What Are We Doing Wrong When It Comes to Promoting Women?

By Rosalie Harrison

Most of our clients come to Borderless with a genuine desire to build diverse and diversity-capable leadership teams. That is, after all, our expertise. And at the top of their concern? Women in leadership.

What Are We Doing Wrong When It Comes to Promoting Women

With women representing more than 50% of the world’s population and a rapidly growing percentage of the most highly educated portion of the world’s employable talent, this focus is not a surprise. Companies paying attention are increasingly aware that creating a work environment where women leaders can advance, contribute and succeed is a vital competitive business advantage.

Nonetheless, despite often well-intentioned initiatives on women and their careers, many companies still fall short of their goals to promote and retain women in leadership positions and struggle to understand why. As you would imagine, the answer to this question is as varied as both the many women who are offered these opportunities and the environments in which such an offer is made.

Despite the complexities, and the lack of quick-fix answers, there is value in raising awareness around some of the more common issues that we see plaguing the advancement of talented women. In this spirit, we urge you to think about, ponder and explore these issues in the context of your own working environments.

Treat women as individuals

First of all, treat your promotable (female) executives as individuals. We will start with an issue that should be readily apparent but often is not (even to women themselves). Women represent more than 50% of the world’s population. They are not a minority and they are as diverse as people can be. As a result, their reasons for accepting and/or rejecting a promotional opportunity must always be negotiated and assessed individually.

This does not mean that women will not have some shared experiences, especially as it relates to their treatment within a given working environment. Such experiences, however, will not be because they are a homogenous group, but because the work environment may treat them as they are. As such, if you are having problems promoting women, take a hard look at your working environment. The common threads preventing success are more likely to be in your work culture and environment than in the women themselves.

Moreover, do not confuse professional women’s issues as always being synonymous with working parent or caregiver issues. Twenty percent of professional women will not be a parent or caregiver. However, if the woman you are promoting is a parent or caregiver, working moms do share many issues and challenges that need to be considered. But these issues are also quite relevant for all parents. In fact, these issues will be increasingly important to the younger generation of workers, both male and female, as parenting preferences and traditional gender roles continue to erode.

Flexible terms

Secondly, signal a willingness to design terms, conditions and benefits for success. Within the context of any executive promotion negotiation, the terms and conditions should be designed to enable the candidate to succeed in the role. A standard package that has been designed for a traditional candidate may or may not be relevantly configured for your female candidate. For example, for a woman who is a working parent and whose spouse also has an executive position, covering (and paying for) caregiving and/or balancing or reducing travel requirements may be significant threshold issues to address before the candidate will commit to the demands of the new role.

Accordingly, to prevent women from just turning down positions as a result of these non-traditional considerations, it is important for companies to signal their willingness and commitment to have discussions about them in good faith and without future adverse impact. This can be communicated in a variety of ways. For example, at the time the promotion offer is made, you can simply ask the candidate what she would need to be successful in the role and express your willingness to address and explore individual needs that may require adjustments.

You can also word a job description in such a way that invites alternative discussion on terms and conditions. For example, instead of saying “50% travel required,” you could say “Extensive travel may be required, but terms of travel to meet global demands can be explored further.” Women are much less likely to self-disqualify if terms invite such openness to discussion. When invited to do so, we have seen female candidates have excellent alternative ideas for managing effectively.

Finally, when negotiating terms, women should not be unfairly burdened with the fear that they are creating a precedent for all women, unless such precedent considerations would also have been applicable to negotiations with male candidates.

Give them time

Thirdly, give your female candidates more time and support to consider a promotion offer. If a woman is being offered a promotion into an executive team that is (and has been) male dominated and quite traditional, the task before her is daunting. She is not just considering accepting a new job with greater responsibilities, which on its own is a big decision. She is also often assessing her ability to be successful doing so in an environment that is not designed for her, where there is little or no natural/social support, and where there are often unfairly high performance expectations and no room for error.

Constantly proving yourself in such an environment is an exhausting undertaking and can also be quite lonely. (Notably, the same is true for any candidate that will find themselves in a minority situation within the executive team).

Woman may also have non-traditional personal and family obligations to consider. For many, work and family life may currently be in a perfect, but quite fragile, balance with many ‘moving parts’ to consider. In such a circumstance, many women’s first instincts are to refuse such a promotion, especially if their perception of the new role is a misguided assumption that it will be more work being piled on them.

The reality is that executive promotions for women can often move them into a role where they will have much more control over how they work. It is the role just before that promotion that is often the worst in terms of workload and lack of control. This aspect of the promotion is often not fully appreciated or explored.

In such circumstances, it can be extremely helpful to use the services of a third-party consultant during deliberations and negotiations. Women considering promotions often need a safe place to voice their concerns, explore their needs and express their insecurities without undermining their executive voice and closely guarded credibility.

Tailored support

At Borderless, we even recognized this as a need in our normal search and placement process, especially for female or minority hires, where they are placed into an environment where natural and social support may be lacking. In fact, we designed our Borderless100Days program with these challenges in mind, which allows us to provide continuing support for any placement during the first 100Days in a candidate’s new role.

