< Previous10 C EO M I D D L E E A S T AP R I L 202 1 BUSINESS | SUSTAINABLE INVESTING Y 2030, THE WORLD’S WEALTHIEST are due to transfer $15 tril- lion of private wealth to their heirs, the next generation of high-net-worth individuals (HNWs). This includes $1 trillion in the GCC, a region characterised by large family businesses. If done successfully, the wealth transfer will ensure a strong position for the GCC economies and the next generation of investors. It could also be good for society and the environment. As this wealth transfer is fast approaching, Barclays Private Bank commissioned research investigated the relationships be- tween generations within HNW fami- lies. The report ‘Smarter Succession: The Challenges and Opportunities of Intergenerational Wealth Transfer’ shows a desire to use family wealth for the greater good. According to this research, sus- tainable investing, and the inclusion of environmental, social and govern- ance (ESG), will play an important part to help align families around their common goal of using their wealth positively. The task now is to manage this transition of priorities. INVESTING FOR GOOD Sustainable investing overturns the idea that investing is purely for profit and can ignore the impact it generates. It works by creating a framework for viable investments that will advance social and envi- ronmental solutions and produce financial returns in the process. The current global market size, according to the 2020 Annual Impact Investor Survey, has been estimated at $715bn and it is growing by 20 percent each year. It has also ac- celerated during the global pandemic B ARE GCC FAMILIES LEADING OR LAGGING IN SUSTAINABLE INVESTING? SUSTAINABLE INVESTING OVERTURNS THE IDEA THAT INVESTING IS PURELY FOR PROFIT AND CAN IGNORE THE IMPACT IT GENERATES, WRITES RAHIM DAYA, HEAD OF BARCLAYS PRIVATE BANK, UAE & MIDDLE EAST AND DAMIAN PAYIATAKIS, HEAD OF SUSTAINABLE AND IMPACT INVESTING AT BARCLAYSAP R I L 202 1 CEO MIDDLE E A ST 11 Responsibility Sustainable investing aims to advance social and environmental solutions and produce financial returns as HNWs reassess their finances and their priorities. Nearly 30 percent of the HNWS in the Middle East said their investment aims have at least ‘somewhat’ changed due to Covid-19 and 10 percent wanted to diversify also, given the fallout of lower oil prices. Overall, we’ve seen the pandemic create more discussions with our GCC clients on the importance to stay invested and diversify into high- quality long-term assets through sustainable investing. Despite the rising interest, most local families are at an early stage of making this change. In the Middle East, 29 percent of HNWs already engage in responsible investing or sustainable funds, against a 38 percent global average, and 43 percent have thought about it but not yet committed, compared with 36 percent globally. Yet, with the right support, many family offices in the GCC have the underlying motivation to seek responsible and profitable opportuni- ties for their family money. According to our research, 15 percent of Middle Eastern HNWs want to give back to society. Traditionally, in the GCC this has taken the form of philanthropy and charity, and 29 percent of Middle East HNWs still rate it as a primary hobby/interest, compared with the 26 percent global average. REVERSE MENTORS As HNWs reassess their priorities, younger generations are persuading their seniors to act. Crucially, these younger members are taking a different approach and are more open to the notion of impact investing, rather than relying solely on philanthropic acts. Fifty-nine percent of Middle East HNWs say their children have taken the lead on ethical and social invest- ment matters, which is on par with the 56 percent global average. While it is to be applauded that the younger generation is taking the lead, HNWs must still build trust across generations so that the wealth transition – and the shift to new investment para- digms – is smooth and orderly. Our re- search shows 45 percent of Middle East HNWs are concerned that their children will take greater risks when they become responsible for the family wealth, higher than the 43 percent global average. Our experience shows the same hesitation, though we also see both the older and younger generations looking for help to bridge this gap. With the emotion often attached to wealth and its transfer, family members across the different generations will naturally feel tension. During this time, it is especially important that families, who are coming round to the idea of investing more sustainably, carefully educate themselves, articulate where they want to invest and find the right investment options. Today, it seems that all generations are reconsidering how their families are investing. Pushed by the pandemic, the impetus to address our global chal- lenges and invest sustainably has been furthered for many. In the end, we see many GCC families using sustainable investing to both reshape portfolios and unify the family, so that family wealth can meet the financial and family aim of