"PAYING FOR GOOD": Recent Episodes
Corinne Carr
In the “PAYING FOR GOOD” podcast, I interview talented guest speakers in both the Human Resources and the investment world on various topics all linked to Responsible Reward, which is the integration of business, sustainability and remuneration strategies. Together, my guests and I share our knowledge, give advice and tell inspirational stories to make you a responsible employer, a portfolio company and an investor of choice by designing and implementing a Responsible Reward strategy. Keep up to date with latest thinking on remuneration, hear from experts and stay ahead!
In this week’s ‘PAYING FOR GOOD’ podcast, I welcome Maia Kirby. Maia is Outreach Coordinator at Good Jobs First, a non-profit organisation based in Washington that created the Violation Tracker in 2010.
Maia reminds us that the tracker is a database of corporate regulatory infringements. It collects information from 52 government agencies on a range of topics such as workplace abuses, anti-competitive practices, and financial misconduct.
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In this week’s ‘PAYING FOR GOOD’ podcast, I welcome James Coldwell, Head of the Workforce Disclosure Initiative (WDI) at ShareAction. We talk about the societal and financial needs for transparency on social metrics and how they fit under the ‘S’ of ESG.
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In this week’s episode of the ‘PAYING FOR GOOD’ podcast, I welcome Lynn Moffett, Vice President of Human Resources at BMC Software. We talk about fair pay and the importance of being a fair pay accredited employer.
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In this week’s episode of the ‘PAYING FOR GOOD’ podcast, I welcome Andrew Ninian, Director of Stewardship and Corporate Governance at the Investment Association (IA). The IA is the trade body for asset managers in the UK. Its 250 members manage around 10 trillion pounds, mainly for pension savers like you and I. The IA represents the collective voice of its members on a range of issues and today we focus on their executive remuneration expectations.
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In this episode of the ‘PAYING FOR GOOD’ podcast, I welcome back Jessica Lobo, Global Goals Manager at the UN Global Compact Network UK. Jess takes us through the findings of the 'Measuring up v2' report recently released by the Network. It assesses UK progress on the SDGs: what we're doing well and not so well. Tune in to find out what needs to be done to achieve the SDGs by 2030!
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In this episode of the ‘PAYING FOR GOOD’ podcast, I welcome Simon Rawson, Director of Corporate Engagement at UK non-profit ShareAction. Simon works with institutional investors and companies primarily in the UK and Europe. His mission at ShareAction is to build an investment system that is responsible for its impacts on people and the planet. He works on issues like climate change, nature, health, and decent work. My conversation with him focuses on the latter, with a look at living wages in the grocery retail sector.
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In this episode of the ‘PAYING FOR GOOD’ podcast, I welcome back regular guest and chartered statistician Nigel Marriott.
As we face a cost of living crisis, employers face a wage inflation crisis. This is what we’re turning our attention this week.
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This week, I’m delighted to welcome Paul Lee and Sarah Miller, Redington investment consultants.
Asset owners seek independent advice, so investment consultants play an important role when it comes to integrating ESG and pensions. Redington helps its clients, mainly UK pension funds, navigate the challenges of ESG investments for end beneficiaries – that means for you and I.
TO GET EACH EPISODE OF MY PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/To find out how we could work together on designing and implementing a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation, please email me at client.care@peoplenet.ltd.uk. I look forward to hearing from you.
This week, I’m delighted to welcome Danny Meehan from Cushon who is talking to us about workplace savings (pensions and ISAs)on the ‘PAYING FOR GOOD’ podcast.
Cushon’s strategy to meet net zero by 2026 says that it’s the first net zero pension provider to invest in low carbon emitters and organisations with high SDG scores, while excluding sectors like thermal coal.
You might want to reach out to Cushon if:
- you have made net zero commitments and are looking for another way of achieving your pledge.
- you are reviewing your wellbeing strategy.
- you want to help your employees build healthy saving habits.
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“The ethnicity pay gap: how to take action”
This week, I’m delighted to welcome Nigel Marriott, independent Chartered Statistician, back on the ‘PAYING FOR GOOD’ podcast. Last time Nigel appeared on the show, we discussed the gender pay gap. This time we’re focussing on the ethnicity pay gap.
TO GET EACH EPISODE OF MY PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/To find out more about how we could work together on designing and implementing a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation, please email me at client.care@peoplenet.ltd.uk. I look forward to hearing from you.
