develop globally recognised corporate governance frameworks across the region gives me confidence that we are moving in the right direction. But still, more progress is needed. It is clear that ESG is becoming increasingly important among inves- tors and broader society, but companies continue to move at different speeds in terms of actual ESG adoption. To ac- celerate the ESG agenda in the UAE and beyond, organisations need to develop a culture that supports their ESG efforts and aligns with their vision. The onus too is on business leaders to clearly articulate the value that ESG brings to their companies, this makes effec- tive communication with both internal and external stakeholders crucial. Only by integrating ESG into business and everyday life can organisations deliver consistent, long-term value to all parties. While the UAE government contin- ues to support and propel the country’s economy forward, the companies that emerge stronger in 2021 will be those who are committed to reorienting business towards the greater good. ESG pro- grammes that fall short of the mark risk eroding public trust in the process. And the organisations that fail to adapt to this new landscape, run the risk of being left behind altogether. The ESG opportunity is one that can no longer be ignored. Nader Haffar is Chairman and CEO, KPMG Lower Gulf (the UAE and Oman) “ORGANISATIONS THAT FAIL TO ADAPT TO THIS NEW LANDSCAPE, RUN THE RISK OF BEING LEFT BEHIND ALTOGETHER” New normal. The ‘social’ dimensions of ESG have seen a heightened concern over issues such as employee well-being and safety12 C EO M I D D L E E A S T SEPTEMBER 202 1 They’re the future of your workforce, but is your organisation ready for Generation Z? Fazeela Gopalani, the head of the Association of Chartered Certifi ed Accountants in the Middle East, outlines the opportunities and challenges for hiring the world’s most connected generation ever GENERATION Z: ARE YOU READY? EMPLOYMENTSEPTEMBER 202 1CEO M IDDLE E A ST 13 EMPLOYMENT Smartphone era. Generation Z is highly social T he most digitally connected generation on earth doesn’t know what it’s like not to have a smartphone. A world before the internet seems as archaic to them as black and white silent movies are to the rest of us. Right now, they’re probably the most compatible people on earth when it comes to embracing the new reality of remote working, the decline of traditional office space and their at- tendant hierarchies. They instinctively turn away from a nine to five culture, care little for presenteeism and prefer to acquire cutting-edge skills in bite- size chunks. The generation born between 27% The percentage of Generation Z in the worldwide workforce by 2025, according to the OECD 1994 and 2012 takes instant access to information, products and people for granted. Their smartphones are their permanent companions, but rather than feeling isolated, this generation is highly social. They are inclusive, pragmatic and ethical. Connected to myriad online and physical communi- ties, they’re tech-savvy, truth-seeking and deeply concerned about what the companies they work for stand for. It’s no overstatement to say that Gen Z represents enormous potential for the future of business. The ques- tion is – is yours ready to harness this new wave of employees whose CVs are just beginning to reach your hiring managers? “MANY ROLES WILL CHANGE, SOME WILL BECOME OBSOLETE AND NEW ONES WILL ALSO ARISE” Industry expert. Fazeela Gopalani has decades of proven expertise in effective strategy development and programme execution14 C EO M I D D L E E A S T SEPTEMBER 202 1 EMPLOYMENT “THE ROLE OF BUSINESS ITSELF IS BEING REDEFINED – COMPANIES ARE NOW EXPECTED TO CONTRIBUTE TO SHAPING A BETTER WORLD” “GEN Z ARE NATURAL SELF- CURATORS, USING TECHNOLOGY TO ACCESS INFORMATION AND KNOWLEDGE” Support system. Gen It’s critical that organisations have clear strategies and resources in place to help address the concerns of their younger employees Challenges and opportunities At ACCA, we have conducted one of the most in-depth studies to date of the challenges and opportunities presented by Gen Z entering the modern workforce. In the report, created in associa- tion with the International Federation of Accountants (IFAC) and which you can download in full at accaglobal. com, we set out what employers need to know about hiring Gen Z and makingthe most of their unique skills and abilities. ACCA’s mandate is to promote accountancy and the immeasurable value that professionally qualified ACCA accountants bring to businesses and economies. We’re actively working with Gen Z accountants and spoke to more than 9,000 respondents aged 18- 25 for this groundbreaking survey. In it, we advise them on their unique strengths, such as their tech know-how while advising on career- building skills such as personal brand building, teamwork, and adopting a long view while being flexible enough to take calculated risks. While this advice forms a core part of our strategy to promote exceptional accountancy talent into the workforce, I believe it is advice that applies to anyone, much in the same way as the insights and data from our survey are widely applicable to all employers. SEPTEMBER 202 1 CEO MIDDLE E A ST 15 EMPLOYMENT Key role of the Gen Z I believe that young people at the start of their professional careers can play a valuable role in finding solutions to the problems facing our post-pandem- ic world. “PRESSING GLOBAL ISSUES SUCH AS SUSTAINABILITY, ARE IMPORTANT TO GEN Z” Career opportunities. Gen Z want to be part of