Our BorderlessWIN services (Women in Negotiation) enables us to provide such third-party support on a consulting basis for internal offers and promotion. The services are designed to increase the rate and success of our clients’ internal efforts to promote and support their high performing women into leadership roles. As you might have guessed, such services will need to be customized for each individual circumstance.

Are you enabling women in your organization to achieve their full potential?

Let me know your thoughts at [email protected].

About Borderless

Borderless finds and attracts senior-level executives for multinational companies in the Life Sciences, Chemicals and Converting, and Food Processing sectors. The firm identifies leaders for Board positions, as well as for senior management, finance, human resources, administration, marketing and sales, operations, logistics, R&D and specialist roles. Additionally, Borderless consultants assess the effectiveness of corporate Board, Management and Executive teams, helping companies align organizational design with strategy. http://borderless.net

Note from the editor: see also CFI.co’s coverage on Women, Science and Robots

AI Reveals Misrepresentation of Engineers Online

Royal Academy of Engineering and leading consumer brands join forces to change the face of engineering, after AI reveals misrepresentation of the profession online

  • Major brands, leading businesses and high-profile engineers have come together in a bid to change the online image search results for the word ‘engineer’
  • Over 100 organisations and counting1 including the BBC, Facebook, ITV, Transport for London, Ocado, Rolls-Royce and National Grid have signed a pledge to address the misrepresentation of engineers and engineering online and in popular culture
  • The Royal Academy of Engineering employed an Artificial Intelligence algorithm trained on online image search results for ‘engineer’ to generate artificial images of what it learned a typical engineer looked like – the majority of images generated were of a white man wearing a hard hat
  • 6 November is This is Engineering Day – a national awareness day in Tomorrow’s Engineers Week to celebrate the unsung contribution that engineers make to our lives, and to call upon media, image providers, recruiters and advertisers to paint a more representative picture of the profession and those who work in it
  • Amazon’s Alexa2 will answer questions about engineering and This is Engineering Day

Major brands, leading businesses and high-profile engineers have come together in a bid to change the online image search results for the word ‘engineer’, as an AI programme trained on the results of an online search for images of engineers found that it vastly misrepresents the profession.

The announcement comes on This is Engineering Day, part of a nationwide campaign led by the Royal Academy of Engineering – and supported by a range of brands and engineering companies – to change the misrepresentation of engineering online, celebrate the contribution of engineers, and encourage more young people to consider a career in the profession.

To test the representation of the profession online, an AI machine learning model, otherwise known as a Generative Adversarial Network (GAN), analysed over 1,100 images of engineers sourced online,3 and generated images based on this given dataset. The images generated by the GAN showed how narrowly an engineer is typically portrayed online: the majority of the generated images were of a white male wearing a hard hat. An online search, conducted by the Royal Academy of Engineering on 21 October 2019, found that 63% of images on the first page of the search results were of a person in a hard hat4, despite the fact that only a small minority of professional engineers wear hard hats most of the time.

The Royal Academy of Engineering has created This Is Engineering Day, which takes place in Tomorrow’s Engineers Week, to radically change this narrow stereotype, and celebrate the varied and vital roles that engineers play, from developing medical technologies like brain scanners and clean energy solutions, to powering the social media platforms and smartphones we rely on to keep in touch every day.  

Over 100 brands across the UK that depend on engineering – including the BBC, Facebook, ITV, Transport for London, Ocado, Rolls-Royce and National Grid – have signed a pledge5 to increase the public visibility of more representative images of engineers and engineering, and helped create a new library of free to use images of engineers that better represent what engineers and engineering really look like (www.flickr.com/thisisengineering/)6. This has been developed to encourage website owners and image users to deploy a more diverse range of images when showcasing engineers and the industries in which they work.

The campaign’s partners and supporters will also be challenging this misrepresentation on social media and through a range of different activities and events on This is Engineering Day including:

  • Amazon Alexa2 will answer questions about ‘This is Engineering Day’ and the role of engineers, and Amazon will run engineering-focused tours and STEM (science, technology, engineering, maths) workshops in its fulfilment centres on 6th November
  • Network Rail showcasing real images of engineers on 60 screens across 15 stations in the UK, and across the Virgin train network
  • Facebook and Ocado creating and promoting new engineering video content featuring its engineers
  • Google hosting an engineering takeover at its Portsmouth Digital Garage on 6 November

Many of the emerging and in-demand jobs identified by the World Economic Forum7 are engineering jobs, yet every year the UK is short of up to 59,000 engineers, while only 12% of the engineering workforce in the UK are female, and 9% are from black, Asian and minority ethnic backgrounds.

Research from EngineeringUK8 shows that more needs to be done to raise awareness of engineering careers and encourage young people to consider the profession. Over three quarters (76%) of young people aged 11-19 and 73% of parents do not know a lot about what those working in engineering do.

Dr Hayaatun Sillem, Chief Executive of the Royal Academy of Engineering, says:

Engineers play a profoundly important role in shaping the world around us – from designing our cities and transport systems, to delivering clean energy solutions, enhancing cybersecurity and advancing healthcare – but that’s simply not reflected in online image searches. 

That’s why on This is Engineering Day I’m appealing to anyone who uses or promotes images of engineers to join us in challenging outdated and narrow stereotypes of engineering. We want to ensure that engineers are portrayed in a much more representative way, and that we help young people see the fantastic variety of opportunities on offer.  

