TAIPEI, TAIWAN – Media_OutReach – 11 June 2019 – A total of 64 projects and business leaders across 16 countries in Asia were selected as recipients of Asia Responsible Enterprise Awards (AREA) 2019, an increase of 19% from last year. Regarded as the top corporate social responsibility awards in Asia, this year’s ceremony was organized in Taipei, after being held in Macau, Singapore, Bangkok, and Manila previously.
Organized by Enterprise Asia, the leading non-governmental organization for responsible entrepreneurship in Asia, the AREA aims to recognize and honor Asian businesses and leaders for championing sustainable and socially responsible business practices. The award categories are social empowerment, investment in people, health promotion, green leadership, corporate governance, and responsible business leadership. Some of the dignitaries who graced the event include Mr. Chang San-cheng, former premier of the Republic of China (Taiwan) and Mr. Hou Yu-Ih, mayor of New Taipei City.
Leading the list of winners under the investment in people category was Taiwan Power Company (Taipower) with their project “Building the Soft and Hard Capacity for Professionals in the Power Industry”.
Established in 1946, Taipower is an integrated, electric utility company with businesses in power generation, transmission, distribution and services. As of 2018, the Taipower system had a total installed capacity of 44.51 GW. Its primary energy sources include thermal power, hydro power and other forms of renewable energy.
Throughout its history, Taipower has relied on its professional workforce to maintain a high-quality, reliable power supply. Internally, the Company is grappling with a retirement peak, and the related challenge of transferring skills and knowledge from older employees to the next generation. These factors have necessitated the development of an innovative talent training program that fosters the safe and effective development of new employees.
The program is designed around the goals of active recruitment through multiple channels in order to stabilize the talent pool; the cultivation of core competencies and the development of lean power talents; the acceleration of cultivation and promotion of outstanding employees, the construction of a platform to strengthen the adaptability of employee; the introduction of learning technologies that improve the effectiveness of training; and the recognition of core human resources and the application of multiple training methods to meet learning needs.
Framework and Strategy Taipower’s innovative talent cultivation program has three core components, namely a comprehensive training system and policy, the integration of emerging technologies and the cultivation of a caring, employee-centered environment.
The Company strives to use emerging technologies and methodologies in all stages of its training system. The introduction of new technologies is to improve employee effectiveness and safety. Recent initiatives included the introduction of e-books on i-Tunes U, a real-time response system, and a micro- learning video platform. Taipower is working to fully integrate Virtual Reality models to enhance training in unsafe environments.
To help employees relieve stress and to achieve a healthy work-life balance, Taipower initiated its Heart-to-Heart program. For more than 30 years, the program has provided an employee assistance system and worked to create a supportive environment that cares for the mental health needs of employees.
Achievement and Impact As a public utility, and a major employer, Taipower plays a significant role in establishing employment standards and benchmarks in Taiwan. It has consistently sought to cultivate talent and create opportunities for young employees. The Company was recently honored to be ranked 13th on a list of employers preferred by those entering the workforce in the 2018 Cheers (magazine) annual survey.
The quality of the Company’s training centers was also acknowledged when their training system passed the Talent Quality-Management System Assessment and acquired the “Excellent Enterprise Vocational Training Institute” designation from the Ministry of Labour. In confirmation of this recognition, Taipower has consistently encouraged its employees to pursue related licenses and certificates. In 2018, the Company’s training system facilitated the achievement of 4,252 certificates and obtained more than 70,000 certificates by its employees.
Future Direction Strengthening human resource management is an endless journey for every company that is seeking to achieve sustainable development. As a company in the midst of an energy transition, Taipower is particularly aware of the need to foster young talents in renewable energies and their related systems. Hence, the Company has placed a particular focus on developing young professionals to meet its future human resource demands.
In the coming years, Taipower will continue to introduce new technologies for training, and to integrate data from its training courses to improve their effectiveness. The Company will also work towards the use of a big data system to create connections between employees, company needs and training requirements. Moreover, in addition to cultivating the professional abilities of its staff, the Company will continue to use multiple channels to meet the needs of its employee and to construct a healthy, productive and sustainable workplace for all.