"Modern slavery"
The migrant crisis between France and the UK made the headlines again last week with another terrible tragedy – 27 people losing their lives as they made the perilous journey across the Channel in an inflatable boat, hoping for a better life on our shores.
Tens of thousands of people seek asylum in the UK every year. About 37,000 applied in 2020, with half receiving a positive outcome. But while some may go on to secure decent work, others will likely become modern slaves.
To talk about this highly emotive topic, I invited Matt Crossman, Stewardship Director at Rathbone Investment Management.
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“Paying for waste.”
The pandemic has made us all realise how much we take the availability of supplies for granted, and what happens when the chain breaks. Here are some examples:
- We see empty shelves in shops.
- Safety equipment is not available and health risks are increased.
- We queue for hours and become irritated.
To talk about this highly complex topic, which involves a multitude of players, often global and disconnected, I invited a special guest to this week’s ‘PAYING FOR GOOD’ podcast: Annika Howse, the founder of Altrubi, a sustainable supply chain management consultancy. She specialises in the food and fashion industries, and argues that the current model is broken. Listen to her here.
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“If you’re not working on the integration of ESG and incentives already, you’re lagging behind.”
Cevian made a public statement on 3 March 2021 asking for ‘significant, measurable and transparent ESG targets that should form part of senior management compensation plans for all European public companies. And therefore Cevian Capital is today calling upon European public companies to start or accelerate the development of such ESG targets for integration into compensation plans to be put to shareholder votes at the AGMs in 2022.’
My special guest this week is Harlan Zimmerman, Senior Partner at Cevian Capital,whoexplains the rationale behind this far-reaching statement. As you would expect from my thought-provoking podcast, I also ask Harlan how incentives are structured at Cevian for its own employees. Listen to him here.
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"Let's be bold!”
Have you heard of the term ‘greenwashing’? This is when an organisation is not accountable for its impact on sustainable development. Now, a new trend is emerging: ‘rainbow washing’. It applies to firms that say they’re embracing the UN Sustainable Development Goals (SDGs) yet do not provide details about what they’re doing, nor how they’re going about it.
I wanted to call out this abuse of surfing the growing sustainability wave, so I invited this week’s special guest on my ‘PAYING FOR GOOD’ podcast, Dr Carol Adams, Professor of Accounting at Durham University and immediate past Chair of the Global Reporting Initiative (GRI) Stakeholder Council, to give her thoughts on the subject.
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“Crisis-proof”
Did you, like me, think there was something wrong with your phone on Monday night and kept rebooting it until you realised the problem was global? Billions of people couldn’t access their social media profiles or make free calls for what seemed like an eternity.
These worldwide technical outages, coming on top of recent whistleblowing allegations, cost Facebook founder, Mark Zuckerberg, $6 billion of his personal wealth and around 5 per cent of his company. Crises are expensive.
Of course, in the remuneration world, we are not shy of executive pay scandals, either.
This week, I welcome Jonathan Hemus, Crisis Management Consultant at Insignia - Crisis Management Training, Planning and Consultancy.
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“LET'S ACT AS ONE”
I’d like to invite you to listen to this week’s guest on my ‘PAYING FOR GOOD’ podcast: Henry Bishop, who co-founded climate tech subscription platform, Furthr, 18 months ago. Furthr aims to incentivise mass action from the workforce on climate change.
Your action takeaway from Henry:
Henry welcomes the opportunity to talk with potential investors, partners and employers who would like to be involved in the venture. You might want to consider the Furthr (white-labelled) platform as part of your benefit offering. They are also in the process of developing a new app that will be ready in the next six months. So, watch this space!
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/To find out more about how to design and implement a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation, please email me at client.care@peoplenet.ltd.uk. I look forward to hearing from you!
“WHAT MONEY TYPE ARE YOU?”
This week on my ‘PAYING FOR GOOD’ podcast, my special guest is Fanny Snaith - Money Coach.
Fanny reveals that financial matters are the second most common cause of divorce in the UK, after infidelity. At work, we are conditioned to chase the next grade. We get upset when we’re bypassed for promotion or a pay rise. Many employee grievances centre on money.
So, what money type are you?
Your action takeaway from Fanny:
If your relationship with money doesn’t serve you or those around you, please consider one-to-one or group money coaching.
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/To find out more about how to design and implement a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation, please email me at client.care@peoplenet.ltd.uk.
