September 2022 | businesschief.com “CEOs don’t fully grasp the potential of AI” PwC and Infosys share their AI Strategy Playbook What will the future workplace look like? Google, DBS Bank and Vodafone US share their transformations Second Citizenship The best investment in a post-pandemic world Books to make you a better leader Top 9 B CORP RISING Why having a purpose is good for business The TurnaroundTech King Forterro CEO and ex-footballer Dean Forbes on transforming the fortunes of failing businesses
Never miss an Discoverissue!thelatestnewsandinsightsaboutBusinessChief... EDITOR-IN-CHIEF SCOTT BIRCH EDITOR KATE BIRCH CREATIVE TEAM OSCAR SOPHIE-ANNHATHAWAYPINNELLHECTORPENROSESAMHUBBARDMIMIGUNNJUSTINSMITHREBEKAHBIRLESONJORDANWOODDANILOCARDOSO PRODUCTIONDIRECTORS GEORGIA ALLEN DANIELA KIANICKOVÁ PRODUCTIONMANAGERS PHILLINE VICENTE JANE ARNETA MARIA GONZALEZ VIDEOMANAGERPRODUCTION KIERAN WAITE DIGITALPRODUCERSVIDEO MARTA ERNESTEUGENIODENEVE THOMAS EASTERFORD DREW HARDMAN PROJECT DIRECTORS THOMAS CRAIGMICHAELLIVERMOREBANYARDJOEPALLISTERJAKEMEGEARYKRISPALMERMIKESADRRYANHALLBENMALTBYTOMVENTUROSTUARTIRVINGKILLINGBACKJAMESBERRY MARKETING MANAGERS ANDREW STUBBINGS MEDIA SALES DIRECTOR JAMES WHITE SALES AND DIRECTORMARKETING JASON WESTGATE MANAGING DIRECTOR LEWIS VAUGHAN CHIEF OPERATING OFFICER STACY NORMAN CEO GLEN WHITE The Business Chief JOINTeamTHE COMMUNITY
So here’s the thing. With more employees working remote or hybrid schedules, the elephant in the room is, actually, the room. What do organisations do with all of that office space? More importantly, how can that space be adapted to suit a new way of working for a new mindset?
overhaulFOREWORD
ever,provingrecruitmentandretentiontalentfreshmoredifficultthantheofficecouldjustbeeveryCEO’ssecretweapon
Office businesschief.com
From redesigning workspaces to reimagining what purpose an office actually serves, we think you will find our deep dive Workplace Special essential reading. SCOTT BIRCH Chief Content Officer BizClik Media scott.birch@bizclikmedia.comGroup
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With talent retention and fresh recruitment proving more difficult than ever, the office could just be every CEO’s secret weapon – the special sauce that brings teams together as we enter the new PC (Post Covid) era. Yes, some companies and industries are eschewing the office as we know it (in no small part due to significant cost savings however they like to dress it up), but the workplace in general is not going away, it’s just becoming different things to different people.
With
CHUBB Driving InsuranceDigitalInnovation 24 BOOZ HAMILTONALLEN Cyber innovation for commercetoday’s VIEWPOINT Events back in business3638 OUR UPFRONTREGULARSECTION: 10 Big Picture 12 The Brief 14 Timeline 16 ShaniqueTrailblazer:Bonelli-Moore 20 Five minutes with... Jeff Li CONTENTS
PROFIT Artificial Intelligence–a strategy playbook for leaders 52 PEOPLE How hybrid work is therevolutionisingphysicaloffice 58 84 PLANET becomingWhy a B Corp is good for business 76 PURPOSE Dean Forbes –the CEO aiming for the moon from bottomrock PLAY BIG PICTURE The Ritz-Carlton NoMad 94
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Join us at PROCUREMENT & SUPPLYCHAIN LIVE LONDON Showcase your values, products and services to your partners and customers at PROCUREMENT & SUPPLYCHAIN LIVE LONDON 2022. Brought to you by BizClik Media Group PROCUREMENT & SUPPLYCHAIN LIVE LONDON, the hybrid event held between 12th-13th October is broadcast live to the world and incorporates two zone areas of SupplyChain LIVE plus Procurement LIVE in to one event. With a comprehensive content programme featuring senior industry leaders and expert analysts, this is an opportunity to put yourself and your brand in front of key industry decision makers. From keynote addresses to lively roundtables, fireside discussions to topical presentations, Q&A sessions to 1-2-1 networking, the 2-day hybrid show is an essential deep dive into issues impacting the future of each industry today. Global giants and innovative startups will all find the perfect platform with direct access to an engaged and active audience. You can’t afford to miss this opportunity. See you on: 12 - 13 October 2022 Watch our 2021 Showreel Get tickets Sponsor opportunities
BIG PICTURE 10 September 2022
Join the club – Chief opens in San Francisco
San Francisco Chief, the world’s only private membership network focused on connecting and supporting women executive leaders, is set to open a private club in San Francisco exclusively for female executives.
This new opening in San Francisco, one of Chief’s largest markets, follows clubhouse openings in New York, LA, and Chicago. Founded in 2019 by C-suite executives Carolyn Childers and Lindsay Kaplan, the Alphabet-backed network launched with 200 members. Chief is now home to more than 2,000 executive women from companies like Hulu, American Express, HBO and Google. businesschief.com
The multilevel space, set to open before the end of the year, will feature a bar, lounge space, meeting rooms, private phone booths and a mothers’ room, and will have plenty of space to host Member events and provide a place for members to work, have meetings, and connect.
11 BIG PICTURE
Discuss and
events –
Billionaire trends across APAC
“In adopting hybrid and remote working styles for the long term, organisations should be mindful not to replicate the digitalinfrastructureofficeinaenvironment” David Joosten VodafoneCEO US “We find that B Corp is the best framework for helping to certificationwhetherorganisations,engagetheygoforornot” Amy Bourbeau Chief Impact SeismicOfficer “I like projects that are thecomplex,complicatedhighlyandbutwhereupsidepotentialisenormous” Dean Forbes ForterroCEO READ MORE READ MORE READ MORE BY THE NUMBERS WEF Global Gender Gap Report 2022 Top 6 industries with significantly more men than women in leadership roles in 2022 5 ways business leaders can make their employees feel heard As workplace burnout reaches record levels, five experts weigh in on what leaders can do to ensure workers are heard – from no-agenda conversations to supportive networks
India expands billionaire population by 20%, China holds on to second-largest billionaire population, Hong Kong is second city with most billionaires 9 must-attend sustainability events for executives in 2022/23 debate the most pressing around at these nine executive from to Abu Dhabi, San Diego to
sustainability
Singapore READ MORE READ MORE READ MORE ESTATEREAL TECHNOLOGY ENERGY ANDCHAINSUPPLY TRANSPORTATION MANUFACTURING INFRASTRUCTURE 71% 76% 80% 79% 81% 84% IN BRIEF 12 September 2022
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London
FEMALE LEADERSHIP
Following the step-down of Sonia Syngal in July as CEO of Gap Inc., there are now just 43 female CEOs on the Fortune 500. Sonia’s departure followed Nancy Green’s just months prior from her role as CEO of Old Navy.
If you thought 2021 was a busy time for CEO departures, brace yourself –2022 has just got a whole lot busier.
The majority of CEOs (60%) believe their geographic region will enter a recession by the end of 2023, a survey from The Conference Board finds. While 15% of CEOs say they believe their region has already entered recession.
businesschief.com 13
DIGITAL SKILLS GAP Google and AARP team up to help people aged 50+ improve their digital skills to remain employed for longer. Set to pilot across eight US states, and expand nationally thereafter, the program will target 25,000 people, and will focus on women and people of colour. IBM Hands together for IBM Chief Executive Arvind Krishna who has been voted best male CEO for women in 2022, according to Comparably which measures employee feedback. Arvind is known for leading with empathy and emotional intelligence. ECONOMIC OUTLOOK
“The CEO exodus continues,” declares Andrew Challenger, SVP of Challenger, Gray & Christmas, attributing the shifts to current economic conditions, such as rising inflation and recession concerns, and to people re-evaluating their priorities post-pandemic.
While all industries have been impacted, from tech to aviation to automotive, the struggling retail, restaurant and fashion industries have seen significant CEO turnover of late. Among recent CEO departures are Ben Silberman from Pinterest; Kevin Johnson from Starbucks, Sonia Syngal from Gap (pictured above), and Herbert Diess from Volkswagen. CEO departures hit 20-year high as recession bites
According to a recent report from Challenger, Gray & Christmas, Inc., 668 CEOs left their roles at U.S. companies between January and May 2022, marking the highest total of CEO departures in this time period since 2002, when the firm began tracking this metric. It is also 24% higher than the 539 CEO departures within the same time last year.
SEPDOWNWAYUPWAY22
14 September 2022
51 YEARS
37 YEARS StephenBlackstoneSchwarzman Stephen Schwarzman made a name for himself in M&A at Lehman Brothers before KNOW…?
executiveyearsmoreStatesintradedamongChiefservinglongest-activeExecutivepubliclycompaniestheUnited–withthan50underhisbelt 1970 1985 S&P 500 TIMELINE
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influential75,philanthropy,AUM.ledBlackstone,co-foundingwhichhehastobecometheworld’slargestprivateequityfirmbycapitalcommitmentswithmorethanUS$88bnInbothbusinessandSchwarzman,hasdedicatedhimselftotacklingbigproblemswithtransformativesolutions.AgraduateofYaleandHarvard,heisaNewYorkTimesbestseller,andtoppedForbeslistofmostpeopleinfinance.DID YOU
Richard Fain stepped down after 33 years as CEO of Royal Caribbean in November 2021, while in December, First Republic CEO James Herbert departed on medical leave after 35 years at the helm. CEOs… Warren Buffet leads the charge as the
Longest reigning
Warren Buffett Berkshire Hathaway Inc. In 2020, billionaire investor and philanthropist Warren Buffett became the longest-tenured CEO in the S&P500 following the step-down of Les Wexner as CEO of L Brands. Known as the ‘Oracle of Omaha’, Buffett, 90, took control of textile maker Berkshire Hathaway in 1965, and turned the now US$700bn Hathaway into a holding company that buys up troubled businesses and turns them around. A passionate philanthropist, he has pledged commit 85% of his wealth to charity.
datacenterstheNvidiabillionaireTaiwainese-AmericanJensenHuangco-foundedchipmakerin1993.UnderHuang,now12,000-strongNvidiahasbecomeamajorplayerincomputergamingchipsandexpandedtochipsforandautonomouscars.TheStanfordgraduate,widelyconsideredamongtheworld’smosttechnicallysavvyCEOsandafuturist,isleadinganAIrevolutioninSiliconValley.Hehasrankedtoponthelistoftheworld’s100best-performingCEOsoverthelifetimeoftheirtenure.
Leonard Schleifer
RichardCapitalFairbankOne Entrepreneurial leader Richard Fairbank has played a key role in shaping how financial services are consumed today. Following a decade in financial services, Fairbank founded Capital One in 1988, introducing new strategies for credit models that changed the entire face of the banking industry, and growing the startup to become one of the 10 largest banks in America and a Fortune 100 firm. Becoming CEO in 1995, the notoriously media-shy Fairbank, 71, is the longest-tenured CEO among the top US banks.
32 YEARS
27 YEARS
1993 1995
Lauded as one of Barron’s best CEOs, and an EY entrepreneur of the year, the billionaire is known as one of biopharma’s more colourful characters, and as the highest paid biopharma CEO globally, landing US$135.35m in 2020. 1988
JensenNvidiaHuang
Regeneron Pharmaceuticals Dr Leonard Schleifer left his role as a neurologist in 1988 to co-found biotech firm Regeneron. As CEO, Schleifer, 69, has grown Regeneron from startup to a US$50bn firm with nine FDA-approved medicines and a reputation for making drugs at a breakneck pace.
businesschief.com 15 28 YEARS
W hen Shanique Bonelli-Moore looks at her daughter, she sees her growing into someone able to be herself without a moment of selfdoubt, and someone who can thrive in any environment. And she knows the kind of confidence she and her husband are working to instil in her cannot be undone by one moment, one person, or one employer.
And Shanique plans to take Clorox’s already acclaimed DEI efforts to even greater heights.
“I’ll bring my years of experience in social impact and the inclusion and diversity space to help amplify what we’re already doing and push us in some new directions,” she tells Business Chief. “I’m excited to help unite teammates, bridge interests and identities, foster career development, attract new teammates, and enhance global community building to help drive company growth.
16 September 2022
Clorox has been deeply committed to ensuring that DEI is reflected and prioritised across all levels of its organisation, earning recognition for its efforts from Forbes, Bloomberg, and Diversity MBA, among others.
And it is this ambition and passion that Shanique brings to her new role as Chief Diversity and Social Impact Officer at The Clorox Company, where she plans to “advocate for changes that will help people bring their best selves to work, home and community”.
I’m inspired to help others be their authentic selves
“I work in DEI because I’m inspired to help others be their authentic selves,” she tells Business Chief. “I want to help future generations better navigate challenges in a world that’s not always so inviting. It is important we ensure all people feel a sense of belonging so they can thrive at work, at home, and in their communities.”
In this role, Shanique is overseeing the important initiatives already underway at Clorox, and its expanded diversity and inclusion commitment which includes equity and allyship (IDEA). She is also leading the strategy and execution of Clorox Foundation’s charitable giving and community engagement programs for employees – work that is central to the company’s IGNITE strategy and to its goal of being a people-centered, purposedriven
It is this that Shanique would like to see in all future generations, and it’s what drives her as a diversity and impact leader.
“There’scompany.somuch great work already being done at Clorox,” Shanique says, pointing to the company’s executive committee which is nearly 50% female. “Clorox has demonstrated commitment to building diverse teams starting at the top and an inclusive, equitable culture where every teammate is expected to play an active role.”
TRAILBLAZER
Shanique Bonelli-Moore tells Business Chief how she is bringing her social impact experience to help take The Clorox Company’s DEI efforts to even greater heights
Advice I would give to my younger self… “Early on in my career, I was hard on myself as I strove for perfection. I’ve learned you can’t wait for things to be 100% perfect, or you will be waiting a long time! We’re all human and you can be both high performing and high achieving without being perfect. As I look at where I am now, as excited as I am to be here, I honour the journey that got me here. So, I would tell my younger self to relish the journey, trust the process, and remember progress over perfection.” businesschief.com 17
“In my role, I can help make sure the work we are doing – inside the company, through our brands and in our communities – is done with diversity, inclusion, and equity at its core.”
Clorox recently launched the Healthy Parks Project, an environmental justice platform that bridges the company’s ESG commitments to healthy lives, a clean world and thriving communities. Along with making a $200,000 donation to Oakland Parks and Recreation Foundation, more than 60 employees volunteered to support the improvement of DeFremery Park in West Oakland, a bydisproportionatelyneighbourhoodimpactedpoorhealthoutcomes.
In her most recent role as executive director of inclusion at United Talent Agency (UTA), she spearheaded the company’s efforts to model inclusion for the industry. Joining UTA in 2018, Shanique oversaw internal communications, and helped guide UTA’s early efforts to build a thriving diversity and inclusion program. She worked alongside the UTA Foundation to direct a US$1 million donation to social justice causes and elevate senior leaders of colour to the Board of Directors and Partnership at UTA.
