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Commentary from Paddy Balfour for Asian Investor, published on 23.07.23, original source: Talent hunt intensifies as Singapore family offices top 1,100, Author: Indira Vergis

As the number of single family offices in Singapore soars, demand for professionals across sustainability, client relationships and investment advisory is set to climb further.

Singapore’s family office boom is fueling demand for all sorts of skilled professionals — a trend that is set to continue in the medium term.

Single family offices in the city-state jumped to 1,100 at the end of 2022, according to the government, up from 700 at the end of 2021.

A government minister noted that at mid-March this year, there were at least 200 single family-office applicants waiting for approval to set up in Singapore.

“There is likely to be a whole wave of demand [for talent] with the growth in family offices,” said Stanley Teo, managing director for asset and wealth management and corporate and investment banking practices in Singapore at Profile Asia, an executive search consultancy.

These families come not just from Asia, but also Europe and the US. In turn, this has led to growing demand for professionals with related expertise.

BATTLE FOR TALENT

Currently, areas such as client relationship management, compliance, and investment advisory are experiencing a dearth of skilled professionals, according to Prashant Tandon, managing director and CEO for Dubai at wealth management firm Lighthouse Canton told AsianInvestor.

Tandon is among the entity’s leadership team that caters to non-resident Indians in different jurisdictions, including Singapore.

Another category that industry professionals have singled out as climbing in importance is sustainability-related roles.

“Family offices are seeing an increasing demand, given their ingrained culture around philanthropy combined with generational change and a more sophisticated approach to impact investing,” said Paddy Balfour, executive director at Acre, a specialised recruitment firm for sustainability-related roles.

Sustainability has gained considerable traction over the last few years.

“The industry is being nudged in that direction, even from a regulatory perspective. For instance, regulators worldwide, including those in Singapore, are increasingly recommending the incorporation of an ESG score in the strategy and decision-making processes” said Lighthouse Canton’s Tandon.

That sentiment is shared by other experts: “We are educating and holding hands of lots of families as they embark on the journey of sustainable and impact investments,” said Manish Tibrewal, co-founder of multi-family office Farro Capital.

Tibrewal told AsianInvestor earlier that the industry also lacks people who understand how to align the overall mission and vision of a family office to the family values, as well as design and implement family governance, philanthropy and similar non-finance aspects.

MORE TO COME

The search for talent is not unique to Singapore and is part of a broader issue for the financial services industry in many markets,

Government restrictions on immigration after the COVID-19 outbreak in Singapore and around the world, while justified, have complicated the hiring of talent, said Lighthouse Canton’s Tandon.

For families looking to set up a family office in an international jurisdiction, the motivation is often to diversify beyond their home bias and become tax efficient.

“In Asia, much of the wealth has been built up in the last two generations and families still tend to retain the original businesses from which the wealth was created,” said Mohit Ralhan, global CEO and managing partner at TIW Capital Group.

“In the US and to an even greater extent in Europe, wealth has been accumulated over several generations, and the family businesses were sold a long time ago, or otherwise converted into financial assets.”

As more liquidation events take place to remove concentration risk, more family offices will be set up in the region, he said.

“So, creating and expanding family offices in Asia is just in its first phase.

Over the last 10 years, assets under management (AUM) in Singapore has grown more than three-fold in Singapore. Of this incremental AUM two- thirds have come from abroad. The trend will likely continue as more wealthy families especially China and India set up offices in Singapore.”

Even additional requirements to encourage more local hiring and investing is unlikely to dent Singapore’s appeal.

DIFFERENT FAMILIES, DIFFERENT OFFICES

Single family offices that applied and received tax incentives in Singapore employed about 1,400 locals and permanent residents at the end of June 2022, senior government minister Tharman Shanmugharatnam said in early July.

At least two-thirds of them earned more than S$5,000 ($3,791) per month.

There are certain characteristics that most family offices share, although there is no one-size-fits-all model.

“Family offices, especially single-family offices, don’t hire lots of people. At most, a single-family office can consist of five or so people, which means the people they hire tend to be quite senior and in terms of investment expertise has to be a very strong asset allocator across asset classes,” said Profile Asia’s Teo.

“Depending on how they grow, the more established firms in Singapore will have specialists in fixed income, equity and maybe even real estate to manage the portfolio. But the initial plan is always to provide a level of robustness in the asset allocation. And strategy abilities.”