*** About Enterprise Asia *** Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. For more information, visit: https://www.enterpriseasia.org/.
*** About Asia Responsible Enterprise Awards *** The Asia Responsible Enterprise Awards recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance and Responsible Business Leadership. For more information, visit: https://enterpriseasia.org/area/.
Research exposes the £68.8 billion opportunity for UK retailers
- Modelling shows increasing the proportion of online sales by 5 percentage points would have significantly boosted retailers’ revenues during the first lockdown
- 72% of Brits want retailers who started an online service during the pandemic to continue operating it full time
New data released today by global payments platform Adyen, outlines the economic gains that could be accessed by getting more UK retailers online.
Economic modelling conducted by Cebr for Adyen indicates that if the retail sector increased the proportion of turnover stemming from online channels by 5 percentage points, £68.8 billion would have been added to the economy during the first lockdown.
While retail turnover stemming from online sales has grown significantly during 2020 – from 19% to 28%, there is still considerable room for growth.
Myles Dawson, UK Managing Director of Adyen comments: “The UK retail sector is facing an incredibly tough quarter, so creating the link between physical stores and online channels is more important than ever. With the festive period approaching and many shoppers unable, or uncomfortable leaving their homes, establishing and maintaining a positive online experience is a billion-pound opportunity for retailers.”
The research of 2,000 UK consumers found that 31% are less likely to shop in physical stores now because of positive experiences shopping online during the pandemic. Furthermore, 72% of these consumers want retailers who started an online service during the pandemic to continue operating it in the long term.
However, making the process of shopping online as frictionless as possible will be key to unlocking the opportunity presented by online channels. 70% of Brits say that when shopping online, the ease of use is as important as the quality of the product, and 72% won’t shop with a retailer whose website or app is difficult to navigate.
Myles Dawson concludes: “Many retailers did amazing things during the pandemic in terms of adapting and creating new experiences – it’s a testimony to their agility that 57% of Brits said their expectations of the retail sector has improved during the pandemic. The challenge now is to consistently meet these expectations going forward. With local lockdowns in place, online channels will be key to serving many consumers in the short term. However, retailers need to see the shift to unified commerce as a long-term trend. The sooner they can demonstrate agility and jump on board, the longer they’ll reap the rewards.”
2 Research conducted by Opinium Research LLP
Want to serve your customers better? An effective online strategy is what financial institutions need
By Anna Willems, Marketing Director, Mention
A strong online presence matters.
Having a strong online presence, that involves social media is now a crucial part of all business strategies. Whether they are retail brands, sports teams, libraries or even restaurants, most companies are investing more and more in developing their digital brand image and online presence – financial institutions are no exception.
When it comes to market trends and innovation, financial institutions are first on the line. After all, we — people and companies — trust them to manage our money to the best of their abilities. And even more so than any other market, we demand secure, trustworthy, fast and user-friendly services.
Reaching such high expectations is not a given. To this point, banks and other financial institutions have no other choice but to have a perfect understanding of their market, their audience, and their needs. What they need to get there is a fail-proof online strategy.
Gaining a deep understanding of your market
One of the best things about using social media to learn about your audience is that people give unsolicited opinions. They speak their mind and share their thoughts candidly.
This is the key to help any business to learn about themselves. They get to analyze their audience’s challenges and aspirations without having to ask them directly or serve them time-consuming surveys and polls.
UK-based Asto, a company that is part of the Santander Group, is committed to helping small businesses have access to financial and non-financial tools. Asto was looking for something that could help them discover what their target audience was talking about and find opportunities to add to the conversation. Mention enabled Asto to keep on top of reviews and customer comments, which has helped us provide a better service for our customers.
Which platform suits your offering the best?
There’s no point choosing to create campaigns on TikTok if your customers don’t use it – you need to think about who they are and work back from there.
You do this by automating the process using a social listening tool. A social listening tool will help you to view your market as a whole and identify where the key conversations are happening — and, therefore, where you should be. What’s more, you will never miss any relevant mention of your institutions, products, services, or competitors.