“Think about that – that’s almost every household in America. With that kind of reach, we have a huge opportunity to make a positive impact on people through our company’s purpose to champion people to be well and thrive every single day.
Clorox brands, from the namesake cleaning products to Hidden Valley, Kingsford, Glad, Brita and Burt’s Bees, to name a few, are found in 9 out of 10 U.S. households.
18 September 2022
Shanique brings to the role years of experience working in the diversity and inclusion space, with positions at UTA, BuzzFeed, Anheuser-Busch InBev, NBCUniversal and GE, serving as the driving force behind the design of many significant, global DEI learning and development programs, pushing industry-leading changes in wage investments and creating employee inclusion groups.
While being a business and growthoriented leader, Shanique’s commitment extends far beyond just her job. As I want to help future generations better theiratcanbelongingfeelensureItalwaysworldchallengesnavigateinathat’snotsoinviting.isimportantweallpeopleasenseofsotheythriveatwork,home,andincommunities
“This is more important than ever as we look to grow by building purpose-driven brands that matter to more and more people around the world.”
TRAILBLAZER
“I encourage people to think about allyship as a verb. We need to move people beyond being hand raisers to becoming active participants in solving problems and bringing new ideas. We all own this work, and it lives in all parts of how our businesses will grow, from marketing to product development, R&D to “Whensales.we celebrate differences and bring people together to solve big challenges, we can leave an indelible mark for future generations. Together, we can all make a positive impact.”
As for the future, Shanique stresses the need for companies to continue to lead by example and to strengthen their commitments, specifically around allyship.
Shanique finds it hard to pinpoint any one project or outcome she is most proud of, as she sees the work as something that calls on her to show up every day with fresh optimism.
“Addressing issues that are so personally impactful to people while representing the values of a business has been a deeply fulfilling experience.” Like so many people in the field, Shanique says she was fully tested as she and her team navigated 2020, from the pandemic to the racial uprisings, but that she was proud to see so many companies stand up.
businesschief.com 19 well as serving as adjunct professor of Diversity, Inclusion and Leadership in communications at Syracuse University, Shanique also runs a lifestyle brand and community, Girlfriends Retreat, which centers women while celebrating the transformative power of friendships.
Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of a leading SaaS platform for cross-border ecommerce
ntrepreneur Jeff Li keeps good company. As founder and CEO of leading ecommerce platform Shoplazza, Li has been named in Fortune China’s 40 under 40 for 2022 listed alongside the likes of Yiming Zhang, Bytedance Founder, and Chris Xu, SHEIN CEO.
How does it feel to be named in Fortune China’s 40 Under 40 for 2022? I am honoured. This is more of a recognition of our company and team. There are many outstanding entrepreneurs on the list, and I see many I can learn from. They inspire me to do things better. The market is changing every day, and the only constant is to be the best at what you do.
Jeff Li
While a massive acknowledgement of Li’s entrepreneurial spirit and business prowess, the listing comes as little surprise given Li’s phenomenal success. As former head of Baidu’s internationalisation division, Shenzhen-based Li led the team to create a number of Baidu’s international tens of millions of products. In 2017, he went on to found Shoplazza, since growing the startup to become the leading SaaS platform for cross-border ecommerce, serving more than 360,000 merchants worldwide, with consumers from 150+ countries and regions.
» Shoplazza provides a set of code-free systems for merchants, and they use the system to build their branded e-commerce website for global consumers.
Q. Who do you look up to in terms of leadership and mentorship?
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China has the unique advantage of a strong supply chain and industrial belt. In the future, the world will become more efficient. For example, commodities will reach consumers with higher efficiency. This is precisely the change that technology and the Internet have brought to the world. I see a huge opportunity to utilise technology to deliver the products or build new brands more quickly.
businesschief.com
Q. What’s the best piece of leadership advice you’ve ever received?
I had been doing international business at Baidu for many years, and so had seen the differences in economic, technological and Internet development in various countries and regions around the world, and at the same time seen the unique advantages and opportunities that exist among them.
»
Q. How would you describe your leadership style?
»
To engage in continuous reflection, and rational and objective thinking, to be able to have dialectical thinking and see things from multiple perspectives.
»
I would say my style is modelled around persistence – remaining unshakeable in the face of countless unknown challenges, and always with a day one mentality. This means both mentality and action must be consistent WITH... over time, while also finding adaptability in the changing environment to better persevere. I provide the team with additional value in vision and mission, and these values are not just strategic and business-related, but on how to face challenges.
Q. Finally, what’s the plan for Shoplazza in the next 12 months?
Q. What have been the biggest challenges of your role to date?
»
Frankly speaking, I think every leader is worth learning from. I’m someone who benefits a lot from daily communication and exchanges with others, but I also greatly appreciate thinking, reviewing and reflecting.
Q. What does Shoplazza do, in a nutshell?
Q. What advice would you give to your younger self just starting out in the industry?
» Take more time to study. Think about what will give you sustainable, compounding value, and do things that are truly valuable, especially those things where you think you can add value or improve on what has gone before.
Q. What motivated you to take the leap fom working at Baidu to setting up Shoplazza?
The biggest ongoing challenge is whether to allow more people in the team to make continuous iterative progress, and how to achieve an optimal state in the face of organisational scale and efficiency.
» The focus will be growth of global merchants based on different markets, as it involves different habits, cultures, ecological infrastructure, and so on; and how can we better take these factors into account and provide a product with more differentiated value. This will be key.
FIVE MINUTES
»
Get tickets Sponsor opportunities SHAPING FINTECHBUSINESSTHEOF 3,000+ Participants 2 Days 3 Zones 60+ Speakers A BizClik Event:
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From keynote addresses to lively roundtables, fireside discussions to topical presentations, Q&A sessions to 1-2-1 networking, the 2-day hybrid show is an essential deep dive into issues impacting the future of each industry today. Global giants and innovative startups will all find the perfect platform with direct access to an engaged and active audience. You can’t afford to miss this opportunity. on: 1st-2nd November 2022 Watch 2021
Join us at FinTech LIVE London Get tickets Sponsor opportunities Showcase your values, products and services to your partners and customers at FINTECH LIVE LONDON 2022. Brought to you by BizClik, FINTECH LIVE LONDON, the hybrid event held between 1st-2nd November is broadcast live to the world and incorporates three zone areas of FinTech LIVE, Crypto LIVE plus InsurTech LIVE in to one event. With a comprehensive content programme featuring senior industry leaders and expert analysts, this is an opportunity to put yourself and your brand in front of key industry decision makers.
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DRIVINGDIGITALINSURANCE INNOVATION AD WRITTENFEATUREBY: ENGLANDJOANNA PRODUCED BY: PALLISERJOE 24 September 2022
businesschief.com 25 CHUBB
26 September 2022 CHUBB
A truly global commercial and consumer insurer, Chubb is driving digital transformation across the digital and insurance marketplace globally hubb is driving digital transformation within the vast insurance marketplace.
A culture of development and inclusion With a global footprint of local offices in 54 countries and territories, Chubb has a robust reputation in the industry. It is known for its excellence in underwriting, risk engineering capabilities, and claims services, as well as for its innovative approach to digital transformation.
The insurer is a global provider of property and casualty, accident and health, reinsurance, and life insurance on a global scale.
businesschief.com 27 CHUBB
Gabriel Lazaro is the Head of Digital for Chubb’s international general insurance business – a role that sees him based in Singapore, and responsible for the success and growth of the digital businesses across Latin America, Europe, the Middle East and Asia Pacific. Lazaro works with the consumer and digital teams globally to expand Chubb’s distribution through digital ecosystem partnerships.
“We innovate in terms of insurance products and value propositions. That includes claims and the technology to enable a seamless customer experience,” explains Lazaro, who spent 12 years in early-stage and mobile content companies, before a stint at AIG as Head of Digital for emerging markets. It was this experience that led to a move to Chubb in 2016, where he now oversees the digital insurance product distribution and expansion of the company’s digital business across 51 countries and territories.
28 September 2022 CHUBB
Empowering the workforce is also critical, he states. “It’s imperative to empower people to unleash their creativity. The other part I'm passionate about is execution and providing tangible results. At Chubb, we are a very diverse group of professionals. There is entrepreneurial spirit across the organisation with a can-do attitude and we practise our craft with precision and passion.”
Chubb Studio and embedded offerings
“The global protection gap has an estimated worth of $1.2tn. There’s a huge opportunity to address that with a new value proposition for consumers”
The sheer volume of the company is staggering. Chubb employs an estimated 34,000 staff around the world. In 2021, the company reported a total of US$47bn in Gross Written Premiums (GWP) and currently owns around $200bn in assets.
Yet, despite its massive size, looking after its people is a “prime consideration”, says Lazaro, who speaks of his team with pride. He adds: “I like to inspire people to become the best versions of themselves. In order to do that, I need to provide a clear vision to make sure that everyone is aligned and moving towards a common goal.”
GABRIEL LAZARO SVP, HEAD OF DIGITAL, OVERSEAS GENERAL INSURANCE, CHUBB
Gabriel Lazaro is Head of Digital for Overseas General Insurance, Chubb's international general insurance business in 51 countries and territories. Based in Singapore, Mr. Lazaro has responsibility for digital insurance product distribution and digital business in countries and territories outside North America, working with Chubb's digital teams around theMr.world.Lazaro joined Chubb in 2016 as Head of Digital for Latin America and was promoted to his current role in 2021. Prior to joining Chubb, he held multiple international roles at AIG, including Global Digital Marketing Director and Head of Digital for Emerging Markets. Mr. Lazaro started SVP, HEAD OF DIGITAL, OVERSEAS GENERAL INSURANCE SINGAPORE
Driving digital transformation in emerging markets
Although the company has always had a strong focus on digital products and services, many recent changes have been implemented to expand and engage consumers.
BIOEXECUTIVE GABRIEL LAZARO TITLE:
LOCATION:
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“We have always been focused on expanding our digital products and services through partnerships based on a B2B2C model,” says Lazaro. “Developing unique value propositions and embedded experiences within platforms and ecosystems is paramount. We have almost 200 digital distribution partners globally, across financial services, e-commerce, businesschief.com
According to Lazaro, the technology has provided Chubb with a competitive advantage over other industry players.
super apps and major airlines. These digital distribution partnerships provide us with an addressable market of more than 300 million customers, most of them in Latin America and Asia, who see our products through our digital distribution partners’ business platforms.”
“It's a cloud-based, easy-to-use API platform that fuels our businesses and partnerships while helping us to connect with our digital distribution partners. We can create products within their platforms in a very easy and fast manner, pulling our digital underwriting, claims and service capabilities together into one“Itplace.”provides scale because, as a global platform, every time we incorporate another market or product, our partners are able to benefit from our expanded offerings.
Chubb Studio
30 September 2022 CHUBB
As Chubb focuses on its digital transformation journey and its entry and development of emerging markets, the corporation has also developed a platform called Chubb Studio that enables it to provide API technologies to connect with partners in record time. By embedding Chubb products in the partner’s ecosystem, the company is able to deliver contextual insurance offerings to customers seamlessly. To date, more than 19 million policies have been sold across the offer spectrum through Chubb Studio.
“We are focused on an emerging middle class, small-to-medium companies, gig workers, content creators, Gen Z and Millennials,” he adds. “There is a huge opportunity for those across the globe.”
“At Chubb, we see emerging markets as a fantastic opportunity – especially Southeast Asia and Latin America. These two territories alone have a combined total population of one billion people, 80% of which are under the age of 40 and fully digitally engaged throughLazarosmartphones.”saysthat,during the pandemic in Southeast Asia, more than 70 million people businesschief.com
As a global company, Chubb offers a turnkey solution by helping its digital distribution partners with regulatory and related elements to make sure they have a successful insurance experience. The teams have broad industry expertise and implement Emerging markets and insurance technology adoption One area Chubb excels in is emerging market penetration. This isn’t a task for the faint hearted; companies developing new products in such a space must often be prepared to work with outdated systems and legacy business models before introducing any new products to market.
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became digital consumers, therefore, enabling protection solutions for those customers digitally has become an opportunity. Entering into such markets also enables companies to benefit the local populations by reducing the protection gap and providing low cost, easy-access insurance products that previously were not available.
Insurance technologies and the digital ecosystem As part of its digital expansion, Chubb has partnered with a wide range of businesses on a global scale. The insurer provides its innovative services as part of a move to increase embedded product opportunities for agents and brokers.
“We work with businesses globally, and our goal is to help them to embed insurance offerings into their core products and services,” says Lazaro. “This provides peace of mind to the end customer and also helps businesses increase customer loyalty and then support it with new revenue streams.”
“There’s a protection gap globally – especially in developing economies and emerging markets – of around $1.2tn. These markets have low insurance penetration compared to other markets globally,” says Lazaro, who points out that the pandemic has accelerated digital adoption across all geographies, developed markets and sectors.
Ride Cover provides complimentary personal accident insurance to Grab’s passengers and disburses a voucher in the event of a delayed pickup. Available in Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand, Ride Cover is opt-in and integrated into the passenger’s ride booking journey within the Grab App.
For a very low fee (e.g. S$0.30 in Singapore), passengers are offered a premium service with additional protection in the event of Theyaccidents.have also partnered with other innovators such as NuBank, the largest neobank in Latin America, to launch a fully digital life insurance offering embedded in the bank’s app. “Together with Nubank, we created customer-friendly life insurance with a flexible product and a price that resonates with the Latin American emerging middle class. It was reported that, in the first year, we sold more than half a million life insurance policies, more than half of those who bought the product said it was the first life insurance they had taken out,” he states.
digital insurance product offerings for verticals such as banks, fintechs, super apps, ecommerce retailers, mobility companies, travel, mobile network operators and more.
Other partners include Dacadoo and Betterfly, as well as other major players in Latin America, Korea, and Southeast Asia, all creating value-adding services to the end users that extend beyond the traditional insurance. “We like to co-create to develop those unique experiences at scale,” says Lazaro. “One of our core strengths is that, as an international company, we partner with companies that have a vision beyond their unique markets.”
Lazaro’s team collaborated with Grab, Southeast Asia's leading superapp providing users with transportation, food delivery and digital payment services, to provide Grab users with an innovative insurance solution called Ride Cover.
Like many providers, Chubb’s digital business expanded during the pandemic because the demand for digital services skyrocketed. “For
Lazaro says Chubb creates unique value propositions – from selling to claims experiences. “We see everything as a whole. We are proud of our journey and partnering with the best-in-class partners that we have. It has helped us improve our services from the product and technology perspectives.”
32 September 2022 CHUBB
Growing services in the pandemic
“We created a customerfriendly life insurance with a flexible product and a price that resonates with the Latin American emerging middle class” GABRIEL LAZARO SVP, HEAD OF DIGITAL, OVERSEAS GENERAL INSURANCE, CHUBB businesschief.com 33 CHUBB
us, especially in the digital space, it has had a positive impact in terms of uptake,” says Lazaro. “We launched Chubb Studio in the middle of the pandemic, and we are going to keep expanding our capabilities through the platform to make the connection with our partnersLazaroeasier.”saysthat, in terms of claims and servicing, Chubb is working towards frictionless customer journeys, enhancing the overall experience to make claims effortless, simplified and with as few clicks as possible. These enhancements will be made possible by new technologies the insurance giant is investing in.
