Business

TOMORROW’S C-SUITE FOR TODAY’S BUSINESS CHALLENGES

By Anne Watson, COO at In Touch Networks

Anne Watson

Specialist expertise has never been more valuable at executive level. The business landscape is becoming increasingly complex – frequent political and economic curveballs, our thirst for instant information and the continuing march of technology has created a challenging environment for companies large and small, with the pressure evident in the boardroom. Issues such as the recent cyber security breaches affected organisations across the world and left business leaders perplexed at to what they could do proactively address challenges like this which have previously been unforeseen.

The danger for any management team in this climate is focusing a disproportionate amount of effort on tackling ‘here-and-now’ challenges, and neglecting to future-proof the business.

Executives must consider how to manage new challenges effectively, ensuring that due attention can be spent looking to the future. To do this, management teams are increasingly reassessing the expertise within their C-suite. Are their people in possession of the skills needed to tackle new and emerging challenges? Is undue time being spent on issues that perhaps could be better handled, much more quickly, by someone with specialist expertise?

In Touch Networks is a group of professional networks for senior executives – one of the fastest growing tech companies in the UK, it has changed how non-executive directors are recruited. Anne Watson, COO of In Touch Networks, says recent discussions with senior management teams and non-executive directors have highlighted a shift taking place, with more of a focus on specific skills. As a result, we are likely to see the introduction of new C-suite roles requiring specialist expertise, and also the recruitment of non-executive directors (NEDs) based on such skills rather than focusing on previous ‘big ticket’ roles.

Anne highlights some of the new C-suite roles we could see in the boardroom:

Chief Customer Officer (CCO)

There is a thirst for instant information and the proliferation of social media has given consumers huge power; C-suite executives are acutely aware of customers’ ability to influence the perception of their brand, and their power to create chaos, as evidenced during the recent US Airlines debacle. With multiple marketing avenues and ‘touchpoints’ on the average brand’s customer journey, smart businesses will begin to open their eyes to the benefits of a C-suite customer champion.

Chief Automation Officers (CAO)

At SXSW, Microsoft’s Kate Crawford spoke about AI, saying “We have to make artificial intelligence systems more transparent and accountable.” Her thoughts echo the concerns of many executives who recognise the ability of AI to revolutionise their business, but are wary of its potential to create unforeseen challenges. As the technology continues to develop, driven by the likes of Mark Zuckerberg, Amazon and others, we are likely to see the introduction of specialist AI experts to the Boardroom table.

Chief Freelance Relationships Officer (CFRO)

Beyond the ‘gig economy’ and its intricacies, there is an important change taking place with the growth in self-employment. It’s a change that has seen huge benefits to businesses who have embraced this new, more flexible way of working, relying on a network of talented, experienced freelancers. The trend is predicted to increase, with co-working spaces popping up in cities across the country to keep pace with demand. However, executives are mindful of the fact that much of their talent lies outside the business, and are acutely aware of the importance of keeping freelance talent happy. As the preference for self-employment gathers pace, we are likely to see the introduction of the CFRO into the C-suites of larger companies, tasked with ensuring their business retains top talent.

Chief Cyber Security Officer (CSSO)

Cyber security is not a new issue, but is certainly a growing one. Yet, despite 75 per cent of UK businesses admitting that cyber-security is a priority for their senior management, only 3 per cent employ a specialist cyber security officer, with responsibility instead given to either the CEO or CFO. Furthermore, just under half of UK businesses identified at least one cyber security breach or attack in the last 12 months, yet only 11 per cent have a cyber security incident management strategy in place. New York recently introduced cyber security accountability for Wall Street executives; we can expect the UK to follow suit, with the more commonplace introduction of the CSSO at board-level.

Chief Futurist Officer (CFUO)

We have long been in awe of the futurist, their ability to study the future and make predictions based on mathematical analysis and assessment of future trends. With continuing political and socio-economic developments and the advancement of technology, we will see companies following in the footsteps of Google, Wired and Cisco, appointing dedicated Futurists, joining the C-suite to provide powerful advice and counsel to senior management teams.

Business

From furlough to returning to work – employees are feeling insecure in their future

New data looking into 6,273 employees, commissioned by Perkbox, the employee experience platform, has revealed the considerable impacts of the furlough scheme and the prospect of returning to work to wellbeing.