Multiple family offices, meanwhile, want to grow their assets so they need senior people who can increase AUM, so they tend to hire from private banks or asset managers, he added.

“Then they decide whether they want to have their own internal investment capabilities or outsource those capabilities,” he said.

Amid the increasing need for skilled expertise, Singapore government is proactively deploying significant resources to develop talent through institutions such as Wealth Management Institute (WMI), said TIW Capital’s Ralhan.

WMI, backed by state-owned Temasek and GIC and supported by the Monetary Authority of Singapore, has accepted more than 1,200 enrolments for family office-related programmes since 2020.

It is gearing up to reach 5,000 enrolments into family office programs by 2025. “Talent is available and the efforts are in the right direction,” said Ralhan.

In addition to training, Singapore has built a strong ecosystem of capabilities to support family offices in the form of trust companies, philanthropy organisations and ancillary service providers such as tax, legal advisers, consultants and technology platform providers, especially since wealth management itself is shifting towards artificial intelligence, machine learning and data analytics, he said.

About Acre

At Acre, we work with the most aspirational businesses with potential to make real change; from those who are just starting out to those who are well on the journey to crafting a legacy.

Our 18 years’ experience in sustainability recruitment, combined with our extensive global network, enables us to provide talent solutions that are designed to deliver this change.

Through our unique behavioural assessment technology, we understand the types of people, skills and behaviours required to create impact. We can develop these qualities within your existing teams too.

We find talented people and develop their skills to ensure they make a true impact in ambitious, progressive organisations.

Acre. Making companies ready for tomorrow.

Every birdie that Collin Morikawa made during the BMW Championship at Olympia Fields benefitted relief efforts following the devastating wildfires in Maui. FedEx agreed to match Morikawa’s donation of $1,000 to World Central Kitchen for every birdie he made during the FedExCup Playoff event outside of Chicago.

Collin has a personal connection to Maui and the Lahaina community as his grandparents previously owned a restaurant in Lahaina. His connection resonates with many and he is personally committed to help restore the community.

FedEx has been working alongside World Central Kitchen to provide relief to the people impacted by Maui’s catastrophic wildfires. FedEx delivered World Central Kitchen’s first shipment to Maui on Friday, August 11th and have since delivered 40 shipments in support of World Central Kitchen’s relief efforts. As of August 16th, World Central Kitchen has served more than 35,000 hot meals to first responders and residents displaced by the fires on the Big Island and Maui.

Through our company’s Delivering for Good program, we work with global disaster relief nonprofit organizations year-round to respond when catastrophes impact communities around the world.

***Photo credit World Central Kitchen

The Chief Human Relations Officer oversees DEI and reports to the CEO. The function provides quarterly updates to the Viatris Board of Directors. While our colleagues represent a multitude of geographies, experiences and cultures, we recognize we are early in our DEI journey. In 2022, we focused on identifying initial actions, building our strategy and setting in place the essential building blocks to advance DEI at Viatris.

As part of our 2022 baseline assessment, we built a roadmap to define our journey, maturity, vision, focus and actions. We also set and communicated our initial companywide DEI goals that will help us drive and measure our progress. As we initiated our first Viatris Voice Survey, DEI was a priority category – setting the stage for continuous listening and seeking to understand the diverse perspectives of colleagues around the world.

In 2022, the Viatris Board of Directors adopted the Board’s Policy on Diversity and Inclusion.

Our Companywide DEI Goals

Engage at least 90% of employees globally on diversity, equity and inclusion learning by the end of 2023.Increase diversity in management:Increase women’s representation in senior management globally to at least 35% by the end of 2027.At least double Black representation in all management levels in the U.S. by the end of 2027.At least double Hispanic/Latinx representation in senior management in the U.S. by the end of 2027.

Our ERGs are important partners in sharing experiences and are building awareness through programs such as Allyship in the Workplace, which was delivered in partnership with the non-profit organization Out & Equal. Throughout the year, our ERGs hosted educational panel discussions, mentor matching, guest speakers and talent spotlights. We began publishing a quarterly Learning & Development blog with DEI topics such as Creating Inclusion and Addressing Bias to build knowledge.

In addition to our voluntary ERG learning events, we will implement in 2023 the first required course in our DEI learning series to help us achieve our goal of engaging at least 90% of employees globally in DEI learning by the end of 2023. The course, Focusing on Inclusion, will be a part of every employee’s learning curriculum.

