Outstanding women rocking

OUTSTANDING WOMEN ROCKING THE BUSINESS WORLD

Gender equality is one of the key drivers of effective management, regardless of industry. While there are fields like social entrepreneurship and agribusiness where this balance could be achieved sooner than in others, the trend is pretty clear: gender equality is being encouraged in an increasing number of businesses and sectors, so we’re seeing more women rising to C-level positions or corporate board membership. BR sat down with several outstanding women from different areas of business, from both the public and private sectors, to discuss the challenges women face in top executive positions and the unique contributions women leaders can bring to a company’s ecosystem.

By Anda Sebesi

According to the fifth edition of the Gender Equality Index (2020), issued by the European Institute for Gender Equality (EIGE), with 54.4 out of 100 points, Romania ranks 26th in the EU. The country’s score is 13.5 points below the EU average. The same source shows that since 2010, Romania’s score has increased by only 3.6 points (– 0.1 points since 2017).

Perhaps surprisingly, Romania has quite a large number of women in C-level positions. “Stats show that boards with more seats occupied by women are associated with increased financial performance and shareholder value. Usually, women face more challenges than men in ascending to board positions in the private sector, where wages are higher. In Romania, the gender pay gap is 3 percent, much lower than the EU average of 16 percent, but this stat is actually misleading because it includes the country’s large public sector, which is dominated by women (e.g. teachers),” says Anca Dragu, the President of the Romanian Senate.

She adds that leadership has no gender, and a leader can always achieve his or her goals through engagement, motivation, and professionalism. “I really felt appreciated during my time in C-level positions and this motivated me to turn my professional goals into achievements. In fact, while I worked in the private sector, I was part of a board where half the members were women. In my political party, PLUS, I am a member of the main ruling body – the National Bureau – where 4 out of the 7 members are women.”

Along the same lines, Adina Nanu, Director of Human Resources and Transformation and member of the board at Auchan, says that board membership was offered to her and that it had not been one of her career goals. She adds that she doesn’t believe gender should ever be seen as an advantage in certain jobs. “I believe only in determination, focus and hard work.” Nanu highlights the fact that about 68 percent of all positions at Auchan are currently held by women, and 40 percent of store managers are women.

According to Ramona Dumitru, Communications and Public Affairs Director at Veolia Romania, gender balance is a key aspect of effective management. “As for how C-level executives are being treated based on their gender, I can’t say I’ve noticed that many differences. Of course, the occasional unconscious bias or stereotype still exists, probably more often in some cultures or places, but what I focus on is the action being taken to address these types of issues. Gender diversity is strongly correlated with both profitability and value creation inside a company, therefore the case for improving women’s access to C-level positions has never been more compelling,” Dumitru argues. She adds that women are far more involved in decision-making processes and have more seats at the table than they did before. “Diversity and closing the gender gap are not just a couple of KPIs that someone needs to check at the end of the year. They are stepping stones towards creating a work environment that nurtures performance, innovation, respect, solidarity, and inclusion.”

Obviously, no one starts their career in a C-level position. You must be smart and work hard to get there and stay in the position for as long as you want to. A challenge most women professionals must

deal with is making the best out of both worlds – being a successful professional as well as a good mother. And female executives all over the world are doing their part to redefine working motherhood and no longer have to choose which part of their legacy to focus on.

“When analysing and studying the epitomes of success, hard skills like technical expertise, empirical experience, analytical thinking, and in-depth knowledge seem to be fundamental, and mostly attributed to men, although this does not mean that men lack soft skills. To women’s advantage, hard skills like the ones I mentioned above can be easily and fairly claimed alongside a roster of soft skills: self-motivation, attention to detail, resilience, networking, communication, collaboration, critical thinking – in short, emotional intelligence (EQ),” says the Veolia Romania representative. According to Ramona Dumitru, the latest research shows that women usually score very high on EQ tests, and this can be linked to the fact that women-led teams are highly engaged. “This approach to transformational leadership and management is strongly rooted in encouraging and motivating teams to partake in establishing both the company’s and the team’s purpose, as well as heightening the sense that everybody is contributing to the prosperity of the company or organisation they work for,” she concludes.

HOW DO THINGS STAND IN THE EU?

The Gender Equality Index has been widely recognised for its contribution to monitoring progress on this metric in the EU. The Index covers a range of indicators in areas such as work, money, knowledge, time, power, and health. It also integrates two additional factors: violence and intersecting inequalities. The indicators are closely linked to EU targets and international commitments such as the Beijing Platform for Action as well as the 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs).

With a score of 67.9 out of 100, the EU is at least 60 years away from reaching complete gender equality, if things continue at their current pace. The latest Gender Equality Index from the European Institute for Gender Equality (EIGE) found that the EU was improving by just half a point each year. Among the bloc’s Member States, Sweden, Denmark, and France have kept their top spots. The awards for the highest improvements went to Italy, Luxembourg, and Malta, with each having gained around 10 points since 2010. But Greece, Hungary, and Romania are lagging behind the rest. “We have seen small, steady gains year on year, but this time we have a reason for concern. The coronavirus pandemic poses a serious threat to gender equality progress, which we cannot afford. More than ever, policymakers will need to use the results of our Index to design inclusive solutions that promote gender equality in our society, both during and after the pandemic,” said EIGE director Carlien Scheele.

“Gender equality must be sought in all areas of life for all Europeans – regardless of their gender – to reach their full potential. The Gender Equality Index is a crucial tool in this quest as it tracks progress. Nonetheless, there is still a long road ahead in many aspects, particularly in the digital world. As our present and future are increasingly digital, we need to ensure that women and girls occupy their fair share of this sector and are encouraged to contribute towards its growth. The EU Gender Equality Strategy adopted this year sets out key actions for the next 5 years, to step up the work towards equality, and we need to see it be fully implemented to ensure that women and men can be free and that they will thrive and lead,” said Helena Dalli, European Commissioner for Equality, at the end of last year.