The research revealed that despite being a job retention scheme, furlough has led to a huge 61% of workers on the scheme with concerns over their future job security, and a further 42% have concerns about the future of their company due to their employer’s participation in the scheme. This is despite almost half (45%) enjoying the time off and break from working that this time provided.

Furthermore, it’s not just those a part of the scheme that are feeling the impacts. Almost 1 in 5 (19%) who weren’t furloughed by their employers (but their companies did utilise the scheme) felt more secure in their job by not being chosen to be a part of it.

The scheme hasn’t just led to insecurities, it’s also led to potential rifts between colleagues. 29% of those on furlough felt guilty about not working, while over 1 in 5 (21%) felt guilty for extra work that colleagues had to take on in their absence. Those who remained working over this period had to work harder (19%), experience more stress due to taking on extra responsibilities (18%), which ultimately impacted emotional wellbeing (16%). Resulting in 1 in 10 feeling resentful for their furloughed colleagues’ time off.

As insecurity levels are high, employees expect company leaders to take personal action before considering redundancies. A huge 65% stated that they believe senior leadership should take a pay cut first, before considering options for staff – just 14% responded that they wouldn’t expect this from their leaders.

Moreover, as the furlough scheme changes, many are returning to work by encouragement of the Government. Despite this encouragement, less than half of employees (47%) feel safe in regard to returning to work (equal between office and non-office based workers), with almost a quarter (24%) feeling ‘unsafe’ about this transition.

Looking at what companies have done to prepare for a return to work, it comes as no surprise as to why employees may be apprehensive. Just 15% of businesses have set a fixed date for returning to work, a further 22% of employees have received no clear guidance on how to return to work. Furthermore, less than a third (31%) reported that their employer had implemented all of the necessary safety equipment to return to work, with just 30% establishing a clear back to work plan.

Just 4% state that their company is planning to switch to completely working from home – begging the question of when companies are planning to communicate back to work plans.

Business

Return to work: Flexibility, preparation and communication are key

By Matt Weston, Managing Director, Robert Half UK

As lockdown restrictions ease for the foreseeable future, conversations across the business world are starting to turn to how employers can safely and seamlessly prepare for their workforce to return to the office.

Research from Robert Half has found that over half (54%) of employees are worried about working in close proximity to their colleagues, while a similar proportion are eager to return to the office due to loneliness working from home (45%) or concerns about missing out on career opportunities (30%).

Unsurprisingly, after everything companies and their employees have done to successfully adapt their operations and working practices to social distancing rules over the last few months, immediately returning to the old ways of working will likely neither be sensible or practical. With safety being the key priority for the ‘new normal’ of office life – communication, flexibility and preparation should be the main focus areas for employers.

With this in mind, what are the challenges and opportunities that employees anticipate as they prepare for the return to work, beyond government and industry supplied health and safety best practice? Furthermore, how can employers best support their staff during this period?

Keep people at the heart of change

It is important to recognise that your workforce has been working through an intense period of uncertainty and change for months, which can be incredibly unsettling. On top of this, working for weeks in isolation without the usual physical interactions with team members could be potentially detrimental to employee engagement and mental wellbeing.

Having adjusted to keep staff connected with one another from a distance with virtual team building exercises, video calls and daily check-ins, as teams begin working in hybrid models with some in the office and others remote, staff engagement will need to adapt again.

Managing people with greater sensitivity and maintaining positivity throughout will be crucial. To help instil a sense of normality and engagement, encourage maximum collaboration between individuals (in accordance with social distancing rules), and make sure teams feel part of company goals and opportunities through regular meetings and communication – no matter their location.

Continuing to invest in technology and offering flexibility will also be important to ensuring that people can continue to work remotely or on-site, either in accordance with their own wishes or as part of your staggered return-to-office plan.

Communicate, communicate, communicate (and listen)

Reassuring staff that they are able to safely return to the office will require continuous communication. From expectations of the physical office, to expectations of how to operate within hybrid teams, these new expectations and new workplace requirements should be communicated to all staff clearly to avoid confusion.

Regular email updates, updates on the company’s intranet and social media channels, as well as frequent town hall meetings (either online or in a smaller setting) could be key elements of an effective communications approach.

Also, consider a feedback channel to allow staff within the team to offer thoughts on their experience of returning to the office and any suggestions on improving the process. Whether on a company-wide basis or a team-by-team approach, schedule regular check-ins to engage with employees’ questions and concerns.