“In terms of the technology that we’re investing in, data analytics and discovering how we can take advantage of the data that we’ve collected by ourselves through our partners, this information will enable us to work towards product recommendation engines and make, at scale, much more relevant offerings for partners to provide to their end users.”
The goal, he says, is to offer the right product to the right partner at the right time. The future of insurance Embedded products are, in Lazaro’s experienced eyes, the future of the insurance industry – although they are also relevant in other sectors. Point of Sale offerings, he reiterates, present truly new and valuable opportunities for insurers looking to expand their products and services.
34,000 EMPLOYEES 200 DIGITAL PARTNERSDISTRIBUTIONGLOBALLY 34 September 2022 CHUBB
“Chubb was one of the early movers on embedded insurance, through airlines many years ago. Then we expanded partnering with ride-hailing companies, super apps, and fintechs. We are the leaders in some markets and territories, in terms of volumes and“Weexperience.”trulybelieve embedded insurance provides the means for each platform to be able to provide really meaningful insurance products to their customers in a seamless experience. With one click, we can increase protection for customers and create incremental sources of revenue for our partners. It's a win-win situation.” It is this connectivity that will result in a smaller protection gap for end-user customers – especially those in emerging markets, which, says Lazaro, is the ultimate goal. “I strongly believe that we have a-oncein-a-lifetime opportunity. There are more than four billion people connected to the internet right now, and the digital economy, through partnerships and ecosystems, will be worth trillions of dollars.
“We innovate in terms of insurance products and value propositions. That includes claims and the technology to enable that experience”
35 CHUBB
GABRIEL LAZARO SVP, HEAD OF DIGITAL, OVERSEAS GENERAL INSURANCE,CHUBB businesschief.com
Kai Hattendorf, UFI CEO & Managing Director, on how the exhibitions industry is getting back to business with live events, and expanding globally
36 September 2022
EventsVIEWPOINT back in business
A s the world moves past the pandemic, the exhibitions industry is making a remarkable recovery, thanks to the resilience, innovation, and strength of the community. Exhibition organisers and associations have managed to bring live event platforms back in speed and style. Events in nearly all parts of the world are seeing levels of attendance similar – if not higher – to those before the pandemic. And some shows are even bigger, both physically and financially, than before the pandemic, driven by pent-up demand. This is especially true for small and medium sizes businesses, itching to network and to refresh and make new business connections face-to-face.
This year, more than ever, we were delighted to welcome the UFI community to Dubai, UAE, to Poznan, Poland, to Buenos Aires, Argentina and to Hamburg, Germany already for in person conferences. It was a pleasure to be together again after such a long time apart. The power of meeting in person was clear, as delegates were visibly happy to be able to reconnect after a long period apart to network, learn and share ideas.
Another major example is this year’s Global Exhibitions Day (GED), which is an International Day of Recognition for the irreplaceable value of physical exhibitions and face-to-face business events in bringing people together and driving the global economy. On 1 June 2022, we saw the celebrations of thousands of event professionals across the globe, saying how proud they are to be in this industry, and how much they value face-to-face events. It is, without a doubt, a symbol of the power of face-to-face events in bringing people together to create platforms for economic growth and recovery.
While COVID-19 has absorbed much of our attention lately, our single biggest global challenge is not the pandemic but climate change. Signing this pledge is a way of signalling an organisation’s commitment to getting involved in actions that will make a difference. As of the end of June 2022, 360 companies are supporting this initiative. We are working on the fine print of a roadmap document that will show us how we can fulfil these pledges.
Kai Hattendorf UFI CEO & Managing Director
Globally, expectedbutreasonbusiness.isexhibitiontheindustrygettingbacktoThereisforoptimism,therecoveryisnottobelinear
businesschief.com 37 VIEWPOINT
Globally, the exhibition industry is getting back to business. There is reason for optimism, but the recovery is not expected to be linear. The good news is that exhibition markets in North America, Europe, and the Middle East are clearly getting back to it. Across Asia, the power of face-to-face has been reinforced by the challenges of the global pandemic. The appeal and power of face-to-face is evident in the markets in Asia that have since lifted COVID travel restrictions and social distancing measures. Exhibitions in these markets – such as Australia, Singapore, Thailand, and Malaysia – have roared back to life. The global pandemic has offered a silver lining, once and for all, it demonstrated that in-person events cannot be replicated online and face-toface business is here to stay.
One more thing I’d like to mention is the Net Zero Carbon Events pledge and its importance for our industry. This pledge is the result of global collaboration throughout the events industry, presented during the Global Climate Summit COP26 in Glasgow, Scotland in November 2021. It is a commitment by organisations in the industry to make concrete changes in order to achieve net zero by 2050 at the absolute latest, and to at least halve greenhouse gas emissions by 2030.
commerceforinnovationCybertoday’s 38 September 2022 PRODUCED BY: VAUGHANLEWIS AD WRITTENFEATUREBY: JOANNA ENGLAND
businesschief.com 39
40 September 2022
Booz Allen Hamilton fuses cyber technical expertise with decades of strategic consulting to deliver advanced cyber defence solutions
B ooz Allen Hamilton, a global consulting firm headquartered in Virginia and founded in 1914, has firmly established itself as a leading cybersecurity partner for Fortune 500 corporations, governments, and not-for-profits. We caught up with Tony Gaidhane, Vice President in Booz Allen's Commercial business, to find out just how Booz Allen’s solutions are transforming cybersecurity for businesses worldwide.
Gaidhane, who has 21 years’ industry experience, has been based in the Netherlands for three years – the move marking a considerable change for the US-native. He works with clients across the UK and Europe and has been part of Booz Allen since 2013. Prior to his move to Europe, he worked in Washington DC as a Cyber Security Executive in Booz Allen’s US Commercial Business, where he led Booz Allen's Commercial Cyber Fusion Centre Capability and worked with a number of clients in designing, operating and maturing their cyber defence and operations’ capabilities globally. From the experience gained in his career thus far, Gaidhane believes a major differentiator between newer companies and the offerings provided by Booz Allen lies in the organisation’s experience in the marketplace. “Having founded the management consulting discipline over businesschief.com
41 BOOZ ALLEN HAMILTON
a century ago, business, government and military leaders have turned to Booz Allen to solve their most complex problems. We bring a tonne of expertise in analytics, in digital, in engineering and in cybersecurity.”
TONY PRESIDENT OF ALLEN’S ALLEN HAMILTON that one
Innovating in the cyber space
COMMERCIAL BUSINESS, BOOZ
GAIDHANE VICE
of the key principles and isandresponseacceleratingultimatelydetectionmitigation–itkey” 42 September 2022 BOOZ ALLEN HAMILTON
Advanced solutions for the cyber business community Booz Allen is also unusual because its cyber roots are decades old and include significant milestones in research and security innovations. For the last three decades, Booz
Gaidhane says part of the company philosophy is to work ‘shoulder to shoulder’ with clients, using a mission first approach to choosing the right strategy and technology to help them realise their visions. He explains: “We're also a key partner on some of the most innovative programmes for governments worldwide and are trusted by some of the most sensitive agencies. We began working with commercial clients over 40 years ago, and we continued to expand our work.”
BOOZ
to strengthen
“ Whether it's a threat intelligence platform or an platformanalytics–using
In addition to several certifications in the areas of information security, auditing, information privacy, and project management, Tony holds an M.B.A. from Fuqua School of Business at Duke University. He also has a Bachelor of Science and a Master of Science in Computer Science from Nagpur University and Texas Tech University, respectively.
Tony Gaidhane leads Booz Allen’s commercial business for the United Kingdom and Europe. Based in the firm’s Netherlands office in The Hague, Tony leads our market-facing cyber capabilities for commercial clients in the UK and Europe. He delivers solutions in security strategy, security operations, managed services, incident response, cyber analytics, and data protection to solve our clients’ most complex challenges.
BIOEXECUTIVE
Booz Allen in 2013, Tony assisted client organisations in their fight against cyber threats from advanced global adversaries in his work as a senior manager of cybersecurity advisory services at another premier consulting firm. Prior to that role, Tony worked in Industry for a decade, and served as a director with a Fortune 30 health insurance company where he created and managed many leading cybersecurity capabilities.
Tony has more than 20 years of experience providing cybersecurity advisory services in industries such as energy, finance, retail, automotive, healthcare, and technology with a focus on strategy, design, and implementation of cyber threat intelligence, threat defence operations, attack surface reduction, cybersecurity strategy, and supply chain cybersecurity.Beforejoining
TONY GAIDHANE TITLE: VICE PRESIDENT IN BOOZ ALLEN’S COMMERCIAL BUSINESS INDUSTRY: IT & SERVICES LOCATION: NETHERLANDS
BOOZ ALLEN HAMILTON
Booz Allen has thousands of cyber professionals across the firm, holding more than 10,000 cyber certifications. This number continues to grow. “They bring this deep cyber tradecraft to our clients, whether it's to safeguard life-saving healthcare solutions, to secure the next generation of global manufacturing to protect global financial infrastructure, or to continue to secure energy production. All of which are really key missions for our commercial clients.”
TONY GAIDHANE VICE PRESIDENT OF BOOZ ALLEN’S COMMERCIAL BUSINESS, BOOZ ALLEN HAMILTON “ We sectors.”enterprisesandveryexperienceheritageGaidhanetheirdefenceforAllenmissions”existentialandtransformationsexecuteourthatenablingascybersecurityapproachabusiness-functionempowersclientstodigitalfulfiltheirhasbeenacybermissionintegratortheUSgovernment,aswellasfortheUSsectorasawhole.“We'vehelpedthemsolvesomeoftoughestcybersecuritychallenges,”says,“bycombiningourconsultingwithdeepcybersecuritypractitionerthatwe'vegainedfromtacklinghigh-profilecybersecurityincidentsbroad-basedtransformationsacross–bothinthepublicandprivate
44 September 2022 BOOZ ALLEN HAMILTON
“Their traditional SOC (security operations centre) environments, or cyber operations’ environments, were grinding down and businesschief.com
Then we started to see the evolution of the various types of threats that our clients were dealing with, along with an increased magnitude and velocity of vulnerability.”
45
The rise in threat actors was so marked that Booz Allen developed proprietary solutions for the commercial market.
Booz Allen is a global leader in the war against breaches and hacking, partnering with public and private companies to tackle ther global cybersecurity challenges.
Over a decade ago, the company formed the commercial Cyber Fusion Centre –an operating model evolved from the company’s experiences running fusion centres for some of the largest US agencies.
“Having seen the evolution and sophistication of threat actors in those environments, we also started to see that same evolution in the commercial sector.
Redefining the future with Cyber Fusion
46 September 2022 BOOZ ALLEN HAMILTON
TONY GAIDHANE VICE PRESIDENT OF BOOZ ALLEN’S COMMERCIAL BUSINESS, BOOZ ALLEN HAMILTON businesschief.com
47 BOOZ ALLEN HAMILTON
To continuously test and strengthen detection-response capabilities, Gaidhane says that Booz Allen uses red teaming and purple teaming, which allows the development of those capabilities to continue. The last stage of this process involves response and detection. “Lastly, we use customer technology to their advantage. Whether it's a threat intelligence platform or an analytics platform – using that to strengthen one of the key principles and ultimately accelerating response detection and mitigation – it is key.”
becoming very reactive in dealing with advanced persistent threats,” explains Gaidhane. “The fusion centre model enables clients to possess a holistic and informed view of their environment to focus on key principles and break away from that grind.”
one, it's threat intelligence-led and driven. It starts with our intelligence, which percolates through the course of the chain centre, focusing primarily on anticipating threats rather than reacting to them. Anticipating those threats is what’s most important to the enterprise, as opposed to getting bogged down by threats that aren't as important or are already mitigated. It also drives the ability to rapidly coordinate at a tactical level because of the fusion between all of these cyber components.”
“ The digital ecosystem is making everything more connected, which means that, as cyber defenders, we have to look at the broader context”
After establishing the comprehensive nature of the fusion centre model to Booz Allen’s solutions, Gaidhane goes on to explain the cyber fusion concept in stages, with anticipation of threats being the first port of “Numbercall.
He continues: “What we've done over the course of the last few years is further advance that model by engaging with our clients' cyber operations’ programmes and helping them solve broader challenges in merging cybersecurity with fraud, with insider threats, with data protection, with the manufacturing side of things, as well as in operational technology and other domains via what we call ‘converged fusion’.”
Developing converged fusion
48 September 2022 BOOZ ALLEN HAMILTON
“An example of converge fusion at a bank would be, ‘How do you reduce fraud?’. Fraudsters are using traditional mechanisms and means to trick individuals into paying them money or transferring them money. But there's a pretty big overlap with the cyber techniques that cyber criminals use. If you try to tackle the fraud problem using cyber and fraud techniques separately, you'll never act fast enough to catch the attackers. In this case, it makes more sense to try and think as the attackers do.”
Gaidhane points out that attackers use a combination of human and cyber techniques to gain an advantage. “What you have to do on the defensive side is the same thing. You have to start seeing fraud data within a cyber context and see cyber data within a fraud context, then be able to talk between and merge these two.”
The approach is multifaceted and so requires another angle of defence. Booz Allen’s industry experience delivers context about the different types of cyber threats occurring across different industries, and enables better prioritisation to protect the entire
The realm of cybersecurity is becoming increasingly complex and fast moving, which means companies must keep up or face the terrible consequences of a potential breach.
Gaidhane believes Converged Fusion is a proven approach that will continue to develop better cyber fortification within an increasingly connected business environment. It involves using intuitive thinking, which predicts the nature of the attacker.“Essentially, it involves combining cyber domains with other domains,” he explains.
“That'senterprise.oneexample of where we've helped financial companies deal with fraud,” asserts Gaidhane. “In other cases, clients are trying to deal with things like insider threats. If you try to tackle that problem by itself, not knowing the cyber context, it’s going to be a difficult problem to solve. But, once you start looking at these problems holistically, trying to merge those domains and see where the overlaps are – just like the adversaries are doing –then it becomes a better way to solve that problem. This approach is essentially being applied to a multitude of domains.”
Cybersecurity in a digital ecosystem As the digital ecosystem and IoT result in ever-greater connectivity between industry players, the question of cybersecurity becomes increasingly important and complex. Businesses – both large and small – now work digitally closer than ever before, sharing data streams and information at unprecedented levels. As cyber defenders, the role of Booz Allen is to ensure that its solutions empower businesses to partner and connect without the threat of imminent breaches occurring.
“They are trying to disrupt infrastructure and operations. This is especially true if it's critical to a new generation of threat actors, who are using these vulnerabilities as a way to raise the stakes in ransomware attacks and get paid.”
“We approach cybersecurity as a business-enabling function that empowers our clients to execute digital transformations and fulfil their existential missions,” says Gaidhane. “What we've seen is that, as organisations grow their business and take on large transformations – such as cloud migrations or broadbased operational tech migrations or evolutions – their attack surfaces, and then consequently, their threat numbers, are growing at an unprecedented rate.”
He points out that threat actors use this extended business enterprise, such as OT or manufacturing or cloud, to gain access to client systems. Their motivations for these threat actors range from nation state adversaries, access of sensitive information or intellectual property to terrorists.
businesschief.com 49 BOOZ ALLEN HAMILTON
To put that into perspective, this translates to over 155.8 million individuals being affected by data exposures occurring that year, including accidental revelation of sensitive information due to less-than-adequate information security – amounting to a whopping US$4.2bn in damages. According to reports, between 2015 and 2021, fiscal cost wrought by cyber attacks has also increased from $1bn to $6.9bn in 2021.
and off now, because it's a combination of humans potentially using code and other things to do it.”