Engineering is everywhere, and This Is Engineering Day gives us an opportunity to shine a light on the people who make possible so many features of modern life that we take for granted.  I hope that by inviting the public to discover a different side to engineering, we will be able to inspire more people from all parts of society to choose a profession that shapes our world.”

The This is Engineering free public image library is available now at www.flickr.com/thisisengineering/ for media, photo, advertising agencies and the general public to view and use in projects, articles, campaigns and on social media. The library and This is Engineering Day are part of the This is Engineering campaign, led by the Royal Academy of Engineering to give more young people, from all backgrounds, the opportunity to take up engineering careers. More information on the campaign can be found at www.ThisisEngineering.org.uk, @ThisisEng on Twitter and @ThisisEngineering on Instagram.

1 – Brands involved in the campaign include Google, Amazon, Facebook, Ocado, Ferrari, Anglian Water, Heathrow, Network Rail, TfL, Virgin Media, BBC, ITV, EDF Energy, Science Museum Group, as well as the list of corporate partners below, as well as professional engineering institutions and many UK universities.

2 – Amazon’s Alexa, will answer the below engineering and This is Engineering Day questions:

  • ‘Alexa, Tell me about This is Engineering Day?’  
  • ‘Alexa, How can I get involved with This is Engineering Day?’ 
  • ‘Alexa, When is This is Engineering Day?’
  • ‘Alexa, What does an engineer look like?’
  • ‘Alexa, Tell me a fact about engineering’
  • ‘Alexa, What is This Is Engineering?’ 

3 – The Generative Adversarial Network was trained by Stylianos Moschoglou, a PhD student in Machine Learning at Imperial College London and Machine Learning Scientist at Facesoft.io. Due to the GAN image being too low res and pixilated for print purposes, a digital artist has retouched the image, without changing the likeness.

4 – Researchers at the Royal Academy of Engineering analysed the search engine image results for “engineer” to assess what is being shown as representative images of engineers and engineering. The assessment took place on 21st October 2019 using Chrome extension “Fatkun” to search for the term ‘engineer’ on Google. Accepting that statistically the vast majority (as much as 95%) of online visitors rarely search beyond the first page in Google searches, only the first results page of 452 images was assessed. The results were downloaded to a library and counted manually.  The results revealed most images (63%) featured hard hats. 

5 – Please click here to see the pledge – https://bit.ly/2JBv1bj  

6 – The new public photo library, which has been contributed to by some of the biggest brands in the world, will be sent to stock image providers, website owners, media, advertisers, and recruiters to encourage them to use these real images of engineers to help increase visibility around the profession – www.flickr.com/thisisengineering/

7 – The Future of Jobs Report 2018, World Economic Forum http://www3.weforum.org/docs/WEF_Future_of_Jobs_2018.pdf. Please see notes to eds for more information.

8 – Research carried out by EngineeringUK. Data from the 2019 Engineering Brand Monitor captured in Jan – Feb 2019, based on a sample of 2,514 pupils aged 7-19, 1,023 educators, and 1,810 members of the public

About This is Engineering

About This is Engineering

This is Engineering is a campaign to raise awareness of the breadth of careers in engineering and help address the significant engineering skills and diversity shortfall that is holding back growth and productivity across the UK economy. The campaign aims to give more young people, from the broadest possible backgrounds, the opportunity to take up an exciting, engaging, rewarding and in demand career.

This is Engineering is led by the Royal Academy of Engineering, in collaboration with EngineeringUK. The campaign has been made possible thanks to the generous support of the Fellows of the Royal Academy of Engineering and our corporate partners. More information about the campaign is available at www.thisisengineering.org.uk and @ThisIsEng on Twitter

Strategic partner

EngineeringUK

Founding Principal partners

BAE Systems

National Grid

Principal partners

Anglo American

BP

Centrica

Rolls-Royce

Shell UK

Siemens

Major partners

BT

Facebook

Sponsors

MBDA

Mott MacDonald

Petrofac

Teledyne e2v

WSP

Principal university partners

University of Leeds

University of Oxford

Major university partners

Anglia Ruskin University

Aston University

Heriot-Watt University

Imperial College London

University partners

Cranfield University

University of Exeter

University of Southampton

University of Glasgow

About the Royal Academy of Engineering

As the UK’s national academy for engineering and technology, we bring together the most successful and talented engineers from academia and business – our Fellows – to advance and promote excellence in engineering for the benefit of society.

We harness their experience and expertise to provide independent advice to government, to deliver programmes that help exceptional engineering researchers and innovators realise their potential, to engage the public with engineering and to provide leadership for the profession.

We have three strategic priorities:

  • Make the UK the leading nation for engineering innovation and businesses
  • Address the engineering skills and diversity challenge
  • Position engineering at the heart of society

We bring together engineers, policy makers, entrepreneurs, business leaders, academics, educators and the public in pursuit of these goals.

Engineering is a global profession, so we work with partners across the world to advance engineering’s contribution to society on an international, as well as a national scale.