POWER DRIVING PROGRESS

Improved gender equality in decision-making is the main driver of progress in the EU. The power indicator, which measures the engagement of women and men in decision-making in areas like politics, economics, media, research, and sports accounts for 65 percent of all progress in the Index since 2010, yet with a score of 53.5 out of 100, it remains the lowest scoring domain. The biggest improvements have occurred in the private sector, largely due to the improved gender balance on company boards. Belgium, Denmark, Germany, Italy, the Netherlands, Finland, Sweden, and the UK have company boards where almost a third of members are women. France is the only country with over 40 percent. While these countries have been helping to boost the score in this regard, the rate of change will soon slow down unless other countries start catching up.

SEGREGATION HOLDS US BACK

One of the biggest problems holding back gender equality is segregation in both education and work, meaning a concentration of either women or men in certain subjects or jobs. Despite efforts to tackle this issue, such as special initiatives to encourage women to study science, engineering or ICT, segregation has actually increased since 2010. In the EU, only two out of ten ICT jobs are held by women, while the care sector lacks men, as they make up just 15 percent of workers in nursing, midwifery, and personal care in health services.

THE DIGITAL WORLD AND THE FUTURE OF WORK

The 2020 Index had a special focus on the effects of digitalization on the working lives of women and men. Women face a slightly higher risk of being replaced in their jobs by robots and are underrepresented in developing artificial intelligence, digital start-ups, and high technology products such as space crafts, optical fibres, lasers, and microchips. Overall, men dominate the development of new technologies across the EU.

Interestingly, the expansion of work organised through online platforms is reproducing traditional gender inequalities such as the gender pay gap and gender segregation. For example, men are more likely to work in software development or food delivery, whereas women work more in online translation or domestic services.

From Wall Street to real estate

Having had the opportunity to work in both real estate and banking – two fields where executive roles tend to be dominated by men, Fulga Dinu, Country Manager for Operations at IMMOFINANZ Romania, is lucky enough to have seen many of her professional dreams come true.

By Anda Sebesi

Fulga Dinu studied financing and investment at the City University of New York, from which she graduated summa cum laudae. Her life’s dream was to work on Wall Street, and it quickly came true: she started her career in investment banking at JP Morgan. In 2001, she returned to Romania and developed the real estate financing department at HVB Bank, at a time when the market was just starting to take shape. She then became Country Manager at Eurohypo AG, a bank that was part of Commerzbank and specialised in real estate financing. This move allowed her to grow along with the market and be involved in high-profile projects on all segments, from office to residential, retail, and logistics.

At the beginning of 2018, she took over as Country Manager Operations at IMMOFINANZ Romania. “This change came naturally in my professional development, confirming my constant need for transformation and development. At the moment, my career is meeting all my expectations, especially because I have moved to the ‘other side’ of the business, taking on the role of investor, which allows me to deepen my understanding and adopt a much more detailed view of the business,” Dinu says. However, she thinks that this level of performance can only be achieved together with a highly skilled and fully dedicated team, which she has and truly appreciates, as well as by putting in a lot of hard work and commitment, things that naturally derive from the passion she has for her work. Talking about gender equality in the real estate sector, Dinu says that compared to the early 2000s, when she started out in this field, there are many more women in top positions, especially in Eastern Europe. “However, real estate is still a male-dominated industry, but I believe that top performance can be achieved regardless of gender, in any field, through solid professional training and managerial talent. We live in an age of equal opportunity, of tolerance, where gender or nationality no longer matter, and this means that strong, remarkable, and inspirational women have a much better opportunity to make their voices heard,” she adds. While she admits that the banking and real estate industries are rather conservative and predominantly masculine, Fulga Dinu strongly believes that solid knowledge and strong managerial skills are key to every woman's success. “A good professional cannot hold a top management role without the skills of foresight, planning, coordination, and control. A top manager must be able to take responsibility and make important decisions, carry out in-depth analysis, be creative, and very

importantly, always work to motivate and inspire the team they lead,” the Immofinanz executive argues.

Dinu also points out that even though it may be challenging for a woman to work in a business sector dominated by men, gender doesn’t really matter as long as an individual’s professional approach demonstrates competence and efficiency. “I’ve never thought that I might have been treated differently if I were a man. It just so happens that my professional path has taken me through areas which have traditionally been male-dominated, namely banking and real estate. However, being a woman was never a problem for me; on the contrary, I believe that in my line of business, it can actually represent an advantage,” Dinu notes. “In fact, I started to openly express my opinions and make my voice heard and listened to very early in my career,” she adds.

FEMALE LEADERSHIP ON UPWARD TREND

While Dinu says she has never felt treated differently as a top executive due to her gender, she acknowledges the fact that salary discrepancies sometimes still exist between men and women. But the good news is that we’ve been seeing a rise of the woman-led business community, both locally and internationally. There is a growing number of exceptional business women, real professionals who make very good managers and create extraordinary things. These women are getting the respect they truly deserve and are wonderful examples for us all. “In today’s business world, I am happy to see women bringing creative perspectives, ideas, and innovative experiences that lead to better decisions in companies, takes a great deal of courage for them to make themselves heard, but this is essential, because women certainly have a lot of important opinions and ideas to share with the world, and they can definitely make the world a better place,” Dinu argues.

According to the IMMOFINANZ representative, any woman who holds not only a C level position but also an A level one, can transform intrinsic traits such as multi-tasking, analytical thinking, vision or planning into professional advantages. Women can be much more analytical in certain contexts, but they are also more emotional at times. But skills that are traditionally associated with women like empathy, empowerment, emotional intelligence, and instinct-based action are now considered valuable in business. “For example, women are viewed as better able to manage people and situations during stressful times and they are thought to be better positioned to manage a crisis because they tend to be more intuitive, understanding, and empathetic than men. We can therefore see why feminine traits are becoming strengths in today’s business world. Emotional intelligence is essential in understanding both people and markets, as well as in communicating effectively.”