Ultimately, an effective security provider needs to examine a broad picture to assess weaknesses across the extended environment, and then apply the correct solutions, according to Gaidhane. “The digital ecosystem is making everything more connected, which means that as cyber defenders, we have to look at the broader context of being able to connect the dots between all of these business environments to be able to stay ahead. Companies are connected in a variety of ways, but even within companies, their sub-businesses are connected via means that traditionally weren't looked at as being connected.”
The future of cybersecurity As industry experts continue to play cat-andmouse games with increasingly sophisticated hackers, the cybersecurity industry has its work cut out. According to Statistica, the number of data breaches in the US alone in 2021 totalled 1001 cases.
“The attackers only have to get this right once. But, as defenders, we have to get it right every single time. So, Booz Allen's approach to cybersecurity is honed from decades of serving alongside the most sophisticated global enterprises and government agencies. As we evolve our
Looking to the future, he says that providers are going to have to continuously raise the bar and enhance defences to allow businesses to focus on their more complex business challenges, rather than being distracted by security issues.
As the numbers continue to rise in line with increased connectivity, bleedingedge technology is the only possible solution, says Gaidhane. “In the future, I think we'll see more use of automation, more use of analytics, advanced analytics, more use of machine learning, and even AI by the attackers, which will increase the specification, volume and velocity of these sophisticated attacks. We see them on 50
September 2022 BOOZ ALLEN HAMILTON
“We’ll continue to evolve our capabilities to be able to take the full business view in addition to, I'd say, staying ahead of the curve in automation, analytics, and AI to get there.”
clients’ security posture and stay at the front-end of a lot of these types of attacks, we get to see what the future is going to bring and stay ahead.”
“ As our clients evolve to use more automation, more analytics, machine learning, and AI, we'll continue to evolve our
inourcapabilityleading-edgetosolveclients’challengestheseareas”
The future for Booz Allen
Gaidhane concludes: “As our clients evolve to use more automation, more analytics, machine learning, and AI, we'll continue to evolve our leading-edge capability to solve our clients’ challenges in these areas. The other aspect is that assessing the broader business context within a number of threats, as well as its reactors, is really going to be important to stay ahead of the curve.”
TONY GAIDHANE VICE PRESIDENT OF BOOZ ALLEN’S COMMERCIAL BUSINESS, BOOZ ALLEN HAMILTON businesschief.com
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These are the driving forces behind the innovative solutions created by Gaidhane and his teams. The company will continue to develop proactive cybersecurity services and capabilities that stay ahead of the threat actors, as well as the threats, faced by their clients. Automation and AI are key components of these offerings, and have already proven markedly successful in a market beset with cyber issues.
52 September 2022 PROFIT | AI A rtificial Intelligence promises a genuine opportunity for your organisation, but do you know how best to implement this technology to make the most of the transformational possibilities? Probably not. Which is why Business Chief has turned to two leading voices in AI to provide a Playbook for AI Strategy. Artificial Intelligence specialists from PwC and Infosys share their AI Strategy Playbook advice for global business leaders to leverage tech opportunity WRITTEN BY: SCOTT BIRCH “AI touches almost every aspect of our lives. And it’s only just getting started” Alec Boere AI, Automation and Digital Leader, Infosys Consulting INTELLIGENCEARTIFICIAL – A FORPLAYBOOKSTRATEGYLEADERS
THE PANEL “I don't think CEOs fully grasp the potential of
Alec Boere is Associate Partner for AI & Automation, Europe at Infosys Consulting. A seasoned disruptive design and technology expert with over 20 years of experience within the technology space, Alec advises brands and corporations on the strategic development and delivery of cost saving, revenue generating or category differentiating disruptive technology products and services. AI” Rao Global Artificial Intelligence Lead, PwC
PROFIT | AI
Anand
LEFT: Anand Rao RIGHT: Alec Boere
Anand Rao is Global Artificial Intelligence Lead at PwC, and the leader of the Big 4 consultancy’s AI and Emerging Technology practice. With more than 35 years of industry and consulting experience, he leads a team of practitioners who advise C-level executives and implement advanced analytics and AI-based solutions on a variety of strategic, operational, and ethical use cases.
businesschief.com 53
27 - 29 September, 2022 | Hyatt Regency Barcelona Tower, Spain The Flagship Procurement Event to Benchmark Your Strategy with the World’s BIGGEST Companies BACK IN PERSON Early confirmed sponsors include: Visit: procureconeu.wbrsearch.com Or simply scan the QR Code Going as group? Discover our special group prices and SAVE UP TO 50% Get 10% OFF ticket price using our code PCEU10BIZ Your Best Opportunity to Learn From and Network With CPOs and Heads of ProcurementProcureCon 200+ ProfessionalProcurementtonetworkwith 60+ Thought-LeadingSpeakers 12+ Hours of NetworkingInvaluableTime 3 Days of ContentInsightful
Business Chief: Why is AI significant for the future of business?
There are also softer benefits which are more difficult to determine an ROI from the application of AI such as the improvement of working practices in the enterprise for staff which helps with talent retention but also that of the agility of the organisation.
PROFIT | AI
In some cases they are also moving from automating and transforming today's businesses to disrupting our current business models. We are already seeing fundamental ways in which AI has changed our behaviours – from searching for content, to summarising and synthesising what we read, see, or hear, to even creating new forms of art, music, and literature. As a result businesses that ignore AI are doing so at their own peril.
Anand Rao Global Artificial Intelligence Lead, PwC
“AI can help the human workforce by enabling the 3 As –Augmentation”Assistance,Automation,and
Anand Rao: AI is impacting every industry sector and every functional area. It is a general purpose technology that will have a profound influence in the next 10-20 years on how we interact with each other and how individuals, businesses, and governments make decisions. AI will automate a number of repetitive and manual tasks while also assisting and augmenting human decision making.
More recently we are also seeing an increase to the promised labour productivity gains, whereas AI can help co-pilot decision making to increase the effectiveness of resources in the Enterprise. This also has effects on time saved and the quality of the outputs. As an example we have been using synthetic data to help organisations to better predict outcomes that balance the decisions needed around product/ service quality.
Alec Boere: From the personal assistants in our mobile phones, to the profiling, customisation, and cyber protection that lie behind more and more of our commercial interactions, AI touches almost every aspect of our lives. And it’s only just getting started.
Value can be had across the organisation, in terms of productivity, personalisation, time saved, and quality. For example, with the enablement of a truly personalised experience (whether B2C, B2B or E2E). AI can deride the gaps that you might have in terms of data volume (traditional methods couldn’t) to drive out customer vectors.
56 September 2022 BC: Do you feel CEOs understand the potential of AI? AR: I don't think CEOs fully grasp the potential of AI. Many can understand the potential impact that AI can have on the economy (eg. US$15.7 trillion by 2030 - see Sizing the Prize report). However most CEOs are unable to grasp the implications for their own business. Every industry sector and business needs to transform itself by using data, analytics, automation and AI. CEOs should consider this as part of the continuing evolution
“AI will help the workforce become more productive and ultimately more satisfied that they are completing their tasks more effectively”
Alec Boere AI, Automation and Digital Leader, Infosys Consulting
BC: Is the C-Suite resistant to the adoption of AI?
READ THE FULL STORY
AR: I don't think the C-Suite is necessarily resistant to the adoption of AI as much as they do not appreciate the importance of AI in transforming the organisation. Even if they appreciate the importance of AI they are not fully aware or equipped to handle the challenges associated with designing, building, and deploying AI across the enterprise. Organisations that were early adopters of digitisation are better equipped to expand their digital transformation initiatives into automation and AI initiatives. They are better able to capitalise on the move to cloud and the resulting use of AI/ ML on the cloud to centralise the data and gain better cost efficiencies and decision effectiveness.
AB: No, it is the balance of the change that AI will bring. Over the last few years we have completed 100s of POCs but in the last 18 months there have been better ways to manage the challenges of getting the benefits from AI. The main challenges are that of ROI (how to measure), deployment (going beyond the POC) and that of trust and ethics. Making sure you have these three core elements managed will ensure better success and bottom-line success in the adoption of AI across the Enterprise.
businesschief.com 57 PROFIT | AI of digital transformation. Setting up a Centre of Excellence, designating clear ownership, and recruiting the right senior management are critical CEO functions to ensure that their company is not left behind in the AI race.
AR: AI is being used by HR departments to both source talent and also match individuals with the right skills to the right
BC: With a talent shortage and skills gaps, can AI help solve these issues?
AB: Yes and no, CEOs are constantly being reminded of the value AI can deliver but not all are benefiting. There is still a big gap between the leaders and the followers, as you would expect. Whilst this is closing, there is still a lot of resistance within midmanagement levels within the enterprise.
How hybrid work is therevolutionisingphysicaloffice 58 September 2022
Google Bay neighbourhoodsthemothershipView’sstairandsecondfloorteam
Google is one of the largest companies attempting a ‘hybrid’ model, and this innovative workspace is designed to lure workers back to the physical office, and to cater to the hybrid work model that most employers seem likely to embrace.
All of this, and more, according to Google, which has incorporated all these elements into its new Bay View Campus (pictured), a stateof-the-art workspace designed by Google, and Googlers, in response to the future of work.
As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage
Sporting a people-centered design and with a focus on wellbeing and culture, the Silicon Valley campus arrived on the Bay Area horizon just as Google kicked off its hybrid work schedule in April, requiring most employees to show up at the US offices.
Across Asia-Pacific, 66% of business occupiers say they are adopting flexible working as the new normal; across EMEA, 72% indicate they are moving towards a hybrid workplace model, and across the US, 62% plan to have return-tothe-office strategies underway by mid-2022.
businesschief.com 59 PEOPLE | WORKPLACE SPECIAL
W hat does it take to woo employees back to the office?
Rise of the hotel office – social amenities and conveniences This shift to a new way of working is underway, according to CBRE’s 2022 Occupier Survey.
Nature views. Social spaces. A focus on employee wellbeing. Deep focus areas. Renewable energy.
WRITTEN BY: KATE BIRCH
Enabling Empoweringeducators.students. Explore how we accelerate student discovery, learning and innovation with our Digital Education 3D Experience. E XPLORE THE 3D EXPERIENCE
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businesschief.com
But while the transition from remote to hybrid is happening, progress is slow.
The UK reached a post-pandemic high of 30.6% occupancy in June, according to Remit Consulting, while US occupancy hit a pandemic-era high of 43% in April, reports KastleEmployeesSystems.aren’t rushing back, it seems.
Caroline Pontifex, Director of Workplace Experience at KKS Savills explains that there are ‘Learners, Leavers, and Leaders’ and that it is the ‘Leavers’ – those employees whose lifestyles, attitudes and priorities changed during the pandemic – that organisations are finding it most difficult to re-engage back with the office.
“Organisations are starting to appreciate the value of an office environment that brings people together – the office as a destination”
Sebastian Mann Regional Executive Director, Head of Design, CBRE Asia Pacific
Google Bay View’s canopy ceiling
“Many of the organisations we are currently working with are doing upgrades of space around offering social amenities. It’s about giving employees a reason to visit the office two to three times a week”
This provides an opportunity, says Christine Li, APAC Head of Research at Knight Frank, to “redefine the role of the office in enhancing our working lives, by offering better amenity provisions than what one might encounter working from home”. And many businesses are responding.
One of the reasons people are reluctant to return, says Caroline, is that their “home office outperforms their work office” when it comes to comforts, conveniences, and lack of commute.
Physical office strengthens collaboration, culture, cohesion. Socialising is one reason employees do want to return to the physical office, to build relationships, collaborate, and feel connected to the company culture –Caroline Pontifex Director of Workplace Experience, KKS Savills
Caroline points to the rise of the “hotel office”, with more firms following in bigtech footsteps and delivering all the services one would expect from a quality hotel, from concierge services to cafes, fitness centres and therapy spaces, to dog creches and social spaces. “Many of the organisations we currently work with are doing upgrades of space around offering social amenities,” adds Caroline. “It’s about giving employees a reason to visit the office two to three times a week.”
62 September 2022 PEOPLE | WORKPLACE SPECIAL
Christine Li, Head of Research, APAC, Knight Frank Christine curates and co-ordinates regional forecasts and market outlook for clients across the office, industrial and residential sectors as well as specialist asset classes.
Clare Bailey, Director, Commercial Research, Savills Clare is a director in the Savills commercial research team and has written extensively on themes within the regional office markets. She has been commissioned by the British Council for Offices to explore the provision of affordable workspaces in the UK.
businesschief.com
Caroline Pontifex, Director of Workplace Experience at KKS Savills Caroline leads the occupier and workplace strategy team, advising occupiers using workplace as a vehicle for change, and developers ensuring real estate solutions can respond to change.
Tim Armstrong, Global Head of Occupier Strategy and Solutions, Knight Frank Tim is responsible for growing Knight Frank's occupier and global portfolio solutions business, which delivers world-class corporate real estate outsourcing solutions to clients around the world.
63 PEOPLE | WORKPLACE SPECIAL
Sebastian Mann, Regional Executive Director, Head of Design, CBRE Asia Pacific Sebastian leads the design business across Asia-Pacific for CBRE, a global leader in commercial real estate services and investments.
Google withemployeesconnectingcourtyardOutdoornature
EXPERT PANEL
something many have missed over the last few years. “With hybrid working in place, interaction among workers dwindled and can be a challenge when it comes to keeping the culture of the company alive,” says Christine.
For business leaders, employee mental health and physical wellbeing is now firmly on the corporate agenda, says Tim Armstrong, Global Head of Occupier Strategy and Solutions at Knight Frank, and “many have come to value the social importance of the office above and beyond providing a physical space for work. It has expanded beyond the traditional notion of being just a place for work.”
Christine concurs, adding that when communications are virtualised, taskoriented exchanges and brainstorming activities might be limited as people may find it hard to visualise, especially visual
workspaceSecond-floorat Google’s Bay View shows how thousands of Googlers can be in a connected space with individual team neighbourhoods
While Tim acknowledges that hybrid working is a global trend that is here to stay, he believes the office will remain important for companies to promote collaboration and communication of ideas between employees.
64 September 2022 PEOPLE | WORKPLACE SPECIAL learners, and it can be more difficult to gauge colleague’s responses during discussions.
And the numbers back this up. More than half of employees who left their job in the past six months say they lacked a sense of belonging, a recent McKinsey survey found. It’s an ongoing concern for business leaders who fear hybrid/remote working can lead to loss of culture, connectivity, and cohesion, and ultimately, a loss of top talent.
“Physical collaboration and social interactions are fundamental to the creation, curation, and sustenance of a corporate culture; it’s what distinguishes the function of the office from remote settings. That’s not to say that working from home cannot be collaborative – it can, but the ease of that collaborative effort is improved with physical proximity, and stunted by the unnatural form of video calls, which have also shown to further marginalise minorities.”
Collaborating in a physical setting not only facilitates brainstorming, explains Christine, it also “allows people to be engaged in spontaneous exchanges and minor decisions” preventing problems such as the ostracisation of employees from bigger conversations and more important decisions.
