TEXT: Harnessed by the power of – digital, sustainability /ESG, ethics and future ready workforce.
ACCA Pakistan organized six high profile events. Future focused policy recommendations were agreed to rethink inclusive and sustainable socio-economic growth for Pakistan.
ACCA members commitment to Pakistan’s socio-economic prosperity.
Power of Digital
New business models have created a digitally enabled ecosystem; leading to strong focus on digital economic growth.
Growing ICT penetration, IT exports, startups, incubation & venture capital space and recent foreign investments has shown the exponential benefit technology and digital acceleration brings to economy and citizens.
Stakeholders need to continue creating an agile, integrated framework of digital transformation promoting digital literacy and inclusive participation.
Greater focus required on potential risks safeguards, consumer protection and greater understanding of customer journey.
Knowledge-based, technology-driven national ecosystem to help capitalise youth dividend, increase exports and attract FDI to support Pakistan's emergence as a global digital powerhouse.
Recommendations:
Digital transformation is viewed by businesses as a tool to enhance competitiveness.
Facilitate digitally enabled products and services to empower communities supported by payment gateways tailored to customer needs especially SMEs.
Promote offshore outsourcing (ITeS) to increase exports and support job creation.
Invest in training and development of the local talent.
Power of ESG/Sustainability
Environmental, Social and Governance (ESG) and UN Sustainable Development Goals (SDGs) is the most critical global conversation for sustainability of businesses and economies.
Pakistan is set to join global economies through BRI / CPEC and export focused strategy; thus ESG implementation strategy will be critical for promoting transparency, investment and investor confidence and transition towards a sustainable economy.
Diversity, equity and inclusion (DEI) is critical for stakeholders to achieve the recognised global standards of performance and excellence.
Much has been done to recognise the Governance dimension and build the capacity of corporate leaders and regulators; much more investment is needed in the Environmental (E) and Social (S) dimensions.
Recommendations:
Stakeholders need to partner and build long-term commitments to promote ESG/ SDGs awareness, ecosystem capacity building, knowledge sharing and adoption of sustainability reporting best practices.
Place ESG compliant strategies (including climate risk and net zero) at the heart of businesses and board agendas.
Emphasis on independent and diverse boards that promote gender equality to deliver long-term value to all stakeholders.
Power of ethics
Role of professional accountants upholding public trust is vital for an inclusive and sustainable organisation.
Consumers and governments are sharpening focus on ethical and sustainability issues, directly impacting preferences and behaviours.
Businesses are under more scrutiny about their impact on society from the media, consumers, governments and their own people.
Expanding digital activities, data flows (beyond borders) and digital advancements have introduced new ethical complexities including data integrity to the ever-changing business world.
Economic crimes extrapolate at a faster pace due to social media and tech enabled platforms. Businesses must identify and manage these to survive.
Recommendations:
A robust governance framework is imperative for short and long-term success.
Voluntary guides to enable good business practices that add value to the community.
Leaders to "lead by example" to augment the impact and bring "ethics" at the core.
Regulators must act with a sense of urgency to tackle offenders and social media should be used not only as a monitoring tool, but also to educate and encourage to highlight abusive and manipulative schemes.
Power of future ready workforce
With talent, ambition and the will to work, Pakistan's human capital can be made useful effectively.
Technology solutions alone cannot prepare organisations and industries for an ever-changing environment.
Continually upgrading skills and capabilities, while also creating a culture of lifelong learning is essential to maintain the relevancy of the workforce.
Pandemic has accelerated modernisation of public sector reforms including capacity building that delivers resilience and improved response to shocks.
Recommendations:
Establish DEI policies which set out organisational principles in both public and private sector.
Increased awareness and adoption of future-ready skills to develop agile human resources, reducing operational costs and supporting value creation.
Women in the workplace can help bridge the gap in the country's talent pool.
Adopting future ways of working, flexibility and agility can bring more individuals to the workforce, enhancing economic productivity.
Copyright Business Recorder, 2022