'REMUNERATION GOVERNANCE'
This week on my ‘PAYING FOR GOOD’ podcast, we’re turning our attention to Remuneration Governance. David gives us an update on the codes and recent research linked to remuneration commissioned by the FRC. I also ask him three questions. Bearing in mind the events of the past 18 months:
- Has the remit of the remuneration committee changed?
- Have we got the right people sitting on remuneration committees?
- Do we need to review the remit of external auditors?
Your action takeaway from David:
When reporting on your Remuneration Governance, focus less on process and more on activities and outcomes:
- What activities took place?
- Were they successful?
- If not, what would you do differently in future to improve?
- What did you learn?
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'HEALTH & SAFETY AND BONUSES'
This week on my ‘PAYING FOR GOOD’ podcast, we’re turning our attention to health and safety at work with our special guest Christian Harris, founder of Slip Safety Services, and how H&S metrics form part of the incentives structure in some industries.
From a sustainability point of view, I believe that health and safety is so important that it affects all three ESG pillars: Environmental, Social AND Governance.
What H&S metrics do you use in your organisation?
Your action takeaways:
To help prevent slips and falls, Christian has designed a four-part framework for his clients called ‘The four Ps’:
Protect your staff and buildings to achieve high performance. This, in turn, leads to profit, with which you have the power to improve, invest, innovate and impact.
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/To find out more about how we could work together too on designing and implementing a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation, please email me at client.care@peoplenet.ltd.uk.
This week on my ‘PAYING FOR GOOD’ podcast, we’re turning our attention to increasing diversity in companies. My special guests are Ann Cairns, executive vice-chair at Mastercard and global chair of the 30% Club, and Marte Borhaug, global head of sustainable outcomes at Aviva Investors and co-chair of the 30% Club investor group.
The 30% Club aims are:
· to have over 30% female representation on the boards and in the C-suites of FTSE 350 firms, although 50% would be ideal
· for there to be at least one person of colour on each of those boards and in C-suites
· and for at least 50% of those people of colour to be female.
To get there, one of the actions is to link diversity targets to incentives. How are you increasing diversity in your organisation?
Your action takeaways:
In addition to linking diversity targets to variable pay, you may also wish to consider some or all of these activities:
· requesting candidates from more diverse backgrounds on recruitment shortlists
· ensuring the language in your job vacancies/descriptions is unbiased
· setting up a women returner programme
· rolling out targeted development programmes
· increasing the number of women in your succession plans
· buddying-up
· teaching new technology after a period away from work
· mentoring.
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THE VIOLATION TRACKER - PART 2
Organisations are often quick to showcase their responsible business achievements on environmental, consumer and employee matters. But in some cases, there is another side to the story. Our special guest this week on the 'PAYING FOR GOOD' podcast S4 E6, is Aneesh Raghunandan who is building up the UK Violation Tracker to collate these misdemeanours.
When you listen to Aneesh, you will learn that:
• UK firms are often offered the option to settle with the regulators or are issued with enforcement notices rather than being made to pay fines through the court system.
• Government agencies regularly remove past data from their websites.
• It’s difficult to track (repeat) offenders.
Your action takeaways:
As an employer:
It’s simple – don’t break the law! It’s getting easier for researchers and analysts to figure out who’s got a good employment track record and who hasn’t.
As an investor:
Be vigilant! And don’t just rely on public corporate disclosures because they may not tell the whole story.
As a regulator:
Please keep past information on your website, fix all technical glitches to access it and consolidate it in one place by parent company.
There should be no need for a Violation Tracker.
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/To find out more about how we could work together on designing and implementing a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation too, please email me at client.care@peoplenet.ltd.uk.
THE VIOLATION TRACKER - PART 1
Organisations are often quick to showcase their responsible business achievements. But in some cases, there is another side to the story.
This is why our special guest on the 'PAYING FOR GOOD' podcast this week S4 E5, Philip Mattera, set up the Violation Tracker in the US five years ago. Philip has, to date, recorded more than 400,000 cases, a quarter of which relate to:
- people not being paid their proper wages
- workplace safety
- gender and racial pay discriminations
- mismanagement of pension plans.
Aggregated penalties total around $38 billion!
Your action takeaway:
The Violation Tracker is free to search and display results, and Philip encourages you to use it to promote greater corporate responsibility. What does the tracker say about your organisation and those you invest in? What role can you play in addressing these transgressions?To find out more about how to design and implement a Responsible Reward strategy, the integration of remuneration and sustainability, in your organisation, please email me at **client.care@peoplenet.ltd.uk.