Achieving this goal is the beginning of a longer term DEI roadmap and strategy. In 2022 and continuing in 2023, we have partnered with experts who are helping us advance DEI learning over the next several years with a focus on next-level complex, intersectional and multi-cultural experiences. In 2023, DEI will also be a vital part of our new Management Coaching Program and Executive Leadership Academy at Harvard Business School.

As part of further building our foundation, we are assessing the experiences of our colleagues and examining our processes, systems, support and programs to further identify actions to progress all our goals. Talent acquisition, talent management, colleague experience and engagement, wellbeing, and compensation and benefits are all key areas in systematically addressing and advancing DEI. In addition, we have invested in partnerships, brought in experienced talent in DEI, and are creating greater awareness through talent data and analytics to understand our baselines and what it will take to advance diverse representation.

Growing Our Employee Resource Groups 

Our voluntary ERG networks bring together colleagues and allies with common interests and different experiences. Each of our ERG communities is open to all colleagues, and we encourage membership in multiple ERGs. The groups offer opportunities to develop skills such as committee leadership through formal leadership roles in councils and chair seats, communications support and event planning. Our active and forming ERGs include:

The VIVID ERG supporting LGBTQ+ colleagues and allies in building an inclusive workplace culture where all colleagues can be their authentic selves.The EmpoWer ERG advocating for an ecosystem that empowers women to reach their full potential.The Black colleague ERG intends to focus on current and future Black colleagues through advocacy, community service, networking and professional development.The Caregivers ERG intends to support all caregivers as they navigate the logistical and emotional challenges of balancing professional and caregiving responsibilities.

In 2023, we will launch our first DEI council – the Global ERG Leadership Alliance. This Alliance is made up of executive sponsors, chairs and support partners for each of our active and forming ERGs and is fully sponsored by top company leaders. The efforts of the Alliance will support our overall DEI objectives and link ERG activities to the overall DEI strategic plan.

We are also building the best practices and infrastructure to grow our ERG communities by adding partnerships and resources to further develop our next ERGs to launch.

Growing Our Talent 

We seek to create a work environment that enables colleagues to achieve their aspirations and realize their full potential through the following:

Goals and objectives settingPerformance and talent managementRetention and internal progressionTalent review and succession planningMapping talent trendsTalent attractionTraining, learning and development

Employees are encouraged to set annual goals and objectives, fully enabled via our system-led tools and guiding resources. Viatris provides resources for colleagues and managers to connect, set goals aligned to company priorities, discuss career aspirations and development plans, and track progress throughout the year.

We have a pay-for-performance philosophy and are committed to equitably rewarding colleagues’ achievements at a variety of performance levels. The annual performance review process that fully supports the healthy exchange of feedback between managers and their team members is key to accomplishing this. All employees are encouraged to reflect on their performance, and in 2022 94% of employees completed their performance evaluations.

In 2022, we completed Viatris’ first full cycle of talent review and succession planning. We performed a broad talent assessment focusing on establishing a baseline across the entire enterprise. We also focused on exploring strengths and opportunities for growth, evaluating population characteristics in line with our DEI goals and objectives for gender (globally) and ethnicity (U.S.), aligning support to key talent in the succession pipeline and assessing the readiness of our talent pool. More than 20% of all Viatris colleagues experienced internal career progression in 2022.

Looking forward, we will implement a multi-year talent strategy with four key pillars: building efficient and effective global processes, leveraging talent insights, development planning and deepening our diverse talent pipeline.

As we focus on growing our talent, we continue to engage in mapping talent trends using a variety of external partners and trend data; evolving our internal people insights for deep-level data and analytics expertise; and, aligning our talent and total rewards portfolios to remain robust, competitive, attractive and ahead of market trends.

“We are building a diverse, compelling and inspirational leadership culture via the health of our talent pipeline and a purposeful development focus. We are truly growing our talent for today, tomorrow and for the future.”

