Corporate Social Responsibility 2019 Special Edition by The FINANCIAL by The FINANCIAL

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m2 on Going from “We should understand that this is not only charity but sustainable initiatives Good to Great that should be focused on people’s wellThe FINANCIAL

he innovative developer m², which is distinguished for its high-quality projects and modern management principles, is one of the largest and most consistently growing companies on the Georgian real estate market. Company is covering four main business segments and accordingly has a large share in Georgian real estate sector. Residential, Hospitality, Commercial Real Estate Business (Retail, Oﬃce, Warehouse) and Construction these are the main directions that company operates and has future plans for. Nino Rukhadze, Head of the PR department of m², talked about the company’s plans and vision for the future.

m2 GOING BIG on

Future Plans

“Up until recently, m² was known as the residential developer only, as part of the company growth process we have captured new opportunities and developed new business lines. In about 5 years’ time we plan to operate 10 hotels across Georgia, reaching more than 1000 guest-rooms. We have already opened our first hospitality project on Kazbegi ave. - Ramada ENCORE by Wyndham Hotel & Resorts. We are also planning to open additional Ramada Wyndham Hotel on Melikishvili ave, and internationally branded luxury hotel on Gergeti Street. As for the regional coverage we are planning to open hotels in Telavi, Akhasheni, Gudauri, Kutaisi, Mestia. Continued on p. 4

CSR is by definition voluntary and therefore success relies on a business-led approachs The FINANCIAL Interview with Kakha Kuchava, ublic policy and public sector actors in middle and low-income counChairman of the tries are increasingly confronted with issues Committee on related to Corporate Social Re(CSR). Government Environmental sponsibility involvement is illustrated through examples of policy instruments Protection and programmes promoting CSR in developing countries. and Natural Resources Continued on p. 3

being, environmental improvements..."” Interview with Salome Zourabichvili, President of Georgia The FINANCIAL

ompanies today are being called upon by their shareholders and other stakeholders to not only boost the bottom line, but also to help address some of the country’s most challenging problems,

including those concerning economic development and the environment. Corporate social responsibility (CSR) refers to compa-

nies taking responsibility for their impact on society. It is a concept whereby enterprises integrate social and environmental concerns into their mainstream business operations on a voluntary basis. In this interview Salome Zourabichvili, the President of Georgia, talked with The FINANCIAL about the importance of CSR in the Georgian reality and her visions for future CSR initiatives. Q. What are your goals in terms of CSR and sustainable development? A. The Millennium Declaration of the United Nations is 19 years old. Continued on p. 2

“Most of the companies and organizations in Georgia operate with very lean staff ” R. Michael Cowgill, President of the American Chamber of Commerce in Georgia and President of Georgian American University (GAU)

The FINANCIAL Q. From your experience, why is CSR crucial for both business and society? A. There are a lot of diﬀerent ways to define CSR, but put simply it is - doing the right thing for the right reasons. That’s a simple enough answer, however it involves being socially responsible. That means that as an organization you make decisions, whether operational or financial, in a socially responsible manner.

Why is it so important? There is the concept that when you look at a CSR triangle - it’s not always necessarily the right thing to do in terms of only doing what’s legal; you also have to do what’s right ethically. There is another way of thinking about being socially responsible when it comes to decision-making. Are you willing to see all of your decisions potentially splashed across the front page of a newspaper the next day? Continued on p. 10

“Financial education, largely, is definitely one of today’s big global challenges” Interview with Archil Bakuradze, Founder and Executive Chairman of Crystal The FINANCIAL Q. How would you describe Crystal’s CSR initiatives and practices? A. While Crystal is a development platform with a mission to defeat poverty in Georgia, we try to spread and promote entrepreneurship in a financially, socially and environmentally sustainable way. To pursue the above-mentioned desired outcome, Crystal directs its CSR activities and initiatives towards 3 Ps: Profit, People and Planet. Our strategic goals are set to reach these outcomes, and most importantly this customer-centric and solutionsbased approach helps Crystal to move away from the sole emphasis on credit and to focus on customers’ needs. Continued on p. 6

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“We should understand that this is not only charity but sustainable initiatives that should be focused on people’s well-being, environmental improvements, etc.”

Interview with Salome Zourabichvili, President of Georgia Eva BOLKVADZE

The FINANCIAL

ompanies today are being called upon by their shareholders and other stakeholders to not only boost the bottom line, but also to help address some of the country’s most challenging problems, including those concerning economic development and the environment. Corporate social responsibility (CSR) refers to companies taking responsibility for their impact on society. It is a concept whereby enterprises integrate social and environmental concerns into their mainstream business operations on a voluntary basis. In this interview Salome Zourabichvili, the President of Georgia, talked with The FINANCIAL about the importance of CSR in the Georgian reality and her visions for future CSR initiatives.

Q. What are your goals in terms of CSR and sustainable development? A. The Millennium Declaration of the United Nations is 19 years old. As you know, in 2015, Georgia also joined the International Convention on the Millennium Development Goals and Sustainable Development Goals, which we use to contribute to defeating poverty, protecting the planet from ecological disasters, and taking care of the welfare of the population. This is a very responsible and at the same time beneficial process, since we have contributed not only to the development of the country but also to tackling global challenges, such as ecological and/or environmental measures. Obviously, this is our concern. However, I believe that “Sustainable Development Goals” (SDG) are a very powerful framework for cooperation and opportunities for businesses to promote global development goals. SDG and CSR have the greatest potential to have a positive impact on the economic development of the country. Q. What is the most important decision that you have made in this direction recently? A. I always put special emphasis on environmental pollution, so much so that during my pre-election campaign I made the decision not to print advertising posters and put these up throughout the city’s

streets. You might be surprised, but I prefer riding a bicycle to driving. Q. What does CSR mean to you? A. For me, on the one hand, it is a continuation of European traditions and on the other hand, the opportunity to support our country. CSR can bring great benefits to the local community and the environment. If you are a big business representative or a small entrepreneur, it means caring for the environment, caring for the welfare of the public. All the factors help each other in a strong social group. A strong user is a guarantee of business success, while the opposite can also be true. Obviously this is not only philanthropy, it is a very powerful instrument for promoting economic development of the country. Q. What are the main contradictions that you see in the implementation of CSR by Georgian companies? A. Due to the fact that CSR is relatively new for our country, there is not a well-established legislative environment that encourages similar types of activities. However, there is rich international experience and practice. In 1996, with the eﬀorts of the European Commission, “CSR Europe” was created which is the unification of Europe’s leading business networks to develop CSR. Similar platforms are a unique opportunity to share ex-

perience and conduct political dialogue with the EU. The full involvement of such structures should be part of our great goal - integration into Europe. A. What are the main achievements that have been reached in the development of CSR? A. From what I have observed of recent events, I must say that we have positive dynamics. Important initiatives have been conducted in the areas of community development, as well as lawmaking initiatives, in support of education and environmental protection. By my observation, the financial and big business sector is more active. I would probably only wish for these initiatives to have a systemic character and that the essence of corporate social responsibility should be correctly understood. CSR is not an expense, it is an investment in the development of one’s own company, in the well-being of one’s own country. It does not need much of a budget, everyone can contribute to its development. Q. In your opinion, which companies should do more in the CSR direction than they are doing today? A. Again and again because of the novelty in business circles today, there is probably a multitude of diﬀering perceptions of what exactly corporate social responsibility is. We must understand that this is not only charity but

sustainable initiatives that should be focused on people’s wellbeing, environmental improvements, etc. Obviously, for large companies that are presented on foreign stock exchanges, they are even obliged to do so. Therefore, we need more involvement of SMEs. Q. What would your advice be for companies in the direction of environmental protection and green development? A. It is important for companies to concentrate on the sustainable use of resources, waste management, and the restoration of damaged ecosystems. Q. What is our impact on the environment and how responsible are we? A. Human impacts on the environment are enormous. Directly or indirectly, we are contributing to environmental pollution and climate change. In recent years, the biological importance of the Caucasus has been recognized globally, due to its biodiversity. The Caucasus is also a bio-corridor between East and West, with contrasting topography and climate. Thus, careful attention and caution are needed to combat the adverse effects of environmental pollution on natural resources, our flora and fauna. We will have a clear vision of environmental protection and try to make the highest contribution to this universal case.

HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 28 FEBRUARY, 2019

corporate social responsibility

CSR is by definition voluntary and therefore success relies on a business-led approachs Interview with Kakha Kuchava, Chairman of the Committee on Environmental Protection and Natural Resources Eva BOLKVADZE

The FINANCIAL

ublic policy and public sector actors in middle and low-income countries are increasingly confronted with issues related to Corporate Social Responsibility (CSR). Government involvement is illustrated through examples of policy

instruments and programmes promoting CSR in developing countries. The concept of corporate social responsibility aims both to examine the role of business in society, and to maximize the positive societal outcomes of business activity. Kakha Kuchava, Chairman of The Committee on Environmental Protection and Natural Resources, spoke about the

importance of CSR in relation to Georgia’s circumstances today. “CSR is very deep and broad as a concept. As a term and an issue itself it is generally becoming more and more popular in Georgia, but as I see, there is still no clear definition understood by the wider general population. Basically, CSR has been presented as a liability of financing or grant-

ing specific activities. In fact, corporate social responsibility should be linked to the benefit followed by the company’s activities,” Kakha Kuchava, Chairman of the Committee on Environmental Protection and Natural Resources, told The FINANCIAL. CSR is by definition voluntary and therefore success relies on a business-led approach. It is also diverse and constantly evolving to meet changing circumstances. “As soon as our committee was first established, we created several working groups in the direction of CSR. We had planned to become actively involved in this direction; we had meetings with business associations and company representatives. We had outdoor activities in Tbilisi and in the regions to increase awareness about what CSR is. Our main goal is to raise awareness and search for a solution to make it easier for the private sector and entrepreneurs to understand the importance of and need for CSR,” Kuchava noted.

Corporate responsibility is not just the preserve of big business but something which every business can adopt. Indeed, smaller businesses can, and do, contribute significantly to the environment and, especially, to society, as they can have closer links with the communities they serve. Many small and medium sized enterprises do enormous good for the environment and communities around them. And of those that do, a high proportion do not publicize the good contributions they make, and thus potentially miss out on economic benefits. “Today we are actively working on stabilizing legislative amendments to the environmental damage industries. This is a bit of a painful and unpleasant process for many, but the fact is that if we think about the future and the sustainable development of the country, the environmental component is one of the most important, together with the economic and the social,” Kakha Kuchava said to The FINANCIAL.

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corporate social responsibility

28 FEBRUARY, 2019 | FINCHANNEL.COM

m2 on Going from Good to Great Eva BOLKVADZE

The FINANCIAL

he innovative developer m², which is distinguished for its high-quality projects and modern management principles, is one of the largest and most consistently growing companies on the Georgian real estate market. Company is covering four main business segments and accordingly has a large share in Georgian real estate sector. Residential, Hospitality, Commercial Real Estate Business (Retail, Office, Warehouse) and Construction - these are the main directions that company operates and has future plans for. Nino Rukhadze, Head of the PR department of m², talked about the company’s plans and vision for the future.

m2 GOING BIG on Future Plans “Up until recently, m² was kn own as the residential developer only, as part of the company growth process we have captured new opportunities and developed new business lines. In about 5 years’ time we plan to operate 10 hotels across Georgia, reaching more than 1000 guestrooms. We have already opened our first hospitality project on Kazbegi ave. Ramada ENCORE by Wyndham Hotel & Resorts. We are also planning to open additional Ramada Wyndham Hotel on Melikishvili ave, and internationally branded luxury hotel on Gergeti Street. As for the regional coverage we are planning to open hotels in Telavi, Akhasheni, Gudauri, Kutaisi, Mestia. By developing our construction Business Line at full speed – through our company BK Construction, we have successfully completed the construction of

Radisson Collection Tsinandali, Moxy by Marriott in Tbilisi, Hotel Ramada Encore on Kazbegi ave. and also have rehabilitated iconic restaurant “Funicular” on Mtatsminda. Meanwhile we are in the process of constructing the City Mall on Saburtalo and Ibis Stadium by Accor Hotels. In the pipeline the plans are ambitious, we are planning to launch two new residential districts in Tbilisi. We have already accumulated number of highquality commercial assets throughout Georgia and are planning to further enhance our portfolio through opportunistic acquisitions and development within our residential and mixeduse complexes. In Terms of Residential Real estate, we have deliv-

ered up to 3000 turn key apartments and are planning to double this number in the nearest future. The plans are ambitious, and scales have increased, what has not changed is our drive for innovation and our team of professionals, they never stop.

CSR and m2 As the socially responsible company we are working hard on following important directions: Environment, Education, Women Empowerment, Healthy Living and Support of Disabled People. In this relation we are involved in large-scale projects, such as re-planting of 2 hectares of Mtatsminda slope af-

ter the fire, this comprises 3 years of diﬀerent stages, including planting, monitoring and irrigation, this is one of the projects that I am proud of. Second important environmental project is Electric Vehicle Chargers project, for the promotion of Electric Vehicles in Tbilisi and saving the air from pollution, we have installed 56 chargers in collaboration with “e-space” and are planning to work on additional 44. We are a real estate company, therefore the quality of the workforce is extremely important for us, to overcome this challenge we have established the construction college “Construct2”, in collaboration with the Ministry of Education of Georgia, this project is worth 3 million GEL and is covering 11 short professional programs

and 1 long term state program, for the professionals who are willing or are already involved in construction business. It provides the opportunity of getting a particular education free of charge, followed by potential employment at our company and not only. The director of the construction college is a lady, with this gesture and not only we are supporting women empowerment within the company, we are conducting quarterly seminars covering this subject as well. It is worth mentioning that the majority in the management of the company are strong women. We have successfully completed the construction of a new Specialized FamilyType Service for Children with Severe Disabilities. We have funded the construction of the alternative care facility. Specialized FamilyType Service is an alternative care for 0-18-year-old children deprived of parental care and having severe/ profound disabilities and complex health problems. The goal of the service is to provide beneficiaries with individual needs-based care, psychosocial assistance and create proper conditions for their development and social inclusion. The service provides 24-hour care of the beneficiaries, including nursing care, monitoring of their health condition, provision of the programmes promoting development of the children’s physical, functional and social adaptation skills. Family-type service has been established in collaboration with the Ministry of Internally Displaced Persons from the Occupied Territories, Labour, Health, and Social Aﬀairs and with the support of USAID and UNICEF. I think that every company has their fields which they need to focus on. We at m², take initiative to contribute to harmonious and sustainable development of society and environment through all business activities that we carry out. We comply with local and international laws and regulations as well as the spirit thereof and we conduct our business operations with honesty and integrity.