BIG CHALLENGES LEAD TO BIG REWARDS

As a top executive, Dinu says that making sure that she makes the right decisions and that she can live with them afterwards is the biggest challenge she faces. “I’ve always believed that any decision is better than no decision,” she explains. Then there is the challenge of keeping a balance between professional and personal matters. “I want these two essential components of my life to harmoniously intertwine, and more often than not, that’s what happens. There are very demanding periods at times, when I dedicate myself almost entirely to my career, but family restores my balance and gives me the strength to move on.” Dinu highlights the fact that her great performance as a leader has derived from building a wonderful, fully dedicated team. “I have always counted on the people in my team, whom I respect and am very proud of. Mutual trust, honesty, and loyalty are all at the foundation of this beautiful team of mine.” She notes that her leadership style involves always being close to people on the team, always approaching them with a smile, and shielding them from stress and tension as much as possible. Asked about the most difficult moment in her career, the IMMOFINANZ Country Manager puts it simply: “I generally believe that any difficult moment can be overcome by making the right decisions at the right time. However, people management is to me one of the hardest and sensitive things to handle, so I put extra effort and care into it.”

FAMILY ROLE MODELS

Fulga Dinu’s mother and her grandmothers were role models who inspired her both personally and professionally. “My mother helped me become the person I am today. I learned something important from each of them and looked up to them while I was growing up. They were all strong women, but sensitive at the same time, they always stood up for themselves, expressed their opinions, and were extremely dedicated to their families. They showed me how to be dignified, but also how to make compromises when I need to. They also taught me not to miss out on opportunities, and this helped me find my path not only in my career, but also in motherhood,” she concludes.

The first woman in charge of the Romanian Senate

With a background in economics, having worked as a central banker and later as a macroeconomist, Anca Dragu is now the first woman to ever hold the Presidency of the Romanian Senate. She sat down with Business Review to talk about what it has been like holding such a position as a woman, the biggest challenges she has faced in her career, and how she was able to overcome them.

By Anda Sebesi

Throughout her career, Romanian Senate President Anca Dragu has made constant efforts to gain more knowledge and take advantage of the few opportunities that an emerging economy and young democracy like 1990s Romania had to offer for young women like her. She started her economic studies at the beginning of the 90’s, began her career as a central banker, and later became a macroeconomist. “Working for international institutions in macroeconomics and economic policy, I was able to learn about many economies across the world, understand the role of structural reforms in sustainable and inclusive growth and sectorial policies, as well as observe best practices. This gave me a good overview of economic systems and reform and it offered me the chance to develop skills that I could use to lead international teams and bring harmony into diverse groups,” says Anca Dragu.

In reality, the number of women involved in Romanian politics is quite small. However, Anca Dragu has never felt discouraged by her fellow senators or party members during her political experience, and her collaboration with all colleagues in the Romanian Senate and Parliament has been based on mutual respect. “My belief is that we can educate people around us and encourage open-mindedness regarding a gender-balanced professional environment by sending the right message and adopting the right attitude, so I have been acting accordingly. As the President of the Senate, I see it as my duty to be a role model and empower women who might want to get involved in politics, but may feel discouraged by social pressure or stereotypes.” She thinks that women in our country can be successful political leaders and have a strong family at the same time. “It’s not rocket science; it’s only about balance and self-confidence,” she says. Asked whether she had a woman as a role model, Anca Dragu says that she looks up to both men and women, including historical figures from national and international history, but also people in her life who have inspired her professionally. Her strongest personal values are tenacity, honesty, and respect for others. “I’ve been inspired by teachers in primary and secondary school, by colleagues, and by family,” she recalls. As for the most challenging moments of her career as a C-level executive, Dragu says that joining a new company and departing from a job are always difficult. “But in between, in my last role, I had to go through the pandemic and the lockdown together with my team. Staying close to the members of my team during the pandemic was a huge challenge. I felt my colleagues’ need to be understood and appreciated from a distance. I offered them my support, I organised one-to-one discussions, online meetings with influencers and trainers, all aimed at boosting their confidence and preventing feelings of loneliness and lack of trust.” For her, maintaining thought independence and having the strength to act as a voice of reason while constructively challenging opinions were some of the biggest challenges she faced in her C-level roles. Building and integrating a new team structure, transforming an organisation and getting it to go from working in silos to a cooperative/matrix workstyle, generating a “one team, one goal” attitude, and implementing major economic projects that would have a positive impact in a short period of time were among Dragu’s most important achievements as a C-level professional.

The secret to success: never back down from a challenge

The transition from journalism to communications was a significant step forward for Ramona Dumitru, Communications and Public Affairs Director at Veolia Romania, setting the foundations and teaching her valuable lessons for her current role.

By Anda Sebesi

Ramona Dumitru’s professional journey began in the world of journalism, where she worked for the most reputable business newspapers on the market. She made the switch to the ever-evolving field of communications in 2003 and she was fortunate to work with top PR and advertising agencies and learn the ropes alongside top figures of the Romanian and international industry. “This trained me for my current position as Communications and Public Affairs Director at Veolia Romania. I joined the team in a C-level position in 2017, and since then I have been in charge of communications for all seven Veolia companies operating in Romania,” Dumitru says.

Traditionally, water and energy are perceived to be very maledominated sectors. However, Veolia promotes and honours diversity, innovation, and social responsibility. “Gender equality is a top priority for the Veolia Group and through training, mentoring, and development programmes, our culture encourages women to develop and nurture their talents and helps them achieve their professional goals. I have been a first-hand recipient of this benefit working for a company like Veolia and have personally experienced this type of support,” she explains.