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Tim Armstrong Global Head of Occupier Strategy and Solutions, Knight Frank
“Physical collaboration and social interactions are fundamental to the creation, curation, and sustenance of a corporate culture; it’s what distinguishes the function of the office from remote settings”
“A lot of companies have moved there as it offers a community, incubator space, plenty of green space, and flexible workspace, so firms can grow.
While downsizing in professional, banking and insurance sectors in the UK, mainly Central London, are taking place, she says, there is increased demand for space in the tech sector, and upsizing in regional areas.
Clare Bailey, Savills Commercial Research Director in the UK, says that some companies are being prescriptive in embracing hybrid working and downscaling and/ or optimising their real estate, looking strategically at where they want to locate themselves to attract the best talent.
Clare highlights a rising trend, the ‘cluster effect’, where organisations are thinking strategically about where they want to be and locating themselves with like-minded companies in collaborative and community spaces. She points to Bruntwood SciTech, an agency creating a network of thriving innovation districts in the UK, whose Circle Square tech community in Manchester is proving ground-breaking.
While the smaller, regional offices –those that have always driven strong engagement in the workplace – have had most success in getting employees back to the physical workplace.
It is the locations where the cost of the commute is quite sizeable, in time and money, that are losing out most, says Clare, with Central London especially impacted.
As hybrid working kicks in, organisations are reconsidering their real estate strategies.
Real estate strategies
2022 READONLINEMORE
“Whatever is envisioned of the hybrid office, it should remain human-centric and continually place occupants at the centre of this evolving concept,” she says. Describing the future office as an “attractor and cultural hub”, Sebastian Mann, Executive Director & Head of Design at CBRE APAC, explains that as the adoption of hybrid working tends to lead to focused work or back-office functions being performed remotely, the reimagined office will ultimately become a location for discussion, interaction, and collaboration. And as such, office design will need to be “exciting, interactive, and engaging”. Christine Li Head of Research, APAC, Knight Frank
The new office design will focus on collaboration Christine predicts the design of the office in a hybrid future will likely provide a curated blend of environment, from meeting rooms to working pods as well as breakout spaces that promote collaboration and connect employees, with the requisite digital tools that enable hybrid work styles.
“Whatever is envisioned of the hybrid office, it should remain human-centric and continually place occupants at the centre of this evolving concept”
READ THE FULL STORY
businesschief.com 67 PEOPLE | WORKPLACE SPECIAL
“DBS recognised early in the pandemic that the way we live, and work was changing dramatically for the long-term,” Erwin Chong, Group Head of Corporate Real Estate
68 September 2022 PEOPLE | WORKPLACE SPECIAL
“We decided early on to use the crisis as a platform to further reposition ourselves fundamentally as a bank of the future,” CEO Piyush Gupta says of the innovations that the Bank has rolled out during the last few years.
culture is no mean feat when you are Southeast Asia’s biggest bank Erwin Chong, Group Head of Corporate Real Estate at DBS, tells Business Chief how Southeast Asia’s largest bank is reimagining its workplace culture
These have included acquiring stakes in banks in India and China to cement the bank’s position in Asia; launching landmark digital initiatives, including a blockchainbased ecosystem for fundraising and a global marketplace for carbon credits; and embarking on a journey to reimagine its workplaceChangingculture.workplace
WRITTEN BY: KATE BIRCH by assets, and among the largest in Asia, with more than 250 branches across 18 markets on the continent, and a 17,000-strong workforce. Since January 2021, DBS has adopted a permanent hybrid workforce model, with all employees given the flexibility to work remotely up to 40% of the time. The bank further found that with employee life cycles being increasingly dynamic, work arrangements needed to become more flexible to support different needs, and subsequently became among the first Singapore companies to roll out a formal job-sharing scheme. This enables two employees to share the responsibilities of one full-time role, while retaining all existing medical benefits in full and covered under the bank’s insurance plans.
How DBS Bank is workplacereimaginingcultureT
here are many reasons why DBS Bank has been recognised as the ‘World’s Best Bank’ for the last five years. But among them, the Singaporeheadquartered bank has demonstrated the ability to not just survive a crisis but use it as a chance to innovate.
Erwin Chong Group Head of Corporate Real Estate, DBS
“DBS recognised early in pandemicthethat the way we live, and work, was thedramaticallychangingforlong-term” at DBS, tells Business Chief. As a result, “we implemented a series of transformation initiatives to enable our employees to realise new ways of working and to support their needs and aspirations, while balancing the needs of our customers.”
These initiatives were the result of extensive research including deep-dive experiments with more than 70 focus group discussions and the deployment of human analytics conducted by a cross-functional regional Future of Work Taskforce convened in mid-2020. This was supplemented, says Chong, by regular, ongoing employee surveys providing “timely pulse checks on
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70 September 2022 PEOPLE | WORKPLACE SPECIAL how employees are managing their work, family, and personal commitments in the newThisnormal”.reimagination of workspace remains aligned to the bank’s organisational culture, which centres around collaboration, and co-creation.“Wefundamentally believe that people crave social connections, and will want to come together to collaborate, co-create and celebrate. We believe that there will still be parts of the work regime that require people to come together physically to accomplish, Piyush Gupta CEO, DBS
“We decided early on to use the crisis as a platform to further reposition bankfundamentallyourselvesasaofthefuture”
Chong says every Joyspace is “thoughtfully designed with the user in mind” and comprises different zones, such as quiet rooms, areas for open collaboration and social areas, to cater to different moments of the day. “Joyspaces break away from traditional expectations of what an office should look like and offer employees flexibility and choice.”
To gain an even more nuanced understanding of how workspaces impact READ THE FULL STORY
This evolution of the bank’s workspace is nothing new, but a continuation of the workspace reimagination journey the bank started back in 2016 with the launch of its redesigned workspaces – ‘Joyspaces’.
businesschief.com 71 PEOPLE | WORKPLACE SPECIAL so the design of workspaces will change accordingly in the next normal.”
In light of the pandemic, DBS is now continuing on this journey to “further reconfigure our workspaces to enable even greater collaboration and facilitate more agile, horizontal ways of working in DBS.”
72 September 2022
L isten more than you speak’ is a leadership mantra David Joosten, CEO and President of Vodafone US, lives by. And it’s a mantra that has served him well during his more than 20 years as a leader in IT and telecoms, and especially over the last few years of leading people remotely.
While Vodafone was an early adopter of flexible working many years ago, the company is taking its learnings from the pandemic and gathering input from its employees worldwide on what to do next, noting that what started as an experiment is now the norm.
David believes hybrid work and flexible hours are here to stay, and that getting it right will be a continuous learning curve and challenge for business leaders and IT teams – but a huge opportunity too.
We have an to change how
David tells Business Chief that during the pandemic, keeping people motivated and connected was the main priority at Vodafone, as well as being empathic to their situation.
“Greater flexibility in working location supports our unique culture at Vodafone, giving individuals and teams the freedom to tailor the way they work based on customer and personal needs.
“In the future, organisations should prioritise flexibility, remove location as a role requirement (where possible), use better digital tools to support in-person and virtual collaboration and innovation, and creatively evolve office space to help these ways of working,” he argues.
WRITTEN BY: KATE BIRCH
“Communication was critical, listening to people key, and coming out of the pandemic, I certainly learned how to do this more effectively and collaboratively,” he says. This is just one of many silver linings David attributes to the pandemic. While acknowledging that the last few years have been tough and that challenges remain, he says the pandemic has provided an “opportunity to change how we work” and “how and where we will collaborate with each other in the future”.
David Joosten, CEO of Vodafone US, tells Business Chief how organisations have the chance to build a trusting and empowering relationship between employer and employees
France, Belgium, howopportunitywework
PEOPLE | WORKPLACE SPECIAL
David Joosten CEO, Vodafone US
“In adopting hybrid and remote working styles for the long term, digitalinfrastructuretoshouldorganisationsbemindfulnotreplicatetheofficeinaenvironment”
David Joosten US
TITLE: CEO LOCATION: NEW YORK COMPANY: VODAFONE
David Joosten is the President and CEO of Vodafone US Inc. In this role, he leads Vodafone Business commercial operations throughout the United States, Canada, and Latin America, in addition to Vodafone partner markets including
“At Vodafone Business, we’re working with our teams to agree on what flexible working will look like for us, as no one size fits all. There cannot be a set formula or ratio, but there can be a broad target. The key is to build in flexibility so that it can be adapted for individual or team needs, but it must be a give and take trust-based arrangement.”
To sustain this long-term, David says companies need to figure out when it makes sense to have employees come to an office, whether for team-building exercises, company meetings, or milestone celebrations, and which employees should go into the office, and how they can remain productive in doing so.
What makes a business 'future ready'?
David Joosten CEO, Vodafone US
74 September 2022 PEOPLE | WORKPLACE SPECIAL
colleaguespartnershipthenfinance,asinternally,relevantpoliciescomprehensivedevelopsaysessential,David,tonewandwiththeteamssuchHR,IT,andandalsoinwithtoset boundaries, create flexible working hours, and de-centralise decision-making.
That’s why it’s
“In the future, organisations should prioritise flexibility, remove location as a role requirement (where possible), use better digital tools to support inperson and virtual collaboration and innovation, and creatively evolve office space to help these ways of working”
He points to internal face-to-face meetings, a “time-consuming and perhaps inefficient relic of ‘traditional’ working that should not simply be replicated via video conferencing”. Instead, he recommends using better and more effective
Sustainability agenda
businesschief.com 75 PEOPLE | WORKPLACE SPECIAL
Looking at the sustainability agenda, technology plays a transparent and intrinsic role in supporting efforts here, says“TheDavid.Vodafone
According to David, FFTF organisations see sustainability as a bigger priority and, as such, are much more in tune with customer expectations. As a result, 51% will increase their spending on environmental, social, and corporate governance (ESG) and corporate social responsibility (CSR) in the next year.
At the centre of this transition to successful hybrid working is technology, which allows people to build a working life that fits their personal life and vice versa, reflecting the many roles each of us plays as colleagues, spouses, parents, caretakers, and leaders. “It is evident that businesses now see the benefit of providing employees with the latest technology to boost remote working experiences and retain talent.”
“This should be an open and evolving conversation between the employer and employees, with both being flexible in their policies and expectations,” he says. And if done correctly, it’s an “opportunity to build a trusting and empowering relationship between employer and employees and create healthier lifestyles moving forward… one that could lead to longer working careers and lessen our impact on the planet thanks to reduced commutes and in-person meetings”.
Flexible working will also mean attracting more top talent, argues David, opening Vodafone up to new employees who might have been excluded in the past simply because they live too far away from, or had difficulty getting to, one of its offices. “With a reduced dependence on location, we can increase career opportunities for our employees, enabling them to leverage their skills for roles that may interest them.”
In adopting hybrid and remote working styles for the long-term, David warns organisations to be mindful of not replicating the office infrastructure in a digital environment, but to instead think critically about the traditional practices and innovative workflows of an in-person workday and consider whether those practices are efficient and productive in a hybrid or remote virtual environment.
READ THE FULL STORY
Fit for the Future (FFTF) report reveals that 69% of businesses believe their customers want them to have a clear ethical stance on social and environmental issues. Still, organisations struggle to devote time to their sustainable business agenda during the pandemic – with only 29% saying they believe sustainability is “essential” for their organisation to operate.”
“With customers becoming increasingly focused on ESG, businesses that show they’re leading the way in this space will ultimately boost their performance and improve their credibility on issues that will only become more urgent in the future.”
PURPOSE | LEADERSHIP
Dean Forbes went from a homeless, debt-ridden teenager to CEO of a billion-dollar business in 20 years. Here he shares his inspirational
Dean Forbes –
t took just 20 years for Dean Forbes to transform his life. Twice homeless in London as a teenager, failing to make the grade as a professional footballer, and amassing a mountain of debt, it would have been easy to expect a tragic end to this story of a young man trying to find his place in the world. Yet Forbes was driven by his traumatic and tempestuous experiences to transition from a junior call centre sales executive to CEO of billiondollar businesses – recognised as one of Britain’s best leaders, mentors, and champions of social mobility.
“I’m really grateful for that debt because it meant I had to fail at football quickly in order to get into the professional working environment.”
“I describe the start of my career journey as a twice homeless failed footballer who found himself doing telesales to service a mountain of debt that he'd accumulated to keep up with football friends,” says Forbes, speaking with an openness and candour that is refreshing from a CEO.
the CEO aiming for the moon from rock bottom
WRITTENjourneyBY: SCOTT BIRCH
I
It is hard to imagine how an in-demand CEO of a business recently acquired by Partners Group for EU1 billion could have been in that situation, and the resilience he had to show to climb out of those depths. The emphasis there being on ‘had to’, as Forbes simply had no choice.
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Dean Forbes Chief Executive Officer, Forterro
“Now you're trying to go to the moon. So you need people who understand how you got here and what makes you effective here, but you also need people who are experienced in space travel”
“Looking back on it now, it’s just incredibly difficult. The emotional aspect of losing your home is something I can't put into words, and especially for us – our home was our refuge from a very, very difficult earlier situation. We didn't just emotionally lose the roof over our head – we lost the sanctuary from the thing we were escaping from.”
“Bothhome.times were very difficult for our family,” says Forbes. “We went into hostel
The first time he was made homeless was around the age of just 14, when escaping from what he describes as “a very bad family situation”. The second time was arguably even harder. Forbes’ mum had worked hard, despite disability, to become a homeowner, only for her to lose her job and ultimately the family
accommodation and the second time, we came out of it by breaking up the family. I was of age so I left home and had to go and make my own way. That was around the Motorola time so I left home which meant my mother needed a smaller place which we were able to find more easily. Four years later I was actually able to buy her a home.”
From all the kids playing in academies at the age of 9, fewer than 1% make it professional at any level of the game. In the UK, of the 1.5 million youth players, around 180 will make it to the top tier of the Premier League.
Sporting dreams for business goals
Making it in professional sports is notoriously difficult, and football in the UK is no different.
80 September 2022
While being a pro player for the likes of Crystal Palace was a dream for Forbes, he is the first to admit that he probably didn’t want it as much as some of his friends.
“I like projects that are isupsidebutandcomplicatedhighlycomplex,wherethepotentialenormous”
“I look back now and realise I can't say I dedicated my life to it because my friends who went on to have great careers, there's a complete contrast in the way we
Dean Forbes Chief Executive Officer, Forterro
Telecommunications.Primaverawasaprivate equity-backed US software company trying to grow in Europe and I got in there right at the moment it was really taking off and able to drive a lot of growth there and became the de facto leader of the international business – partly because things were going well, but also partly because I managed to outstay a lot of the other sales people. We built that business and sold that company to Oracle, by which time I was the leader of the international unit, which was 51% of global sales at the time of the transaction, and I think my world and horizons just opened at that moment because I had this great opportunity to run this global business unit inside of Oracle.
I think that was a culmination of everything that I've done so far –perhaps I had built a bit of a reputation in the investment community for somebody who has a high tolerance for difficult projects and situations, and it had all the hallmarks that I love in a project initiative.
businesschief.com 81 PURPOSE | LEADERSHIP
Dean Forbes CV approached football,” he admits. “I enjoyed it. I loved it so much and the part that wasn't helpful to me is that it was just a group of my friends from similar estates, so I just laughed six days a week and messed around, played football when it was time to play football, but I wasn't dedicated to it.”