all generations. Interest Rahim Daya (left) and Damian Payiatakis believe many GCC families are now engange in sustainable investing12 C EO M I D D L E E A S T AP R I L 202 1 W e have all had to adapt over the last 12 months. Whether it’s regarding work, education, family life or social interaction, most facets of our lives have been disrupted. This hasn’t been without its benefits though. Whatever else a crisis offers, it invari- ably provides the chance to grow and perhaps also an opportunity to thrive. The arrival of Covid-19 took people out of their usual routines and work practices, and as a result, people rap- IS THE HUMAN RESOURCE FUNCTION A HELP OR A HINDRANCE TO CORONAVIRUS-ERA PRODUCTIVITY? HUMAN RESOURCES DEPARTMENTS SHOULD BE AN ENABLER IN TIMES LIKE THESE, PROVIDING A COMPASSIONATE, FLEXIBLE AND SUPPORTIVE ROLE FOR A COMPANY’S EMPLOYEES BY NICOLA JANE ABLETT BUSINESS | HUMAN RESOURCESAP R I L 202 1 CEO MIDDLE E A ST 13 “WHEN HUMAN RESOURCES IS MERELY FUNCTIONING AS ENFORCEMENT OF COMPANY POLICIES AND PROCEDURES, IT IS STIFLING THE WORK OF THOSE COLLEAGUES THAT CREATE THEIR SALARIES” idly adapted to working from home — and mostly with great success. Clearly, different industries had to evolve dif- ferent strategies, but for the most part, any occupation that was mostly based on a campus or in an office environ- ment, employees were not only able to maintain productivity but actually outperform expectations. Dr Abdullatif Al Shamsi recognised that things shifted within HCT cam- puses across the Emirates. Workplace bullies found their tactics were no longer as effective as they had been, and introverts came out from behind the screens and became more vocal and visual in their behaviours, thereby enhancing performance and surprising those who had not seen this side of them previously. Whether you refer to this as blended or hybrid work environment, the effect is the same: adaptation and enhanced performance with surprising growth. Even those face with the added challenge of parenting and home learning excelled. When you treat people as adults, they usually respond as such. THE ROLE OF HUMAN RESOURCES Over the years, many companies have installed biometrics to measure attendance at work and used this to manage performance and set key product indicators. So, the question is what happens now? Will human resource departments assume that “back into the office” also means that employees are no longer trusted to deliver without monitoring? Have the adapted behaviours lost? Has anything been learned or adopted from the previous year? If everyone is back, has there been any preparatory work related to teamwork, counselling, communication skills, listening skills or emotional intelligence awareness? When human resources is merely functioning as enforcement of com- pany policies and procedures, it is stifling the work of those colleagues that create their salaries. Human resources, finance and all service departments in any company should facilitate and enable the pro- ductive components of their service users. Especially in these times of stress and huge pressure in all aspects of daily living. There also needs to be understand- ing and compassion, for those dealing with bereavements or isolation, or for those unable to travel home to see family members. Human resources, now more than ever, must be strategic and supportive as they facilitate the work of their col- leagues. Transactional and functional HR is not HR, it is policing. Policies and procedures are a framework to be used intuitively, not written in con- crete, and the versatility and innova- tion of the last 12 months has proved even the most inflexible companies can adapt. As Sarah Adil Shaw said during the Women’s Majlis at the Dubai Future Foundation in November 2020, “people and places will always have significance and that every interaction counts”. Coordination Human resources departments must be strategic and supportive as they facilitate the work of their colleagues HR specialist Nicola Jane Ablett is an advisory board member of JobsForNationals.com14 C EO M I D D L E E A S T AP R I L 202 1 BUSINESS | NEGOTIATIONS E OFTEN HEAR ABOUT THOSE with the knack for negotia- tions, or the art of negotia- tion itself. But, after my 25 years’ experience in the business and corporate world, and having negoti- ated numerous transactions, I can confidently say negotiating is not just an art, there’s a lot of science to it too. Which means it can be learnt. Whilst art is subjective, unpre- dictable, and the results vary depend- ing on skill, environment, culture, and behaviour – Science is objective. It’s predictable and has definitive results W SIX KEY ATTRIBUTES FOR EFFECTIVE BUSINESS NEGOTIATIONS IN TIMES OF CRISIS WHEN THE STAKES ARE HIGHER THAN EVER, THE ART OF NEGOTIATION IS CRUCIAL. VIKAS ARORA, CHIEF FINANCIAL OFFICER, ACTION GROUP OF COMPANIES AND CO-FOUNDER, CXO FACTOR, IS A PRACTICED NEGOTIATOR AND A MASTER OF CLOSING THE DEAL. HE SHARES HIS TOP TIPS FOR EFFECTIVE BUSINESS NEGOTIATIONS WHEN TIMES ARE CHALLENGINGAP R I L 202 1 CEO MIDDLE E A ST 15 Vikas Arora is the Chief Financial Officer of Action Group of companies that we can map the cause and effect. So, how can we improve ourselves in the art, and science, of negotiation? Here are six key attributes from my first-hand experience, that make for an effective negotiation. 