— Sheila Muhl

Head of Global Talent and Total Rewards, Viatris

Building interest in our sector, nurturing the talent pipeline and attracting future colleagues are important to our continued success. The following are a few examples in that spirit:

We hosted approximately 180 interns, apprentices and trainees in more than 10 countries who gained valuable career experience and networking. Nearly a third continued working with Viatris post-internship as fulltime colleagues, student workers or on a contract basis.In 2022, Viatris hosted a student from the U.S. Congressional Black Caucus Foundation’s Pathways to C-Suite program. The program pairs undergraduate and post-graduate students with some of the nation’s top corporations to provide the students with experience with how public policy is developed. This is the second year Viatris has participated in this program, which seeks to diversify the corporate leadership ranks.Students gained insight into how they can make an impact in their future careers through programs such as Viatris Egypt’s Sharpen Up, which introduced more than 20 pharmaceutical students to various functions as part of their career exploration.In support of outreach and identifying future talent, we explored partnerships and recruitment opportunities with various organizations focusing on key areas of expertise and advancing DEI. We intend to invest in additional partnerships in 2023.

We are also deploying new Leadership Development Principles to guide our global learning and development portfolio.

Our new Talent Health Dashboard demonstrates that Viatris is performing well above benchmarks in talent retention, establishing a healthy foundation to grow and a focus on retention through our first years as Viatris. Across the organization:

47% of senior management level roles were filled internally.74% of senior management roles have one or more successors identified as being ready now, next or in the future.

Our Leadership Principles

Develop key leadership capabilities in management for the present and future.

Invest in our talent and build bench strength via highly engaging and thought-provoking content delivered at pivotal moments on the development journey.

Diversify our talent development focus by applying the DEI lens in all aspects of program development and ensuring representation in all program facets.

Innovate leadership and people management culture to enhance performance through a variety of experiential, reflective and expert-led stretch development experiences.

Build leadership foundations by introducing and developing modern practices in inspirational people leadership that drive innovation and performance.

Advance the value proposition at Viatris by leveraging challenging and modern programs that dually supplement on-the-job experiences with the potential to accelerate learning, growth and achievement.

Learning and Development 

To encourage colleagues’ continual growth, we deliver training, learning and development throughout the year via a variety of self-paced, facilitated and team learning activities.

We have expanded our professional development opportunities, including introducing skill benchmarking capabilities for colleagues to measure personal skill development. More than 160,000 voluntary online trainings for professional development were completed on topics including enhancing individual professional performance, project management methods and personal productivity.

As part of promoting high ethical standards and a quality-first mindset, colleagues are mandated to complete a large suite of annual continuing education in our companywide online training platform. In 2022, approximately 99% of colleagues completed nearly 4 million learning items on key topics such as cGMP, sales and marketing protocols, regulatory and compliance.

Other programs included the following:

Completing nearly 700 CliftonStrengths assessments and nearly 300 Insights Discovery profiles in 2022 to help colleagues become more self-aware, identify strengths and understand others.Piloting the Athena Program, a leadership development program in Europe for women who have the potential and interest to develop their careers into more senior roles. Fifteen women participated in the pilot program, and we intend to scale participation for 2023.Growing our Ardor Learning language program, which provides access to colleagues to learn English as a second language. Over 700 one-on-one classes were completed in 2022.

View the full 2022 Sustainability Report here.

Originally published on U.S. Bank company blog

Before Mark Salatino was analyzing deposit trends and products for U.S. Bank, he was playing the trombone with the Rochester Philharmonic Orchestra in Rochester, New York.

“I got involved in negotiating orchestra contracts and that made me realize maybe I wanted to do something more analytical in my life,” Salatino said, explaining his career shift after 14-years as a professional musician.

He said he didn’t have any formal training that would have qualified him to negotiate contracts, but it was something he volunteered to do and liked it so much he decided to pursue a degree in finance, which led him to banking.

Today, Salatino is senior vice president, Product and Branch Enablement at U.S. Bank, where he’s recently played a significant role in growing deposits by ensuring branch bankers have the tools and capabilities to meet customer needs during a time of fierce competition following a series of aggressive interest rate hikes that began last year.

Salatino moved to Minneapolis after starting his career at M&T Bank in Buffalo, New York.

“I traded less snow for more cold,” he joked of the move, and added that despite how different being a banker and a trombonist might seem, he sees parallels between both.

“When you are performing music, you are trying to connect with an audience and make them appreciate the music you’re performing and making sure they feel good about it,” he said. “It’s the same with banking; we are trying to connect with customers and make them feel really good about the relationship they have with U.S. Bank.”

Relating to customers is also an emphasis at the Consumer Bankers Association Executive Banking School, a three-year program that recently wrapped its 72nd year training veteran bankers. Salatino not only graduated from the program while also working full-time, but he won the program’s top award, named after Tem Wooldridge, a former faculty member and awarded to a student who demonstrates outstanding academic performance, high integrity and a strong work ethic.

