Businesses are having difficulty filling new positions, as well as those vacated by retiring baby boomers. Some industries, like manufacturing, technology, and healthcare, are experiencing workforce shortages often called crisis-level.

“By 2020 – next year – there will be an estimated one million more computing jobs than applicants who can fill them,” reports Code.Org.

Not only will organisations need to invest in building future-focused skills among today’s and tomorrow’s workforce, they will also need to challenge outdated definitions of what “appropriate” talent is.

In addition to losing out on talent, organisations leave value on the table when “inclusion & diversity” is lacking. Studies show that the benefits of an inclusive workplace and diverse workforce are undeniable for good business. For example, companies with the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians, a McKinsey study found. Inclusive and diverse teams are also more creative problem-solvers. When people from different contexts work together, their unique perspectives often lead to greater creativity. Leaders who appreciate diverse backgrounds are more likely to encourage and welcome colleagues to speak up, further opening doors for ideas to be heard and valued. This, in turn, drives innovation and creates momentum, making it easier to recruit new forward-thinking individuals, studies show.

Most organisations understand that inclusion and diversity is good for business, but despite this knowledge and good intentions, achieving a truly diverse workforce and inclusive culture remains a challenge. The underlying obstacles can be difficult to define, as outdated thinking can manifest itself in many subtle forms, from assuming a four-year degree is always mandatory, to downplaying relevant experience gained in the military. These outdated criteria tend to exclude “counter-prototypical” candidates and are at odds with the talent shortages that many industries face.

Unconscious bias can also be a driving factor and often undermines good intentions. It is normal to favour people we perceive to be “like us” in some way, whether in gender, race, ethnicity, education, or prior work experience – and all too often, we do not even realise we are leaning toward a particular group or letting favouritism cloud our perceptions. A biased filter can impact hiring decisions and influence how we run meetings, mentor colleagues, invite input or offer feedback.

What can we do to accelerate progress? Good intent is not enough. Admitting that we each (including me) have biases is the first step. Research shows that the more someone thinks they are fair, the more biased their decisions are – so self-awareness is key. But we need to go further: we need to take action to disrupt our biases and make more intentionally conscious and inclusive decisions. The good news is that technology can help us “hack” our natural human tendencies and focus on facts, not anecdotal suppositions or yesterday’s practices.

Over the past several months, there has been plenty of press on the negative impact that emerging technologies can have on inclusion, equity and diversity – from serious flaws in facial recognition software to AI yielding biased outcomes. These are valid concerns. But I believe that technology – when developed with an inclusive lens and used in conjunction with human judgement – can facilitate more equitable, optimal outcomes.

Here are some examples of how technology helps:

Accessible metrics. Every organisation should track workplace metrics and share data with stakeholders. Modern solutions feature user-based dashboards and self-service reporting tools, so managers can analyse trends, investigate driving factors and track personalised Key Performance Indicators (KPIs). Without tracking progress, it is impossible to know how our daily decisions and interactions are impacting our long-term goals.

An objective referee. AI-driven solutions can help decision makers focus on specific requirements, objectively defined. Solutions can anonymise resumes, help improve retention and boost performance levels. It is important, though, to test algorithms to ensure there is no adverse impact. Managers must oversee recommendations from AI-driven solutions and monitor for misapplications.

Tailoring talent strategies. AI can help organisations identify best matches for specific roles, as well as identify which individuals are likely to excel and stay with the company longer. Solutions can help managers identify critical milestones on the path to success and point to potential retention risks. This helps managers objectively identify individuals who may benefit from additional training or mentoring.

Making progress in inclusion and diversity is like training for a marathon. It’s one thing to know that I need to run a certain mileage to prepare, and it’s quite another to put on my running shoes every day and actually run the miles. Similarly, intending to be inclusive is not enough – nor is knowing that we each have biases that can get in the way. We need to put into practice the tactics that can disrupt bias. Technology and research-backed practices are crucial to my marathon training, just like it should be a crucial part of I&D initiatives. Technology can enable I&D and help companies be more precise in their interventions and practices.

Helen Masters is senior vice president and general manager for Infor Asia Pacific.

Uttama and other economic ministers will propose their policies today to the economic cabinet, aiming to cushion Thailand’s economy amidst the global economic slowdown.

The Finance Ministry will submit its economic stimulus proposal to the economic cabinet in order to prepare Thailand’s economy for the impacts of global economic volatility such as the slowdown in global  growth and its impact on Thailand’s exports, Uttama said.

The stimulus package, he stated, will have three key pillars and will be aimed at boosting domestic spending throughout the country.

“The government expects these measures will inject a total of Bt200 billion into the economy in the second half of this year,” Uttama said.

The first pillar includes measures to support the agricultural sector affected by this year’s drought.