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“Financial education, largely, is definitely one of today’s big global challenges” Interview with Archil Bakuradze, Founder and Executive Chairman of Crystal Eva BOLKVADZE The FINANCIAL Q. How would you describe Crystal’s CSR initiatives and practices? A. While Crystal is a development platform with a mission to defeat poverty in Georgia, we try to spread and promote entrepreneurship in a financially, socially and environmentally sustainable way. To pursue the above-mentioned desired outcome, Crystal directs its CSR activities and initiatives towards 3 Ps: Profit, People and Planet. Our strategic goals are set to reach these outcomes, and most importantly this customer-centric and solutions-based approach helps Crystal to move away from the sole emphasis on credit and to focus on customers’ needs. Therefore, I can describe our CSR initiatives and practices as customer-centric, people-oriented and environment-friendly. Q. What is the main challenge that Crystal is facing at present in the field of financial education? A. Financial education, largely, is definitely one of today’s big global challenges. The world we live in keeps on evolving and growing, and financial literacy is the economic foundation of financial well-being. Moreover, the World Bank estimates the world will need 600 million new jobs in the next 10 years just to keep global employment rates. The problem is even greater in rural communities. At Crystal’s level, evidence shows that the main challenge in the field of financial literacy is lack of interest in financial knowledge and skills. Evidence also shows that some key demographic groups, e.g. the elderly, migrants, females, etc., are characterized and affected the most by financial illiteracy and unawareness. But being the financial development platform for entrepreneurs, we believe that one of the main objectives of a financial inclusion institution - like ours - is creating value with entrepreneurship programmes, and Crystal’s Youth Entrepreneurship School serves this belief. The School has existed for 3 years already with the goal to provide youth with financial skills and knowledge that is compatible with best practices in adult and lifelong learning and benefits from technological developments and new capabilities. Studies confirm that raising financial awareness can be a powerful tool to help fight unemployment, as financial literacy is directly linked to financial stability. But because the challenge itself is not only related to financial institutions, it also requires the involvement of a wide range of government, private, third-sector, local and international institutional partners. Q. How have CSR activities helped Crystal? Can the experience of Crystal in CSR be helpful to other organizations in Georgia? A. CSR activities have always been an integral part of Crystal’s business and helped us to reach our customers faster and more effectively. Additionally, Crystal’s comparative advantage is that we view and offer ourselves as a platform for development, which provides customers

with services they need for their development, economic and human. Our CSR activities were and are the reflections of this belief. With this belief we are giving birth to and implementing our CSR activities. Furthermore, being aligned with the UN SDG goals - with our CSR activities - helps us do our business more responsibly and sustainably. What’s more, last year we became the Most Responsible Business Award Grand-Prize winner at the Meliora 2018 nation-wide competition. This is a great recognition, indeed, but an even greater responsibility and we think our CSR activities and sustainable development beliefs led us to this victory; this can be inspiring for other companies in Georgia. Q. In terms of social projects, what have you implemented already and what have the results been?

A. From the already implemented CSR projects of Crystal, I would mention some recent ones, namely: Women’s leadership workshop (conducted by the Canadian trainer - Adriana Greenblatt) as a result of our fruitful cooperation with the UN Women Georgia for years already. This was the first time Crystal participated in a workshop of this nature, drawing on a participatory approach, with the main goal to build trust, collaboration, confidence and motivation amongst women at Crystal, to define gaps and barriers to participation of women in decision-making processes, including diﬃculties for women in accessing professional development and leadership opportunities within Crystal and to generate ideas for piloting a women’s mentorship programme. On the same note, half of our 100,000 customers and 1,000 + staﬀ members are women. We are

also very proud that we are one of the first 5 companies in Georgia who signed the WEPs (Women Empowerment Principles). Another important project, especially while talking about financial literacy and well-being, is Crystal’s Youth Entrepreneurship School “YES Georgia”. It started 3 years ago in cooperation with the USAID, PH International and Crystal Fund. In total, in Tbilisi and in about 20 municipalities of Georgia, around 150 young people were admitted to the Youth Entrepreneurs’ School (out of 1,000 youths, who took part in the training programmes), 35 of which were funded by Crystal. It’s worth mentioning that all these businesses were/are environmentally friendly, and do not cause any harm to the environment. Those youth start-ups are quite diverse, varying from webbased projects/applications focusing on education to tourism development to agricultural products to digital services. On top of it all, I would mention our innovative Green Products and Green line, which started in 2016 in collaboration with the Dutch Development Bank - FMO. It had already generated more than GEL 4.5 mln and disbursed more than 5,000 ‘Green’ loans. Crystal aligns its CSR objectives to the chosen UN SDG goals, and with those particular above-mentioned CSR actions we are aligning with the UN SDG Goal 5 (Gender Equality), UN SDG Goal 8 (Good Jobs and Economic Growth) and UN SDG Goal 7 (Aﬀordable and Clean Energy). Q. What is Crystal doing to help social enterprises in today’s market? A. Because social enterprises are businesses with primarily social or environmental objectives, they add value to their local communities. The ways social enterprises diﬀer from traditional businesses can be extremely beneficial to the community as a whole in a multitude of ways. Crystal - as a development platform - while trying to make a positive impact on the communities where we are represented (62 branches and boutiques around Georgia), sup-

ports social enterprises in different regions. Some of the social enterprises Crystal is cooperating with are: Arabuli ArtHouse, Green Gift, Tsnuli, Hangi, Knowledge Café (Tsnori), Babale and the Mziuri Café. Q. Can you share one brief story about how Crystal’s CSR practice is helping Georgian businesses thrive? A. Corporate responsibility is a way for businesses (whether in Georgia or anywhere else) to take responsibility for the social and environmental impacts of their business operations. A robust CSR programme is an opportunity for companies to demonstrate their good corporate citizenship. To illustrate how critical CSR has become, a 2017 study by Cone Communications found that more than 60 percent of citizens hope businesses will drive social and environmental change in the absence of government regulation. Most consumers surveyed (87%) said they would purchase a product because a company supported an issue they care about. More importantly, an enormous 76% will refuse to buy from a company if they learn it supports an issue contrary to their own beliefs. It will be difficult to choose only 1 Crystal CSR story or impact, because it is a combination of all of our responsible corporate practices that makes a difference, and those might motivate other Georgian businesses as well: Whether it’s taking care of children with leukaemia and providing joy and a smile to them with Clown Care; whether it’s our Green Boxes in the Crystal offices - recycling paper; whether it’s measuring the environmental impact; whether its empowering our women staff members and customers; whether it’s investing in youth through our Youth Entrepreneurship School or Borrow Wisely Campaign, raising awareness and knowledge of financial literacy related topics among our customers and youth; whether it’s supporting Sisters Ajalovas - young girls leading their Foreign Language Center business in Marneuli; it is the combination of all of those CSR practices that keeps businesses accountable and ethical.

HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 28 FEBRUARY, 2019

corporate social responsibility

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Seize the opportunities of digital technology to improve well-being but also address the risks The FINANCIAL – Digital technology can improve our lives but it also poses a major risk of widening social inequality and blocking opportunities for people without the skills to navigate the online world safely, according to a new OECD report. A mix of technical, emotional and social skills is a pre-condition for people to combine their digital and real lives in a balanced way, and to avoid the mental health problems and other risks linked to abuses of online technologies, the report says. How’s Life in the Digital Age? uses the 11 dimensions of the OECD’s well-being framework to assess the risks and opportunities that people face in their experience of the Internet, mobile devices, big data and artificial intelligence across countries. The dimensions include income and wealth; jobs and earnings; health; education and skills; work-life balance; civic engagement and governance; social connections; environmental quality; personal security; housing; and subjective well-being. Finland scores well. Its citizens reap many benefits from digitalisation and are relatively protected from its risks. Other comparatively strong performers include Canada, Switzerland, Norway, Korea, and New Zealand. Countries that combine low opportunities with high risks include Chile, Italy and Hungary while the United Kingdom and to a lesser extent Denmark, Sweden and the Netherlands enjoy high opportunities while at the same time facing high

risks. “Digital technologies have radically and rapidly changed the way we work, consume and communicate,” said OECD Secretary-General Angel Gurría. “Ensuring this transformation also improves our well-being means addressing such issues as digital equality, literacy and security.” The ambivalence of how digital technology aﬀects well-being extends across most dimensions, the report finds. For instance, while jobs are created in new technology sectors, others risk being destroyed by automation. And if teleworking allows people more flexibility in organising their professional and personal lives, constant connection to the oﬃce may increase people’s worries about their work

outside oﬃcial hours. While online interactions with friends and on social networks can be enjoyable and fulfilling, cyber-bullying, online harassment and hate speech have become serious social problems. Making the best use of digital technologies without undermining the basic elements of human well-being requires a diverse set of cognitive and emotional skills. An example of such ‘digital literacy’ is the critical assessment needed to distinguish between high and low-quality information, while self-control over online involvement can prevent digital addiction. The report argues that much can be achieved through public policies to mitigate risks, even in highly digitalised environments. As the country indicators

reveal, broad internet access alone is not sufficient to seize properly the positive opportunities offered. The report assesses opportunities and risks of the digital transformation across most OECD countries through a set of 33 indicators covering the wellbeing dimensions. The indicators include, for instance: wage returns to ICT skills; buying and selling goods and services online; digital resources in schools; individuals experiencing abuse of personal information; and jobs at risk of automation. The report adds, however, that the indicators are not comprehensive and further evidence and statistical gathering is required in order to deepen our understanding of how digitalisation is affecting our well-being.

Boosting adult learning essential to help people adapt to future of work The FINNCIAL – Many OECD countries need to urgently scale-up and upgrade their adult learning systems to help people adapt to the future world of work, according to a new OECD report. Getting Skills Right: FutureReady Adult Learning Systems says that new technologies, globalisation and population ageing are changing the quantity and quality of jobs as well as the skills they require. Providing better skilling and re-skilling opportunities to workers aﬀected by these changes is essential to make sure the future works for all. Today only two in five adults participate in education and training in any given year. The most disadvantaged are least likely to train, with low-skilled

adults three times less likely to undertake training than the high-skilled (20% vs 58%). Other groups falling behind include older people, low-wage and temporary workers, and the unemployed. The most recent OECD analysis suggests that while only about one in seven jobs is at risk of full automation, another 30% will likely be overhauled. However, people in jobs most at risk also do less training (40%) than workers with jobs at low risk (59%). Part of the problem is the lack of motivation to participate in training: across the OECD, around half of adults do not want to train. A further 11% would like to but do not due to barriers such as lack of time, money or support by their employer.

The report underlines the importance of good quality training that leads to skills that respond to labour market needs. Compulsory training, such as on occupational health and safety, absorbs 20% of training hours on average in European countries. This training is necessary but should be complemented with learning opportunities that allow adults to develop skills that enable them to keep their job or seek new opportunities for career progressions. A new dashboard in the report compares the situation across countries and highlights, for each country, the critical areas for reform. In particular, it summarises the future-readiness of each country’s adult learning systems to respond to the chal-

lenges of a rapidly changing world of work along six dimensions of: coverage, inclusiveness, flexibility and guidance, alignment with skill needs, impact, and financing. Greece, Japan and the Slovak Republic perform poorly across most dimensions of future readiness. But there is room for improvement even in wellperforming countries. In Norway, relatively few adults see a direct impact of the training they undertake on their job or career and Denmark lags behind the top performing countries in terms of coverage. Slovenia performs well in terms of inclusiveness and yet there is still a 10 percentage point gap in training participation between disadvantaged and more advantaged groups on average.

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“Most of the companies and organizations in Georgia operate with very lean staff” R. Michael Cowgill, President of the American Chamber of Commerce in Georgia and President of Georgian American University (GAU) The FINANCIAL

Q. From your experience, why is CSR crucial for both business and society? A. There are a lot of diﬀerent ways to define CSR, but put simply it is - doing the right thing for the right reasons. That’s a simple enough answer, however it involves being socially responsible. That means that as an organization you make decisions, whether operational or financial, in a socially responsible manner. Why is it so important? There is the concept that when you look at a CSR triangle - it’s not always necessarily the right thing to do in terms of only doing what’s legal; you also have to do what’s right ethically. There is another way of thinking about being socially responsible when it comes to decision-making. Are you willing to see all of your decisions potentially splashed across the front page of a newspaper the next day? Are you comfortable with everyone understanding and knowing what kind of decisions you make? Those are but little examples of how one decision-making role can actually gauge and determine how responsibly you act. Why is it crucial? For the very reason that the world would be a much better place if we all listened to our consciences; if

decisions were always made while thinking about being socially responsible and further, adhering to the Golden Rule – do unto others as you would have them do unto you. Q. What is the greatest example of CSR that you have witnessed in Georgia? A. People often expect the answer to this question to be some form of charity. Unfortunately, we tend to think of CSR purely in the philanthropic sense. That’s not how CSR works. In general, I see companies and organizations doing things that go beyond their bottom line but they are not doing it with the right motive. I don’t like it when companies do something for vulnerable or disadvantaged groups and members of society, solely to take credit for doing that very thing. I don’t believe you should get involved in those kinds of situations just to get credit for highlighting somebody’s plight. It’s something I watch for very closely. I’ll give you some specific examples, however, of proper CSR we have done at GAU. We’ve done things like providing free legal services to women who’ve been subjected to domestic violence and wounded soldiers returning from military assignments; those kinds of things are absolutely fantastic. In 2018 we had 3 projects: the 1st was a book titled 33 Emotions, launched at the Frankfurt Book Fair where Georgia was guest of honour based on its language and alphabet. The book consisted of short stories from modern fic-