About EngineeringUK 

EngineeringUK is a not-for-profit organisation, which works in partnership with the engineering community to inspire tomorrow’s engineers and increase the talent pipeline into engineering. EngineeringUK leads engagement programmes The Big Bang and Tomorrow’s Engineers, creates inspiring engineering careers resources and produces a body of research including the flagship State of Engineering report.

About Tomorrow’s Engineers Week

Tomorrow’s Engineers Week (#TEWeek19) takes place from 4-8 November 2019 and aims to change perceptions of engineering among young people, their parents and teachers and to inspire future engineers. Tomorrow’s Engineers Week is led by EngineeringUK, a not-for-profit organisation which works with the engineering community – employers and professional institutions – to inspire tomorrow’s engineers. To find out how to get involved, visit www.tomorrowsengineers.org.uk/teweek

This is Engineering is a campaign to raise awareness of the breadth of careers in engineering and help address the significant engineering skills and diversity shortfall that is holding back growth and productivity across the UK economy. The campaign aims to give more young people, from the broadest possible backgrounds, the opportunity to take up an exciting, engaging, rewarding and in demand career.

Read also about Digitalisation and 4IR in MENA: Augmented Intelligence from Data and Self-Learning

Volvo receives Europe’s largest order for electric buses

Volvo Buses has received the largest single order for electric buses in Europe. Volvo Buses will deliver 157 electric articulated buses to Transdev starting in 2020. The buses will operate on a number of routes in Gothenburg. With their introduction, emissions and noise will be significantly reduced, and the electric buses will be able to operate in sensitive areas or zones with special restrictions. 

“It is immensely gratifying that we have secured Europe’s largest ever single order for electric buses – no less than 157 buses. Volvo is a pioneer in electromobility and sustainable public transport. We have a holistic system perspective for cities that encompasses vehicles, services and charging infrastructure. We focus on solutions that offer high reliability and high service levels for route operators and passengers. This large order confirms that electric buses are already recognised as a sustainable and financially viable solution for demanding high-capacity public transport needs,” says Håkan Agnevall, President of Volvo Buses

“Transdev is today Europe’s leading operator of electric buses and we know what challenges there are with the transition to electric propulsion. We’ve therefore been extremely thorough in choosing a partner with a holistic approach, a partner that will be able to deliver both buses and charging infrastructure on time and with excellent uptime. Being able to announce that we have chosen Volvo as our partner for city bus operations in Volvo’s home city of Gothenburg is of course particularly satisfying,” says Gunnar Schön, CEO of Transdev Sweden

All of the buses will be of the recently launched 7900 Volvo Electric Articulated model. The Volvo Electric Articulated can carry 150 passengers with an energy consumption that is 80 per cent lower than that of a corresponding diesel bus. The Volvo Electric Articulated combines high passenger capacity with low operating costs. The buses will be charged at quick-charge stations along the route, using the industry common charging interface OppChargeTM, in order to ensure the most efficient operation possible. In addition to the electric buses, the order includes 27 Euro VI buses for regional operations, running on biodiesel. 

“For us as a mobility supplier, it is vital to always be able to offer passengers good service and functional vehicles, but it is also important that our drivers have a good working climate. New buses, in particular quiet electric buses, not only result in cleaner cities – they also improve the everyday working environment,” explains Gunnar Schön.

“Electromobility creates new exiting opportunities for urban planning since we now get emission-free and quiet public transport that can operate closer to the city’s residents. Volvo aims to be a leader in increased electrification and to be a partner for cities that wish to implement long-term sustainable public transport solutions for their inhabitants,” concludes Håkan Agnevall.


Gothenburg, November 5, 2019
For further information, please contact: 
Joakim Kenndal, Manager Media Relations, Volvo Bus Corporation,                       
Phone +46 739-02 51 50 or e-mail [email protected]


World Tolerance Summit 2019 gains momentum, more sponsors join 2-day event

Dubai, 5 November 2019: The Organising Committee of World Tolerance Summit acknowledged the growing support for the upcoming event, and appreciated the participation of more sponsors.

The two-day World Tolerance Summit (WTS) held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will be held at Madinat Jumeriah Conference and Events Centre on 13-14 November, and is themed ‘Tolerance in Multiculturalism: Achieving the Social, Economic and Humane Benefits of a Tolerant World’.

The new sponsors of the summit, an initiative of the International Institute for Tolerance (IIT), a part of Mohammed Bin Rashid Al Maktoum Global Initiatives, include Ministry of Interior, Ministry of Human Resources & Emiratisation, Department of Community Development Abu Dhabi, Dubai Media Incorporated, and Tik Tok MENA among others.

Lt-General Saif Abdullah Al Shafar, Undersecretary of the Ministry of Interior, affirmed the ministry’s keenness on the directives of HH Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior to participate and strengthen collaborations with ministries, government and private bodies for the comprehensive development of the nation. He said, “We are delighted to participate in the summit that underscores the values of security, peace, coexistence and tolerance, the qualities that are instilled in us by the late Sheikh Zayed bin Sultan Al Nahyan Al Nahyan.”

Meanwhile, Dr Hamad Al Shaibani, Managing Director of IIT and Chairman of the Higher Committee of the WTS, thanked the great role played by the wise government led by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, and appreciated the support of the sponsors for the two-day global summit to promote tolerance, peace and harmony across the globe.