Jill Enabnit, senior vice president and Head of Product Wholesale and Channel Enablement for U.S. Bank, won the award in 2013 and is now a faculty member with the program.

“If we can serve our customers with empathy, that is critical because we need to be able to put ourselves in their shoes. In going through the program, that is a focus constantly through all three years,” Salatino said.

The program, which has 43 participating institutions and 350 students, is held on the campus of Furman University in Greenville, South Carolina, and brings together bankers from all over the country to participate in small-group learning and takes a top-down approach, with the curriculum providing different perspectives within a bank, including the head of retail banking, chief financial officer, chief risk officer and CEO.

“It teaches leadership in a supercharged way,” said Salatino, who added that working with bankers from different institutions, geographies and in different roles who he had never met before helped foster those leadership skills.

The program is also an investment by the banks who send their bankers there. The bankers, meanwhile, take time away from their families to attend over the three years and do intersession projects, which Salatino said were big undertakings, spending roughly 50 to 100 hours on each project.

“This is a big investment, but it’s a smart one” said Arijit Roy, head of consumer segment and solutions at U.S. Bank. “Learning and development activities are key to our success, and having colleagues who are building leadership skills and learning, while representing the bank, is a terrific embodiment of powering human potential.”

“Congratulations to Mark on his hard work and to all our bankers that graduated this year,” Roy said, noting that U.S. Bank had 13 bankers in this year’s graduating class.

Salatino said he was grateful for the opportunity and brought it back to the customer.

“Empathetic leaders are the best leaders in my opinion, and that’s how we serve our customers, with empathy,” he said.

PORTLAND, Ore., September 8, 2023 /3BL/ — KeyBank has awarded a $35,000 grant to Project Lemonade’s L+EARN internship program, which provides foster youth with career and financial coaching, ongoing mentorship and connections to future job opportunities.

The challenge of employment and financial stability impacts foster youth’s ability to feel safe, stable, and secure. To help them beat the odds, Project Lemonade has employed more than 75 foster youth through the L+EARN Internship Program since 2016. The program has shown an impressive 91% success rate in motivating participants to continue with education or employment after completion.

“This program presents a vital channel to give foster youth a foundation to help them build long-term stability,” said Josh Lyons, KeyBank’s Market President for Oregon and S.W. Washington and Commercial Banking leader. “We at KeyBank know that a secure job is the gateway to a solid financial future and are delighted to support Project Lemonade’s efforts to help these vulnerable youth realize their full potential, which in turn builds stronger communities for us all.”

One recent success story involves Farid, who lost both of his parents at the age of 16. He traveled from his native home in Ghana alone, by boat and on foot, to the United States where he was put in immigrant detention before being placed in the foster care system. Farid connected with Project Lemonade through his case worker, began an internship and with Project Lemonade’s help, he was hired by Royal Sonesta Hotel, where he has worked for the past five years. Farid shared, “To me, Project Lemonade is like family. They helped me get this job, and whenever I have needed something they have been there for me.”

“Many teens and young adults who have been in foster care lack parental support and folks who can make connections that so often support hiring and employment,” said Rebecca Gundle, Project Lemonade’s Internship Program Manager. “At Project Lemonade we’re providing paid job training to help youth build their resumes and we also help youth make vital workplace connections, leading to long-term employment and financial stability.”

The 2023 L+EARN Internship program is generously supported by the Department of Human Services, KeyBank, SummerWorks and Bank of America.

About Project Lemonade
Due to childhood trauma, poverty and instability, youth in foster care are among the most under-resourced in our nation. From kindergarten to college— Project Lemonade provides the resources, opportunities and connections youth in foster care need to succeed. Since 2012, Project Lemonade has served over 20,000 youth in foster care throughout Oregon and SW Washington. Their five programs build youth self-esteem, fill basic needs and provide consistent adult support and mentorship. Project Lemonade is able to grow and deepen its impact for foster youth through community partners and funders like KeyBank. To get involved and learn more, visit https://www.projectlemonadepdx.org. Project Lemonade is a registered 501(c)3 non-profit organization, Tax ID 46-1675159.