tion writers with short stories beginning with each of the 33 letters of the Georgian alphabet. For us it brought students closer to the cultural aspects of Georgia. The 2nd thing we did was a calendar whereby students interviewed 12 returning military personnel, both men and women, who had been left disabled from their time in the military. You can’t believe how moving it was for the students to hear first-hand the tales of heroism and courage from these returning warriors. The 3rd thing we did related to our new medical school with almost 200 Indian students. It’s a big cultural difference and change for our existing staﬀ and lecturers, As such, we carried out diversity trainings to give them a better understanding of the differences between Indian and Georgian cultures. You can see the variety of CSR activities that are not merely acts of charity. Q. What is the greatest example of CSR that you can think of globally? A. There are lots of companies and examples. My mind immediately goes to Bill Gates and Microsoft and some of their initiatives. He is an example of someone who is responsible for their own fortune, and gives back. It’s a kind of philanthropy, the kind of great work that he is doing both in education and medicine the world over. There are lots of small and great examples really. Q. In your opinion, what percentage of Georgian business is socially

responsible in general? A. My answer would inevitably be taken from the standpoint of the American Chamber of Commerce here in Georgia because we have a higher percentage of companies who are socially responsible as members, due to the fact that they are naturally aligned with the ideals and concepts we have in the western model. There is quite a big percentage doing very socially responsible activities, probably at least 70% of the total membership. Q. Where do you see Georgia in terms of CSR in 10 years’ time? Provided that we keep the same tempo, attitude and rate of investment, how will its CSR compare to that in highly developed countries? A. It doesn’t depend as much on particular companies as on the clients and customers. I believe that if clients and customers continue to push for socially-responsible decisions and actions from companies, and if we as citizens keep up the pressure, expecting more and more from our government, the Government will continue to advance and move forward. The same goes for customers and clients. If companies understand that it is important to customers and clients that, as well as providing good service, their decision-making is sociallyresponsible, then they will continue to progress. Q. What are your thoughts on the CSR Forum that The FINANCIAL

is holding, what would you change about it? A. The FINANCIAL is really trying to overcome the limited definition of CSR that is thought of as the norm, and bring awareness to the broader concept. We are seeing more emphasis even from the Government on environmental issues for example. I have a problem sometimes when we have situations such as we do in Georgia - where some people have diﬃculty putting food on the table. And it’s very hard for them to understand why we prioritize environmental factors over their immediate needs. I therefore try to use the term ‘quality of life’ and for that to be understood as a very socially-responsible phrase because quality of life for you and for future generations is something so important and easier to articulate. Q. What do you think is the greatest challenge that Georgian businesses are facing when it comes to CSR? A. Most of the companies and organizations in Georgia operate with very lean staﬀ. As such, their employees are consumed with their daily operations. So having the time and the ideas to think outside their narrow operational aspect is a problem. Q. What is AmCham’s role in improving business ties between Georgia and the U.S., and how has is it improved CSR? A. To bring in and ensure that Western values and Western ways of doing business are established here and shared with the members and the Georgian business community at large. We have other things like interacting with the Embassy and the Georgian Government, but it’s definitely the Western and American system of business. And imparting the value of being socially responsible. Q. What is AmCham’s role in improving the country’s economic state? A. We have a responsibility to our members to make sure the business environment is healthy and thriving and making sure that government regulations and laws do ensure a healthy business environment. That’s how we make sure that the economy grows in those ways. We also share our concepts and ideas through a CSR Committee and also share common practices in social responsibility and responsible conduct.

HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 28 FEBRUARY, 2019

corporate social responsibility

The power of print Finding new potential in an old medium. WELLS FARGO

he Internet tends to thrive on loud headlines – you know, like “Print is Dead.” But those clickbait messages often aren’t successful at conveying nuance, resonance, or authority. To accomplish that, marketers are turning to an old, forgotten friend: print. To be clear, the old era of print is dead – the time when print enjoyed monolithic, world’s-greatest-medium status. But even in the digital era, print has proven to be remarkably effective, not as a single-channel solution but as a component of an integrated campaign. For evidence of the enduring power of print, just look at the numbers. People are still reading print publications: 169 million Americans still read newspapers regularly, and three-fourths of that group reads the print edition specifically, according to a 2016 Nielsen report. Additionally, marketers continue to invest heavily in print – they mailed 10.6 million catalogs in 2015, according to the Data and Marketing Association. Print is sticking around in part because it’s just that – sticky. Consumers engage more with printed ads, and remember them better than digital ones, according a 2015 study by Temple University’s Center for Neural Decision Making. To use print wisely requires an evolved understanding of an old

medium. Success requires understanding: The role that print plays within a larger, integrated campaign The sorts of messages that are best suited to print How digital tools can make print marketing more effective. Print has some advantages over digital media. It is physical, which means that it must be handled, literally. And it has staying power: Advertisements in newspapers and magazines remain in readers’ hands for as long as they possess the publication. For what print lacks in potential for an instantaneous response, it makes up in longevity and tactile share-ability, according to a 2015 assessment by the American Marketing Association. Print ads thus are well suited to high-level marketing aims such as establishing brand worthiness and can act as standard-bearing, tent pole elements within a larger campaign. Print can seem more exclusive, compared to digital, due to the costs of printing and distribution. That can give printed content a premium, authoritative feel that corresponds well with brands looking to convey their own quality and expertise. Complement editorial content with relevant (or better yet, value-adding) ads

Air pollutants: decreases in emissions in 2016 The FINANCIAL

everal air pollutants contribute to the acidification of the environment. The most important ones are the gases sulphur dioxide (SO2), nitrogen oxides (NOX) and ammonia (NH3). Their impact can be observed in the progressive degradation of soils, water and forests. They also contribute to the formation of fine particles in the air that cause respiratory diseases. The acidifying potential of these pollutants is commonly measured in SO2 equivalents. Between 2008 and 2016, the total emissions of acidifying gases emitted by European Union (EU) businesses and households decreased by 6.3 million tonnes of SO2 equivalents, which represents a reduction of 26 %. Over this period, emissions of sulphur dioxide fell by 55 %, nitrogen oxides by 25 %, and ammonia by 1 %.

Print meets high-tech Just because print is an oldschool medium doesn’t mean you can’t use high-tech tools to make your marketing more effective. Audience segmentation can help you target your ad spend more efficiently. Variable printing – the practice of swapping out content to better align with specific segments – can add relevance to your direct marketing. You can also use tools such as QR codes and vanity URLs to track response. Everything about the Internet is fast, from the time it takes you to reach your customers to the time it takes them to move onto the next thing. If you’d like to connect with them on a deeper level, consider investing in an old medium that still packs a punch: print.

OP ED What are we breathing people? Who’s to blame? By GELA MEGENEISHVILI

Chart of acidifying gas emissions, 2008 to 2016 Agriculture, forestry and fishing contributed 43 % of the total acidifying gas emissions in 2016 (mostly ammonia), while transportation and storage accounted for 20 % (mostly nitrogen oxides) and manufacturing 11 %. The electricity, gas, steam and air conditioning supply industry contrib-

to enhance the brand-building potential of print. That sort of careful content alignment is a particular strength of print advertising, compared to the algorithmic matchmaking of Internet ad exchanges.

uted 10 % towards total acidifying gas emissions in 2016. Since 2008 there has been a drop of 2.6 million tonnes of SO2 equivalents in this sector, due to

the more systematic use of end-of-pipe pollution filters, and the introduction of more eﬃcient combustion technology in the electricity and heat production.