Handling a crisis
Financial institutions need to watch carefully for negative press – social media is the first place people will go to if they feel they’re not getting the service they need. In theory, rogue employees or unhappy clients can post anything they like online to try and hurt your brand. And if their messages gain traction, you’ve gone from one person saying bad things, to thousands.
That’s why listening needs to be part of any crisis management plan. Now, sometimes, there are crises you cannot prevent. And those usually hit pretty hard.
Power of influencers
For an influencer marketing campaign to work for your financial institution, partnering with nano content creators may well be the best way to go. They’re ability to play a part in how they shape your brand story can make a huge difference when it comes to engagement and reason to believe in your service.
Many financial institutions are already leveraging influencer marketing. It’s an efficient strategy to: Build trust and gain credibility, reach out to new audiences and share engaging stories.
The online review conundrum
94% of consumers check online reviews before they decide to buy something or subscribe to a service. They need what we call social proof. It says that the more people say they use your service, the more it will look like a good service. In short, you need to show how happy people are using your service. But not all online reviews are positive.
Having said that, we find that financial institutions shouldn’t ignore negative reviews. Instead, embrace them as an opportunity to rebuild trust in your brand. Less delicately put, take the bull by the horns and turn them to your advantage. Always respond to relevant complaints (and as fast as possible). Take responsibility for what happened. Be helpful.
And ignore trolls.
Learn from the competition
Over the last two decades, a marketer’s daily life has greatly evolved. Most importantly, we now can measure everything we do, including the consequences of our actions on our business. Having said that, you can’t evaluate how well you’re doing without comparing against
Truth is that 77% of businesses rely on listening to keep an eye on their competitors. What this means is that 4 in 5 of your direct competitors are likely watching each and every single step you take. And you should do the same.
Setting the trend
From staying up to date with the latest industry trends and innovations, to keeping an eye on the competitors’ newest services, to being the first to know of potential brand crises – tracking relevant online conversations lets marketing and communication professionals working for financial institutions to stay one step ahead in an industry that is leading change and innovation.
The rise of AI in compliance management
By Martin Ellingham, director, product management compliance at Aptean, looks at the increasing role of AI in compliance management and just what we can expect for the future
Artificial Intelligence (or AI as it’s now more commonly known) has been around in some shape or form since the 1960s. Although now into its eighth decade, as a technology, it’s still in its relative infancy, with the nirvana of general AI still just the stuff of Hollywood. That’s not to say that AI hasn’t developed over the decades, of course it has, and it now presents itself not as a standalone technology but as a distinct and effective set of tools that, although not a panacea for all business ills, certainly brings with it a whole host of benefits for the business world.
As with all new and emerging technologies, wider understanding takes time to take hold and this is proving especially true of AI where a lack of understanding has led to a cautious, hesitant approach. Nowhere is this more evident that when it comes to compliance, particularly within the financial services sector. Very much playing catch-up with the industry it regulates, up until very recently the UK’s Financial Conduct Authority (FCA) had hunkered down with their policy of demanding maximum transparency from banks in their use of AI and machine learning algorithms, mandating that banks justify the use of all kinds of automated decision making, almost but not quite shutting down the use of AI in any kind of front-line customer interactions.
But, as regulators are learning and understanding more about the potential benefits of AI, seeing first-hand how businesses are implementing AI tools to not only increase business efficiencies but to add a further layer of customer protection to their processes, so they are gradually peeling back the tight regulations to make more room for AI. The FCA’s recent announcement of the Financial Services AI Public Private Forum (AIPPF), in conjunction with the Bank of England, is testament to this increasing acceptance of the use of AI. The AIPFF is set to explore the safe adoption of AI technologies within financial services, and while not pulling back on its demands that AI technology be applied intelligently, it signals a clear move forward in its approach to AI, recognising how financial services already are making good use of certain AI tools to tighten up compliance.
Complexity and bias
So what are the issues that are standing in the way of wider adoption of AI? Well, to start with is the inherently complex nature of AI. If firms are to deploy AI, in any guise, they need to ensure they not only have a solid understanding of the technology itself but of the governance surrounding it. The main problem here is the shortage of programmers worldwide. With the list of businesses wanting to recruit programmers no longer limited to software businesses, now including any type of organisation who recognises the potential competitive advantage to be gained by developing their own AI systems, the shortage is getting more acute. And, even if businesses are able to recruit AI programmers, if it takes an experienced programmer to understand AI, what hope does a compliance expert have?