About KeyBank
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $195 billion at June 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

PORTLAND, Ore., September 8, 2023 /3BL/ — KeyBank has awarded a $35,000 grant to Project Lemonade’s L+EARN internship program, which provides foster youth with career and financial coaching, ongoing mentorship and connections to future job opportunities.

The challenge of employment and financial stability impacts foster youth’s ability to feel safe, stable, and secure. To help them beat the odds, Project Lemonade has employed more than 75 foster youth through the L+EARN Internship Program since 2016. The program has shown an impressive 91% success rate in motivating participants to continue with education or employment after completion.

“This program presents a vital channel to give foster youth a foundation to help them build long-term stability,” said Josh Lyons, KeyBank’s Market President for Oregon and S.W. Washington and Commercial Banking leader. “We at KeyBank know that a secure job is the gateway to a solid financial future and are delighted to support Project Lemonade’s efforts to help these vulnerable youth realize their full potential, which in turn builds stronger communities for us all.”

One recent success story involves Farid, who lost both of his parents at the age of 16. He traveled from his native home in Ghana alone, by boat and on foot, to the United States where he was put in immigrant detention before being placed in the foster care system. Farid connected with Project Lemonade through his case worker, began an internship and with Project Lemonade’s help, he was hired by Royal Sonesta Hotel, where he has worked for the past five years. Farid shared, “To me, Project Lemonade is like family. They helped me get this job, and whenever I have needed something they have been there for me.”

“Many teens and young adults who have been in foster care lack parental support and folks who can make connections that so often support hiring and employment,” said Rebecca Gundle, Project Lemonade’s Internship Program Manager. “At Project Lemonade we’re providing paid job training to help youth build their resumes and we also help youth make vital workplace connections, leading to long-term employment and financial stability.”

The 2023 L+EARN Internship program is generously supported by the Department of Human Services, KeyBank, SummerWorks and Bank of America.

About Project Lemonade
Due to childhood trauma, poverty and instability, youth in foster care are among the most under-resourced in our nation. From kindergarten to college— Project Lemonade provides the resources, opportunities and connections youth in foster care need to succeed. Since 2012, Project Lemonade has served over 20,000 youth in foster care throughout Oregon and SW Washington. Their five programs build youth self-esteem, fill basic needs and provide consistent adult support and mentorship. Project Lemonade is able to grow and deepen its impact for foster youth through community partners and funders like KeyBank. To get involved and learn more, visit https://www.projectlemonadepdx.org. Project Lemonade is a registered 501(c)3 non-profit organization, Tax ID 46-1675159.

About KeyBank
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $195 billion at June 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

More than half of online shoppers use digital marketplaces dedicated to sustainable products, especially from Asian emerging marketsOne third of the respondents desire an app to get informed of sustainable lifestyles

HANGZHOU, China, September 8, 2023 /3BL/ – More than two-third (71%) of consumers think technology and digitalization are key to enabling them to live a more sustainable lifestyle, while over a third (33%) desire apps to provide clearer information on how to live sustainably across various aspects of life, according to an independent research report commissioned by Alibaba Group.

The research titled “The Sustainability Trends Report 2023” polled more than 14,000 consumers from 14 markets across Asia, Europe and the Middle East. More than seven in ten surveyed consumers (71%) regard digitalization as a key enabler to adopt sustainable lifestyles with top believers from emerging Asian markets, including Indonesia (90%), Philippines (87%) and Thailand (85%).

It also finds that around two in three consumers (63%) are already engaging with digital services that help them make more sustainable choices. Engagement level is higher in Asian markets (72%) compared to Europe (44%), with the top three from Indonesia (86%), Thailand (83%) and Malaysia (82%).

“Digital technology is a valuable tool for individuals and organizations to engage in actionable sustainability. By providing more information to consumers and boosting consumer engagement with greener lifestyle choices, companies can help drive consumers to embrace sustainability,” said Liu Wei, Alibaba Group ESG Strategy Lead.

“Alibaba Group has vowed to slash 1.5 gigatons of carbon emissions across its digital ecosystem by 2035. To achieve this ambitious goal, it has joined forces with its customers and ecosystem partners to harness the power of digital technology and thus enables sustainable digital lifestyles,” he added.

Over half of the online shoppers use a digital marketplace dedicated to sustainable products, especially with consumers from Asian emerging markets 

There’s an opportunity for businesses to encourage consumers to become more sustainable when shopping online by tackling the major barriers. Nearly half (48%) of the respondents cite lack of information on how products are sustainable as the major factor that prevents them from being more sustainable when shopping online, while 27% say it’s due to the time involved in researching sustainable products.