It’s hard to imagine the so-called Tech CEO Unicorn speaking to us today being anything other than successful, but it is a given that his success was built on his hardships, failures and work ethic. When you have been in those kinds of situations, you never want to go back.
“My career runs from telesales at Motorola in a kind of windowless room to Primavera Systems via Isis
“I was working for Charles Phillips the then president of Oracle, somebody I admired a lot, whilst at the same time private equity and venture capital was interested in talking because they had seen the Primavera journey. Because of that, I ended up at KDS where I became CEO.
“I have been lucky and I've been helped by a lot of people, but I've worked very hard,” he says. “I've done the hours, because I don't want to be back in that situation. It taught me that you get up, you go to work. You don't spend time feeling sorry for yourself.
And, here we are having recently [March 2022] exited to Partners Group and looking forward to the next five years.”
The French-headquartered SaaS business, backed by Excel, was going through its troubles and we were able to turn that one around and sell it to American Express.
The turning point came when Forbes came to the realisation that his future was not in football, and that his mountain of personal debt accrued by trying to live that lifestyle beyond his means was potentially “life threatening”.
And then I moved on to CoreHR with JMI Equity – another company with great aspirations but a bit troubled at the time and we were able to turn that one around and sell it to Access Group. And then Battery Ventures called me at the end of 2020 with the Forterro project.
“I've come to peace with the fact that a Salesforce or ServiceNow environment where the world is your oyster and every executive is trying to buy from you is not the kind of project that appeals to me,” he says. “That's a downhill project with a “The best piece of advice I've received was always be authentic, which may have resonated with me a bit more than others, but it was the notion of it. Just be yourself and do things that align well with your value system and it will be OK.”
Part of that demand comes from his “insane desire to prove himself” but he tempers that by admitting he still has a degree of imposter syndrome.
But that does not stop Forbes from turning around tech organisations and exiting with impressive valuations. He was instrumental in Primavera’s sale to Oracle for around US$550 million, had his first CEO role with Paris-based SaaS firm KDS, acquired by American Express in a multimillion dollar deal, and constantly moved up the valuations ladder into the billions. Impressively, Forbes does not take the easy route to success.
Best advice?
82 September 2022 PURPOSE | LEADERSHIP
I learned to be resilient – not to stop and ponder bad luck and misfortune and things that happen. So I get over difficult situations extremely quickly. I learned that it's a privilege to work.”
Darling of the venture capital deal Forbes admits that he has probably built something of a reputation for himself as an executive leader with high tolerance for challenges, given his early years, and that is why certain projects attract him and why private equity firms seek his skills.
READ THE FULL
escapingthesanctuaryheadtheemotionallyjustloseroofoverour–welostthefromthingwewerefrom”
“We didn't
Dean Forbes Chief Executive Officer, Forterro
lot of momentum behind it. I like projects where the odds are stacked against me and the company. I like projects that are highly complicated and complex, but where the upside potential is enormous and as long as I can find one pathway to success then that's normally a highly attractive situation for me.”
businesschief.com 83 PURPOSE | LEADERSHIP
“If you go back maybe 10 or 15 years, the job of a leader could be more dictatorial –it’s my way or the highway kind of thing,” says STORY
Changing role of the CEO in tough times The role of a CEO has evolved. More than ever, a leader needs to be in touch with employees and how they are feeling. After the devastating COVID-19 pandemic and now a global financial crisis looming, not to mention climate change, geopolitical pressures, soaring inflation and potential food shortage, there must be incredible pressure and responsibility on CEOs. As someone who has faced incredible hardship and uncertainty, Forbes can relate more than most.
84 September 2022 PLANET | B CORP
hen innocent drinks became a B Corp in 2018, CEO Douglas Lamont declared on Twitter it was the “proudest day of my career” and urged CEOs to sign up to the B Corp movement, describing it as a “pretty effective way to grow your business, attract great talent, drive up employee engagement, and deepen brand love.”
WRITTEN BY: KATE BIRCH
He’s not alone in his thinking. Worldwide, there are now more than 5,000 B Corps – businesses who put as much emphasis on their social and environmental impact as they do their bottom line – and the numbers are growing, fast.
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Becoming B Corp certified means you become part of a community that believes business should be a force for good; and this community – led by 13 regional global partner B Lab organisations – now spans 82 countries, 156 industries, 5,000+ companies, and more than 422,000+ workers. Becoming a B Corp may not be right for every organisation, but for many it is proving a successful way to grow their business and attract top talent
Why becoming a B Corp is good for business
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Established in 2006 by non-profit organisation B Lab, B Corp certification is the only certification that measures a company’s entire social and environmental performance and is a way for for-profit companies to effectively balance purpose and profit, while also serving stakeholders.
PLANET | B CORP
Get protection,andnetworkreliablecoveragesecurityfast.
A modern network must be able to respond easily, quickly and flexibly to the growing needs of today’s digital business. Must provide visibility & control of applications, users and devices on and off the network and Intelligently direct traffic across the WAN. Be scalable and automate the process to provide new innovative services. Support IoT devices and utilize state-of-the-art technologies such as real-time analytics, ML and AI. And all these must be provided with maximum security and minimum cost.
This is the power that brings the integration of two cloud managed platforms, Cisco Meraki and Cisco Umbrella. This integration is binding together the best of breed in cloud-managed networking and Security. cisco.com cisco CiscoSecure CiscoSecure
“It’s been a pivotal time,” admits Amy, explaining how events of the last few years – namely the pandemic, political unrest, climate change, and race protests – have all created “an awareness of our interdependence globally, pushed
The last two years has seen record demand for B Corp certification, with 6,000 applications, a 38% increase on 2018-2019; and in the UK alone – where there are now more than 700 B Corps – there was a 70% increase in submissions in 2021 vs 2020.
B Corp is so valuable for two things. It gives you a framework and a structure, and the certification gives you a rubber stamp to youdoingdefinitelyyoushowarewhatsay.
Organisations and investors increasingly seeing value of B Corp
Joanna Gluzman Chief Sustainability Officer, PZ Cussons
As the UK’s first-ever B Lab consultant, Amy Bourbeau has seen first-hand the transition of the movement to the mainstream. “I came across B Corp in 2014 when there were just five B Corps in the UK, and when B Lab UK hadn’t officially launched,” Amy tells Business Chief. “I fell in love with it straightaway, and have committed my career to growing B Corp everAmy’ssince.”commitment has included working closely with B Lab to help some of the founding B Corps certify; co-designing and delivering the B Leaders training program; and co-founding Seismic, a sustainability advisory that’s home to Europe’s largest and most experienced team of B Corp specialists – helping companies like innocent, Avon, Sipsmith, Gousto, and PZ Cussons achieve B CorpThecertification.lastfewyears have been especially busy for Amy, Seismic, and the B Corp movement in general, with the pandemic throwing up a surge of applications – in part thanks to organisations having more time to explore certification, but more crucially due to a growing awareness among business leaders, investors, consumers, and employees that business must be a force for good.
businesschief.com 87 PLANET | B CORP
Amy is Co-founder and Chief Impact Officer at Seismic, a sustainability advisory that is home to Europe’s largest and most experienced team of B Corp specialists, including the first-ever B Leaders. With more than 100+ collective years of sustainability experience and 30+ collective years of B Corp experience, they use the B Corp framework to help businesses prosper by becoming increasingly impactful and influential forces for good.
88 September 2022 PLANET | B CORP
Amy started working as the UK’s first B Corp Consultant in 2015 and has been committed to helping the community grow ever since. She works closely with B Lab, co-creating and delivering the B Leaders training programme. Amy has supported hundreds of organisations on their sustainability journeys, with clients including innocent drinks, Avon, Sipsmith, Seedlip, Gousto, Lily’s Kitchen, Piper Private Equity, and PZ Cussons. Seismic's vision is to have helped 10,000,000 people to work for a positive business by their fifth birthday.
Meet the UK’s first-ever B Lab consultant Amy Bourbeau, Co-founder and Chief Impact Officer, Seismic employees and consumers to demand more, shown us what is possible, and ultimately forced companies and investors to open their eyes.”
Amy tells Business Chief that while just a few years back investors were wary of B Corp, the opposite is now true with an increasing number of traditional equity firms coming forward, either to certify, get their portfolio certified, or help improve their impact. The same is true of other traditional companies.
“We are now at an exciting stage, with more mainstream and traditional brands embarking on the B Corp journey. Companies like innocent drinks are known for having impact and sustainability embedded within them so becoming a B Corp is a no-brainer; and they use the process of certification to Amy Bourbeau with her team at Seismic
Rather than turning away from sustainability, a trend for investors during hard times, the pandemic has propelled ESG investing to new heights with US$51bn in net new money flowing into these funds over the past year, more than double the previous year. This is good news for B Corp.
businesschief.com 89 PLANET | B CORP B Corp by 5,000+numbers Number of B Corps globally (as of May 2022) 200,000 Number of companies currently using the BIA to measure their impact 70% Percentage of candidates recruited by B Corp in the last three months who mentioned it in their interview process 44% Percentage of B Corps seeing investment found certification helped to attract investors 82 Number of countries where B Corps are present 422,400+ Number of workers across B Corps Amy Bourbeau Co-founder and Chief Impact Officer, Seismic We find that B Corp is the best framework for helping to engage organisations, whether they go for certification or not. It’s inspiring to see the change that B Corp can have in helping businesses to shift their values, priorities, and impact 180 degrees.
90 September 2022 Ben Scoggins CEO, Organic
For some businesses, like Etsy, the B Corps’ framework won’t be desirable or necessary. These organisations are clear on what they want and need to do, and they find the undeniable B Corps admin more of a hindrance than a help. My experience however is that these organisations, although brilliant, are in the minority. Most of us need some guidance.
With €24.3 billion in sales, in 2018, Danone North America became the largest Certified B Corp in the world by a factor of two. Danone Oceania followed suit earlier this year, becoming the largest B Corp in Australia and New Zealand.
Did
B Corp is a journey, not a destination Becoming a B Corp is no mean feat, however. The process can take many months, multiple employees, and shedloads of paperwork, and companies need to recertify every three years.
UK-headquartered digital agency Organic, which offers the best-in-class digital solutions to big-name clients including Heinz, Capita, Samsung, HSBC, and PwC, is one company that has achieved certification. “B Corp certification took the best part of a year and was a laborious and sometimes tedious process with a rigid methodology”, CEO Ben Scoggins tells Business Chief.
Sam Galsworthy, co-founder of Gin brand Sipsmith, which certified in May 2021, admits the process is tough, involving continuous improvements – listening, learning, assessing, and acting. “We need to score 25 more points on the B Corp assessment by 2025. It is not going to be easy,” he says. And the numbers back this up. While more than 200,000 organisations are currently using the B Impact Assessment to analyse their impact, only around 5,000 have successfully gained B Corp status.
Certification involves assessment (B Impact Assessment) of a company’s impact on its governance, workers, customers, community, and environment, with each company achieving a baseline score. The average score is 50, and organisations then work towards achieving a score of 80, the minimum required for certification.
Today, more than 60% of Danone’s global sales are now covered by B Corp certification, marking significant progress towards Danone’s ambition to become one of the first certified multinationals. The food and drinks’ giant achieved global sales of €24.28bn in 2021 and has more than 100,000 employees worldwide. you know? communicate their impact and improve. But increasingly, we are seeing companies at the other end of the spectrum, those who have been operating for many years and are now starting to action impact and purpose. They see B Corp as a good place to start to pull together structure and advice.”
businesschief.com 91 PLANET | B CORP
The process of B Corp certification
To ensure improvement, Amy recommends pulling in different members of the team, having senior leadership endorsement and encouragement, as well as different subject matter experts involved, and then make sure the plan trickles down through the business, so that it is actually being “lived and breathed”.
According to Amy Bourbeau, Co-founder and Chief Impact Officer at Seismic, the assessment is “tailored to companies based on their sizes and sector” and involves around 300 questions. To pass the assessment, businesses must achieve a minimum of 80 points out of a potential approximate 200. It is rare to achieve 80 on the first assessment, and the average is 50. Once a company has their baseline score, they build an improvement plan and identify the implementations they want to make to improve their impact and their score and set a time frame to do it in. They must embed the B Corp mission into their legal documentation. “Businesses can pick and choose what most resonates with them, but what’s important is to ensure implementation is carried out genuinely and accurately,” says Amy. Once 80 points are achieved, companies submit the assessment along with supporting evidence to be verified by B Lab. This marks just the beginning, as organisations must then maintain or improve scores, re-certifying every three years and publishing an annual impact report.
PLANET | B CORP
The pathway to B Corp certification starts with the B Impact Assessment (BIA), a free and confidential online tool that helps to measure and manage social and environmental performance across five key areas: Governance, Workers, Community, Environment and Customers.
“It’s meant to be hard, because it’s meant to motivate you to do more,” says STORY
We need to score 25 more points on the B Corp assessment by 2025. It is not going to be easy… a lot of it is continuous improvements – listening, learning, assessing, and acting. We are all agents here. There’s no silver bullet.
“For our business, the methodology or framework forms a large part of the value of certification – it gives us a yardstick to measure ourselves by. And that’s important, because when we looked at what it was going to take to be more ‘business for good’ we were flawed by a simple question – ‘how much good is good enough?’.
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“While it’s a huge achievement to reach certification, this is just the start of the journey, as companies work hard to maintain their performance, and then continuously improve on it,” she adds. “We find that B Corp is the best framework for helping to engage organisations, whether they go for certification or not. It’s inspiring to see the change that B Corp can have in helping businesses to shift their values, priorities, and impact 180 degrees.”
Sam Galsworthy Founder, Sipsmith Gin
Amy, explaining that once the assessment is complete, companies identify implementations to improve their impact and ultimately their score.
innocent used the framework to ensure its expansion plans were undertaken in a responsible and impactful way, including the building of a carbon-neutral factory
innocent is a case in point. While the drinks business certified in 2018 with a 92.5 score, significantly over the 80 points required, it has since used B Corp as a tool to continue to improve, achieving a staggering 105 points upon re-certification in 2021.
“Certification gives us a basket of measures as to what ‘good enough’ looks like and provides us with targets and ideas to enable us to stretch and get better each year.”
Joanna Gluzman, Chief Sustainability Officer at PZ Cussons concurs, explaining that B Corp is valuable for two things. “It gives you a framework and a structure, and the certification gives you a rubber stamp to show you are definitely doing what you say.”
And that’s really the point of B Corp, it’s a journey rather than a destination – the framework works as a business management tool to help companies become more intentional and to improve.
However, Ben acknowledges the importance of that methodology in offering a structure for improvement.
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Located in Manhattan’s blossoming flower district, in the iconic NoMad neighbourhood, and housed within one of the tallest buildings in the area, NoMad is not only perfectly located, it also provides some of the city’s most spectacular views.
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One of the most hotly anticipated New York hotel reveals of 2022, The RitzCarlton NoMad has opened its five-star doors, and is making quite the splash.
Views of the city’s most iconic sights are equally impressive from the rooftop bar, Nubeluz, where guests can kick back with Ritz-Carlton NoMad New York City
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NoMad’s 250 guest rooms, 19 suites, and 16 branded penthouse residences come with breathtaking views of the Manhattan skyline and feature expansive living spaces filled with bespoke furnishings and artwork.
creative cocktails and sharing boards. While inside, Michelin-starred chef Jose Andres showcases the city’s new hot spot, Zaytinya, delivering a mezze menu of dishes inspired by Turkish, Greek and Lebanese cuisine.