Maintaining open communication channels with your team will be essential for keeping up employee morale and ensuring clarity. For example, if some employees aren’t comfortable with coming to the office every day, then they should have plenty of opportunities to voice their concerns and have them dealt with promptly, respectfully and fairly.

Staggered return-to-office planning

Depending on the size of business and density of office space, maintaining home working arrangements across teams on an alternating basis could make it easier to implement safe social distancing. This involves select teams working remotely while others work on-site on any given day.

An alternating approach to remote working might also reduce the risk of staff feeling pressured or overwhelmed by an immediate return to the office five-days-a-week. After all, some families might be juggling temporary disruptions to childcare arrangements and public transport systems will likely become crowded again. So, a transitionary period will help everyone adjust to post-lockdown office working.

Finally, if you have developed your technology infrastructure to facilitate remote working, you would do well to continue to leverage these new capabilities as in all probability, a mixture of remote and at-office work will be needed for some time.

Business

Contis enters RBS Capability and Innovation Fund bid seeking £35 million for disruptive SME growth strategy

Leading payments provider, Contis, has applied for two grants from the RBS & BCR Alternative Remedies Package, totalling £35 million.

Unlike most applicants who will deploy funds through a single brand, Contis is taking a completely different approach. The funding will be used to drive fintech innovation in the UK by developing an off the shelf, B2B electronic and card payment technology platform for SMEs. With Contis’ powerful tech stack and regulated status, this will empower hundreds of fintechs to support the SME market with groundbreaking technologies, payments and lending capabilities. Contis today services over 800,000 consumer accounts, 14,500 business accounts and processes £4bn in transactions per year, demonstrating a proven track record.

UK businesses are facing a challenging economic environment with the impacts of Covid-19 and Brexit. As large corporations and entire sectors are affected, SMEs will play a vital role in the recovery. Contis’ approach is completely disruptive, offering three channels to maximise support for SMEs and sole traders, through three unique brands, all powered by APIs from Contis’ modular and configurable engine.

1. Canvas for Business

Contis is a super-vendor in the world of fintech, offering payments through proven banking rails and card scheme capabilities including issuing pre-paid, debit and virtual cards. They’re linked to digital delivery like Apple Pay and Google Pay, and a trusted tech stack that boasts 99.99% uptime.

With funding from the Capability and Innovation Fund (CIF), Contis’ technology and regulated services will be made available to the whole fintech community, enabling them to provide dedicated SME accounts with the latest leading-edge capabilities delivered via Contis’ wholly owned, secure, cloud-based technology and apps. Contis’ solution has a firm eye on the need for SMEs to compete internationally, particularly after Brexit, and offers FX integration as standard.

Canvas for Business will increase competition by providing fintechs serving the SME market with technology that outstrips the big banks. Contis will also provide credit referencing capabilities and empower fintechs to lend to their SME client base through Contis’ own credit licence. Without the constraints of legacy systems, it will enable simple connectivity to accounting and payments solutions, as well as to unlimited future innovations.

2. Engage for Business

Over 150 Credit Unions currently use Contis’ Engage service and technology, and hold an estimated £400 million in undeployed cash reserves. Developed with CIF funding, Engage for Business will enable Credit Unions to launch business accounts and payments products for the first time, and allow excess funds to be redeployed in the SME sector through business support loans. This will revolutionise access to funding for sole traders and small businesses.

3. Freedom for Business

With CIF funding, Contis will also offer large scale SMEs a direct-to-market solution where Contis holds the relationship and provides a bespoke offer to meet the business’ exact needs.

Contis’ application to the Capability and Innovation Fund is focused on creating the widest possible impact for UK SMEs by fulfilling their accounts & payments needs and driving innovation in SME financial services.

Through the grant, Contis will empower over 200 fintechs and Credit Unions to provide credit, simplify payments integration into everyday business needs, offer digital credit referencing, provide budgeting tools to SMEs, enable automated payments, give predictive insight on cash flow, provide rewards to SMEs on spending, and much more.

Peter Cox, Founder and Executive Chairman of Contis said: “Our mission is to democratise payments and financial services for all SMEs, so they’re spoilt for choice with innovative and affordable solutions that meet their exact needs. Our approach, based upon proven technologies, will broaden and disrupt the services available to SMEs far beyond the capabilities of existing providers such as the big banks.

“By driving competition and innovation, while improving the availability of funding, our approach will increase the services on offer to SMEs and make them more affordable, therefore becoming easier for every entrepreneurial person with vision to run their own businesses.”