The Finance Ministry plans to aid farmers in paying back loans by providing new loans and subsidies. This will be done by compensating 4 million rice growers by Bt500 to Bt800 per rai not exceeding 15 rai. The total capital required for this scheme will be Bt57 billion.

Those affected by drought will also be able to take out a Bt500,000 emergency loan with the government per person without any interest in the first year of the loan. The total capital available for this scheme stands at Bt55 billion.

Furthermore, the government will implement an income guarantee scheme, targeting 6.23 households throughout the country. The income guarantee for rice farmers will be Bt10,000 per ton. For jasmine rice 105, the guaranteed price will be Bt15,000 per ton with a total budget of Bt53 billion. Cassava will be guaranteed at Bt60 per kilogramme with a total budget of Bt35.74 billion. Palm oil will be guaranteed at Bt4 per kilogramme with a total budget of Bt10 billion.

The second pillar includes measures to increase welfare for low-income earners through the government welfare card scheme.

Those with incomes lower than Bt100,000 per annum will receive Bt200 per person for cost of living, Bt1,500 per person for transportation costs, and Bt45 price reduction on LPG per person for three months. Those on career training will receive Bt100 per person.

For those with incomes lower than Bt30,000 per annum, Bt300 will be given out to cover the cost of living, Bt1,500 for transportation costs, Bt45 price reduction on LPG for three months, and Bt100 for career training.

The third measure will target tourism and small businesses.

Uttama aims to stimulate tourism in secondary cities and promote hospitality services and shopping in local areas. The government will hand out Bt1,500 for those planning to travel in Thailand and aims to give the special subsidy to 10 million people.

For small and medium-sized enterprises (SMEs), the government has prepared special measures to increase the accessibility of capital to allow these enterprises to improve their level of liquidity as well as to promote investments to upgrade their machinery.

SE Thailand has created a platform to attract collaboration from the private sector, with the aim to enhance the capacity of Thai social enterprises in sustaining and growing their businesses while solving social and environmental problems. The association sees the platform as a force in driving Thailand towards achieving the UN Sustainable Development Goals (SDGs).

ML Dispanadda Diskul, chairman of SE Thailand, said the organisation grew from a network set up in 2017 by social enterprises and intermediaries working to support social enterprises. The initial purpose was to formulate discussion and voice opinions on the draft Social Enterprise Act, but it was later agreed among the network that it was important to have a membership-based entity that would draw social enterprises in the country together.

This idea was realised through the establishment of Social Enterprise Thailand Association: SE Thailand, which acts as the connector among members and between members and other organisations with the aim to enable Thai social enterprises to grow their businesses while tackling social and environmental problems. As a force in driving Thailand towards achieving the Sustainable Development Goals, their vision is “to strengthen the Social Enterprises in Thailand through collaboration in solving social challenges and driving social development effectively”.

Its mission is first to “Connect” to build a network among social enterprises and collaboration between social enterprises and other sectors to enhance social and environmental impact. Second is to “Communicate” to create practical knowledge on social enterprises, while raising awareness among the general public. Last is to “Catalyse” to advocate policies that contribute to solving social problems and creating social development through events, knowledge sharing and collaboration.

“Many countries have already seen this kind of institution, namely the SEUK from the United Kingdom, the Social Enterprise Alliance in the United States or raiSE in Singapore that act as a centre for social enterprise members,” said Dispanadda. “These organisations contribute significantly in enabling social enterprises as a sector to solve economic, social and environmental problems. Today marks a great start for such an organisation in Thailand. The goal of Thailand growing sustainably is attainable with the support of all sectors, and SE Thailand welcomes participation from everyone in this journey.”

SE Thailand was established in January 2019, with 13 founding members comprising social enterprises in various industries including agriculture, tourism, community-based manufacturing, education, health and environment. The association expects over 200 members within the first two years, and will be organising monthly events to help enhance capacity for its members.

The study showed that the reduction of interest rates, including minimum overdraft rate (MOR) and minimum retail rate (MRR), by commercial banks will bring the interest rate cost for up to 1.7 million SMEs down by about Bt10 billion yearly.

The interest rate cuts will also bring down the cost for housing debts and personal loans in the market by up to Bt7 billion a year, which will also improve the country’s economic growth by 0.1 per cent, the study said.

However, the interest-rate cut will impact banks’ net interest rate margin by about 0.06 per cent, the study showed.

Trade volume was high, reaching Bt100 billion on a single day. Foreign investors made net share sales worth Bt11.9 billion on Thursday, aggregating sales of Bt35.4 billion between August 1 and 15. However, their net buy was Bt25.3 billion from January 1 to August 15.