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In this episode, you will learn from Mary and Jaime about:
- why paying a fair share of tax is a material issue for investors, employees and consumers
- examples of good practices
- who the bad guys are (yes, they are named in the podcast).
Your action takeaways from Mary, Jaime and me
As an HR/reward professional:
This episode relates to corporation tax-dodging, but the same thinking applies to income tax. The days of being ‘creative’ with remuneration packages and employee (re)locations have long gone and are being frowned upon by your stakeholders on whom your business’s existence relies. Check that all your employees are paying the right amount of tax, in the right place and at the right time.
As a business:
If you’re an organisation that is open, honest and transparent about your taxes, contact the Fair Tax Foundation to learn how to become certified.
As an investor:
Stand out from the competition by writing to your portfolio companies and asking them to pursue the Fair Tax Mark accreditation.
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Learn about the SDGs and consider the role that you can play to support them.
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Start taking action: determine your own priorities and where you can have most impact, and set ambitious sustainability targets using the Network tools.
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Consider becoming a member of the UN Global Compact to network with other businesses and learn how they are tackling some of these challenges.
**To find out more about how to design and implement a Responsible Reward strategy in your organisation, please email me at client.care@peoplenet.ltd.uk
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE:** https://www.peoplenet.ltd.uk/newsletter/
In this episode, you will learn from Jessica about:
- the progress made on the SDGs so far
- the performance gap between actions taken by businesses and those that are needed to achieve the SDGs
- the $2.5 trillion investment gap
- how to use the SDGs in your post-pandemic recovery to build back better.
Your action takeaways from Jessica
1. Learn about the SDGs and consider the role that you can play to support them.
2. Start taking action: determine your own priorities and where you can have most impact, and set ambitious sustainability targets using the Network tools.
3. Consider becoming a member of the UN Global Compact to network with other businesses and learn how they are tackling some of these challenges.
**To find out more about Responsible Reward, please email me at client.care@peoplenet.ltd.uk
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In this episode, you will learn from Ruth about:
- the employee digital trust challenge
- the concept of self-sovereign identity
- how to address the numeracy skill gap in HR.
Your action takeaways from Ruth and me
As an employee:
- Understand your employer’s pay gap reports and corresponding action plans.
As an employer:
- Remember that pay inequity is a high-risk approach that responsible investors look out for. It can damage your brand, your reputation and your ability to attract, motivate and retain talent, therefore affecting the sustainability of your business.
As an investor:
- Keep your focus on the human capital metrics of your portfolio companies and ask the right questions to stamp out pay discrimination.
**To find out more about Responsible Reward, please email me at client.care@peoplenet.ltd.uk
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In this episode, we go on a whistle-stop tour of past and pending sustainability and remuneration regulations in the banking sector with special guest, Piers Haben, Director at the European Banking Authority.
Your action takeaways from Piers:
1. Understand the framework, metrics and disclosure requirements the EBA is creating to allow banks to identify where they are today and where they want to be in the future.
2. Create an appropriate ESG strategy.
3. Start thinking about how your remuneration framework supports your long-term ESG strategy.
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In this episode, you will learn from Philip about:
- the three principles of the Prompt Payment Code
- what happens to big businesses when they fail to pay on time
- what small businesses can do if they’re not being paid on time.
Your action takeaway:Big businesses: Embrace your responsibility to help your small suppliers stay in business, which is important both for them and for you as a recipient of their services.
Small businesses: Ask your big customers four questions:
- Who am I supplying? Invoice the right entity.
- When am I going to get paid? Agree this in writing.
- How am I going to be paid? Understand your clients’ payment systems.
- Where is my money? If you don’t get paid on time, chase your client!
Investors: As a responsible investor, your reputation and that of your portfolio companies is at stake if they don’t pay their small suppliers on time. Use the Prompt Payment Code as a tool in your ESG (Environmental, Social and Governance) toolkit.
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In this episode, you will learn from Georgia how tumelo provides:
- employees with transparency about where their work pension is invested
- information on what companies their pension is invested in
- scheme members with a voice about sustainability issues at those companies.
Your action takeaway:HR/pensions professionals:
Tumelo would love to hear about the challenges you encounter when engaging with pension scheme members because it helps the development of its platform.
Investment professionals:
Tumelo provides you with data from underlying investors on how to vote on live and contentious issues on their behalf. Why not set up a free trial on the tumelo platform?