But how did she manage to succeed in a sector dominated by men? “I am a very ambitious woman, so I try to meet any challenge with tenacity, an intuitive strategic approach, and an authentic sense of self-confidence. Thanks to my resilience and innate communication skills, I was able to overcome the difficulties and limits that came with working and growing as a woman in such a challenging professional environment.” Dumitru points to the fact that the last 50 years have been defined by a great transformation of the labour force, with more women having risen to senior, C-level positions inside a large number of organisations and business sectors that had traditionally been reserved for men – serving as evidence of the changing role of women in society. “I think that every time a woman sets her mind on something in her professional life, she should do everything in her power – within reason – to achieve that goal. And she should never feel the need apologise for her ambition,” she argues.

She adds that translating the technical vernacular that in some cases may be inaccessible for many of the company’s customers into more friendly, easy to read language was a challenge that Veolia Romania addressed by always maintaining an open dialogue with the communities it served. At the same time, it adopted internal communication strategies and tactics to create a healthy, cohesive, inspiring, and productive work environment. “Once you learn how to actively listen and successfully communicate the company’s vision and mission in an assertive, yet sympathetic manner, your job is almost done.” Asked about her biggest achievements as a C-level executive at Veolia Romania, Dumitru says that the fact that the company has an impact on so many lives comes with a high level of responsibility for its leaders. “Our communication campaigns always include strong education and responsibility components, and I am grateful that this is being recognised by the industry as well.”

A woman thriving in a man’s world

Lara Tassan Zanin, Head of the EIB Group Representation in Romania, believes that we must make the most of the chances life gives us. She talked to Business Review about her professional experience in a world dominated by men and by senior experts who were usually much older than her.

By Anda Sebesi

Lara Tassan Zanin’s professional journey started some 20 years ago, when she started to work for a development agency reporting to the Italian Foreign Affairs Ministry that operated in Central and Eastern Europe. Back then, the institution was looking for a young engineer with an appetite for finance. “I have always been interested in large complex infrastructures, from both a technical and a financial perspective. I wanted my projects to become reality, so I was always inclined to find the money to implement them and acquire financial engineering skills. I think I was lucky enough to find the right job, which allowed me to develop in both directions,” Tassan Zanin recounts.

In 2006, after eight years at the agency during which she had some great achievements and received the first CEI Award assigned to a staff member, she decided that it was the right moment to move on, as she wanted to further develop her career. “Back then, my boss told me: ‘You are pushing too hard. You need to move into something bigger’.” So she looked around and found three places where she thought she might want to work: the European Investment Bank (EIB), the World Bank, and the European Bank for Reconstruction and Development (EBRD). She applied for positions at all three institutions, and finally decided to go for the EIB.

“I went where the big money was, and still is. At the EIB you need to have international experience and a mix of skills including relationship building; you have to be a team player, but also to have initiative. The recruitment process was quite difficult, because back then the EIB’s philosophy was that when you join its team, you join it for life, and the institution must make sure that it hires the right person.” Lara believes that she entered a highly professional world through the EIB and has never had any regrets about this move, as it has been a very rewarding journey. She started her work at the institution in the technical experts’ department and later moved through several other positions. “I was very young when I joined the EIB, and there weren’t many women around at the time. But what I liked the most was that even the most experienced engineers would ask for my opinion. Everyone mattered, every kind of experience mattered. I found a very open and multicultural professional environment that helped me flourish in the years that followed.” For about a decade she has been in C-level positions, first in the EIB Constituency at the EBRD Board in London, then as Head of the EIB Group Representation in Ankara/Turkey, and now in a similar role in Romania.

A SECTOR DOMINATED BY MEN

Tassan Zanin says that there is no gender equality in the finance industry, whether we’re talking about public or private lenders, and official data support this view. “Of all executive management positions in the banking sector, only roughly 30 percent are held by women, even though more than half of economics students are women. And unfortunately, the industry goal right now is not even getting to 50 percent women in leading positions, but to a mere 35 percent.”

But what are the reasons behind this gap? As Tassan Zanin puts it, just like we see in other situations, whoever holds the majority tends to want to preserve it because it brings certain benefits, and the financial sector is no exception. “It is simply a matter of comfort. Men have been dealing with men since they were kids. The financial industry is a very competitive environment, with lots of ambitious, brilliant people. They face a lot of challenges, so they don’t feel like adding a new one by bringing on more women, because that may require them to adopt a different way of doing things,” says Zanin.

According to the EIB executive, since the financial sector is no longer as appealing as it was 20 years ago, when it was seen as a

top career choice, there are sectors where gender equality will be achieved sooner, including social entrepreneurship and agribusiness. “These are sectors where women can take on leading positions, become entrepreneurs, and make great strides towards gender equality.” Still, she points out that Romania’ situation is particularly challenging, because less than 20 percent of businesses are led by women. Within two to three years of graduating from university, many women disappear from the labour market as they decide to start a family and have kids. “The challenge for Romania is creating child-care facilities to support women in re-entering the labour market and encourage them to work towards leading positions within their companies.” In addition, she says that in Romania, as well as in other southern regions in Europe, failure in entrepreneurial ventures is socially more accepted for men than for women: the latter fear that such failure would put into question their reputation as positive female figure in their families.

COMPETENCE, ASSERTIVENESS, AND CHARM

Asked how she coped with the challenge of working in an industry dominated by men, Tassan Zanin says that in her case, it comes down to a mix of three factors: competence, assertiveness, and charm. While she developed the necessary hard skills quite early on, assertiveness and charm came into the picture much later, through her work in difficult environments like Turkey. “Being assertive is actually very important. Once you know what you are doing or saying, you have the right to speak up and be listened to. As for charm, I became aware of this dimension while I was growing as a professional. Male colleagues would often place me on the front lines to convey delicate messages to governments. Though competence and assertiveness may come first, charm helps you convey difficult messages in a way that your counterparts can accept them more easily.”

According to Lara Tassan Zanin, there are two important things that should be acknowledged in order to reduce the gap between men and women holding top executive positions, namely the differences between their communication styles and breadth of focus. “The more women are aware that they communicate differently, the easier it will be for them to hold on to their emotional angle, which is very important in building relationships and very helpful in negotiations. They don’t need to sacrifice their emotional side; they can actually use it as a resource. Furthermore, while men are generally more niche-oriented, women tend to always have an eye on the bigger picture.’’

