5 must reads for the weekend

1. Less talk, more action this Earth Day

If sustainability is everybody’s business, what are you doing to make it yours? “In our home, this has shown itself through a reduction in meat consumption, shopping for more locally sourced food and moving to green household products,” Amy Brachio, EY Global Deputy Vice Chair – Sustainability writes. When it comes to business too, a 2022 EY survey found that only 3% of CEOs do not have a sustainability strategy in place and another found that 21% of Gen Z and Millennial consumers have stopped buying products from brands that they perceive are not doing enough to help the environment, so it seems like now is the time that talk will, and needs to, turn into action.?

Sustainability agenda moves from talk to action

2. Don’t be disconnected

“79% of employers are planning to make moderate to extensive changes, in order to allow more hybrid working,” Falco Weidemeyer, EMEIA EY-Parthenon Leader, writes in his latest blog. “90% of employees say they want flexibility in when and where they work. However, only 40% of employees have communicated these plans with their employers, underscoring a potential disconnect on crucial issues such as flexibility, culture and productivity…Businesses cannot be disassociated from the individuals who are their employees, customers, partners, consumers and other stakeholders.”?

Beneath the surface: does putting people first mean profit goes last?

3. Beware sharks

“If your business is looking to invest huge amounts of time and money in growing through acquisitions, considering the impact from social media is critical,” Marc Henderson, EY Global Strategy and Transactions Innovation Director, writes. “Imagine a potential target company where the CEO has been outspoken on social media about a particularly emotive current issue, such as the global pandemic, a movement or celebrity scandal. Whilst they have a right to their opinion, the impact on brand perception, customer behaviour, employee attitudes, shareholder activists and the like can be wide and, in some cases, extreme. The balance of company sentiment can easily be rocked by even the most innocent of social media interactions.”?

Watch out for the social media sharks sinking your M&A ambitions

4. Ask the right questions

“When ‘how can I make online profitable?’ is on every retailer’s wish list, it seems the rules need a rethink. But, if I am honest, it’s a question I am tired of hearing,” Thomas Harms, EY Global Retail Leader writes. “It’s just the wrong question to ask and can be a distraction, diverting energy from the real challenge. In my mind, it’s not about the performance of the channel, but the value it drives for the business; it’s not about the value of the customer’s basket, but the customer life-time value. And, it’s increasingly just as much about trust.”?

Is trust the next “must have”?

5. Diversity must be deliberate

“[A diverse] talent pool does exist,” Susan Robinson, EY Global TMT People Advisory Services (PAS) Leader, writes. “It just often requires deliberate strategies to mentor and promote a more diverse cohort of employees into more substantial leadership positions. Work out where your points of vulnerability are. What are the external forces bearing down on your workforce? How do these influences impact your current workforce landscape, culture, and employee experience? And can people be their authentic selves, bringing all of their talents to their work and be rewarded for it??

To boost workforce resiliency in the tech sector, we must take deliberate action to increase diversity and inclusion

If you do one thing:

Make the most of your voice. Speak up and share what’s important to you. People will listen.

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