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Jose’s culinary genius can also be sampled at the rooftop bar, in The Club Lounge, In-room dining, and at The Bazaar by Jose Andres, due to make its New York debut in late 2022. This high-end avant-garde dining destination is famed for its innovative cuisine and theatrical presentation.
Beyond dining, NoMad features a signature Ritz-Carlton Spa and Fitness Center, complete with eight treatment rooms, sauna and steam rooms, and exclusive treatments in partnership with luxury skincare brand Augustinus Bader. businesschief.com
Lightyear 0 –probably the world’s sustainablemostcar 96 September 2022 PLAY | COVET
WRITTEN BY: KATE BIRCH
he world’s first solar car has humble beginnings. Born in a kitchen in the Netherlands in 2016, the car began with a sketch by five students with a dream. Six years later and Lightyear 0 is gearing up to hit roads this November.
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“Now, after six years of testing, iterating (re)designing, and countless obstacles, Lightyear 0 is proof that the impossible is actually possible,” says Lightyear’s CEO, Lex Hoefsloot, one of five co-founders of the Eindhoven-headquartered high-tech startup.
Powered by the sun and made from reclaimed carbon and plant-based leather, Lightyear 0 is the world’s first solar car and arguably the most sustainable car on the planet
It's not just the solar panels making Lightyear 0 the world’s most sustainable vehicle. The
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The first product of the Dutch startup, Lightyear 0 is the world’s first productionready solar car, and arguably the most sustainable car on the planet. Not only does this energy-efficient new car enable drivers to freely travel for up to seven months without plugging into a household outlet or charging station, it has sustainability stitched into every seam.
Thanks to 5-sqm of patented, double curved solar arrays on the car’s roof and hood, Lightyear 0 can charge while commuting or from simply being parked outdoors. Based on the average commute of around 35km per day, those in cloudy climates like the Netherlands, can drive for up to two months without plugging into a public charger or household outlet, and for up to seven months in sunnier climes, like Portugal or California.
Lex Hoefsloot CEO, Lightyear “Now, after six years of testing, iterating (re)designing, and countless obstacles, Lightyear 0 is proof that the impossible is actually possible” 100 September 2022
Production of the Lightyear 0 begins this autumn with the first car delivered in November, and while 946 will be produced at a cost of €250,000, Lightyear’s next model is expected to be more accessible at €30,000 with production set for late 2024/early 2025.
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car’s four in-wheel motors set new industry standards for energy efficiency while its recordbreaking drag coefficient of less than 0.19 makes it the most aerodynamic family car to date. Every design detail has been considered with minimalism and sustainability in mind, from the car’s outer panels, made of reclaimed carbon, to the interior, composed entirely of vegan and naturally-sourced materials – with fabrics made from recycled PET bottles and wooden deco elements from sustainably-restructured rattan palm.
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WRITTEN BY: KATE BIRCH
Once considered a luxury, like having a yacht, supercar or original piece of artwork, second citizenship has shifted in light of the three Cs – Covid, Climate Change and the Conflict in Europe – and is increasingly seen as “not just a ‘nice to have accessory’ but a ‘must-have’,” declares Nigel Green, founder of independent financial advisory firm deVere Group.
SECOND CITIZENSHIP –FROM STATUS SYMBOL TO INSURANCE POLICY
According to Green, applicants value the many benefits of a second passport, including “visa-free travel, world-class education, optimal healthcare, political and economic stability, reduced tax liabilities, portfolio diversification, and wider business and career opportunities”.
f the pandemic has taught us anything, it’s that having a Plan B is no longer a luxury, but a lifeline. And for those who can afford it, investing in second citizenship is the ultimate Plan B – an escape route for when life goes pear-shaped.
A form of economic migration, citizenship by investment (CBI) has been around for nearly four decades, and today is offered by a number of countries via CBI Programs.
Not to mention, a new inheritance and identity for families with the ability to pass citizenship down for generations to come. The pandemic and geopolitical uncertainty have turned second citizenship from a status symbol into an insurance policy – here’s how to do it, and where
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Easy managementmulti-entityand reporting Sage Intacct cloud finance software for financial services WITHTHATFINANCESCALESYOULEARNMORE
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Surge in demand for citizenship amid uncertainty This is especially true for those with restrictive nationalities or who live in unstable or unpredictable countries. Lebanese, Syrian, Nigerian, Pakistani and Bangladeshi nationals are among the top five nationalities investing in second citizenship, as they look to increase global mobility and opportunities. Nigerians, whose passport has seen the worst decline in its power of any other passport over the past decade, have access to just 45 countries –compared to some CBI programs which offer visa-free access to more than 160 countries.
Juerg Steffen, CEO of Henley, says that the volume of people looking for alternative citizenship routes has now reached a critical mass “where it is reasonable to suggest that
Citizenship by Investment by numbers 14
“The volume has now reached a critical mass where it is reasonable to suggest that investment migration is now a standard consideration for international HNWIs who are looking to hedge volatility, create short-term value, as well as long-term yield through enhanced global mobility”
The minimum cost to secure second citizenship, a oneoff donation available in St Lucia, Antigua, and Dominica US$2bn
The estimated annual valuation of the citizenship by investment industry, which, when combined with Residency by investment generates a staggering US$22bn a year 5,000 The number of people annually who receive citizenship by investment, according to the Investment Migration Council US$1.2bn
Juerg Steffen CEO of London-based Henley Global
The revenue earned by Dominica’s CBI program from 2017-2020
The number of official CBI programs worldwide, while more than 80 countries offer residency by investment (RBI) permits, some of which lead to citizenship US$100,000
In light of recent events, the pandemic and invasion of Ukraine among them, it is increasingly the case that citizens of firstworld countries are also looking to second citizenship as a Plan B, with Covid bringing “into sharp focus what really matters to people – family, freedom and security”, saysdeVereGreen.Group saw demand for its citizenship service rocket in 2020, with a 50% YoY increase, and London-based advisory firm Henley & Partners reported a record number of enquiries during 2020 and 2021, with an average increase of 46% in enquiries each month since the outbreak of the pandemic.
Swiss boutique advisory Passport Legacy has noticed an uptick in demand for dual citizenship, namely from citizens of first-world countries concerned about their safety since the Russian invasion of Ukraine. And Turkey’s CBI program has seen significant growth in the last few years and a sudden surge of demand recently from both Russian and Ukrainian applicants looking to escape the conflict.
Not only is the Caribbean the birthplace of the CBI industry, with St Kitts & Nevis pioneering the program back in 1984, but it’s home to the world’s five most competitive and consistent programs, according to FT’s annual CBI Index.
While Henley has seen a surge in enquiries from the usual emerging markets like Pakistan, India, Nigeria and South Africa, more surprising has been the surge from countries like the US and the UK with an increase in 2021 of 208% and 110%, respectively.
The CBI programs of St Kitts & Nevis, Dominica, Antigua & Barbuda, Saint Lucia and Grenada consistently bag the best scores for affordability, efficiency, transparency, reliability, global mobility and family-friendliness, not to mention offering attractive ROI on real estate given their tourism credentials. They are popular with all nationalities, but especially with African and Middle Eastern HNWIs thanks to the family-inclusiveness of the programs; and also with Americans, as the currencies are pegged to the US dollar, offering economic stability to businessminded individuals.
From one of the most successful developers of luxury real estate projects in the Caribbean, Range Developments, and one of the world’s leading resort architects, Simeon Halstead, comes luxury resort Six Senses La Sagesse. A family of four can gain citizenship of Grenada via investment in a hotel share of Six Senses La Sagesse ownership for US$220,000 and enjoy potential annual returns of 2-5% on their investment.
investment migration is now a standard consideration for international HNWIs who are looking to hedge volatility, create short-term value, as well as long-term yield through enhanced global mobility”.
CBI programs are worldwide, but Caribbean islands reign supreme While the CBI programs on offer today, 14 and counting, span the world – from Montenegro, Malta and Turkey in Europe, to Vanuatu in the Pacific, Cambodia in Asia, and Jordan and Egypt in the Middle East – the most popular come courtesy of five nations in the Caribbean.
The investment is managed entirely for investors and after five years, investors can sell to recover their capital. They will still maintain citizenship.
Located 15 minutes from Grenada’s international airport, the 28-acre luxury resort is nestled among gentle hills rolling down along a dramatic crescent-shaped beach, considered by many as one of the best beaches in the Caribbean. The resort features private plunge pools in each villa, restaurants, beachside bars and a spa. Prior to completion of the resort, Investors are entitled to a 7-day stay each year at the developers sister resorts the Park Hyatt St. Kitts & Nevis or the Cabrits Resort & Spa Kempinski in Dominica. Upon hotel operations commencing at the Six Senses resort the investor and his family can then enjoy a 7-day at the Six Senses Grenada each year.
Investment spotlight: Six Senses La Sagesse, Grenada
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For those looking to include their families, Dominica, Grenada and Antigua offer both best value, and widest inclusion of family members. For US$150,000, Antigua gives second citizenship to a family of six members and also throws in a university place for one family member, thanks to its unique University UWI option. And while all Caribbean countries allow inclusion of spouses, blood children and siblings (under 18) of the applicant, Grenada and Dominica have extended citizenship to siblings of the spouse, siblings over 18, parents and grandparents, and in Dominica’s case, adopted siblings. Route to citizenship –donation or real estate investment So, how does the process work? Unlike some CBI Programs, which only have one route to citizenship, the Caribbean islands, along with Jordan, Egypt and Montenegro, offer two
While many programs deliver similar options, processes, and costs, there are clear differences, giving each a unique selling point that appeals to differing demands.
If cost is the deciding factor, Dominica, Antigua and St Lucia offer the cheapest routes for single applicants, at just US$100,000; but if speed matters most, St Kitts offers the world’s fastest route with a 60-day Accelerated Application Process. St Kitts is also the best of the Caribbean islands for global mobility thanks to a passport that is the world’s 25th strongest, with access to 156 countries. For the ultimate in global mobility, look no further than EU member state Malta, which gives access to 185 countries, though it will cost you – a 13-month wait and cost of US$1.47 million. Meanwhile, Turkey, Grenada, Egypt and Montenegro all offer the chance to work, study and live in the US under the E-2 Investor Visa Treaty.
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Gregor Nassief proprietor of six-star resort Secret Bay in Dominica and CEO of GEMS Holdings “With Secret Bay, investors get completed villas, proven financial performance and a competitive exit strategy with a robust market for resale. We’re seeing strong demand from the Middle East, Africa and Asia, and receiving increasing interest from the US market seeking a Plan B” 108 September 2022
The ROI potential is even more of a pull when you consider that many of these Caribbean nations put sustainability and preservation of nature top of their agenda.
PLAY businesschief.com 109 hurricane, as well as launch many of the island’s sustainable initiatives.
Take Antigua & Barbuda, where property on the island is growing in value by 1.5% to 3% per year due to the islands’ tourism growth with more than 300,000 tourists visiting annually. St Kitts also enjoys a thriving tourism sector with a busy cruise season, and is a popular off-the-grid destination for American holidaymakers.
While Dominica, aka the ‘Nature Isle’, and home to the world’s second longest-running CBI program, has plans to become the world’s first climate-resilient nation, Antigua was named 2021’s Emerging Sustainable Destination of the Year by Lonely Planet for its pioneering initiatives to ensure the island’s beauty is preserved. The twin island nation has established the Green Corridor, a collection of eco-friendly hotels, resorts and businesses on its southwest coast. This focus on sustainability is making these islands increasingly attractive for travellers as green travel becomes the prevalent choice, in turn making investment in real estate in such countries also attractive.
Antigua & Barbuda has utilised funds from its program to help reconstruct Barbuda following devastation in 2007 from a
The second route, via investment in real estate, is more expensive (from US$200,000), but one with obvious added value, giving applicants a source of income or a second home should they wish to relocate.
| INVESTMENT
Donation offers applicants not just the cheapest route (from as little as US$100,000), but the most philanthropic, with donations supporting the socioeconomic development of the country.
or more routes – a one-off payment to the country, or investment in real estate. There are advantages to both routes.
Using funds from its CBI program, Dominica has built primary schools and health centres and is constructing an international airport.
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Investment is allowed only in governmentapproved real estate, from resorts to hotel rooms, serviced apartments to offices, with specialist companies on hand to manage them and most offering attractive ROI.
Best new books that will make you a better Leader
becomeanecdotesstrategies,principles,andtohelpyouabetterboss
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There are inspiring memoirs, penned by current or former CEOs which chart their oft tumultuous journeys to the top; collections of real-life leadership stories designed to inform and inspire; and structured guides that deliver new proven strategies to help you up your game. There are books covering every corner of the leadership landscape, many tackling topical themes, from antiracism leadership to disruptive innovation.
WRITTEN BY: KATE BIRCH
To help narrow down the selection, Business Chief has rounded up the best leadership books for 2022. All released in the last year, they are available in hardback and Kindle.
earch ‘leadership books’ on Amazon and you’ll get back more than 60,000 titles, a mind-boggling number of tomes that come in all shapes and sizes – from the personal to the practical, the general to the specialist, the inspirational to the informative.
From inspiring CEO memoirs to strategic guides, these new books dish up plenty of
The Promises of Giants: How YOU can fill the leadership void
Introducing The Promises of Giants
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John Amaechi Described by #1 New York Times bestselling author of Think Again, Adam Grant as “one of the most powerful books ever written about leadership”, The Promises of Giants is, as its title suggests, a collection of promises. Penned by a literal giant, former professional basketball player-turnedpsychologist John Amaechi OBE – and conceived on the premise that ‘the most unlikely of people, in the most improbable of circumstances, can become extraordinary’ – it offers a series of strategies designed to transform any leader into an extraordinary one. According to Amaechi, the book’s ethos it to “approach each moment like it’s pivotal and acknowledge that we cannot prepare for the moment of impact because we will rarely see it coming”. And if you cannot embrace that and start thinking like a giant, the rest of this book will be useless, he says. Weaving personal anecdotes and workplace/social observation with the latest research, The Promises of Giants provides practical, proven strategies to making a difference as a leader.
“We can all be potential,RecognisingGiants.thistheGiantwithineachofus,isfundamentaltoleadership” businesschief.com 113 PLAY | THE LIST
One book, 67 stories of extraordinary leadership that’s the sell behind CEO Excellence, McKinsey’s latest book that details the six mindsets of extraordinary leaders, among them Sony’s Kazuo Hirai and JPMorgan’s Jamie Dimon.
Martin proposes 14 new models, covering the entire management landscape, all based on advice he’s given CEOs over the years.
Penned by senior partners Carolyn Dewar, Scott Keller, and Vikram Malhotra, and designed for anyone who wants to inspire others and lead change, the book recounts experiences of some of the world’s leading CEOs, from personal failures to moments of epiphany, and shares the thinking and behaviours they have developed to thrive – from ensuring you don’t surround yourself with ‘yes’ people to consistently being the energy you want to see.