1. RESEARCH ACCURATE INFORMATION The devil is in the details. It’s important to have as much information about the person or company you are about to negotiate with, and they are likely to be researching you too. You should look into things like the company background, strengths, weaknesses, and key decision-makers. Remember key points or have a few simple notes jotted down for anything you don’t want to forget. Just make sure not to swamp yourself with so much information that you struggle to remember, or you have to start flicking through notes, because it comes across as unprepared and it can also put you off. 2. KNOW WHAT’S IMPORTANT TO THE OTHER PARTY In words of John F. Kennedy, “You cannot negotiate with people who say what’s mine is mine, and what’s yours is negotiable”. A successful negotiation is one that is a win-win for both parties; and during a stalemate, parties will often become obstinate and not want to explore or understand the other side of argument. So always make sure you under- stand what their key concerns are, so that if things start to get difficult you have a clear understanding on what is most important to the other party. 3. DECIDE TEAM STRATEGY IN ADVANCE It’s not unusual to negotiate as a team, but make sure everyone is on the same page in terms of strategy and key information, so your overall message isn’t lost against the crowd. You should always delegate the main speaker from your side, and decide this beforehand, because when many people speak at once, conversa- tions can go off on a tangent and it weakens negotiating power without a united front. 4. AVOID THE ‘GOOD GUY, BAD GUY’ APPROACH Whilst this tried and tested tactic has been successful in the past in certain circumstances, if the oppo- site party is smart they will spot this a mile away. And this can undermine you as a team. Avoid using a strategy where one person in the team is going gung-ho and the other tries to be the peace- maker. Instead choose a leader who has the mettle to be strong and as- sertive, or a peacemaker when neces- sary in the negotiation. 5. CALCULATED ASSERTIVENESS IS OKAY Most of the time people will tell you not to lose your temper whilst negotiating. And I agree nine times out of 10. However, there’s a fine line be- tween being ‘aggressive’ and being ‘assertive’ and sometimes a cal- culated display of assertiveness is necessary as a tipping point. This does not mean raising your voice, or over the top, or anything that could be interpreted as unprofessional, but instead is confident and direct. 6.HAVE THE POWER TO WALK AWAY Whilst you shouldn’t use it as a threat, the ability to walk away from a negotiation is a powerful one. It can show the other side that they need to give their best offer, and you will do the same. Just remember, there’s nothing wrong with walking away if you can’t get to an acceptable negotiating point with the other party. I appre- ciate this might not be available to everyone, but if you have the option, you should make sure this comes across without being threatening. Overall, negotiation is part sci- ence which means it can be learnt. And with these proven attributes that have seen success in negotia- tions over the years, you should be able to further hone your negotiation skills. “IN BUSINESS AS IN LIFE, YOU DON’T GET WHAT YOU DESERVE, YOU GET WHAT YOU NEGOTIATE” — CHESTER L. KARRASS16 C EO M I D D L E E A S T AP R I L 202 1 BUSINESS | CYBER SECURITY VEN BEFORE THE ONSET OF THE Covid-19 crisis, cybersecu- rity was a growing concern, as companies became increasingly vulnerable to ransomware, intellec- tual property theft and operational disruption. However, as the pan- demic forces more employees to work from home (WFH), businesses face a new wave of increased data privacy and security risks. The amount of cy- berattacks during the last year have skyrocketed, since hackers know that many companies haven’t had the time or resources to implement stringent cybersecurity for employees who are WFH, leaving information much more vulnerable. The pandemic has upped the stakes manifold — as WFH be- comes the “new normal”, we all find ourselves working from less secure domestic networks and it’s crucial to implement measures to create a secure cyberspace. Here are my top five tips to help safeguard against cyberattacks while WFH. BE CAREFUL OF EMAILS OR ATTACH- MENTS YOU AREN’T EXPECTING It’s estimated that on average, more than a third of all breaches involve phishing — where a hacker tricks the email recipient to click a link or download an attachment, by pre- tending to be someone they know or trust. The ultimate goal is to get sensitive corporate data out of employees, including secure login details, financial information or pri- vate data. It may seem self-evident to say that vigilance is the need of the times, but employees need to