London. The rising demand for environment, social and governance workers comes at a time when Britain is facing a labour shortage. EPA
London. The rising demand for environment, social and governance workers comes at a time when Britain is facing a labour shortage. EPA
London. The rising demand for environment, social and governance workers comes at a time when Britain is facing a labour shortage. EPA
London. The rising demand for environment, social and governance workers comes at a time when Britain is facing a labour shortage. EPA

British companies set for ESG hiring spree in 2022


Alice Haine
  • English
  • Arabic

A record number of British job vacancies centred around environment, social and governance (ESG) were created in 2021, with a further surge expected next year as companies strive to be build a workforce with a more sustainable focus.

More than 35,000 new ESG jobs were created this year, according to recruiter Robert Walters UK, boosting the number of professionals in these roles to more than 400,000 – an increase of 7 per cent over the past year.

The rising focus on ESG comes in the year the UK hosted the Cop26 environment summit and pledged to reduce its greenhouse-gas emissions to net zero by 2050.

There has also been growing pressure on listed companies to be more transparent around pay and representation at board level.

Chris Poole, managing director of Robert Walters UK, said British businesses are under more scrutiny, with processes, suppliers, materials and policies often having more of an impact on consumer actions than a finished product.

“As governments strive to achieve environmental targets and the choice widens for customers on socially conscious products and services, ESG will increasingly become more critical for survival, and not just for investment,” he said.

“With that, the number of ESG roles across the UK has risen sharply this year and will continue to grow as organisations strive to be more ethical, fair and inclusive.”

The rising demand for ESG workers comes as Britain faces a labour shortage, with the unemployment rate dropping to 4.3 per cent in the three months to end of September and job vacancies hitting 1.17 million in the three months to October, according to the Office for National Statistics.

Early figures show a record figure of about 1.3 million vacancies in October alone as companies struggle to hire staff.

The increase in ESG vacancies is sector wide, with increases of 19 per cent in human resources, 18 per cent in marketing, 6 per cent in research and 3 per cent in legal jobs.

In corporate social responsibility (CSR) alone, the number of vacancies is up 54 per cent, compared with 2019 pre-pandemic levels, and up 121 per cent from 2020.

Twenty-eight per cent of CSR vacancies are now for senior roles, a significant rise on the 7 per cent recorded in 2019, with the consumer goods and services sector accounting for most of the surge.

“Some thought that in a global crisis, ESG targets would be the first to go. However, many companies strengthened their commitment to ESG during the pandemic,” Mr Poole said.

“The suggestion also that people would care more about jobs and rocketing government debt over, for example, more socially conscious behaviour, appears misplaced.”

  • Little Amal, a giant puppet depicting a Syrian refugee girl, visits the Action Zone at the Cop26 summit in Glasgow for the opening of the Gender Day event. PA
    Little Amal, a giant puppet depicting a Syrian refugee girl, visits the Action Zone at the Cop26 summit in Glasgow for the opening of the Gender Day event. PA
  • US House Speaker Nancy Pelosi poses with senators in Glasgow. Reuters
    US House Speaker Nancy Pelosi poses with senators in Glasgow. Reuters
  • People gather at the venue on day 10 of the summit. Reuters
    People gather at the venue on day 10 of the summit. Reuters
  • Astronaut Tim Peake attends 'In conversation: The science behind Cop' during the Science and Innovation Day. PA
    Astronaut Tim Peake attends 'In conversation: The science behind Cop' during the Science and Innovation Day. PA
  • A delegate walks past Cop26 branding at the venue. Reuters
    A delegate walks past Cop26 branding at the venue. Reuters
  • Alexandria Ocasio-Cortez, US representative for New York's 14th congressional district, poses for a picture inside the Blue Zone at Cop26. Getty Images
    Alexandria Ocasio-Cortez, US representative for New York's 14th congressional district, poses for a picture inside the Blue Zone at Cop26. Getty Images
  • A delegate sits on a table that has an installation showing the 'Climate Clock'. AP Photo
    A delegate sits on a table that has an installation showing the 'Climate Clock'. AP Photo
  • A person walks through the venue of the Cop26 summit in Glasgow, Scotland. Reuters
    A person walks through the venue of the Cop26 summit in Glasgow, Scotland. Reuters
  • Sir Patrick Vallance, the British government's chief scientific adviser, shakes hands with astronaut Tim Peake ahead of their appearance at Cop26. PA
    Sir Patrick Vallance, the British government's chief scientific adviser, shakes hands with astronaut Tim Peake ahead of their appearance at Cop26. PA
  • Statues of polar bears wearing life jackets are on display at the summit. Reuters
    Statues of polar bears wearing life jackets are on display at the summit. Reuters

