I’m not suggesting that as an opening line at a party, but it is one of many questions asked in the World Economic Forum Global Risks Report 2022. There’s a lot in it, but it’s a very accessible read, and draws out a range of global and societal challenges, not least the crowding and competition in space. To download a PDF of the round table supplement, CLICK HERE.
Closer to home, back on planet earth, the top risks cited are the climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as the pandemic lingers on.
Why should employers care?
Issues such as sustainability, diversity and inclusion have often in the past been seen as a side issue, the responsibility of a small team somewhere. Today it’s a regular boardroom issue, part of who the company is.
Increasingly, the ability to raise finance will depend on an employer’s sustainability credentials. We have a generation now that is passionate about sustainability, and who have high standards when it comes to ethics and transparency. Companies who can authentically point to how they are building a sustainable future and workforce, through the support and benefits they provide to their employees, will have a head start attracting new talent, including those who see that economic growth has limitations as a measure of societal success.
Recent research in America highlights this. The number voluntarily leaving their jobs in December was 4.33 million. It’s been called “the Great Resignation”, people quitting at record rates, disrupting businesses all over the world. Pay, feeling valued and relationships with managers and colleagues all play a part but when asked in a recent study ‘what made the grass greener’, 75 per cent said ‘more meaningful work.’ People want to work for companies that make a difference.
What are Zurich doing
Zurich has a bold but clearly stated aim to be ‘one of the most responsible and impactful businesses in the world’. I’m very confident that statement and the associated actions is one of the reasons that Zurich UK was awarded a ‘Glassdoor Employers Choice’ award, recognising it as one of the UK’s Best Places to Work in 2022, the only insurer featuring in the top 50.
In the UK, we’ve developed a sustainability strategy, which sets out our commitments and actions to deliver on three key themes: changing climate; confidence in a digital society; and work sustainability.
On climate individual insurers can make a difference, but the real power for change will come through collaboration. A recent ABI reported that between now and 2050, some £2.7trn will be needed to transition our economy to a low carbon one, but that insurers together have the investment muscle to contribute as much as a third of that total, which is a huge impact.
It’s not just investments though – it’s how we adapt and foster the innovation of green products and technologies. Companies increasing will be looking at their supply chain – and in time I think employers will want to better understand the sustainability credentials of, for example, their group risk insurer.
At a recent conference, one CEO told of how they examined their supply chain and recognised that gas burners to dry paint on cars represent their biggest single carbon impact, so they are focusing on different processes – they are literally paying people to watch paint dry.
We want customers to feel assured that the data they share with us is in safe hands and is being used for their benefit. And the world of work is changing dramatically. We’re committed to making our workplace fit for the future, piloting new ways of working, re-skilling and upskilling our employees.
We have apprenticeship schemes, graduate schemes and a ‘Next’ generation group that is ensuring a voice for our young talent, a generation that is passionate about sustainability in all its guises, is heard in the boardroom.
For anyone looking for insight into what we can all do – governments, companies and individuals, I’d recommend Mike Berners-Lee’s ‘There is no Planet B’. There may be one or two billionaires flying into space, avoiding the debris while they look for one, but most of us need to work together to look after the one we’re on.