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In this episode, you will learn from James about:
- Why your supply chain impacts the sustainability of your business
- How to embed your sustainability agenda into your supply chain
- What sustainable IT procurement is
Your action takeaway from James:Audit your list of suppliers. How many provide the same products and services? Having too many can be costly, so streamline the list as necessary, using your sustainability expectations and your suppliers’ credentials as selection criteria.
From an IT point of view, consider hosting in the cloud to be more time and energy-efficient.
**TO CONTINUE THIS CONVERSATION, PLEASE EMAIL ME AT client.care@peoplenet.ltd.uk
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In this episode, you will learn from Henicka about:
- the types of claims Acas deals with
- what happens when claims don’t go to court
- the tools available to you to facilitate interactions in the workplace.
Your action takeaway:
Henicka has the following advice for you:
As a manager
Have conversations with your staff as soon as an issue comes up. Make yourself aware of your own policies and guidance and follow them. And learn from your past mistakes!
As an employee
Raise issues with your manager early because what seems obvious to you might not have crossed their mind. Also, don’t make assumptions without knowing all the facts. There may be good reasons for the way things are, so ask questions. And lastly, as Ghandi said, “be the change you want to see in the world”. Bring a solution to the table because you might be the person with the best idea for resolving the issue at hand.
As an HR professional
Continue speaking with your employees and managers and ask them what support they need right now.
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In this episode, you will learn from Pankaj:
- about the scopes 1, 2 and 3 types of emissions
- the Greenhouse Gas Protocol standards and tools available to you to identify and quantify your emissions
- the pitfalls to avoid when linking greenhouse gas emissions reduction and incentives.
Your action takeaway:
As a business:
Consider linking your incentives to CO2 emission reductions. If you’re already doing so, well done! Don’t forget to use absolute greenhouse gas reduction metrics. Climate change and our ability to meet the 2015 Paris agreement to limit global warming to well below 2°C compared with pre-industrial levels are impacted by progress on absolute reductions – in other words, the reduction in the total amount of emissions. Some firms are focusing instead on intensity reduction, which refers to the amount of emissions compared to economic output such as the number of employees or revenue.
As a responsible investor:You have a crucial role to play by quantifying the impact of your investments on greenhouse gas emissions. There is currently not enough transparency on this, despite the Greenhouse Gas Protocol making tools available to you.
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In this episode of the podcast, you will learn from Delilah about:
- the structure of private equity fund managers’ compensation
- the internal impact it has on private equity firms themselves
- the external impact it has on portfolio companies
Your action takeaway:
Delilah calls for:
- responsible private equity investment firms to practise what they preach by setting up profit share and equity ownership plans in their portfolio companies so that all employees can benefit from the value they generate
- private and institutional investors to demand more transparency on private equity compensation structures as part of their due diligence process. This is a very important point that we’ve made on previous podcast episodes.
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In this episode of the podcast, you will learn from Manuela about:
- the various types of customer-related metrics
- what the ‘customer journey’ actually is
- the role of third-party ratings agencies in our decision-making process.
Your action takeaway:
To improve the customer experience, Manuela advises adopting the following five-point approach:
1. Measure the customer experience.
2. Measure the outcomes from the customer’s point of view.
3. Determine how each part of the organisation can improve the customer experience.
4. Measure progress over time.
5. Put an action plan together to improve.
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WHO ARE YOUR KEY WORKERS?
In this episode of the 'PAYING FOR GOOD' podcast, you will learn from Emily about the business benefits of joining the 7,000 organisations already accredited by the Living Wage foundation:
to you as an employer, even if you’re already paying at or above the real living wage
to your employees and customers
to your investors.
Your action takeaway:
Emily encourages all businesses that can afford it to pay the real living wage. Information on how to become accredited by the Living Wage Foundation, case studies and the investor toolkit are available on its website. https://www.livingwage.org.uk/
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In this episode of the 'PAYING FOR GOOD' podcast, you will learn from Alexandra about:
- the six pillars of the index methodology: justice, climate, good business, equality, skills and poverty
- the winners, movers-up and laggards in the index
- what the winners have in common.
Your action takeaway:
Alexandra advocates more transparent ESG disclosures and actions. Like me, she also believes that linking your sustainability agenda to your remuneration policy is a catalyst for real progress towards achieving the UN Sustainable Development Goals by 2030.