Ahmed Saeed Al Mansouri, Executive Director of radio and television division at Dubai Media Incorporated (DMI), said that the sponsorship for second edition of WTS embodies the vision of all radio, print and TV channels under the DMI. He said, “Our media partnership with the WTS is in line with the strategic objectives of the Government of Dubai that underlines the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum Deputy Ministers, Ruler of Dubai for having constant cooperation between government departments and other institutions in the UAE.

“We would also want to be part of creative initiatives that can highlight UAE as the global capital of tolerance aimed at deepening the values of tolerance, dialogue, acceptance of others and openness to different cultures.”‘

He added that Dubai TV, with its radio, television and digital channels, will have a dedicated crew to cover the two-day summit.

Meanwhile, Nora Al Marzouqi, Assistant Undersecretary for Policy and Strategy Affairs at the MoHRE, said that the summit reflects the stand of the UAE society, whose foundations are based on a set of principles and values ​​that focus on respect and empowerment of human beings. She also lauded the efforts of IIT and organisers of WTS.

Gita Ghaemmaghami, Regional Communications Director at TikTok MENA, another sponsor of the WTS, said: “As the leading destination for short-form mobile video, our mission in the UAE and wider region is to inspire creativity and bring joy through TikTok. In line with the UAE’s Year of Tolerance, through our platform we continuously aim to spread positivity that celebrates diversity. This is why we are extremely excited to partner with the 2019 World Tolerance Summit and look forward to constantly empowering people in the UAE to express their creativity by capturing and sharing moments that matter in their lives.”

For more details, and to register for the event, visit www.worldtolerancesummit.com

List of sponsors

1. RTA – Strategic Partner of IIT initiatives, including World Tolerance Summit

2. Office of Minister of Tolerance

3. Ministry of Interior

4. Ministry of Foreign Affairs & International Cooperation

5. Ministry of Human Resources and Emiratisation

6. Dubai Police

7. Department of Community Development Abu Dhabi

8. Emirates Real Estate Solutions

Media Partners: Dubai Media Incorporated, NBC Group & Tik Tok MENA

Note to editors

World Tolerance Summit, started in 2018, is a first of its kind event in the region that brings together more than 2000+ delegates, including government representatives, peace experts, youth, men and women from more than 105 countries to promote the concept of tolerance as a language of understanding and dialogue across the globe.

Organised by Strategic Exhibitions and Conferences, WTS 2019 is in line with the declaration of 2019 as Year of Tolerance by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Strategic Exhibitions and Conference: Since its inception in 2000, Strategic Exhibitions & Conference is the trusted partner for many government entities in developing and managing high-profile conferences and events in the UAE. We are associated with Annual Investment Meeting, World Tolerance Summit, Global Investment in Aviation Summit, International Property Show, Dubai Investment Week and many more.

For more details, Contact

Nazeem Beegum

E:    [email protected]

E:    [email protected]

The growing movement of people fuels demand for international tax advice

4 November 2019

The increasing global movement of people and businesses is driving the significant growing demand for international tax advice. 

The observations come from deVere Tax Consultancy, part of deVere Group, one of the world’s largest independent financial advisory organisations, which operates in more than 100 countries.

The world is currently experiencing the highest levels of movement on record.  

According to the International Organization of Migration, the leading inter-governmental agency in the field, approximately 258 million people – or one in every 30 – were living outside their country of origin in 2017.

That is both a record high – and a number that has beaten all expectations. Indeed, a 2003 projection anticipated that by 2050, there would be around 230 million based outside their birth nation. But the latest projection has been dramatically revised upwards – there will be more than 405 million living away from their country of birth by 2050.

James Green, divisional manager at deVere Group, observes: “We’ve noted a year-on-year increase in international tax advice enquiries of more than a third.  

“This can be attributed, we believe, to three key factors.

“First, is the increasing movement of people. Whether driven by geopolitical, work or lifestyle reasons, more and more individuals are on the move around the world.  

“In addition – and despite the rhetoric of some populist politicians – globalisation in the world of trade and commerce is here to stay and is, if anything, gaining momentum as it encourages economic growth, creates jobs, makes firms more competitive, and lowers prices for consumers.

“Second, since the global financial crisis both individuals and companies have become more financially literate and aware of the importance of specialist financial advice, especially when it comes to cross-border affairs.

“And third, the reporting and tax filing requirements are increasing in most jurisdictions.  For instance – and this is just one example – in the U.S. where the Foreign Account Tax Compliance Act, or FATCA, is almost universally recognised as being burdensome, onerous and complex.”

Director of deVere Tax Consultancy, Mitch Young, notes: “The enquiries are coming from both internationally-mobile individuals and firms who are seeking advice on compliant and up-to-date tax filing, residency issues, inheritance tax, self-assessment, property tax structuring and disclosures, national insurance contributions, trusts and wills.

“Due to this considerable surge in demand for our services we have recruited more senior tax consultants, account managers and in-house barrister intermediaries.

“We have also launched our first tax apprenticeship scheme to find and train the top tax talent of the future.  In addition, we’re in the process of building an international tax network to meet the needs and expectations of our clients.” 

James Green concludes: “The demand for international tax advice is set to grow further still as the world becomes increasingly globalised and as the cross-border regulatory landscapes continue to evolve – and at a faster pace.”