Women who hold C-level positions must be resilient and persistent. Nevertheless, they have some advantages that can be put to good use in sectors where men hold the majority. “Women have an innate capacity to be both verbal and non-verbal. They also have a higher level of risk aversion, because they need it in everyday life.

As for role models, Tassan Zanin says that when she started her professional journey, she looked up to Eleanor Roosevelt. “I admired her because she had an outspoken stand for equality, regardless of race, social class, or gender. She leveraged her privileged position of US First Lady to convince the UN Assembly to adopt a standard of basic individual rights for nations around the world, protecting the rights of every individual, everywhere. I have many such women as role models in my life, because they were unconventional and created opportunities for other women. This is what I find most inspiring about them, as I wouldn’t be able to advance the gender equality agenda on my own.I can though contribute to it by enabling other women to fight for equality in sectors where they are still underrepresented and underpaid.”

TURNING CHALLENGES INTO RESULTS

Since she has always been working in male-dominated environments where she was usually younger than the senior experts, Lara Tassan Zanin has needed a lot of strength to rise to the top of her field. One of her biggest challenges was getting the EIB to endorse the “No Diversity, No Panel” initiative by which the European Commission used to pursue gender balance in conference panels. “It took me and my colleagues perseverance and influencing skills to get the support needed by the relevant internal services at the Bank and the final approval of our governing body.’’ Now we have even a bigger challenge ahead of us: making sure that the initiative is respected and there is diversity in everything we do.”

But challenges didn’t stop here for the Head of European Investment Bank Group Representation in Romania. While the EIB has been one of Romania’s top financing partners for many years now, its efforts do not always get the deserved visibility in the domestic market, so Tassan Zanin has had the difficult task of maintaining her staff’s morale, to make up for the lack of public recognition and eventually unjustified bad press. “I have been advocating for higher visibility for the EIB, because the greatest difficulty comes from the discrepancy between what we do in Romania as an institution and what we are perceived to be doing.” In addition, during her tenure so far, she has made an effort to address some of her staff’s biggest frustrations, with great results. “Team unity is much better than it was when I first came to Romania. After all, interpreting and exploiting culture diversity in order to deliver results is one of the key drivers of my role here.”

From managing products to enriching people’s careers

With vast experience in the retail sector, Adina Nanu, Director of Human Resources and Transformation and member of the board at Auchan Retail Romania, sat down with Business Review to take us through her professional journey so far, pointing out that skipping steps is not a good idea if the aim is to build a healthy career.

By Anda Sebesi

Adina Nanu has been with Auchan ever since the French retailer first entered the Romanian market 15 years ago, and by that time she had already spent six years working in the retail sector. Nanu has therefore been present at every stage of the company's development in Romania, having taken on challenges in several business areas, which enriched her experience and gave her the energy to move forward, even in delicate moments. “I started out as a Buyer and then I continued as Private Label Manager, overseeing the building, development, and implementation of private labels in Auchan. Later, I continued in roles like Purchasing Group Coordinator and Brand and Quality Director,” she recalls.

Four years ago, she transitioned from managing products to managing people, thus beginning her career in HR. “Working in Human Resources was an old dream that came true at a time when I had almost forgot about it. I am convinced that change is sometimes healthy, including in one’s professional path – it helps you gain a new perspective and develop further. In addition, a person with a solid background in a particular field can often bring added value to an entirely new line of work. This kind of move can benefit both the company, bringing fresh vision and new approaches, as well as the person, because they can take on different responsibilities and face completely new types of decisions,” Nanu says. In the summer of 2020, she was appointed Interim Director of Human Resources and Transformation, and from December 1st onwards, she took over the role on a permanent basis, and also became a member of the Auchan board. Acknowledging the fact that women are generally associated with HR roles, Nanu says: “I don't think there are rational reasons for this, just like I don't think there are rational reasons why a woman couldn’t take on any role in a company; and the same can be said for men. I believe that an acceleration of gender diversity would bring many benefits to HR practices, as well as to other areas of business,” she argues. Speaking about her position as a member of the Auchan board, Nanu adds: “I haven’t given much thought to the fact that most of my colleagues on the board are men. I see myself as an equal member of the team, and I’ve never felt like they perceived me otherwise." As for the challenges she has faced as a C-level executive, Nanu says that the main challenge was to believe that the decisions she made at a certain point were the best in the given context, with the data she had. “Another inherent challenge in such a role is knowing that your decisions are about people and that they can decisively impact their lives. But the greatest reward is knowing that my decisions can make people’s lives better, and that is my main goal in this role – to make their lives as good as possible, and guide their professional development based on their merits,” the Auchan executive concludes.

The Women of Coca-Cola HBC Romania: inspiring growth and nurturing potential

Being a leader is a constant challenge in every organization, especially during the last few years when trends and behaviors changed at accelerating pace. Generations gaps began to be more evident and career paths mean different things for employees. And when above all daily challenges, we face a pandemic that transforms our working habits, remaining an inspirational and trustful leader is the key to keep a team united and motivated.

“I have tremendous appreciation and respect for my team’s work, they are all amazing people. In our industry, innovation and creativity stand as a solid base for our success. Thus, in order to maximize my team’s potential, I must lead in a way that ensures everyone to speak freely, have their views heard and be inspired. There are two key aspects that build the solid base for a team: the organizational culture of the company and the general working environment created within each team. Adapting to external changes becomes easier when team members trust each other and work together for a common purpose. My advice for future leaders is to focus on people’s talents and skills. Discover their strengths and guide them to achieve their potential. When you are empowering them, their confidence and motivation will grow. To do so, you need to be able to learn, un-learn and re-learn. We are all work in progress and each experience is a lesson”, Mihaela Hoffman, Marketing Manager at Coca-Cola HBC Romania.