be trained to ensure they are actively verifying email correspondence — for instance, by checking that the sender name and email matches, that it’s coming from a valid email address and most importantly, be suspicious of emails that either seem too good to be true or elicit a strong emotional response. Hackers have been preying on the uncertainly of the times and using Covid-19 related scams, some of which even involve impersonat- ing health organisations to send fake Covid-19 news, testing details and even vaccination appointments. With people working from home and being cut off from regular IT teams and anxiety running high, human errors and slip-ups are going to happen, so E PROTECTING YOUR REMOTE WORKFORCE AFRAID OF GETTING HACKED? HERE ARE TOP FIVE TIPS FROM QUENTYN TAYLOR, CANON EMEA DIRECTOR OF INFORMATION SECURITY, TO PROTECT YOURSELF AGAINST CYBERATTACKSAP R I L 202 1 CEO MIDDLE E A ST 17 Privacy Working on an unsecured Wi-Fi network means you could be exposing your information and browsing habits training and vigilance is critical. But most importantly, don’t think pre- vention is the only defence mecha- nism, focus on resilience as well. If a user does click on a link in an email and provide sensitive data to an attacker — how will your com- pany prevent this from being a seri- ous incident and get back to doing business? Preparedness is crucial in such situations. SECURE PASSWORDS AND HAVE A ‘VIRTUAL VAULT’ Password breaches are one of the most common and easiest ways for hackers to gain access to business information — Studies estimate that 59 percent of people use the same password for everything and while it’s convenient to have the same pass- word for all logins, the associated risk levels are extremely high, should the password get compromised. Best practice is to use a differ- ent password for every login and have a password manager that can recommend and store strong and unique passwords. “1Password” or “KeePass” for example, are great apps, as they enable users to store various passwords and sensitive information in a “virtual vault”, that can be easily accessed by the owner. The most important thing is to have unique passwords per website so that if one website gets hacked and your password exposed, it does not cause problems to other parts of your digital life. TWO-STEP VERIFICATION IS A MUST Two-step verification may seem like overkill to some, but it is an almost impenetrable line of defence against hackers. It requires two forms of verification before being granted access — for example, a password followed by a code retrieved from an app on your phone. According to Google, two-factor identification will block almost 100 percent of automated attacks. If someone tries to log into your Google or Facebook account, the two-step verification will ensure their access is denied, because the hacker must have access to more than one device. Almost all major platforms like Gmail, Facebook and Microsoft have two-step verification and it would serve all individuals who are WFH, to ensure they have this activated. USE A VPN TO ENCRYPT WORK- RELATED INTERNET BROWSING Working or surfing the web on an unsecured Wi-Fi network means you could be exposing your com- pany (and private) information and browsing habits. Online security and privacy is a real concern on any public or shared Wi-Fi and that is why a Virtual Private Network (VPN) is an important consideration. A VPN encrypts internet browsing and provides online privacy to help protect the user; it can hide a lot of information that can otherwise, be unlawfully accessed via an unsecured Wi-Fi network, including brows- ing history, IP address, location or remote access to devices. There are many different VPNs that are suitable for boosting the cyber security of employees, whereby they can access VPNs on their laptop or mobile phone. DON’T MIX BUSINESS AND PERSONAL It may seem like a hassle and dou- ble the work, but it’s important to separate work and personal devices and accounts – try to keep your work computer and your home computer separate, as well as your work and personal accounts. Moreover, your office and per- sonal devices should always have the latest up-to-date security protection, including antivirus and firewalls to safeguard against attacks. A good rule of thumb is to ensure that your office computer is set to automatically receive all security updates, especially Windows updates and reboot regularly, to make sure that they take effect. “TWO-STEP VERIFICATION IS AN ALMOST IMPENETRABLE LINE OF DEFENCE AGAINST HACKERS”18 C EO M I D D L E E A S T AP R I L 202 1 BUSINESS | ASCIRA HA T INSPIRED Y OU T O LA UNCH ASCIRA, and what need do you believe it fulfils? An unpleasant event that took place in 2014 inspired me to launch the company, but more important was a powerful imagination. I found my true purpose, to share knowledge and experience with other people around the world. ASCIRA was created and built on a foundation of sharing the treasure of knowledge and helping people improve their quality of life through a variety of online educational courses, other