So, how will you improve your ESG disclosures and link them to your remuneration policy?TO CONTINUE THIS CONVERSATION, PLEASE EMAIL ME AT client.care@peoplenet.ltd.uk
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In this episode of my ‘PAYING FOR GOOD’ podcast, Charles Cotton, senior performance and reward adviser to the CIPD, and Luke Hildyard, director at the High Pay Centre, ask why the people-related metrics weighting is so low in CEO pay. Is it because:
- We can’t define the HR measures crucial to our organisation?
- We don’t have a common framework to measure them?
- We don’t have the right HR systems in place?
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In this episode, you will also learn from Andy about the book the TTF published earlier this year, each of its 12 chapters related to one Finance Development Goal. I contributed to the chapter on Responsible Reward, the integration of sustainability and remuneration, and we discuss three others:
- Leadership: we want leaders with a multi-stakeholder mindset.
- Cultural reform: would there be a need for such a regulatory burden (including in remuneration) if the culture mandated for good, honest and ethical conduct?
- Purposefulness: what’s your strong reason for existence?
Your action takeaway:
When it comes to remuneration, how can you improve the transparency of your disclosures? Think about whether you’re using the ‘commercially sensitive’ clause too liberally. Nobody wants to share their strategic targets with the competition, but what about your ESG (Environmental, Social and Governance) progress and results? Be proud to share them with the world!
Andy invites everyone to contact the TTF and get involved in this worldwide cause.
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In this episode of ‘PAYING FOR GOOD’, you will also learn from Caroline about:
- the PLSA stewardship and voting guidelines on executive remuneration
- the PLSA view on integrating ESG factors into incentives
- why there’s a lot of ‘noise’ around executive pay and yet little dissent when it comes to voting decisions.
Your action takeaway:
If you are a pension trustee, please share your statement of investment principles (SIP) and your implementation statement with your employees to demonstrate you’ve taken their views on board.
Caroline also encourages you to be more demanding clients by holding your advisers and asset managers to account. Regulators, policymakers and, increasingly, the public are watching what you’re doing, and it’s up to you to rise to the challenge of investing responsibly.
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In this episode of ‘PAYING FOR GOOD’ with Charlene and James, you will learn about:
- the impact of the office on employee wellbeing and pension investments
- the environmental impact of our collective actions as office occupants
- the BRE tools, assessment and certification programme that are available to you to create offices where people thrive
Your action takeaway:
As we see some glimmer of hope that we’ll soon find a way out of the Covid-19 pandemic, think about if and how your employees will be transitioning back to the office.
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In this episode of ‘PAYING FOR GOOD’ with the Right Honourable Lord Deben, Chairman of sustainability consultancy Sancroft International,you will learn about:
- how to create a sustainability strategy
- the impact of Covid-19 on sustainability strategies and priorities
- the concept of resilience, which is crucial for navigating and embracing change.
Your action takeaway
Just like life, your sustainability agenda is constantly changing and evolving. Panta Rhei.
‘Face the facts,’ says Lord Deben, ‘and identify the Environmental, Social and Governance priorities in your business that need to be improved to be the business you want to be’.
As an individual, you will also benefit as you contribute to something much bigger than yourself and create your own legacy.
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In this episode of ‘PAYING FOR GOOD’, you will learn from Caroline:
- the role of incentives in long-term thinking and business strategy
- whether a long-term orientation does create value
- how firms link social and environmental performance targets to compensation, and the pitfalls to avoid.
My question to you this week is: ‘Which stakeholders will you focus on and how will you reflect your approach in your remuneration strategy?’
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In this episode of ‘PAYING FOR GOOD’, with Joe Willcox, Financial Adviser at St James’s Place, you will learn about:
- the workplace benefits that are available to you
- the crucial role of the HR team in assisting with employee financial wellbeing
- what to do once you know your numbers.
Your action takeaway
Whether you’re using a little book, a spreadsheet or an online banking app, working out your income and expenses is the starting point. And if someone else oversees budgeting in your household, get involved so that you too know and understand your numbers.
You are not alone. Help is available.
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In this episode of ‘PAYING FOR GOOD’, you will learn from George about the ICGN’s:
- guidance on executive remuneration
- global stewardship and corporate governance principles
- viewpoint on Covid-19 and executive remuneration.
Your action takeaways
For remuneration professionals:
In the current environment of a global health crisis and the massive job losses that come with it, be mindful of the general consensus that inflated executive pay packages will not be supported by institutional investors.
For corporate governance professionals:
Now is the time of the year when you issue updated executive pay guidelines. I would encourage you to sense-check them with your own remuneration teams. Responsible Reward is also about the alignment of external pay expectations from portfolio companies with your own internal pay practices.