Households accounted for 10 % of the total emissions of acidifying gases in 2016 (predominantly nitrogen oxides).

s Tbilisi has expanded greatly over the last several decades, air pollution has developed as a rapidly growing issue. According to the 2012 World Health Organisation (WHO) research, Georgia is in second place in terms of the most air-polluted countries (calculated based on 100,000 citizens) with Tbilisi playing a major role in the country’s ranking. As the research by WHO states, “every 10 people breathe air that is polluted with 9 toxic substances and solid waste.” According to the 2016 research conducted by the University of Washington, Georgia holds third place for the highest death occurrence rate caused by a polluted environment. Every single fact presented here, as shocking as they might sound, happens to be true. With the many negative emotions going through my mind, finding out more about this issue became my goal. After hours of pondering the issue, these devastating results led me to two main questions: Who are to blame for these results? And, what Continued on p. 13

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UK Consumers Lead in Prioritising Corporate Social Responsibility

The FINANCIAL

new study from cloud-based experience leader, InMoment, uncovered five trends, including one that reveals UK consumers are outshining their global

peers in making social responsibility a priority when choosing which brands to support. Unlike other areas in the study, UK companies were well aligned with consumers, also ranking this as a major area of focus. The 2019 UK CX Trends study found that 42 percent of consumers say that brands’ support of environmental, social or political causes is becoming more or much more important to their purchasing decisions. This is notable as previous research found UK consumers already rank corporate social responsibility much higher than US or Australian consumers. Just 36 percent of US consumers and 18 percent of Australian consumers said this factor is becoming more or much more important in their decisions. InMoment’s annual CX Trends studies survey both consumers and brands to reveal where these two groups align, and where there are disconnects on important customer experience issues. In addition to the trend mentioned above, the 2019 study revealed four additional trends, as well as important takeaways, to help brands move beyond mistakes and realize the massive opportunities found well-executed customer experience. Lurking vs. Listening. Brands prioritise mining digital data, social posts, and reviews over having

direct conversations with consumers about important issues. However, most customers (73 percent) say asking them directly is the best way to get to the most essential insights. Dismissing the Human Factor. Customers say the most important thing brands can do to improve their experience is provide better service through their employees. Neglecting Non-buyers. Seventy-two percent of customers who leave a website without buying are there to browse, compare or research, but that isn’t necessarily the bad news. Most brands aren’t even thinking about how to create experiences to engage this precustomers for the long-term. Definition of Loyalty Diverges. Customers say one of the most important ways they show loyalty is by providing both positive and negative feedback. It’s difficult for most brands (and many metrics) to treat constructive criticism as a gift and not a scourge. Consumers Care. Corporate social responsibility is increasingly important for both customers and employees. Forty-two percent of UK consumers believe it is becoming more or much more important for brands to embrace those causes

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Consumers and brands aligned on importance of doing good; outpace US and Australia Study also reveals opportunities for brands to improve customer experience in personalisation, listening and elevating human interactions

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“Companies must follow environmentally acceptable practices and standards and act as role models for others to follow” Rusudan Medzmariashvili, CSR Manager of BP Georgia Eva BOLKVADZE

The FINANCIAL

s one of the largest foreign investors in Georgia, BP Georgia has operated here since 1996 and spent hundreds of millions of dollars with local Georgian companies. BP Georgia promotes setting high standards for corporate responsibility within Georgian businesses. BP’s projects and operations have the potential to positively impact local communities by creating jobs, generating tax revenues, providing opportunities for local suppliers, and supporting community development initiatives. The FINANCIAL talked with Rusudan Medzmariashvili, CSR Manager of BP Georgia, about the company’s CSR initiatives and practices. “CSR is something that

goes beyond the company’s core activities and demonstrates BP’s goodwill and readiness to be a good neighbour to the society of the country it is operating in,” Rusudan Medzmariashvili told The FINANCIAL. “Our CSR initiatives are targeted at community development through empowering community based or-

How often do you see a doctor? The FINANCIAL

How often do you see a general practitioner? In 2017, nearly four in ten people (38%) in the European Union (EU) went to see their generalist medical practitioner once or twice in the 12 months prior to the survey. A quarter (25%) consulted their generalist practitioner 3 to 5 times, while nearly another quarter (24%) did not go to see a generalist practitioner. 14% reported that they saw their generalist practitioner 6 times or more. At EU level, the frequency of consultations of general medical practitioners was higher for women than for men. This was also the case for visits to dentists or general surgeons. Denmark had the largest share of persons who saw their generalist practitioner 6 times or more (49%) during the previous 12 months, while France had the highest percentage of people (34%) going to the doctor 3 to 5 times. The share of persons consulting their doctor once or twice was largest in Slovakia (47%) and the share of persons who did not go to see the doctor was highest in Greece (61%).

…a dentist? 45% of people in the EU did not consult a dentist in the 12 months prior to the survey, while 42% went once or twice to a dentist. 10% reported that they went to a dentist 3 to 5 times, and 3% 6 times or more. Slovenia had the largest share of persons who went to the dentist 6 times or more (6%) during the previous 12 months, while Germany had the highest percentage of people (17%) going to the dentist 3 to 5 times. The share of persons who did not go to see the dentist was highest in Romania (82%).

…a general surgeon? While 45% of people in the EU did not consult a general surgeon in the 12 months prior to the survey, 34% did once or twice. 14% reported that they went to see a general surgeon 3 to 5 times, and 7% 6 times or more. Germany had the largest share of people who consulted a general surgeon 3 to 5 times (23%). The share of persons who saw a general surgeon once or twice was largest in Italy (48%) and the share of persons who did not go to see a general surgeon was highest in Romania (88%).

ganizations and supporting the establishment of small businesses, creating additional income and workplaces in the settlements along our assets,” she added. In Georgia, BP focuses on helping protect the co-venturers’ asset base and overall investment by retaining the goodwill and supporting

the work of key stakeholders - communities adjacent to the facilities, government and the NGO sector, and the local business community. “We have also supported the establishment of several educational programmes which benefit the entire society - e.g. Project Management College together with Free University, and Georgian technical training centre with the Georgian technical university. We are also active in the environmental field through our eco-awards programme for Georgian environmental NGOs,” Medzmariashvili said. Q. What is the main challenge that BP Georgia is facing at present in the field of CSR? A. Managing the expectations of local stakeholders is the main challenge we face. Although BP is one of the biggest investors in the country, it must keep its programmes focused and strategically aligned with the country’s needs and company’s priorities, therefore we cannot meet the needs of all stakeholders. Q. What business value have you seen from your environmental sustainability efforts?

A. Apart from supporting biodiversity and environmental protection efforts, which have a positive impact on the environment, it also helps to build local institutional capacity in the field of environment. Q. In your opinion what kind of CSR activities does society expect from BP Georgia? A. As a result of the more than 20 years of our operations in the country, our CSR activities are well known to Georgian society. We are very clear and transparent in our undertakings and therefore successful in addressing society’s expectations. Q. How has CSR helped BP? Can the experience of BP in CSR activities be helpful to other oil companies? A. CSR helps a lot by contributing to the company’s image, reputation and cooperation in the country with stakeholders at all levels and also supports the creation of a favourable business environment for our activities. Companies must follow environmentally acceptable practices and standards and act as role models for others to follow.

