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In a recent blog for Business Wire, Matt Kirdahy, Partner at Water & Wall, gives his two cents about the changing tone for how we talk about environmental, social and governance themes and drivers behind the shift. 

In many ways, how we talk about environmental, social and governance themes hasn’t changed in a long time. What has changed in the last decade, though, is we’re discussing it an awful lot more, which means the choices we make in how we communicate on ESG and impact and sustainable business – and the myriad ways we refer to same – are far more critical in the months and years ahead. Because if nothing else, this pandemic has reminded us that people are more interconnected as a global society than they’ve been in human history, never mind the last decade.

In March 2009, the Harvard Business Review published a piece by Mindy Lubber, president of the sustainable investing coalition Ceres. Mindy continues to be a leader and forward thinker on the topic, which is evident in the title to this 11-year-old editorial, “Is ESG Data Going Mainstream?” It certainly was. “Pressure is building for companies to do better,” Lubber wrote just after the Financial Crisis in the same month the markets started an historic 10-year bull run.

Maybe companies felt so much pressure that the ones monitoring them overdid it simply because we’re still having difficulty clearly articulating what is – and isn’t – ESG.

The Financial Times recently published an article about SEC Chairman Jay Clayton’s views on ESG scoring systems and how they’re in danger of being “imprecise.” We’re still talking about data after all this time and it’s reached a point that its use has become so ubiquitous, lines blur between the E, S and G. If it’s confusing to the people who are being paid to discern one from another, what can be said about everyday people and investors’ understanding?

To anyone who’s in the ESG world today: It’s time for considerate thinking and meaningful action in the way we communicate on the matter, whether the focus is social good or climate preservation, because more of us are paying attention.

According to Investopedia’s Editor in Chief Caleb Silver, “reader interest for ESG is up 20% year over year, and our most popular article on the subject has spiked more than 1300%. ESG was one of our top-10 most popular terms in 2019 and 2018.”

What a proof point! Here’s what the path forward on effective ESG communications looks like.  

ESG data will become so commercialized that investors and consumers will be able to look it up on their phones like a Rotten Tomato score. That means a degree of transparency on certain methodologies that is at the moment not yet available. There are various reliable sources that measure a company’s ESG value. The private score keepers might find that they are challenged to produce clear and concise details that helped them arrive at supposed values for a given ESG call. For instance, if an asset manager says Acme Company did or did not meet the criteria to be included in a given ESG investment, the “why” or “why not” will have to be substantiated more thoroughly and publicly beyond just saying yes or no, because the next generation of investors will demand more transparency. We’re seeing this play out now on the social injustice front. People are making it clear how the only path forward is an equitable one for all and they want to know how brands will make that happen. Words matters. Action matters more. 

Accountability will be paramount. It’s not so difficult to believe there are companies who don’t – to use an overused adage – practice what they preach. While “talking the talk” but not “walking the walk” may have worked for a while, investor, media and consumer scrutiny is quickly forcing companies to up their ESG game – and quickly. Producing big content pieces on sustainability but not enacting them within their own organization is a recipe for disaster, or in the least a lawsuit and scathing media coverage. Companies have more constituents who are more engaged and active than ever before, which will force companies to be more accountable and actionable.

Gen-Z and younger Millennials will have a clear understanding of what “ESG” means. One could make a strong case that no one’s talking about ESG as an investment strategy at dinner amongst friends and family. Sure, you might get “sustainability” or “impact” sprinkled into a Thanksgiving tete-a-tete, but most Americans, for starters, regardless of what any survey says, struggle with even the most basic aspects of their finances and 401(k) accounts, let alone specific investment strategies that tied to a particular ESG strategy. The first brand or brands to enrich the youngest of us will embolden that audience to the benefit of their business. Right now, anecdotally speaking, ESG remains a mostly inaccessible term.

US companies, particularly those with no international footprint, will finally grasp how small the world actually is. It took a global pandemic to understand that our neighbors across oceans might as well be just up the street. In financial communications and marketing, we often dispatch messages based on key life events as decision-making drives where money goes and stays. For instance, how families might save for their future college students’ tuition. The scope of that decision often was not limited to where to study close to home, the home now that until recently none of us could leave.

“In Five Oceans, Five Deeps,” Ben Taub of the New Yorker writes, “Waves are local – the brushing of the ocean by the wind. Swells roll for thousands of miles across open water, unaffected by the weather of the moment.”