Foreign investors also sold government bonds worth Bt4.5 billion on Thursday, aggregating net sales of Bt1.4 billion since early this month and net sales of Bt23 billion year-to-date. Foreign investors sold both long-term and short-term bonds worth Bt2.6 billion and Bt1.8 billion respectively.

However, the benchmark 10-year bonds dropped by six basis points to 1.42 per cent, suggesting that local financial institutions were buying, said Tada Phuttitada, president of the Thai Bond Market Association.

“Thailand also experienced an inverted yield curve, as a 10-year bond rate is lower than the short-term policy rate of the Bank of Thailand, which is currently set at 1.5 per cent,” said Tada.

The inverted yield curve in the United States has sparked investor concerns about a looming recession, and the three main stock markets in the US dropped 3 per cent on Wednesday.

In Thailand, the government has limited choice to handle an economic slowdown, he said. It is because Thai households suffer from high debt. Private investors may not want to invest more due to the unfavourable global economy. The government has also previously spent a lot of tax money, he said.

Sompop Manarungsan, president of the Panyapiwat Institute of Management, also voiced concerns about the threat of recession. The bond yield inversion is a credible signal of a looming recession. Currently there are massive amounts of bonds with negative yields worldwide, estimated at US$15 trillion or 25 per cent of total value of bonds estimated at $60 trillion globally, he said.

“This suggests there is huge liquidity in the market and financial institutions and investors are willing to subscribe to bonds although they may get less money back than they put in,” he said.

Sompop said the Bank of Thailand should not cut its policy rate again despite the clamour of exporters after the previous 0.25 percentage point cut. He said a rate cut would not help as the export sector was adversely impacted by the slowing global economy, not just a strong baht, he said.

Thailand’s exports are expected to contract this year.

He suggested that the government speed up public investment such as the double-rail project, the high-speed rail and other projects in the Eastern Economic Corridor. Public investment would counter the negative impact of the global recession should it happen, he added.

On Tuesday, the World Wide Fund for Nature (WWF) and the Thai Bankers’ Association (TBA) jointly released the official guidelines for building the capacity to cope with environmental, social and governance (ESG) risks.

“The guidelines represent a sustainable finance initiative in Thailand and promote sustainable loans and investments,” said Jeanne Stampe, head of Asia sustainable finance at the WWF.

The non-governmental organisation has been working with other countries in the region such as Indonesia and Malaysia to produce similar guidelines to promote sustainable financing throughout the Asean region, Stampe told The Nation during an exclusive interview.

The WWF has also been working with financial institutions in Asean on the Principles for Responsible Banking (PRB), which will be officially launched in September. More than 50 financial institutions from both Asia and the West have already agreed to the PRB before launch, she stated.

“Asean banks that have agreed to this principle beforehand include those from Singapore and Malaysia such as CIMB bank,” Stampe said.

Institutions that sign the PRB agreement, she said, must commit to a “no-deforestation policy” over time. After the principle is launched, a timeframe will be given to each bank to adjust their policies in accordance with the principle.

On the investor side, there has been a growing demand for sustainable investments which has led to the establishment of the “Climate Action 100+” investor initiative in 2017.

Currently, 300 global investors have joined the initiative with combined assets under management of US$30 trillion, according to the WWF official.

This gives investors the bargaining power to shift the policies of large corporations such as financial institutions and promote more sustainable investments throughout the world, Stampe said.

Key Asian institutional investors that have joined the initiative include the Japanese Government Pension Investment Fund and the Malaysian public pension fund Kumpulan Wang Persaraan with total assets under management of $1.5 trillion and $29 billion respectively.

“Going forward, institutional investors and banks will have to increase their cooperation to promote more sustainable investments with low ESG risks,” Stampe continued. “Both parties have business interests to promote sustainable business as environmental issues such as natural disasters and social issues such as social unrest can lead to significant investment losses.”

Meanwhile, the involvement of the public sector is also crucial for the promotion of sustainable business, said Ma Jun, chairman of the China Society for Finance and Banking’s Green Finance Committee, in a separate interview.

“All stakeholders must work together to build an ecosystem that incentivises financial institutions and investors to make sustainable investments,” he said.

For instance, the government can step in and offer tax incentives for “green investments” or provide interest subsidies for “green projects”, he said.

Ma also suggested that banking associations must work closely with the central bank and agree to a universal standard for sustainable investments, using China’s case as an example.

In China, he said, commercial banks and the central bank have agreed to a universal standard for sustainable investment that requires banks to disclose all environmental investments so the public are informed if banks are making environmentally unsustainable investments.

Without the involvement of the public sector, there may not be enough financial incentive for banks to make sustainable investments when capital gains can still be made on current industrial ventures.

If the public sector does not play an active role in this matter, by the time the private sector acts on environmental issues, it may already be too late, he cautioned.