What are we breathing people? Who’s to blame? Continued from p. 11

is the economic loss (in U.S. Dollars) caused by it? The first question was relatively easy to answer. Research carried out by the State Audit Oﬃce of Georgia in 2016 claims that there are two main causes of increased air pollution: emissions from construction sites, and emissions from vehicles, with automobiles making up a staggering 71% of the pollution produced by vehicles. However, the second question remained without an adequate answer, even after contacting the Ministry of Agriculture and Environmental Care, the State Environmental Monitoring Agency, several health insurance companies, Socar, and Lukoil. My research resulted in me bouncing from one establishment to another. Some of these organisations either did not have such statistics, or they were too confidential to reveal. Perhaps the most crushing fact that I faced was that not only does the World Bank carry out such research, but it is calculated on a global level! In the 2016 research provided by World Bank, global air pollution damage was estimated at USD 225 B. If such a calculation is possible to be made about the entire world, then from my point of view it is crucial for the Government to create an establishment that will publish these statistics for our country annually. Based on these figures society might then establish a general opinion about which pressing issues the Government should prioritise in order to solve. It is not hard to imagine the chain

reaction of loss in productivity that air pollution can cause. For example, let’s consider air pollution as a reason for illness. An employee that is ill cannot be productive, so as a result GDP is aﬀected. After not receiving answers to my question, for the sake of this article I carried out my own personal research on social media, to determine who people think is responsible for such a high level of air pollution. While carrying out a personal survey on Instagram, out of 100 voters 78% blamed the Georgian Government for lacking adequate policies, while the remaining 22% considered that it was the intervention of local business that played a part in such devastating results, such as petrol distributors. The opinion of the public cannot be held up as certifiable research of course, so it is impossible to blame any one company. However, based on that we tried to approach major businesses to ask them about any CSR (corporate social responsibility) campaigns they have had in order to cope with air pollution. We contacted the companies Socar, Lukoil and Wissol, the market leaders in the petroleum industry, and the response was as follows: Lukoil’s Department of quality control said, “our petrol is the finest. Everything has always been produced up to the finest standards the world has to oﬀer.” (Currently oil refinery quality is up to Euro 5 standards). In other words, I was not informed if they were carrying out any campaign to prevent air pollution. Socar, on the other hand, had a few things to say. The Marketing Man-

ager of Socar, Tatuka Javakhishvili, informed us about several ongoing campaigns to stop environmental issues. Socar supports the use of electric vehicles, they oﬀer a free charging service for owners of electric scooters. “Our team has also contributed to rebuilding the burnt forest of Borjomi; a 2 hectare area of land has been planted with trees with money allocated by Socar Group,” Tatuka Javakhishvili told The FINANCIAL. Socar Group has also built gardens in the Tbilisi suburb of Varketili. At the same time, Wissol also supports the use of electric cars. The company launched its first electric vehicle (EV) charging station in the country’s capital Tbilisi, on the 13th kilometre of Agmashenebeli Alley in July 2017, and plans to expand its chain of EV charging stations nationwide. Wissol Group also organized Eco Drug - E-car racing at Gori West and service centre to promote eco-friendly vehicles in the country. On 5 June, 2018, World Environment Day, Wissol held an exhibition and demonstration ride of E-cars through the central streets of Tbilisi to promote environmentally-friendly transport in the country. (This information was collected from the Wissol 2018 CSR Report). The fact that there are several companies that are contributing to the wellbeing of the environment is reassuring. However, a lot more work remains to be done before we can fully manage what is fast becoming one of today’s most pressing issues - major air pollution.

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corporate social responsibility

Estonia attracts promising Tech Talent with All- Expenses paid Trips for Job Interviews The FINANCIAL

stonia, the nation with the most startups with a valuation over $1 billion per capita, announced the launch of its second Career Hunt campaign. Following the success of its first campaign in 2018, this new initiative is designed to draw the world’s top IT professionals to Estonia and match them with talenthungry tech companies in the country, such as Transferwise, Taxify, Veriﬀ, Swedbank Estonia and many others. In a similar campaign conducted last year, 5,500 people from around the world applied for the opportunity to work in Estonia. In total, 23 successful candidates participated in the trip, earning face-to-face final round interviews with top Estonian tech companies – with seven candidates starting new jobs in the country soon after. Building on its reputation as a top European start-up hub, Estonia’s second Career Hunt program seeks global IT specialists to bolster the ranks of the country’s leading tech companies For this second campaign, Estonia is again welcoming tech specialists to apply for a life changing job interview. Those who pass the initial screening rounds in their interviews will be flown to Estonia for a fiveday tech tour. The all-inclusive trip will include the opportunity to meet some of the biggest IT-wonders in Estonia, in addition to getting exclusive VIP- shortcuts for job interviews with selected companies. The candidates are also invited to have a taste of after-work fun, explore Estonian traditional sauna and experience the famous white nights together with Nordic cuisine. “Do not let its small size fool you; Estonia is well and truly embedded in the digital economy as we have made IT history several times over,” says Kaisa-Triin Kosenkranius, Head of Career Hunt project at Work in Estonia programme, who emphasized Estonia as a cutting- edge digital society. “Skype was built by Estonian engineers and the country gave birth to the world’s first e-residency. So, working in Estonia provides vast opportunities and unique experiences for people to enhance their career through top-level professional networks.” Adding to that, Kosenkranius

noted that, “The startup community in Estonia is tight-knit, offering tech professionals endless opportunities to bring their ideas to life, both on the local and international level. It’s these unique attributes found in Estonia that make it is possible to have coffee with leaders of gamechanging IT companies, brainstorm, and then get to work to make it all happen. I don’t think it’s that achievable anywhere else.” Out of the companies who were searching for talent in last year’s campaign, Swedbank Estonia, Taxify, Finestmedia and Veriff have decided to participate again. “Career Hunt gave new visibility to Veriff and thanks to it we found a data scientist from Brazil,” comments Kaarel Kotkas, CEO of the online identity verification solutions provider Veriff. “We could not be happier for the talent we managed to acquire.”

“Estonia is a place for independent minds working together without much of a hierarchy,” added Kosenkranius; confirming that several alumni from the first Career Hunt are expected to meet with the President of the Republic of Estonia, Kersti Kaljulaid. Today, the first recruits who have now settled in Estonia reflect on their Career Hunt Week in Estonia as “a life-changing experience”. “Before the campaign, I only knew a little about Estonia itself and I did let the size of the country fool me. The few companies I had a chance to know convinced me that’s the place I was looking for,“ says Luiz Felipe de Souza Gomes, alumni of the first Career Hunt who now lives and works in Tallinn. Maria de las Mercedes, another participant from the first year’s campaign admits: “The way that people work here and the way

that the companies function here is very nice, very horizontal. You can reach anyone in the company.” In addition to its status as a world-beating tech innovation hub, Estonia also tops the lists for clean air, forests, sustainable living, and public safety. Living costs are low compared to Western Europe. The smallness of the country has its own perks. According to Ana Falcon, a Digital Marketing Specialist who moved to Tallinn from Mexico: “Estonia is a cozy country where you can do things that have an impact on a global scale.” This year’s Career Hunt is launched by the Estonian Government via its ‘Work in Estonia programme’. 14 Estonian IT industry heavyweights participate in the initiative to find and nurture more talent. The companies include Transferwise, Monese, Veriﬀ, Starship

Technologies, Pipedrive, Thorgate, Taxify, Malwarebytes, Finestmedia, Icefire, betPawa, Swedbank Estonia, Genius Sports Services Estonia and Mooncascade. Applications are open online until 21st March 2019 at https:// careerhunt.eu/. Full profiles of the participating companies and requirements for the candidates can be found on this webpage. About Work in Estonia: Work in Estonia is a part of Enterprise Estonia – a national foundation to support entrepreneurship. The goal of Work in Estonia is to introduce Estonia as an attractive place to work and live to talented specialists worldwide. Estonia is competing with several European countries for tech talents in the information and communication technology sector and currently lacks 7000 professionals.