To cut down the research time, over half (57%) of online shoppers say they would use a digital marketplace dedicated to sustainable products, especially with consumers from Asian emerging markets (71%); with the Philippines (76%), Indonesia (73%) and Thailand (70%) leading the trend.

Among those who shop online, more than half (53%) say they prioritize buying sustainable products, especially among those who live in emerging Asian markets, including Thailand (84%), Indonesia (73%) and the Philippines (69%).

Consumers have mixed views when it comes to online shopping. Close to half (49%) of surveyed consumers consider online shopping to be more sustainable, with the highest proportion in the UAE (73%), Indonesia (69%) and Malaysia (66%). But this opinion is more split in Europe, with only 31% in the UK, 28% in Germany and 22% in France echoing the sentiment.

However, the environmental impact of online shopping is not a key influence when purchasing goods or services. Price (74%), product quality (64%), and quick delivery times (28%) are cited as the biggest influence when purchasing products or services online, with only 21% say environmental impact is the biggest influence.

A third of consumers want apps that provide information on how they can live more sustainably 

A third (33%) of consumers say they want apps that provide clear information on how they can live a more sustainable lifestyle, with the highest proportion in the Philippines (50%), Indonesia (46%) and the UAE (44%).

Close to half (47%) say they want digital services that would encourage consumers to use sustainable transport more often, for example, through apps that help determine and book available transport options.

More than two in five (42%) say they want a navigation app that shows more sustainable options, while 40% say they want apps to include helpful tips for fuel saving driving style, and 28% say there’s a need for convenient car-pooling options.

Alibaba’s navigation platform Amap provides low-carbon travel options, including walking, cycling and taking public transport such as bus and subways for users. As of March 31, 2023, it has covered 16 cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, Chengdu, and Chongqing, driving more than 30 million users to practice low-carbon travel.

In FY2023, emissions reduced by low-carbon travel reached 0.215 million metric tons of carbon dioxide equivalent, according to Alibaba Group’s latest Environmental, Social and Governance Report.

About the Survey

“The Sustainability Trends Report 2023” was conducted by Yonder Consulting, a UK-based consulting firm, with advisory and analysis support by Hong Kong-based sustainability consultancy, The Purpose Business, between January 26 to February 14, 2023, based on feedback from 14,125 consumers to an online survey.

Respondents of the survey are located in fourteen markets across Asia, Europe and the Middle East including: Germany, France, Italy, Spain, U.K., Indonesia, Malaysia, Philippines, Thailand, South Korea, Hong Kong SAR, Japan, Singapore and the UAE.

Asian developed markets referred in this research include Hong Kong SAR, Japan, Singapore and South Korea, while Asian emerging markets refer to Indonesia, Malaysia, Philippines and Thailand.

About Alibaba Group

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

Media Contacts

Morgan Lin

Alibaba Group

+852 6933 0425

morgan.lin@alibaba-inc.com

Ivy Ke

Alibaba Group

+852 5590 9949

ivy.ke@alibaba-inc.com

Please refer to https://www.alizila.com/esg/ for additional information about Alibaba’s sustainability efforts.

More than half of online shoppers use digital marketplaces dedicated to sustainable products, especially from Asian emerging marketsOne third of the respondents desire an app to get informed of sustainable lifestyles

HANGZHOU, China, September 8, 2023 /3BL/ – More than two-third (71%) of consumers think technology and digitalization are key to enabling them to live a more sustainable lifestyle, while over a third (33%) desire apps to provide clearer information on how to live sustainably across various aspects of life, according to an independent research report commissioned by Alibaba Group.

The research titled “The Sustainability Trends Report 2023” polled more than 14,000 consumers from 14 markets across Asia, Europe and the Middle East. More than seven in ten surveyed consumers (71%) regard digitalization as a key enabler to adopt sustainable lifestyles with top believers from emerging Asian markets, including Indonesia (90%), Philippines (87%) and Thailand (85%).

It also finds that around two in three consumers (63%) are already engaging with digital services that help them make more sustainable choices. Engagement level is higher in Asian markets (72%) compared to Europe (44%), with the top three from Indonesia (86%), Thailand (83%) and Malaysia (82%).