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In this episode of my ‘PAYING FOR GOOD’ podcast, you will learn from our special guest Evan Davidge, ‘The Wellbeing Leader’, about:
- the different types of employee wellbeing
- how your wellbeing strategy is an opportunity to differentiate yourself as an employer of choice
- the pitfalls to avoid when creating your wellbeing strategy.
Your action takeaway
Evan would like to encourage you to audit your wellbeing strategy, assess how much focus you’re putting on each of the three Ps (Prevention, Promotion, Protection' and rebalance your efforts and budgets to focus more on preventing and promoting.
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In this episode of my ‘PAYING FOR GOOD’ podcast, you will also learn from Leon about:
- the current trends in ESG data
- the complexity of ESG reporting and frameworks
- what would make a big difference to streamline ESG standards and assessments.
Your action takeaway
When I speak to firms and engage with them, in the vast majority of cases I see good intentions to comply with regulatory requirements and to volunteer information to demonstrate their commitment to sustainability and transparent remuneration. However, these disclosures are compiled by different teams that don’t necessarily work together. All too often, this leads to disjointed reporting, which has an impact on your story.
I would like to encourage you and your sustainability and HR/remuneration teams to start an ongoing dialogue and to understand each other’s agendas so that when you ‘Tell’ your story to your stakeholders they get what you stand for, what matters to you and where you’re at with your priorities.
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In this episode of my ‘PAYING FOR GOOD’ podcast, you will learn:
- the prerequisites of a Responsible Reward strategy
- the five steps to tie remuneration and sustainability
- how to start thinking beyond paying for strategy.
Your action takeaway
Our special guests Seymour and Blair encourage you to follow up this episode by reading their materials and urging your boards to incorporate the topic of Responsible Reward in their discussions.
Responsible Reward is not tomorrow’s problem, it is today’s. So now is really the time to act. If you don't focus on it, you're just going to be left behind.TO GET MY WEEKLY NEWSLETTER WITH EACH EPISODE OF THE PODCAST, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/
In this episode of my PAYING FOR GOOD podcast, you’ll learn:
• What employees are likely to do when they better understand where and how their pension is invested.
• How to adapt your organisation’s pensions messaging so that pensions become today’s concern to solve local and global sustainability goals as opposed to a hypothetical life in a distant future.
• About the ‘Make My Money Matter’ campaign calling for ‘pensions with intention’ to build a better world. It’s spearheaded by Richard Curtis, the famous screenwriter, and it’s for you whether you’re an employee, employer or investor.
Your action takeaway
After listening to this episode, Caroline would like to encourage you to support the ‘Make My Money Matter’ campaign in one of the following ways:
- If you’re employee, demand a pension to be proud of from your employer.
- If you’re an employer, align your pension with your purpose and values, in line with Responsible Reward principles.
- If you’re an investor, put people and planet alongside profits.
This is the last episode of this first series of the "PAYING FOR GOOD" podcast. A second series will be released later in the year.
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In this episode of my PAYING FOR GOOD podcast, Nigel Marriott, Chartered Statistician, and I discuss this and the following:
- Typical errors organisations make when submitting their Gender Pay Gap data
- Will we ever be able to close the Gender Pay Gap?
- What are the potential implications of Covid-19 on the Gender Pay Gap?
Your action takeaway
After listening to this episode, Nigel would like to encourage you to calculate your Gender Pay Gap, compare your result year on year and also compare it with other firms e.g. competitors or local employers.
This is the penultimate episode of this first series of the PAYING FOR GOOD podcast.
Useful links:
https://marriott-stats.com/nigels-blog/
https://www.linkedin.com/in/nigelmarriottcstat/
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In this episode of my PAYING FOR GOOD podcast, Ken Hunter, Internal Communication Specialist, and I discuss this and the following:
- What exactly is Employee Engagement?
- What’s the magic number we are all chasing?
- How can teams effectively communicate when they no longer share the same physical space?
Your action takeaway
After listening to this episode, Ken would like to encourage you to think through the cultural and behavioural attributes needed to be successful in your organisation, and assess if genuine action is being taken to support these practices through progression, reward, and recognition to improve employee engagement.