New China West cross-culture leadership and business management book launches at Hult Ashridge

A new China West cross-culture leadership and business management book entitled ‘Guanxi in the Western Context:  Intra-Firm Group Dynamics and Expatriate Adjustment’ is launching in November, written by Dr Barbara Wang, a full-time professor at Hult Ashridge Executive Education.  The book launch will take place on Tuesday, 12 November 2019 in the Old Library at Hult Ashridge Executive Education, Ashridge Berkhamsted, Herts HD4 1NS from 11:00am – 12:00pm.

Guanxi is a form of social interaction, unique to the Chinese culture, of forging connections, making contacts and forming warm relationships in business.  While research on guanxi in China has been intense, for the first time this book examines how the employees of Chinese multinational companies employ guanxi in the West;  how Chinese expatriates develop and use guanxi in the host country, and how these behaviours affect their adjustment to their environment.  Aimed at business academia and practitioners, this book illuminates how guanxi shapes social relations in Western branches of these Chinese multinationals, supporting Western managers who seek a deeper understanding of how their Chinese counterparts operate, and Chinese managers who want to increase their awareness of the culture they are immersed in.

Based on Dr Wang’s PHD thesis, this book is the culmination of five years of study into the globalisation of Chinese companies in Western markets since 2005, and how senior executives practise guanxi versus how social network is traditionally practised in Western culture.           

Firstly, the book elaborates on the contextualisation of guanxi to highlight how guanxi emerged, evolved, and subsequently dominated the business system in China.                                                                                                

Next, it examines empirically how guanxi practice affects intra-firm multicultural group dynamics involving Chinese expatriates, host-country nationals, and host-country Chinese in Chinese multinationals.  It shows how expatriates actively practise guanxi with their homeland counterparts, but not with host-country nationals and host-country Chinese. 

Then, it examines the impact of guanxi in building Chinese expatriate adjustment to develop a process model that illuminates that guanxi development alters expatriates’ adjustment curve significantly.

Finally, the book develops a framework of cross-cultural guanxi leadership to lead multicultural teams effectively in the host county.

Dr Barbara Wang says, “This book contributes more generally to shed light on cross-cultural management in terms of Chinese guanxi practice in the Western context.  When I started my study I made assumptions that all Chinese executives practise guanxi.  However, I discovered that Chinese expats don’t practise guanxi with local Chinese for complex reasons as they don’t believe they can reap the returns they need.

“The other assumption I made was that local Europeans don’t understand or practise guanxi.  However, I learned that there is a desire to study Chinese culture and Westerners are motivated to practise guanxi even though it is not inherent to how they operate.

“I recommend that if Chinese companies want to improve their soft power they should take steps to study cross-cultural programmes and become ‘glocal’.  They should do their homework and understand and adapt to the local culture and be open to including everyone in guanxi, which will enhance their global cultural influence.  To sum up, guanxi is the code of China.”

Professor Davide Ravasi, director of the PhD Programme at UCL School of Management, comments, “From research in international business we know a lot about Western multinationals, but we know much less about the up and coming multinationals from China. Yet, many of these multinationals will likely dominate global markets in the years to come. Barbara Wang’s work illuminates for the first time how guanxi – a form of social interaction unique to the Chinese culture – shapes social relations in Western branches of these multinationals. It is an important reading for both Western managers who seek a deeper understanding of how their Chinese counterparts operate, and Chinese managers who want to increase their awareness of the culture they are immersed in.”

Professor John Yang, co-Dean of BiMBA at the National School of Development, Peking University, adds, “Barbara Wang’s new book on guanxi is full of insights and wisdom critical for both Western and Chinese expatriates as well as Chinese professionals overseas. The book not only contributes to making successful global business deals but also provides better cross-cultural perspectives to develop a healthier China versus world business relationship.”

Dr Barbara Wang

Professor of Cross-cultural Leadership, Hult Ashridge Executive Education

Dr Barbara Wang is the academic director – China of Hult Ashridge Executive Education and association dean of China initiatives. 

Her interests lie in cross-cultural leadership/management, and Chinese leadership and executive coaching.  She has extensive experience in management training and consulting and has designed and delivered leadership development programmes and coaching for multinational companies such as ABB, Volvo, Daimler, Continental, Sinopec, China Post, Bank of China and Air China.  She also teaches on executive programmes for other British and Chinese universities.

Before her current roles, Barbara was a vice president for the Western Management Institute of Beijing.  Her commercial experience extends to working for multinational companies in China where she was the retail operations director for CELINE of the Louis Vuitton group, and the global accounts manager in China for DHL.

Barbara holds a PhD from Cass Business School in the UK, where her research focused on cross-cultural leadership/management of Chinese multinational enterprises in Europe.  She has qualified in many leadership psychometric tools.

Barbara’s new book ‘Guanxi in the Western Context: Intra-Firm Group Dynamics and Expatriate Adjustment’ (Palgrave Macmillan) was published in July 2019 in the UK, and she is co-author of Chinese Leadership (Palgrave Macmillan, 2011).