Number of People With Master’s and Ph.D. Degrees Double Since 2000 The FINANCIAL -- The educational level of American adults is on the rise as more college graduates go on to earn master’s, professional and doctoral degrees. Since 2000, the number of people age 25 and over whose highest degree was a master’s has doubled to 21 million. The number of doctoral degree holders has more than doubled to 4.5 million. Now, about 13.1 percent of U.S. adults have an advanced degree, up from 8.6 percent in 2000. These findings come from the U.S. Census Bureau’s Educational Attainment in the United States: 2018 ta-

ble package that uses data from the Current Population Survey Annual Social and Economic Supplement. It examines the educational attainment of adults age 25 and older by demographic and social characteristics, such as age, sex, race and Hispanic origin, nativity and disability status. In 2017, on average a person with an advanced degree earned 3.7 times as much as a high school dropout. The tables show, among other things, that women make up a smaller share of high school dropouts than men, the share of Asians with advanced degrees is growing

and that recent immigrants are more likely to go to college than earlier immigrants or native-born. They also clearly show a rise in the number of college graduates who have advanced degrees. In 2000, one-third of people with at least a bachelor’s degree had completed an advanced degree. By 2018, 37 percent had done so. In 2017, on average a person with an advanced degree earned 3.7 times as much as a high school dropout. The percentage of people age 25 and over who had completed less than a high school diploma or equivalent was higher for men (10.6 per-

cent) than for women (9.8 percent). Between 2000 and 2018, the percentage of people 25 years and older who had completed a bachelor’s degree or higher increased by 9 percentage points, from 25.6 percent to 35.0 percent. Among Asians ages 25 to 29 in 2018, almost 7 in 10 (69.5 percent) had a bachelor’s or higher degree. Five years earlier (in 2013), the bachelor’s degree attainment rate for this group was 59 percent. Recent immigrants to the United States were more likely to have a college education than earlier immigrants or the native born.

Among immigrants who have arrived since 2000, 38.8 percent have a bachelor’s degree or higher, compared with 35.2 percent of the native-born. Among earlier immigrants, the rate of college education was lower — for those who arrived in the 1990s, it was 31.3 percent. Naturalized citizens were among the groups with high levels of college attainment — 38.4 percent had a bachelor’s degree or higher. The children of immigrants were also likely to have a bachelor’s degree (39.6 percent).

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4 Freedom Square, Tel: +995 32 254 70 30 Fax: +995 32 254 70 40 tbilisi@citadines.com

P: (+995) 322 555 888 M: (+995) 596 555 885 E: info@vinotel.ge, reservation@vinotel.ge W: www.vinotel.ge

4, Freedom Square, Tel: 2 779 100 www.CourtyardTbilisi.com courtyard.tbilisi@marriotthotels.com

Addr: # 14/14 I.Kurkhuli Str. Tel : 55 66 55 http://www.laerton-hotel.com/

Because life is about living

45a M.Kostava St., 0179 Tbilisi, Georgia;

13, Rustaveli Avenue.; Tel.: 2 779 200 www.TbilisiMarriott.com tbilisi.marriott@marriotthotels.com

Tel: +995 422 229000 E-maill: info.batumi@ sheraton.com www.sheraton.com/batumi

Tel.: (+995 32) 219 11 11 www.hotelcoste.ge

13 Shavteli Str. Tel: 2439494 info@ambasadori.ge www.ambasadori.ge

Hotel “O. Galogre” Radisson Blu Hotel Batumi 1, Ninoshvili str., Batumi Tel/Fax: 422255555 info.batumi@radissonblu.com radissonblu.com/hotel-batumi

Addrr: 26 May Square Tel: 2300099 E-mail: info@hi-tbilisi.com www.hi-tbilisi.com

8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 45 info@hotelgalogre.com www.hotelgalogre.com

Divan Suites Batumi

Radisson Blu Iveria Hotel Rose Revolution Square 1 Tel.: 240 22 00; Fax: 240 22 01 info.tbilisi@radissonblu.com radissonblu.com/hotel-tbilisi

Address: Jordania/Z. Gamsakhurdia Str. 8/15 (422)255 522 info.batum@divan.com

№ 1 Kheivani street 12/13; Tbilisi, Georgia Phone: (+995 32) 2 24 23 21; Phone: (+995 32) 2 24 23 22 E-mail: reservation@cronpalace.ge

Betsy’s Hotel 32-34 Makashvili Street, 0108, Tbilisi, Georgia

Tel.: 293 14 04, Fax: 299 93 11 info@betsyshotel.com www.betsyshotel.com

GEORGIA PALACE HOTEL

275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403

E-mail: info@gph.ge, www.gph.ge

6 Kavsadze Str. Tel: 2 25 15 45 2 55 44 55 www.lottravel.ge

5 Chavchavadze Ave. Tel.: 222 44 17 577 22 99 22 plasticsurgerygeo.com

Tel: 31 99 99 hotel@tifilis.ge addr: #9 Grishashvili Str.

Best Western Tbilisi 4 Freedom Square Tel: 2988 988, Fax: 2988 910 E-mail:gmt@gmt.ge, www.gmt.ge

Tel: 277 00 40/50 Addr: 20 Metekhi str. http://www.tbilisiinn.com/ info@tbilisiinn.com

Addr: 11, Apakidze str. Tel.: 2 300 777

Hotel “Tiflis Palace” 3 Vakhtang Gorgasali St, (+995) 32 2000245 reservation@tiflispalace.ge

HOTELS & PREFERENCE HUALING TBILISI The tickets are available at tbilisi international airport freedom square 4 courtyard marriott hotel, 1st floor

Tel: 2400 400; 2400 040

Tel: 2 50 50 25; 2 97 32 97 Fax: 2 50 50 26 Email: info@hotelspreference.ge

Addr: Hualing. Tbilisi Sea New City

BETSY’S HOTEL

Address: 1/3 Melashvili Street 6000 Batumi,Georgia | +995 422 225790 www.batumiworldpalace.com info@batumiworldpalace.com

Tel: +(995 32) 2931404 E-mail: info@betsyshotel.com; reservation@betsyshotel.com Address: 32-34 Makashvili St.

Tel: +995 422 222299 e-mail: batumi.info@hilton.com Address: 40 Rustaveli Avenue 6010,Batumi,Georgia batumi.hilton.com

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HEADLINE NEWS & ANALYSIS 28 FEBRUARY, 2019 | FINCHANNEL.COM

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HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 28 FEBRUARY, 2019

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