Useful links:
Ken Hunter
Involvement and Participation Association
McLeod report to Government on 'Engaging for Success'
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In this episode of my "PAYING FOR GOOD" podcast, Stephen Jefford ex Human Resources Director at the Phoenix Group and I discuss the following:
- How the Phoenix Group links their purpose, values and remuneration policy
- How they have made their values significant and meaningful and come to life
- HR learnings from the current COVID-19 situation
Your action takeaway
After listening to this episode, I would like to encourage you to review how you’re linking your firm’s purpose, values and Remuneration policy in your business’s daily tasks and interactions. If you are an investor, what questions do you ask your portfolio companies on this linkage?
Useful linksStephen Jefford
The Phoenix Group
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In this episode of my "PAYING FOR GOOD" podcast, ‘JB’ Beckett, ex fund gatekeeper, non-executive director and author shares his thoughts on those delicate pay questions. We also discuss the following:
- The fund selection due diligence process
- The pay/ESG misalignment in asset management including pay inequalities (gender, ethnicity, and top to bottom)
- The role of non-executive directors in raising and resolving remuneration matters
Your action takeaway
After listening to this episode, ‘JB’ would like to encourage you to review (or draft!) the necessary remuneration questions to include in your fund selection due diligence questionnaire. If you don’t ask about asset managers’ pay or are not satisfied with the answers you get, then please don’t invest our money or recommend!
Useful linksFollow ‘JB’’s columns:
https://fundboards.org/fund-boards-council-news/diary-of-an-ined/
https://www.investmentweek.co.uk/tag/jb-beckett
JB’s book: ‘The New Fund Order’
jbbeckett.simpl.com
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In this episode of my "PAYING FOR GOOD" podcast, Dame Moya Greene, ex CEO of Royal Mail, and I discuss the following:
- Why she set up the #metoopay campaign in the first place
- The campaign’s objectives, which support the UN Sustainable Development Goals #5 Gender Equality and #10 Reduced Inequalities
- The serious long-term consequences of unequal pay on employees and employers
Your action takeaway
After listening to this episode, I’d like to encourage you to think about the role you can play to eradicate equal pay issues. Whether you are a man or a woman, an employer, an investor or an employee, let’s tackle pay inequalities together.
Useful links:https://metoopay.co.uk/
Corinne's website: www.peoplenet.ltd.uk
https://www.linkedin.com/in/corinnecarr/
Transcript of this episode: https://www.peoplenet.ltd.uk/episode-5-paying-for-good-podcast-with-dame-moya-greene-on-equal-pay/
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In this episode of my PAYING FOR GOOD podcast, Ian and I discuss:
- The latest compensation trends in the asset management sector
- How a firm’s ESG agenda can be driven by the whole workforce and not just a dedicated team
- The influence of new entrants into the asset management market
Your action takeaway
After listening to this episode, I’d like to encourage you to read (or create!) your ESG strategy and define which ESG factors are embedded into your annual and long-term incentives alongside your financial metrics and how.
Useful links:
https://www.acre.com/thought-leadership
https://www.acre.com/impact-investing-jobs
Corinne's website: www.peoplenet.ltd.uk
https://www.linkedin.com/in/corinnecarr/
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In this episode of my PAYING FOR GOOD podcast, I interview Matt Brooks, Reward Recruiter, and we discuss these points:
- The Reward market and current trends
- The alignment of reward, HR and business strategies
- Reward in a post-Covid landscape
Your action takeaway
After listening to this episode, I’d like to encourage you to join the dots in your business. Many organisations write about their ESG agenda on their websites. Now is the time to link that commitment to your Responsible Reward offering. Whether you are looking for Reward talent or (re)considering your career options, articulate it in your job descriptions and on your own CVs. Bring the Responsible Reward concept to the fore!
Useful links:Matt Brooks:https://www.mbhrn.com/
What is Responsible Reward: https://vimeo.com/359485513
Corinne's website: www.peoplenet.ltd.uk
https://www.linkedin.com/in/corinnecarr/
This podcast is for all Human Resources, remuneration, governance and investment professionals.
Listen to this podcast, Corinne Carr and her guest speakers, if you genuinely care about responsible business and investments. Learn how to become a responsible employer, portfolio company and investor of choice.
In this episode, Corinne Carr, Remuneration Consultant specialised in Responsible Reward, is interviewed by Robert Joy, Employment lawyer and long-time friend.
Corinne explains why the podcast, what the listener can expect and how she chose the name "PAYING FOR GOOD".
Enjoy!
Useful links:Corinne's website: www.peoplenet.ltd.uk
https://www.linkedin.com/in/corinnecarr/
https://www.linkedin.com/in/robertjoy/