For further information, please contact: 
Olivia Sandu, James Walerych, Malika White, Lynda Heath Ash Communications 133 Whitechapel High Street London E1 7QA Tel: +44 (0)20 3457 0837 
E-mail  [email protected] [email protected] [email protected] [email protected]  

Understanding Blockchain Technology

Blockchain technology finds its origin in the digital coin named Bitcoin. It was invented primarily to sustain it. Although blockchain is tightly associated with Bitcoin and other cryptocurrencies, these are just the top of the iceberg.

Blockchain technology finds its origin in the digital coin named Bitcoin. It was invented primarily to sustain it

Currently, blockchain technology is being used in other commercial applications, and annual growth of 51% is expected for 2022 in several markets, including financial institutions and Internet of Things (IoT).

What is blockchain technology, and what makes it secure?

A blockchain is a list of digital records or blocks of data that are stored in a linear chain that is constantly growing. It´s a kind of digital general ledger than can be shared with many users and that keeps record of every transaction. Each block contains encrypted data, for instance of a Bitcoin transaction, and is linked to the specific user that made it. There´s no way to alter the data in them since they are time-stamped and connected to the previous block.

The security of blockchain relies on the fact that it can be updated only with the agreement of all the participants and the system itself. 

The information of the whole chain is kept in each node, so each participant has an exact copy of the entire chain. If someone wanted to attack the service, he should overturn or nullify every node in the net given that just one operative node is enough for all the information to be available. 

As new records are created, these are verified and validated by the nodes and added to a new block that is linked to the chain. Once added, this block becomes unalterable. For a transaction to be accepted and added, some specific digital signatures or requirements must be met. For example, people that use the crypto-currency Ethereum, must meet several conditions to demonstrate that they have that crypto-currency and can operate with it. 

Why is blockchain useful for?

As it is a peer-to-peer network, where transactions are time-stamped, and that enables managing all the information exchange among the users in an autonomous way, without the need for an administrator, it is an excellent tool for all types of businesses. Any information that needs to be kept intact and available can be safely stored in a blockchain. 

Many industries, such as transport, fintech, and sanitary services, to mention just a few, are taking advantage of this technology that streamlines processes, improving productivity. 

Challenges organizations or companies could face with blockchain

Thanks to blockchain, the operative models and business-making models of the companies and organizations could undergo a total transformation with the adoption of blockchain technology. Many organizations are using blockchain technology for their transactions. Still, if it were massively adopted, one of the challenges that governments of extremely controlled sectors will have to solve is the lack of regulation.

Blockchain is complex, and it takes a longer time to process any transaction. It can take hours to complete a transaction. And the more it grows, the slower it gets. This could be an obstacle for specific industries.

Despite the above, the biggest challenge that blockchain technology faces is the reluctance of private and public sectors, along with the skepticism of the potential users who, as with each new technology, need time to learn, get used, and trust.  

See also about Modern Monetary Theory and Internet of People – IoP

Business Risks – Threats that nullify the company’s ability to meet its financial goals

The company has always exposed to uncertainties that are called business risks. They may affect a firm’s aim to gain its goals. The danger of loss is in the form of machinery breakdown, strikes, change of trends, etc.

Business risks refer to the threat to the company's ability to meet its financial goals. It indicates the risk of uncertainty or loss in profit and the risk of some eventuality in the future, which can make a business fail.

Factors Causing Business Risks

Business risks result in less profit or even loss. The factors that lead to risks can be Internal or External.

  1. Internal Business Risks: risks that arise due to some event happening within a firm are internal risks. However, the firm can control them. Internal risks occur by:
  • Technological factors
  • Human factors
  • Physical factors
  • Operational factors

Examples: New technology, fire, cost-cutting, etc.

  1. External Business Risks: External risks occur by any event happening outside the firm. However, the firm’s management cannot control them. The factors that lead to external risks are:
  • Natural factors
  • Economic factors
  • Political factors

Examples: Floods, price pressure, riots, etc.

Types of Business Risks

Risks have divided into five kinds:

  1. Strategic Risk: The risks associated with business operations are strategic risks. They arise when the business plans fail. Poor business decisions lead to failure, e.g., marketing risk, project risk, competitive risk, etc.
  2. Financial Risks: These risks related to business events and finance. It adds to shareholders by debt financing, along with equity.

For example, there can be losses by movement in stock prices, interest rates, etc.

  1. Operational Risks: These risks linked with official procedures of a business. There is a failure to connect to internal policies.

For example, some events like frauds, computer hacking, etc. affect a company’s daily activities

  1. Compliance Risks: Such risks occur by state rules and commands. When the company fails to follow laws, it has to face legal penalties. These risks ensure that the firm runs justly.

For example, corrupt practices, social responsibility, etc.

  1. Reputation Risks: The negative publicity of a firm/product leads to this risk. There is a chance that a company’s name can damage.

For example, a mobile company issues a phone that breaks easily. But then it markets a new and better model.

Business risks refer to the threat to the company's ability to meet its financial goals. It indicates the risk of uncertainty or loss in profit and the risk of some eventuality in the future, which can make a business fail.

Ways to Manage Business Risks

You can plan to manage the exposure of risks.