Coca-Cola HBC Romania is the leader of the beverage industry in Romania and its success relies on its people. Their stories are writing the company’s history and drive its growth. In such competitive industry, leaders play an essential role.

“For my team, I believe autonomy is the key for performance and growth. Our organizational culture is built on trust, appreciation, diversity and inclusion. My leadership approach is building a solid and trustful environment inside my team, where each member is an expert in his area. When they feel empowered and confident on their skills and knowledge, there is more room for creativity and valuable ideas. And because we are on a continuously learning journey, I like to challenge my team with debate. Some of the best ideas come when least expected. I believe an essential strength of a leader is the ability to trust its team. Trusting them and their capabilities to make decisions requires offering them space. Trust means to sometimes let go of control. Micromanagement is losing relevance, while empowerment had become the fuel for growth.” Alice Nichita, Public Affairs and Communication Manager at CocaCola HBC Romania.

Coca-Cola HBC Romania ranked as the local sustainable leader for 5 years in a row, according to the independent study by The Azores and the company’s commitments for the years to come are very ambitious. When it comes to gender balance, their commitment is for 50% of its management positions to be held by women, by 2025. In 2020, this percentage was at 46%. Alice Nichita and Mihaela Hoffman offered two examples of the company’s vision on growing their teams and achieving full potential. And when organizational culture is built on authenticity, appreciation, diversity and inclusion, inspiring and empowering those around you gets much easier.

Romania’s tax system: a SWOT analysis

Like most countries in the region, Romania has a strong demand for foreign direct investment (FDI) to support its post-COVID-19 economic recovery. We take a look at the latest trends regarding foreign direct investment in our region and how they could influence Romania.

By Claudiu Vrinceanu

STRENGTH: STABLE TAX RATES

Tax stability and predictability are key for any country looking to attract investments. Countries with longstanding tax practices are able to remain attractive because any investor can make long-term business plans and rely on fixed tax rates and predictable fiscal changes. In Romania, direct tax rates (income, profit) are indeed stable, which is a strong point in a SWOT analysis of the current fiscal system. The single income tax rate (10 percent), social security contribution (10 percent CASS, 25 percent CAS), corporate tax (16 percent), dividend tax (5 percent), and standard VAT rate (19 percent) will remain unchanged in 2021, according to the governing parties’ agenda.

WEAKNESS: ANAF UNREFORMED AND NOT DIGITALIZED

A major weak point of Romania’s tax system lies in the fact that the National Fiscal Administration Agency (ANAF) still hasn’t gone through a much-needed reform and digitalization process, even though this has been a topic of discussion for many years now.

“Romanian entrepreneurs and foreign investors unanimously approve of current tax rates, which should be bundled with the digitalization and modernisation of ANAF to provide more transparency and better tax collection from all taxpayers. Essentially, an increase in taxes would not necessarily result in increased state revenues, especially after a crisis like COVID-19 when companies are already burdened, but improving current tax collection practices and encouraging voluntary compliance through bonus schemes for good payers could boost state budget revenues," says Angela Rosca, Managing Partner at Taxhouse. An increase in taxes would not necessarily result in increased state revenues after a crisis like COVID-19

OPPORTUNITY: POLITICAL MAJORITY ALLOWING ANAF REFORM TO BEGIN

As for the political element, the business environment foresees that, at least for the next few years, the country will be led by a governmental coalition which will allow the Fiscal Agency’s reform to accelerate. Beyond digitalization and IT solutions, the process involves a “change management” project, with essential components like human resources, training, and motivation. A first step towards has already been taken: creating a specialised department – the Information Management Unit – dedicated to supporting and accelerating the digitalization of the Tax Office, which will be strengthened and, according to government representatives, will also attract specialists from the business and IT sectors.

THREAT: BUDGET DEFICIT COULD LEAD TO A WIDENING TAX BASE

Even if the government's estimation of the 2021 budget deficit has dropped to 7 percent of GDP from 9 percent in 2020, this year’s target is ambitious and the pressure on the budget will be high, which could generate debates around the introduction of new taxes. The Fiscal Council claims that achieving fiscal consolidation through spending cuts alone is not possible, and that the tax base must be expanded. More specifically, the specialists argue, tax exemptions must be narrowed. "It is difficult to imagine budget consolidation being achieved in the 2021-2024 period without a significant increase in state revenues. This could come from improving collection efficiency, broadening the tax base, eliminating exceptions and loopholes that reduce the amounts paid by some taxpayers, firmly combating tax evasion and unfair tax competition, and optimising tax rates," says Fiscal Council president Daniel Daianu.

Five opportunities for Romania’s R&D ecosystem

BR takes a look at five major opportunities arising in 2021 for Romania’s Research & Development ecosystem, which is built upon a set of key institutions and frameworks that the country must develop further in order to see good results in the R&D field.

By Claudiu Vrinceanu

One of the big opportunities of 2021 is the fact that Bucharest will host the EU Cyber Centre Romanian government on the measures necessary to meet the “Good governance of the national or regional smart specialisation strategy” condition.

EU CYBERSECURITY CENTRE IN BUCHAREST

One of the big opportunities of 2021 is the fact that Bucharest will host the EU Cyber Centre, the first European agency to be based in Romania. Bucharest has “an extraordinary cybersecurity ecosystem, an impressive number of ICT specialists and innovative tech companies, connectivity to the highest standards, and a diverse, dynamic, and prosperous international environment,” and Romania has already put a national system in place with the purpose of operationalising the centre.

THE NATIONAL RECOVERY AND RESILIENCE PLAN (PNRR)

One of the most important opportunities for Romanian research and the local business environment is the National Recovery and Resilience Plan (PNRR). The government released in July a first version of the National Plan, a document that mainly focused on principles and less on specific projects.