great services that provide great discounts and benefits and rewards for them. The main key is to share the treasure of knowledge around the world so people can improve their quality of life. Where do you hope to take ASCIRA over the next five to ten years? Our business plan is to connect and bring together Beyond a Billion people in our social lifestyle community from more than 100 countries around the world within the next seven to ten years. This will happen through our global marketing team, offering diversified services and products, creative advertising, leadership branding, online presence, and of course press around the world. As a leader, what factors inform your decision-making process? When we make a decision for anything regarding business, sales, expansion and so forth, it always has to be looked at in terms of the benefit for the end provider – the customers, business members, sup- pliers and employees. The decision has to be based on emotional balance and intelligence, not fear of loss or overexcite- ment. It has to be based on facts – who’s going to benefit? Who is going to play W ‘MY PURPOSE IS TO SHARE THE TREASURE OF KNOWLEDGE’ JOHN SACHTOURAS, FOUNDER AND CEO OF ON-DEMAND EDUCATION AND DIRECT MARKETING PLATFORM ASCIRA, OUTLINES HIS VISION, LEADERSHIP AND HOW HE PLANS TO REACH A BILLION PEOPLEAP R I L 202 1 CEO MIDDLE E A ST 19 a main role in those decisions? Do we have adequate experience to make that decision, whatever that may be, legal or otherwise? We also consider the facts of the global economy and different worldwide markets. Can you name three characteristics you believe every leader needs? Strong vision, integrity and commitment. They must have the ability to delegate, to be a team player and to bring people together, inspire them, show them the way. Like we say in different countries, a leader must walk the talk, and must talk by experience, not theory. What values do you seek out in potential new hires? When we look for new employees, ambi- tion, enthusiasm, punctuality, being a team player and understanding the culture of the company – it’s all very important. We want staff to be depend- able, reliable, responsible and to have a plan for a long-term relationship with the company and take ownership of their job. What impact did the coronavirus have on your business and how did you guide your team through it? The coronavirus actually helped our business grow even faster because of the mandatory social distancing. Everybody had to work online. Our business started as an online venture, but the coronavirus enforced the concept and people real- ised the importance of learning to ‘work from home’ having an online business, based on the new reality. We guided our team always to con- sider safety first, manage their emotions of fear and uncertainty that Covid can generate, and always talk with them about the upcoming bright future, keep- ing open communication and building stronger collaboration between all staff. What lessons in dealing with uncertain- ty has the past year taught you? There are so many lessons learned but the most important is to plan better for unexpected negative situations. It also helped us a lot through the uncertainty to strengthen the emotions between the teams around us. Compassion – it was important to understand we are all vulnerable to the uncertainty. As humans, we are social creatures and we all need social interaction and of course personal contact. There is goodness and humanity, even in the darkness. Of course, we had to be more conserva- tive, financially, on the budget. We have now set aside a new budget for future un- certainties to not only keep the company going but also to help other people. What are your daily habits? Number one, every day when I when I wake up and before I go to sleep, I give thanks to the higher power, because there’s another amazing day about to come and an amazing day just ended. Number two, I try to take a nap every day. That’s not easy to do on busy days, but I try to nap between three and five o’clock in the afternoon for at least 20-30 minutes to reset my mind. I exercise 10-15 minutes daily, either with a power bar twister or by doing push-ups. I like to take long walks of about 30 minutes. I love to listen to mu- sic. I might go to Abu Dhabi or Sharjah just for the purpose of driving and listen- ing to the music, which relaxes my mind. I evaluate and visualise in my mind the things that took place in previous weeks, reflecting on what I’ve learned. When people ask me, ‘Hey, John how you doing?’ I say I’m doing amazing – better than ever. Every day brings new possibilities. I don’t easily get upset. My mind is always positive. I have been like this for decades. I’m 61 years old, but that’s just a number. I can work endless hours, and I always keep moving forward. I never give up on my goals, regardless of how long it may take to achieve them. “COMPASSION – IT WAS IMPORTANT TO UNDERSTAND WE ARE ALL VULNERABLE TO THE UNCERTAINTY” Workforce ASCIRA wants staff to have a plan for a long-term relationship with the company, Sachtouras saysNext >