“Digital technology is a valuable tool for individuals and organizations to engage in actionable sustainability. By providing more information to consumers and boosting consumer engagement with greener lifestyle choices, companies can help drive consumers to embrace sustainability,” said Liu Wei, Alibaba Group ESG Strategy Lead.

“Alibaba Group has vowed to slash 1.5 gigatons of carbon emissions across its digital ecosystem by 2035. To achieve this ambitious goal, it has joined forces with its customers and ecosystem partners to harness the power of digital technology and thus enables sustainable digital lifestyles,” he added.

Over half of the online shoppers use a digital marketplace dedicated to sustainable products, especially with consumers from Asian emerging markets 

There’s an opportunity for businesses to encourage consumers to become more sustainable when shopping online by tackling the major barriers. Nearly half (48%) of the respondents cite lack of information on how products are sustainable as the major factor that prevents them from being more sustainable when shopping online, while 27% say it’s due to the time involved in researching sustainable products.

To cut down the research time, over half (57%) of online shoppers say they would use a digital marketplace dedicated to sustainable products, especially with consumers from Asian emerging markets (71%); with the Philippines (76%), Indonesia (73%) and Thailand (70%) leading the trend.

Among those who shop online, more than half (53%) say they prioritize buying sustainable products, especially among those who live in emerging Asian markets, including Thailand (84%), Indonesia (73%) and the Philippines (69%).

Consumers have mixed views when it comes to online shopping. Close to half (49%) of surveyed consumers consider online shopping to be more sustainable, with the highest proportion in the UAE (73%), Indonesia (69%) and Malaysia (66%). But this opinion is more split in Europe, with only 31% in the UK, 28% in Germany and 22% in France echoing the sentiment.

However, the environmental impact of online shopping is not a key influence when purchasing goods or services. Price (74%), product quality (64%), and quick delivery times (28%) are cited as the biggest influence when purchasing products or services online, with only 21% say environmental impact is the biggest influence.

A third of consumers want apps that provide information on how they can live more sustainably 

A third (33%) of consumers say they want apps that provide clear information on how they can live a more sustainable lifestyle, with the highest proportion in the Philippines (50%), Indonesia (46%) and the UAE (44%).

Close to half (47%) say they want digital services that would encourage consumers to use sustainable transport more often, for example, through apps that help determine and book available transport options.

More than two in five (42%) say they want a navigation app that shows more sustainable options, while 40% say they want apps to include helpful tips for fuel saving driving style, and 28% say there’s a need for convenient car-pooling options.

Alibaba’s navigation platform Amap provides low-carbon travel options, including walking, cycling and taking public transport such as bus and subways for users. As of March 31, 2023, it has covered 16 cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, Chengdu, and Chongqing, driving more than 30 million users to practice low-carbon travel.

In FY2023, emissions reduced by low-carbon travel reached 0.215 million metric tons of carbon dioxide equivalent, according to Alibaba Group’s latest Environmental, Social and Governance Report.

About the Survey

“The Sustainability Trends Report 2023” was conducted by Yonder Consulting, a UK-based consulting firm, with advisory and analysis support by Hong Kong-based sustainability consultancy, The Purpose Business, between January 26 to February 14, 2023, based on feedback from 14,125 consumers to an online survey.

Respondents of the survey are located in fourteen markets across Asia, Europe and the Middle East including: Germany, France, Italy, Spain, U.K., Indonesia, Malaysia, Philippines, Thailand, South Korea, Hong Kong SAR, Japan, Singapore and the UAE.

Asian developed markets referred in this research include Hong Kong SAR, Japan, Singapore and South Korea, while Asian emerging markets refer to Indonesia, Malaysia, Philippines and Thailand.

About Alibaba Group

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

Media Contacts

Morgan Lin

Alibaba Group

+852 6933 0425

morgan.lin@alibaba-inc.com

Ivy Ke

Alibaba Group

+852 5590 9949

ivy.ke@alibaba-inc.com

Please refer to https://www.alizila.com/esg/ for additional information about Alibaba’s sustainability efforts.

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For the second installment in our Climate Week series, Mandi McReynolds is joined by global experts Eelco van der Enden, CEO of the Global Reporting Initiative, and Anna Nefedova, global ESG reporting leader at Deloitte. They walk us through the various global reporting standards and how they benefit the organizations that use them.

Listen Now

Looking for more? Subscribe to the ESG Talk podcast on Apple, Spotify, Google, and YouTube.