Meanwhile, diversity & inclusion (D&I) roles rose 32 per cent this year from pre-pandemic levels, with one in five vacancies advertised by the technology sector and 40 per cent of all the positions now for senior jobs within an organisation.

The shift comes as 62 per cent of professionals said they would turn down a job offer from a company with poor D&I initiatives.

There has also been a significant shift in corporate governance, with an 87 per cent increase in vacancies this year since 2020.

A third of those job roles are for senior positions, as the cost of corporate governance rises to £430 million ($570m) a year in the UK.

The UK government has hinted at plans to significantly increase the number of companies subject to stringent governance standards.

Meanwhile, the Financial Conduct Authority recently unveiled a tie-up with the government to improve transparency and data discrepancy, in a bid to put UK financial services and regulation at the forefront of ESG internationally.

“Over the last decade, we have seen a significant shift in the way that businesses approach social responsibility – with ESG making its way rapidly up the priority list," Mr Poole said.

ESG is key from an employment perspective as companies with a poor record could have their reputation tarnished while employees will be less inclined to work for a company that has a bad history on aspects such as gender pay gap.

“Almost all investors and stakeholders are now alive to ESG performance and want to see not just short-term plans but also how the core business model incorporates and deals with these issues in the long term,” Mr Poole said.

"Businesses that do not have an ESG and labour relations agenda will find themselves struggling to find investment from savvy backers who recognise the need to manage these risks and promote compliance."

Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Friday's schedule in Madrid

Men's quarter-finals

Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time

Roger Federer (4) v Dominic Thiem (5) from 7pm

Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm

Stan Wawrinka v Rafael Nadal (2) from 11.30pm

Women's semi-finals

Belinda Bencic v Simona Halep (3) from 4.30pm

Sloane Stephens (8) v Kiki Bertens (7) from 10pm

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Tori Amos
Native Invader
Decca

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

Take Me Apart

Kelela

(Warp)

The%20new%20Turing%20Test
%3Cp%3EThe%20Coffee%20Test%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EA%20machine%20is%20required%20to%20enter%20an%20average%20American%20home%20and%20figure%20out%20how%20to%20make%20coffee%3A%20find%20the%20coffee%20machine%2C%20find%20the%20coffee%2C%20add%20water%2C%20find%20a%20mug%20and%20brew%20the%20coffee%20by%20pushing%20the%20proper%20buttons.%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3EProposed%20by%20Steve%20Wozniak%2C%20Apple%20co-founder%3C%2Fp%3E%0A
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

UAE currency: the story behind the money in your pockets
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Favourite things

Luxury: Enjoys window shopping for high-end bags and jewellery

Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount

University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China

Masters: Studying part-time for a master’s degree in international business marketing in Dubai

Vacation: Heads back home to see family in China

Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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Everything Now

Arcade Fire

(Columbia Records)

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

if you go

The flights

Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes. 

The hotels 

The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).

Rainbow

Kesha

(Kemosabe)

WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

MATCH INFO

Sheffield United 3

Fleck 19, Mousset 52, McBurnie 90

Manchester United 3

Williams 72, Greenwood 77, Rashford 79

SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

While you're here
SHAITTAN
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Updated: December 06, 2021, 1:04 PM