In September 2020, the European Commission issued strategic guidelines for the implementation of the Relaunch and Resilience Mechanism and is due to publish a guide on how Member States should design their national plans to benefit from funding from the Mechanism budget. The deadline for submitting recovery and resilience plans is April 30, 2021. An allocation of 275 million euros (0.9 percent) is proposed for research and development in Romania’s initial plan, an amount that could increase given that Romania was on the last place of the European Innovation Scoreboard in 2020, with a gap of over 68 percent from the EU average. As for digital transformation, although it is a crucial EU priority and the Regulation provides for an allocation of at least 20 percent in National Digital Plans, an allocation of only 2.3 percent was initially proposed for the effective digitalization of the Romanian public sector (700 million), a value that could be higher in the next version of the PNRR.

THE BUCHAREST-ILFOV REGION’S 2021-2027 SMART SPECIALISATION STRATEGY

In 2020, we saw the first working version of an analysis of the economic, research, and innovation potential of the Bucharest-Ilfov Region Smart Specialisation Strategy (RIS3 BI). It was developed based on the European Commission’s RIS3 Methodology and the March 2019 Memorandum approved by the THE GROWTH OF THE IT&C SECTOR

Romania’s IT&C sector could continue its growth in 2021, so the Software and Services Industry Employers’ Association (ANIS) notes that the local IT industry’s objectives for Digital Romania in 2025 are for the sector’s value to rise to 10 percent of GDP from the current level of about 6 percent, and to create the largest information technology hub in Central and Eastern Europe in terms of its companies’ total valuation. The development of the high-tech ecosystem is a strategic direction of economic growth for Romania. Digital technologies, innovation, and artificial intelligence (AI) can provide Romanians with competitive jobs, a higher quality of life, and better public services. To achieve these goals, however, we need concrete and welltargeted measures, which could accelerate the country’s digital transformation in the coming years.

Top trends in health & fitness 2021, powered by World Class

What are your resolutions for 2021? Did you save an important place for your well-being? You have every reason to keep it at the top of the list all year round and make time, at least 30 minutes a day, for your dose of health & fitness! Find out the trends, choose your favourites. 2020 was a lot about #StayHome. Under these circumstances, #StayActive became the biggest challenge. The sofa was not only the favourite seating area, but it also became, in many cases, part of the improvised home office. The universe has shrunk and physical activity has shrunk as well. What do we do with 2021? How did you plan to return to your former active life? The hottest trends in health & fitness of the year are in consensus: it is vital to train, both for our physical and mental health.

1. EXERCISE IS MEDICINE, THE NEW MANTRA IN FITNESS

It’s not just us who says it. The Australian Fitness Association says it too. "Exercise is Medicine" is among the most important trends of 2021. People no longer go to the gym just for six-packs, biceps, triceps and general toning. Health has become a major concern. We go to the gym because we like to live beautifully, to have a healthy mind in a healthy body, with a strong heart and a cast-iron immunity.

The pandemic has made us aware that health is not to be taken for granted. It is rather a goal and goals require effort, involvement and dedication. At World Class all these come with diversity, fun, ultra-efficient equipment and the beats you like the most. Plus, a team of health & fitness experts who know how to motivate you to push your limits and turn health into your strongest asset.

2. MENTAL FITNESS, MORE ACTUAL THAN EVER

All over the world, the need for physical and mental balance was strongly felt and translated into more yoga, more meditation, more yogilates (yes, yes, that fantastic mix between Yoga and Pilates that you find every day in World Class clubs!).

Pandemic, insecurity, isolation and uncertainty have become, during 2020, the enemies of mental balance. So easy to regain through a healthy exercise routine that combines energizing techniques with relaxation, effort with wellbeing. Come to World Class Body Balance classes and take a selfie afterwards. You’ll see that special smile and unique glow! 3. HIIT FOREVER

HIIT remains the undisputed star of training in 2021. In the context of the pandemic, medical experts have found that High Intensity Interval Training is an effective solution for the rehabilitation of respiratory and lung function in patients with coronary heart disease who have been infected with COVID-19!

So go find the nearest Wold Class club and discover the HIIT group fitness classes that will change your life. For example, Les Mills Grit ™ Cardio, a high-intensity 30-minute workout that strengthens health, stimulates metabolism and burns calories for hours after training!

4. HEALTH & FITNESS ANYTIME AND ANYWHERE

Because the pandemic forced us to stay home for a long time, our health & fitness routine had a lot to suffer. Virtual workouts have become one of the strongest trends. You've probably tried some exercises as you remembered them from the gym, a few stretching sessions, especially after long online meetings, or other basic movements.

But our health needs a constant and daily effort. And this effort needs a strong motivation. How do you keep it up? At World Class everything gets easier. The group fitness instructors and personal trainers have all the experience you need to keep you motivated every day. You will want to return, you will want to make the transformation, you will want to take the decisive step towards the #BeHealthy lifestyle. Because at World Class you have training whenever and wherever you want: in the clubs or online, on the platform www.worldclass.com/online/ , where the World Class trainers inspire you the same energy and unique vibe that you find in the clubs. Whatever the most important trends are for you, turn physical and mental health into the most important resolution for 2021. Surround yourself with positive people, laugh as much as you can, eat healthy and rest well. Reward yourself daily with a good dose of health and wellbeing through exercise.

5G frequency spectrum tender to finally happen in 2021

Last year was very important for the telecommunications industry, as it proved the essential role connectivity plays in our everyday lives. But even though Romania has one of the best networks in Europe, there are still many things left to do to make sure that our digital infrastructure remains in good shape.

By Aurel Constantin

Romania had 5.5 million fixed internet connections at the end of June 2020

According to the latest data available from the National Regulatory Authority for Communications (ANCOM) in the first half of 2020, Romania recorded the highest half-yearly growth of fixed internet traffic (+33 percent) since 2015, and at the same time, the lowest half-yearly increase of mobile internet traffic (+12 percent). Rural fixed internet connections went up by 7 percent, compared to only 1 percent in urban areas. The data also suggest that these trends continued into the second half of the year.