Roger L. Martin
114 September 2022 PLAY | THE LIST
From one of the world’s top business thinkers, Roger L. Martin, comes a tome challenging today’s management models. A New Way To Think tackles the outdated models leaders use to structure and run businesses – like thinking that to maximise shareholder value you have to provide senior execs with lots of stock-based compensation incentives. According to Martin, “if you base your strategy on analysing the past, then you are implicitly making the assumption that the future will be identical to the past”.
“If you base your strategy on analysing the past, then you are implicitly making the assumption that the future will be identical to the past”
CEO Excellence
A New Way To Think: Your Guide to Superior Management Effectiveness
Carolyn Dewar, Scott Keller, and Vikram Malhotra
“I believe job flexibility and remote work for everyone who needs it should be entirely routine. This will give families the chance to take care of home life obligations during the workday without feeling loaded with consequences”emotional
Indra Nooyi
In this intimate and powerful memoir, Nooyi shares the events that shaped her life, from her childhood in India to her rise as a consultant and shared role as a leading executive and mother and reveals how she steered PepsiCo toward healthier products and a reinvented purpose. She recounts how she navigated a space conventionally dominated by men and shares her experience of balancing work and family life, ultimately making an actionable and urgent call for business and government to prioritise the care ecosystem to help women rise and economies to thrive.
businesschief.com 115 PLAY | THE LIST My Life in Full: Work, Family and Our Future
The first and only female CEO of PepsiCo, and the first woman, person of colour, and immigrant to run a Fortune 50 company, Indra Nooyi smashed corporate America’s glass ceiling and redefined what it means to be an exceptional leader. She transformed PepsiCo during her 12-year tenure, growing the firm’s revenues by 80% and reshaping its D&I agenda.
As Hillary Rodham Clinton puts it, this book is a “must-read for working women and the men who work with us, love us and support us”.
Frank Slootman
leading for “unprecedented growth means declaring war on mediocrity, breaking the status quo, and making conflicted choices daily, all with a relentless focus on the mission”. And he should know – given his status as one of the world’s best technology leaders, having led ServiceNow to rapid expansion before transforming his current company, Snowflake, and leading it to the largest software IPO ever. In Amp It Up, Slootman shares his leadership approach for the first time, gathered from observations and experiences. He argues that many issues faced by organisations can be solved from within and offers principles and advice on transforming an organisation for maximum growth. – from making your organisation mission-driven and building a strong culture, to putting execution ahead of strategy and What Inspired Frank Slootman To Write Amp It Up
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According to author and Snowflake CEO Frank Slootman
Amp it Up: Leading for Hypergrowth by Raising Expectations, increasing Urgency, and Elevating Intensity
“Leadershipchangescanyieldimmediateimpactlongbeforeyoucancarryoutmorestructuralchangesintalent,organisation,andstrategy”
HBR at 100: The Most Influential and Innovative Articles from Harvard Business Review’s First Century Harvard Business Review
In celebration of its 100th anniversary, Harvard Business Review (HBR) has brought together the “most definitive management ideas of the century” from the world’s foremost thought leaders in a commemorative tome that’s a perfect dip in and out holiday read. Hear from Daniel Goleman on emotional intelligence, Robert Livingston on racial equity, Clayton M Christensen on disruptive innovation, and Andrew McAfee on AI, among others. HBR shares why such groundbreaking ideas continue to be relevant today and what to keep in mind as you prepare for the future.
“A company’s success, as I see it, means so much more than making money for its team members and shareholders. I believe we can do well by doing good”
The latest rags-to-riches business book charts the rise of 1980s’ college dropout to leader of one of America’s largest tech firms, Dell Technologies. Already a Wall Street Journal bestseller since its launch last October, Play Nice But Win is a candid personal portrait of Michael Dell and the battles he fought throughout his three decade-long leadership, including the ultimate battle for his company’s survival. For the first time, Dell reveals the highs and lows of the firm’s evolution, discusses the mentors, rivals (and sharks) that were part of the journey, and reveals the leadership lessons learned, from setting the right tone to giving back to society.
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Play Nice But Win: A CEO’s Journey from Founder to Leader Michael S. Dell and James Kaplan
Leadership: Six Studies in World Strategy
Influence is Your Superpower: The Science of Winning Hearts, Sparking Change, and Making Good Things Happen Zoe Chance From the professor (Zoe Chance) behind Yale School of Management’s most popular course comes an engaging book on the science of encouraging other people to say yes. Fun to read, filled with great stories, but rooted in groundbreaking research, Influence is Your Power offers an ethical approach to influence, with guidance on how to cultivate charisma, negotiate comfortably and creatively, and detect manipulators. Among her intriguing techniques – employing the “kindly brontosaurus” strategy, a means of gentle persuasion that refuses “no” for an answer.
“The bedrock principle of influence is that people tend to take the path of least resistance”
Described as “a handbook for the leaders of today and tomorrow”, this book from 99-year-old former US Secretary of State Henry Kissinger deconstructs the strategies of six great global political figures – Charles de Gaulle, Nixon, Anwar Sadat, Lee Kuan Yew and Margaret Thatcher – to show it is the combination of character and circumstance that creates history. Based on his own interactions with them, 99-year-old Kissinger examines Nixon’s ‘strategy of equilibrium’, Lee Kwan Yew’s ‘strategy of excellence’ and Thatcher’s ‘strategy of conviction’ bringing both historical context and personal experience to the table.
Henry Kissinger
businesschief.com 119 PLAY | THE LIST
IMPACT IS THE NEW LUXURY: 120 September 2022 How concierge services are changing
P laying the organ at Notre Dame. Training with a world champion boxer. Having a famous actor pop into your murder mystery party, or an elephant attend yourThesewedding.arejust some of the exclusive experiences that personal concierge experts Ten Lifestyle Group have sorted for their wealthy and mass affluent members – a mix of celebrities, entrepreneurs, changemakers and business leaders.
There is no shortage of demand, it seems, for exclusive, pioneering and luxury experiences, with Ten Group delivering its services to some 2 million members 24/7, 365 days a year, wherever they are in the world.
WRITTEN BY: KATE BIRCH businesschief.com
Because, while the pandemic temporarily put pay to demand for such services, personal concierge and lifestyle management companies have returned with a roar, as members and clients look to make up for lost time, and lost experiences. These concierge companies – of which there are more than a handful worldwide – not only help members save time, undertaking daily mundane or complex
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From wellness trips and private rentals to impact travel and meaningful experiences, the luxury concierge service is adapting for a new era
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“The pandemic has transformed the requests of our members,” declares Olivier Larigaldie, CEO of Jean Paul Group, one of the world’s oldest concierge companies that delivers its premium concierge and loyalty programmes to several thousand members worldwide.
Pandemic gives rise to different demands – exigent and impactful But the nature of that demand is changing, as people’s priorities and values change.
Not only are concierge clubs finding exigent requirements to be the order of the day, but UHNW individuals are increasingly choosing experiential luxury – impactful, immersive experiences – as a way of creating memories and delivering impact.
Gabriella Stanley LifestyleDirector,DevelopmentBusinessTenGroup
Both corporations and individuals can benefit from these services as they aim to meet the needs of rich and ultra-rich clients. And wealth is surging globally.
tasks for them, but also facilitate privileged access to private events that money can’t buy, and curate personalised and pioneering experiences and travel.
Since the onset of the pandemic, attitudes and behaviours towards consumerism have shifted radically, with reports showing that people are now more aware of their impact on the planet, society, and people, and are looking for a greater sense of purpose and fulfilment.
According to The Wealth Report by Knight Frank, global growth of Ultra-High-NetWorth individuals (with US$30m or more) and millionaires is predicted to rise by 27% and 41%, respectively, in the next few years to Couple2025. this with a post-pandemic increase in the desire for ‘experiences over ownership’, and demand for concierge services could skyrocket.
“Members are looking to make more sustainable choices from the brands they buy from, to the restaurants they eat at, and the companies they travel with. More members want to invest in experiences… and we have a list of suppliers who tick the sustainability box should members ask for it. Being everythingatpioneeringtrustworthy,member-focused,andisthecentreofwedo”
PLAY | CONCIERGE Larigaldie points to increased demand for services to repatriate families, and to entertain and occupy children not attending school, as well as high demand in facilitating personalised home meal deliveries that are both healthy and of local provenance. And when it comes to experiences and travel, members are planning fewer long trips, requesting destinations closer to where they reside, taking more staycations, and booking last minute.
Ten Lifestyle Group, a concierge company with more than 2 million members and 22 offices worldwide, is seeing a similar story on the travel and experience front, with members focused on ‘safe’ and ‘easy access’ destinations, including staycations, as well as booking last-minute – something the group predicts will remain for at least 24 months as global government restrictions continue to change.
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They are also seeing soaring demand for private vacation rentals, thanks to an increase in remote working, as well as a desire by members to take longer trips to avoid potential travel complications, and to have increased privacy and security; not to mention growing demand for vacations and experiences that centre around health andThewellness.globallockdowns gave many HNWIs unexpected time for self-reflection and
Olivier Larigaldie CEO of Jean Paul Group
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wellbeing, and as such, this trend is now seeping into travel plans, with “trips that enrich both mind and body becoming increasingly popular”, says Gabriella Stanley, Business Development Director, Ten LifestyleRecentlyGroup.released research from the Luxury Institute reveals that as we emerge from Covid-19’s most challenging period, UHNWIs are once again embracing the gated community and private club model – the pandemic having made private, protected environments such as villas, farms, ranches, islands, jets and yachts the most favoured spaces.
“The pandemic has transformed the requests of our members… we are seeing more and more responsible requests emerge. They still demand excellence in service, but not at any price or cost. Our job is to simplify ofwithprovidelives,members’ourdailyandtothemmomentsmagic”
Montreal-headquartered Pure Entertainment Group offers highly tailored luxury travel and concierge services to HNW and UHNW individuals and corporations worldwide – including reservation and transportation services, bespoke travel packages, sourcing hard-to-find items, real estate bookings, gifting services, and events. They work with members and on demand clients, and keep the clientele limited, which means they can be flexible, yet are large enough to have scale.
8 best luxury concierge services
Quintessentially London-headquartered luxury concierge services group Quintessentially has more than 60 offices worldwide and 1,500 specialists (from art to real estate to travel), offering a reliable global network with access to high-profile brands and unique experiences.
An average client has a net worth of US$36m, and services include restaurant reservations, VIP access to events, wedding planning, curating luxury trips, relocation services, and undertaking everyday tasks –available 24/7, 365 days a year.
Jean Paul Group
Ten Lifestyle Group
Pure Entertainment Group
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The Billionaire Concierge Serving HNW members 24/7 worldwide, and with offices in Dubai, Hong Kong, London, LA, Monaco, Moscow and Qatar, this invitation-only luxury concierge company specialises in curating unique tailormade experiences. Main services include sourcing the best luxury items, gaining access to red-carpet events and exclusive hotels, and addressing lifestyle issues with personalised solutions. They also offer property management, relocation, education services, and yacht acquisition, and can cater to corporate events too.
Paris-headquartered Jean Paul Group, a subsidiary of Accor hospitality group, deploys its expertise in multiple sectors with a focus in banking, luxury, and automotive, thanks to six global offices. They have 10,000+ exclusive global partnerships and privileges and several thousand members and operates mainly as a white label to brands with services including travel, ticketing, shopping, dining, unique experiences, events, childcare, real estate, and daily errands. To cater to all requests, John Paul uses behavioural-profiling technology to create a list of member’s preferences by using algorithms that examine likes and dislikes.
Ten Lifestyle offers services across financial, property, health, employee loyalty, retail and experiences to members 24/7, 365 days a year, and worldwide – leveraging its 950+ staff and 22 global offices, from Dubai to Hong Kong, New York to Zurich. Ten Lifestyle is at scale with affluent, HNW and UHNW reach, and has made digital core to their business. They have 350,000+ active users and over 2 million members, supporting customers of corporate partners like Coutts, Natwest, Westpac and Royal Bank of Canada. The service is also available in the UK on a private membership basis.
Sincura Group Sincura Group is Londonheadquartered but global servicing clients and companies 24/7, 365 days a year and worldwide. They offer a private and personal one-to-one service to members and with the Sincura App, members can access everything from priority reservations at exclusive restaurants to VIP tickets to sold-out events, luxury travel planning and once-in-a-lifetime experiences. They also have curated members events. Innerplace This members-only luxury concierge offers a highly personal approach and specialises in securing access for members to private member’s clubs, the finest restaurants, and select VIP events. They also offer expertise in bespoke luxury travel, art. While their main focus is on London, they have global connections to cater to members worldwide; and offer two membership tiers –to UHNW individuals and their families, and to young, affluent professionals – as well as corporate membership. businesschief.com
Velocity Black Co-founded by a former Goldman Sachs employee, this ultra-luxury concierge service helps “high performance people unlock the vast potential of their lives in the digital age”. Their innovative digital lifestyle assistant, which earned them a place in Deloitte’s Technology Fast 50 2020 UK list, leverages AI, 24/7 chat and mobile payments to ensure concierges deliver the best possible solutions for members. Among the services on offer – experience travelling, dining, event access and wellness programmes.
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“Clients are seeking our guidance on ways they can contribute, whether financially or via participation, to initiatives that support the environment, economy, and local inhabitants of the area in which they intend to visit. They come to us with an idea of what they would like to do and accomplish, and we create the roadmap, suggesting properties that align with their goals and values, and in many cases pairing their luxury travel experience with environmental and/ or humanitarian philanthropy”
More crucially, the research finds that most UNHWIs are seeking a noble purpose to their lives and work, far more than ever; and when they travel, now prefer to select sustainable travel venues, connect with nature, and engage exclusively with environmentally respectful brands.
Steve Edo CEO and founder, Pure Entertainment Group
Julius Baer’s first-ever Lifestyle Index, which surveyed HNWIs in the first quarter of 2022, backs up this impactfirst sentiment. The Index revealed that HNWIs show a strong intention globally towards experiential spending on leisure activities and travel, and that ESG is playing an increasingly key role in their spending, as they look to align their financial and investment decisions more closely with their personal values. Sustainably focused services, impact travel, philanthropic experiences rising Luxury concierge services have seen acceleration of this trend too, with member requests for low-impact experiences and services rising fast.
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“We are seeing more and more responsible and sustainable requests emerge,” says Larigaldie, acknowledging that while clients still demand unique experiences and excellent service, they will not do so at any price or impact.
“In order to best respond to the changing demands of our members, we have re-invented our solutions”, Larigaldie tells Business Chief, explaining how Jean Paul Group’s Concierge Managers are working with Partners, of which there are thousands, to adapt the offers – rescheduling training on certain travel destinations or dining solutions to ensure the group’s concierges can recommend the right products.
Ten Lifestyle is also seeing an increase in its members “looking to make more sustainable choices from the brands they buy from, to the restaurants they eat at, and the companies they travel with,” says Stanley. And is seeing rising requests for experiences that educate, such as foraging in different locations like Japan, and for lowimpact travel and farm-to-table restaurants.
Pure Entertainment Group, which offers luxury travel and concierge services to private and corporate clients worldwide, is finding the same with an increasing number of clients requesting sustainably focused experiences and services, and in particular, rising demand for luxury experiences that are also “Clientsphilanthropic.areseeking our guidance on ways they can contribute, whether financially or via participation, to initiatives that support the environment, economy, and local inhabitants of the area in which they intend to visit,” Steve Edo, CEO and founder of Pure Entertainment Group tells Business Chief.
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