For the moment, there is still a nervousness among regulators about how they can possibly implement robust regulation when there is still so much to learn about AI, particularly when there is currently no standard way of using AI in compliance. With time this will obviously change, as AI becomes more commonplace and general understanding increases, and instead of the digital natives that are spoken about today, businesses and regulators will be led by AI-natives, well-versed in all things AI and capable of implementing AI solutions and the accompanying regulatory frameworks.
As well as a lack of understanding, there is also the issue of bias. While businesses have checks and balances in place to prevent human bias coming into play for lending decisions for example, they might be mistaken in thinking that implementing AI technologies will eradicate any risk of bias emerging. AI technologies are programmed by humans and are therefore fallible, with unintended bias a well-documented outcome of many AI trials leading certain academics to argue that bias-free machine learning doesn’t exist. This presents a double quandary for regulators. Should they be encouraging the use of a technology where bias is seemingly inherent and if they do pave the way for the wider use of AI, do they understand enough about the technology to pinpoint where any bias has occurred, should the need arise? With questions such as this, it’s not difficult to see why regulators are taking their time to understand how AI fits with compliance.
So, bearing all this in mind, where are we seeing real benefits from AI with regards to compliance, if not right now but in the near future? AI is very good at dealing with tasks on a large scale and in super-quick time. It’s not that AI is more intelligent than the human brain, it’s just that it can work at much faster speeds and on a much bigger scale, making it the perfect fit for the data-heavy world in which we all live and work. For compliance purposes, this makes it an ideal solution for double-checking work and an accurate detector of systemic faults, one of the major challenges that regulators in the financial sector in particular have faced in recent years.
In this respect, rather than a replacement for humans in the compliance arena, AI is adding another layer of protection for businesses and consumers alike. When it comes to double-checking work, AI can pinpoint patterns or trends in employee activity and customer interactions much quicker than any human, enabling remedial action to be taken to ensure adherence to regulations. Similarly, by analysing the data from case management solutions across multiple users, departments and locations, AI can readily identify systemic issues before they take hold, enabling the business to take the necessary steps to rectify practices to guarantee compliance before they adversely affect customers and before the business itself contravenes regulatory compliance.
Similarly, when it comes to complaint management for example, AI can play a vital role in determining the nature of an initial phone call, directing the call to the right team or department without the need for any human intervention and fast-tracking more urgent cases quickly and effectively. Again, it’s not a case of replacing humans but complementing existing processes and procedures to not only improve outcomes for customers, but to increase compliance, too.
At its most basic level, AI can minimise the time taken to complete tasks and reduce errors, which, in theory, makes it the ideal solution for businesses of all shapes, sizes and sectors. For highly regulated industries, where compliance is mandatory, it’s not so clear cut. While there are clearly benefits to be had from implementing AI solutions, for the moment, they should be regarded as complementary technologies, protecting both consumers and businesses by adding an extra guarantee of compliant processes. While knowledge and understanding of the intricacies of AI are still growing, it would be a mistake to implement AI technologies across the board, particularly when a well-considered human response to the nuances of customer behaviours and reactions play such an important role in staying compliant. That’s not to say that we should be frightened of AI, and nor should the regulators. As the technology develops, so will our wider understanding. It’s up to businesses and regulators alike to do better, being totally transparent about the uses of AI and putting in place a robust, reliable framework to monitor the ongoing behaviour of their AI systems.
Research exposes the £68.8 billion opportunity for UK retailers
Modelling shows increasing the proportion of online sales by 5 percentage points would have significantly boosted retailers’ revenues during the...
Want to serve your customers better? An effective online strategy is what financial institutions need
By Anna Willems, Marketing Director, Mention A strong online presence matters. Having a strong online presence, that involves social media...
The rise of AI in compliance management
By Martin Ellingham, director, product management compliance at Aptean, looks at the increasing role of AI in compliance management and just...
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