the ‘bigger picture’ and progress their careers swiftly Strategies for employers How to get the most from your Gen Z workforce Tap into their digital mastery Gen Z employees may likely be teaching your IT departments a thing or two – they are adept at identifying solutions and are early adopters of the latest technologies. Create collaboration opportunities Gen Z want to be part of the ‘bigger picture’ and progress their careers swiftly. Create op- portunities for them to work across functions and generations to foster intergenerational learning opportunities and connections. Be authentic and listen This generation values authenticity, from leadership approachability to an inclusive culture that values the opinions of all staff. Gen Z want to play a key role in organisations while benefitting from reverse mentoring. Focus on wellbeing It’s critical that organisations have clear strat- egies and resources in place to help address the concerns of their younger employees who may face particular challenges. Along with this, Gen Z are keen to know that their companies demonstrably care about the wellbeing of staff. Rethink learning Gen Z are natural self-curators, using tech- nology to access information and knowledge at speed. They respond well to mobile learn- ing, innovative platforms and virtual reality – peer to peer learning is also a powerful tool that can promote team building. Future workforce. Generation Z is attracted to organisations that offer security 2BN+ The number of people who belong to the Generation Z age range globally This generation is worried about the future and their wellbeing, and as such is drawn to organisations with strongly expressed CSR values. Pressing global issues such as sustainability, the megatrend of our times, are important to Gen Z; the pandemic has changed the face of work, while the role of business itself is also being redefined – companies are now expected to contribute to shaping a better world. This is a seismic shift that heralds a huge opportunity to organisations to position themselves for the future and attract the next generation of talent. At ACCA, we are convinced that great businesses will continue to adopt sustainable, long-term practices as the work landscape continues to transform. Many roles will change, some will become obsolete and new ones will also arise. Accountancy, I believe, will endure because finance is the universal lan- guage of business. It’s exciting to see how young people entering the work- force will contribute to its future.16 C EO M I D D L E E A S T SEPTEMBER 202 1 EMPLOYMENT ost people, at some point in time, would have wondered if they are in the right role, in the right company, or on the right career path. While there is no rule book for career growth, achieving your career ambitions does require a plan. Getting to the C-suite requires talent, knowl- edge, experience, acumen as well as leadership qualities. In the post-pandemic business landscape, leaders are required to bring empathy, imagination and courage to their roles, going beyond the pursuit of profit alone. As a C-suite member today, you are expected to steer your organiza- tion through a rapidly changing business environment, plot future growth paths to sustainability and profitability, inspire and engage the best talent, and keep the board satisfied. No pressure at all! So as a mid-level executive, how do you take charge of your future and chart the path? Saranjit Sangar, CEO-EMEA, upGrad, offers a road map to achieve a future-proof, upwardly mobile career and rise up the chain of command CHARTING A PATH TO THE C-SUITE The post-pandemic careers play- book features learning, unlearning, and relearning. This is true for profession- als at all stages of their career, across sectors, industries, and geographies. Moreover, the coronavirus pandemic has completely transformed the job market. It is expected that 28 percent of the UAE workforce will require upskilling over the next two years. Globally, more than 1 billion people will require to be reskilled by 2030, as technology disrupts indus- tries and job functions. Define your goals The number one reason people fail to achieve goals is because they are vague or poorly crafted. Begin with writing down your goals and ensure they are SMART – Specific, Measurable, Achiev- able, Relevant and Time-based. Then, break each goal into smaller, attainable sub-goals and list down the actions needed to achieve them. For instance, sending out job applications, completing industry certifications, and attending job interviews are all part of the process. It also helps to have a list of resources that can support you in your journey; be they online tools, awards or even real people. Look for opportunities C-suite leaders usually have a wide and deep network, built over many years. Get into the habit of nurturing relationships with peers, mentors, co-workers and leaders, beyond the merely transactional. Find opportunities for networking and widening your circle of influence: be it through industry events, informal mixers or business meetings. Actively seek out new responsibilities and experiences, to help accelerate your career growth. Spotting opportunities and capitalis- ing on them is also a skill to be honed as a business leader. For instance, the GCC countries have been leading in digital transformation. But while the pandemic accelerated the rate of digitalisation, it has also served to widen the digital skills gap. Companies across the region are MSEPTEMBER 202 1 CEO MIDDLE E A ST 17 EMPLOYMENT facing the challenge of answering the demand for new digital roles, leading to increased demand for these skills. To stay aligned with the skillsets employers are looking for, as well as to get ahead of the competition, it’s important to invest in upskilling. As the old Chinese proverb goes: ‘The best time to plant a tree was 20 years ago. The next best time is today.’ Know your value It is essential to know and understand the value as well as the worth you bring to an organisation. If I have to choose between two candidates for a role, with similar experiences and skills profiles, my hiring decision is based on the value they will bring to their role. Often, the most successful candidates are those who are able to articulate this well, at the negotiation stage. While worth is focussed on the monetary compensation that factors in a candidate’s education, training and experience, value is deter- mined by what a candidate brings to the role – and what is needed and expected from them. Both need to be considered when you apply for a role. Be aware of similar roles at competitors and the range of compensation offered. Be a life-long learner Mid-career professionals can no longer dine off a degree earned years ago. To- day’s C-suite leaders are expected to possess a broad range of skills – beyond their domain expertise. To get to the C-suite faster, nurture a habit of lifelong learning – an ongoing, voluntary, and self-motivated pursuit of knowledge. Lifelong learners exemplify a growth mindset, an innate curiosity to find more by way of new challenges, ideas, and experiences. Today it’s easier than ever to acquire knowledge from renowned universities, while continuing to work at your day job. For professionals, acquiring new skills is not just about staying relevant in their current industry. It also helps unlock future opportunities. Roles such as user experience director, digital performance manager and influencer marketer had not even been heard of a few years ago. Other roles, such as data analyst, have seen their scope change and expand. Digital-first CMOs for instance, need to hone their team leadership and soft skills such as collaboration and creativ- ity, while keeping their digital skills up to date. They have to train for evolving employer-employee relationship, as hierarchies get flattened and technol- ogy makes geography irrelevant, as well as prepare for permanent, full-time jobs being phased out. Edtech companies such as upGrad, the global leader in online higher educa- tion, offer a wide array of programmes to help professionals acquire in-demand de- grees. Most of upGrad’s programmes are reverse engineered to meet evolving job demands across industry sectors. Pro- grammes in future-focussed sectors such as data sciences, blockchain, machine learning and AI, keep the curriculum up to date, industry-relevant and engaging. For professionals, upGrad can gener- ate positive, tangible career outcomes, as it has done for more than a million professionals globally. Learning and work are two sides of the new reality, enabling professionals to pivot to new career paths, keep their skills updated and relevant, and ensure career growth. Get a mentor A C-suite mentor will help you to navi- gate challenging situations such as tran- sitioning to a new role, offer career advice and helpful feedback on concerns – including whether you are the right fit for a C-suite level role. Choose mentors who have genuine interest in your progress and in seeing you succeed. Good mentor- mentee relationships are built on honesty, authenticity and mutual support. It is time to manage your career, or someone else will! “ACQUIRING NEW SKILLS IS NOT JUST ABOUT STAYING RELEVANT IN THEIR CURRENT INDUSTRY. IT ALSO HELPS UNLOCK FUTURE OPPORTUNITIES” Reaching the top. Spotting opportunities and capitalising on them is also a skill to be honed as a business leader18 C EO M I D D L E E A S T SEPTEMBER 202 1 Thomas Kuruvilla , managing partner of Arthur D. Little Middle East, says professionalising family entities is the way to futureproof businesses FAMILY BUSINESS: PASSIONATE START-UP TO PROFESSIONAL SETUP FAMILY BUSINESSSEPTEMBER 202 1 CEO MIDDLE E A ST 19 FAMILY BUSINESS arlier in my career, I was heavily involved with a project for a Middle Eastern family conglomerate. Following comprehen- sive assessments while looking ahead to future scenarios, I had a productive conversation with the owner’s son and recommended that he take some time away from the project and accumulate additional industry experience elsewhere. This is a decision of particular relevance even to this day. I now have a board room position having accepted an invitation from the same person – and there are learnings from this experi- ence that others should always consider. Firstly, people welcome transparency and value honesty. Secondly, family members are not always suitable candidates for assuming roles and responsibilities beyond the start-up period. Although he was CEO at the time, the son was, however unintentionally, pre- venting the company from scaling greater heights and witnessing achievements come to fruition. While his capabilities were apparent, he wasn’t ready for the role at this stage of his development. As such, he admirably made the correct decision, leaving his role to pursue an opportunity with a competitor based elsewhere. He has since returned to the business as CEO, backed by the compe- tencies required to be a leading CEOs in his field. “BY PROFESSIONALISING, FAMILIES CAN PROTECT THEIR REPUTATIONS AND ENSURE THEIR LEGACIES LIVE ON” ENext >