  • Mitigate the risk: You need to keep a contingency plan. In case if the risk materializes, you must have a second plan to follow.
  • Avoid the risk: It’s better to avoid than to bear a loss. Sometimes the launch of a product leads to affect the company financially. You can postpone it until your company stabilizes.
  • Transfer the risk: You can pass financial risks to someone else. For instance, fire insurance is the best example of it.
  • Accept the risk: If the risks are likely to happen, you can opt for small damage. So, examine the other option and make the right decision to accept the risk.

Business risks lead to uncertainties, but a good businessman takes them as a challenge. Risks lead to new clients and more sales. You can, however, manage to minimize the worst to happen.

See also about Financial Riska Management

Election 2019: Expect the pound and UK financial assets to be increasingly volatile

The pound and UK financial assets will be volatile in the run-up to Britain’s first December general election since 1923 – and will remain so in the event of another hung parliament.

This is the warning from Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent financial advisory organisations, as Labour announces it is now backing the government’s bill for a December election, regardless of the date.

Mr Green comments: “This is a critical stage in the slow-moving, damaging, torturous Brexit saga.

“Expect the pound and UK financial assets to be increasingly volatile in the run-up to the general election, given the wide-ranging set of outcomes.

“The most detrimental of these outcomes for sterling, UK financial assets and the wider British economy, include another hung parliament or a victory for Jeremy Corbyn’s Labour party.”

He continues: “Boris Johnson’s intention to secure a majority within the House of Commons is by no means guaranteed.  

“The Brexit Party will use the fact that Mr Johnson did not deliver Brexit by October 31 – something on which he staked his whole premiership. 

“The Remain vote could also be split between Labour, the Lib Dems, the Greens and the SNP. 

“Political fragmentation on this scale has never happened before in the UK.

“Therefore, a hung parliament looks like an alarming possibility, meaning there could be no majority to quickly and smoothly resolve the Brexit chaos.

“Should grinding deadlock continue, the UK economy would still haemorrhage investment and confidence. The fallout of Brexit has cost the UK three and a half years of lost opportunity and many, many tens of billions of pounds. This would only intensify with another hung parliament.”

He adds: “Meanwhile Jeremy Corbyn’s Labour party will campaign on the most radical, left-wing manifesto in more than a generation.

“Should he win this election, his anti free-market policies – such as the re-nationalisation of industries from utilities to railways to postal services, and the forcing of companies to give 10% of their shares to staff – plus his high-tax policies, including a possible wealth tax, will spook the financial markets, hit long-term sustainable growth of the British economy, put more pressure on UK financial assets, and lead to a significant sell-off of the pound.

Mr Green concludes: “The general election is set to be the most contentious and uncertain in generations. Investors now need to protect and build their wealth and assets by ensuring they are properly diversified across asset classes, sectors, currencies and regions.”

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement

How to Improve Sales Performance | Tricks and Tips

Although the sales process is an integral part of any business, it is no secret that it is complicated. It needs insistence, a plan, and consent of human psychology and it often changes as your business grows. But it can be tough to find out how to enhance your sales, except to make more calls or find more potential clients. We spoke with sales experts to get the best tips on how to improve the sales process.

Find out how to improve sales and change your business to the latest sales device that uses the right mix of customer service. Focus and build customer support, leading to repeat sales.

Tips on how to improve sales – for the sales team

Slice down your sale goals

Viewing your annual or monthly sales goals can be devastating. Break large targets into flexible pieces. E.g., you might decide to perform specific tasks every day: find two new business prospects, make five phone calls, and make one new meeting. Design a search plan that defines how you will make new leads.

Inverse the sales funnel

It makes sense to follow a regular sales funnel as part of your sales strategy. If you find that nothing is shaking, try working opposed. Rather than focusing on your income goal, focus on client service. Talk to your clients and find out what they need from you. Develop a sales plan by cutting each step into feasible daily tasks.

Use emotional aptitude to make client relations

Selling is both knowing who you are selling to and selling a product. The bond you build with your clients can be a critical factor in deciding if you are selling or not. Emotional aptitude is informing of its own and emotions of other people.

Tips on how to improve sales – for sales manager

Improve sales strategies

A good sales plan outlines how you will bring new clients. And also how you will create or expand links with potential clients. Besides, how you will continue to sell your product or service to existing customers.

When making your strategy, you should:

  • Define your target audience and create your ideal customer profile
  • Resolve how the lead is generating
  • Perform SWOT analysis
  • Form income targets
  • Set your conversion goals
  • Define your business place in your market
  • Prepare a plan in case of an error

When you create your first sales strategy, you can also create a plan listing what to do in the event of an error. Examples of these cases are a loss of a notable sales agent or a mismatch of your sales target. Your skilled plan should indicate who will be told of the problem and how. Also, consider the steps you and your team can take to fix the issue. In some cases, avoid repeating these errors in the future.

Find out how to improve sales and change your business to the latest sales device that uses the right mix of customer service. Focus and build customer support, leading to repeat sales.

Manage your sales team effectively

Your sales strategy is as good as your team. So, you should develop motivated and well-trained sales agents. The best way to do this is to learn about the people in the group. As a manager, you must know what drives them as an individual.

During the sales training, be honest with your reps regarding goals, notices, and ways to assess their efficacy. A manager should plan meetings (monthly) with each seller to find out what they need and where they struggle.

See more at CFI.co Blog