In mobile telephony, there was a significant drop in the number of prepaid cards (-9 percent), accompanied by an increase in voice traffic (+12 percent) and an increase in call duration. Even fixed telephony traffic increased (+17 percent) after a steady, yearslong downward trend. “However, revenues from electronic communications decreased by 4 percent,” said ANCOM Vice President Eduard Lovin.

Romania had 5.5 million fixed internet connections at the end of June 2020 (+3 percent half-yearly), three quarters of which were very high speed connections (minimum 100 Mbps). The fixed internet penetration rate per 100 households was 66 percent (76 percent in urban areas and 53 percent in rural areas). The gap between urban and rural has been narrowing in the pandemic context, with a 7 percent growth rate in the number of rural connections, much higher than that recorded in urban area connections (+1 percent). Internet traffic surged by 33 percent, with a monthly average of 41 GB per inhabitant. Based on the number of fixed internet connections registered in H1 2020, RCS & RDS held a market share of 55 percent, the Telekom group had 20 percent, and other providers added up to 25 percent.

The number of mobile internet connections decreased by 2 percent, after a 9 percent fall on the prepaid card segment. However, the number of 4G connections remained unchanged at 1.2 million. Total mobile internet traffic grew by just 12 percent in H1 2020, taking the average monthly mobile internet traffic per inhabitant to 4.6 GB. Based on the number of active mobile internet connections in H1 2020, Orange held a market share of 38 percent, Vodafone had 25 percent, and all other providers totalled 37 percent.

After several semesters of upward trends, revenues in the telecom sector decreased by 4 percent in H1 2020, but remained above RON 8 billion (almost EUR 1.7 billion). Mobile telephony generated 39 percent of total revenues, followed by fixed and mobile internet (30 percent), TV retransmission (14 percent), and other services (17 percent). Vodafone and the Telekom group each held a market share of 25 percent, Orange had 24 percent, and other suppliers totalled 26 percent.

5G ACTION DELAYED

5G technology is expected to lead to higher business productivity and efficiency, which will be worth USD 1.3 trillion in the global GDP, according to the PwC report “The global economic impact of 5G. Powering Your

Tomorrow.” “PwC’s projections show that 5G technology, used in conjunction with investments in artificial intelligence (AI) and the internet of things (IoT), can raise the potential to rethink business models, offer quick and efficient services, and create new products, with gains expected to accelerate in 2025 as 5G-enabled applications become more widespread. Those opportunities will also bring risks, so it is essential to review the way in which cybersecurity is approached, for the safety of all users: consumers, companies, and society,” said Mircea Bozga, Risk Assurance Partner at PwC Romania.

Unfortunately, the highly anticipated 5G spectrum tender was delayed because of the pandemic. Mobile operator Orange managed to cover the entire city of Bucharest with 5G connectivity through the frequency spectrum it already owns, but other than that, we saw very few new developments.

ANCOM has announced that it would hold the auction this year. According to its action plan for 2021 holding the tender for the rights to use frequency bands, which will allow the implementation of new technologies, is among the institution’s main priorities this year.

By the end of this year’s third quarter, ANCOM aims to finalise the tender documentation and begin selection procedures to award usage rights for the radio spectrum available in the 700 MHz, 800 MHz, 1500 MHz, 2600 MHz, 3400-3600 MHz frequency bands for the provision of public networks and broadband electronic communications services.

Furthermore, the Authority will initiate a market consultation process in order to determine the national electronic communications market’s interest in purchasing usage rights for 5 G frequencies.

The government could earn over EUR 700 million for the state budget by organising the radio spectrum auction that will allow communications operators to widely implement the new 5G technology, according to ANCOM data. "In order for the auction to be considered a success, all operators on the Romanian market should submit bids, the auctioned spectrum should be allocated in even greater quantity and from different bands, the amount of money obtained from the sale of the spectrum should be as high as possible, and last but not least, the spectrum made available to the operators should be clean, without any interference. For the successful implementation of 5G, we consider it essential to meet 4 requirements: a wide radio spectrum, enough fiber for connecting antennas, access to infrastructure, and security of networks and services. The four mobile

networks in Romania currently use 770 MHz to provide services, the 5G auction targets another 350 MHz, practically a 50 percent increase in the radio spectrum for mobile communications," Eduard Lovin said at an online conference last month.

Even more recently, the government announced that would pass a bill to allow ANCOM to move on with the auction. It will address security issues as well as how non-EU companies may be able to access the available technology and services. have heard of 5G expect to begin using this technology within the next 2-3 years. That is why we have launched Bite-sized 5G – a web page available to everyone who is interested, providing objective and verified information about the new mobile technology,” Eduard Lovin added.

While 37 percent of surveyed respondents said they were passionate about technology, 14 percent experienced technophobia, and 49 percent were neutral about it. Respondents identified mobile phones, mobile phone

antennas, and high-voltage power lines as the main sources of electromagnetic (EMF) radiation. They point to increasing internet speeds, the emergence of 5G, and the coronavirus pandemic as the main reasons behind their concerns about radiation. At the same time, the study shows that the main sources of information in Romania on the possible effects of radiation are television or radio (64 percent), various websites (54 percent), discussions with family or friends (40 percent) or social networks (39 percent).

“5G commercial services were launched by operators on the Romanian market in the first half of 2019 using the frequency usage licences for the radio frequency spectrum in the 3.4 - 3.8 GHz band they already owned, which had been awarded following the auction organised by the Authority in 2015. ANCOM issues technology-neutral licences, meaning that the provision of electronic communications services is not bound to using a certain technology,” ANCOM vice-president Bogdan Iana explained.

5G AWARENESS IS GROWING

ANCOM also conducted a survey to understand how people perceived 5G technology. “Amid the growing interest in new technologies and electromagnetic (EMF) radiation, we have conducted a survey to understand citizens’ perceptions and degree of knowledge on these topics. One of the findings was that only a quarter of respondents knew that EMF levels are continuously measured in Romania. Furthermore, 55 percent of those who