Throughout the piece, Taub talks about the weather as it factors in any calculated plunge to our blue planet’s depths. His description to an unrelated topic is perhaps the way we could and should think about how we communicate with others on matters of the environment, social good and leadership. That while so seemingly small and insignificant, we are waves interconnected to form something that surrounds us all.

Check out the blog and more from Business Wire here. 

We talked to Jennie on or about the time most of us were thrust into a remote work and learning environment for the first time in our lives. It was an uncertain time. It was strange. It was just a couple months ago. Now, while some U.S. universities have approved Fall semester on-campus learning within new safety guidelines, many students at all levels will continue to learn in a virtual classroom and they will graduate into a professional life where they’re likely to learn how to succeed from a distance.

As an experienced online and in-classroom professor, Jennie shared her thoughts with us on what the future of learning could look like and what advice she has for the graduating class of 2026.

As a professor who is constantly engaged face-to-face with students and peers, what was it like to adapt to new teaching methods in a pandemic?

While I was engaged with students and peers in a primarily face-to-face format at the start of this semester, I’ve been designing and teaching online and multimodal courses for about 14 years now. Switching from one mode to another mid-way through the semester wasn’t as challenging for me as it was for others. However, the time frame in which we had to do it – a few days or week – was another story, particularly with everything else going on. There’s a difference between distance or remote learning, or rather, what many have been doing the past couple of months, versus true online learning. It takes a lot of time and thought to effectively design, teach and participate in an online course; things that were in short supply when the transition to remote learning occurred. But as a communication professional and professor, I find that skills like thinking on your feet and being adaptable serve you well in times like this.

What are your students saying to you about all this? What are their greatest concerns?

I believe we’re feeling similar things regardless of whether we’re communication students or professionals. For example, I find that many students missed the in-person interactions and experiences they have when they’re part of an on-campus community. In addition, many students, particularly the juniors and seniors, are worried about the economy and availability of jobs, just like many pros are.     

Prior to this, in say the last decade, what event or innovation or trend forced a change in the communications industry? What was that like?

Wow – that’s a tough question to answer! It’s hard to narrow it down to one specific event or innovation or trend. In general, though, I believe that technology has had a major impact on our industry. The world is a much smaller place, and the speed in which we communicate, as well as the number of channels or mediums through which we do so, has increased dramatically. With that said, the basics stay the same. We’re in the relationship business, and in order to build effective relationships, we need to know and understand our audience, tailor our message and communicate it in the most relevant way possible. We also need to seek feedback, listen and use insights to create connections.   

While it’s difficult if not impossible to look this far out, what do you think will be the long-term impact on current students who are now learning in, likely, non-traditional ways?

I’ve always believed that communication students, like their professional counterparts, need to be continuous learners. The more open they are to non-traditional ways of learning, the better prepared and able they will be to deal with the uncertainty and change that comes with working in this industry.

Have there been any positive changes recently because of the way you and the students have had to adapt?

I believe we’ve embraced technology to stay connected, but also recognized, and hopefully appreciated, the need for human interaction. It’s funny, because I’ve recently noticed a change in the conversations I was having with others outside the classroom, too, like with various customer service reps. It didn’t feel like they were reading from a script, but rather, were real people. It seemed like we were having actual conversations versus conducting business transactions.

Have you any insight on how the last few months will change the way you think about teaching communications in the next, say, few years, or longer? (more a question about theory than the actual act of teaching on video or in a classroom. Would a lesson plan on how we communicate change? That kind of thing.)

Like many others, I haven’t had much time to pause; to take a step back and reflect on what’s happened and how it will change things in the future. With that said, it has reaffirmed a few things for me, like the importance of clear, consistent and authentic communication.  

What advice would you give to the graduating class of 2026?

You’ve got this! It may be challenging, but stay positive. Be a sponge – soak up every opportunity to learn and grow personally and professionally. Network with your peers and professors, alumni and industry pros. And don’t be afraid. Rather, be curious and embrace the unknown. In the words of Dr. Seuss, “Out there things can happen and frequently do…And when things start to happen, don’t worry. Don’t stew. Just go right along. You’ll start happening too!”

When we make a mistake at work, it’s common for us to feel anxious or stressed about how our colleagues or clients will react, and in some cases, what sort of consequences might follow. This can be even more stressful as we all work from home because we can’t speak with our colleagues directly about what happened. However, by following a few simple steps, you can handle your mistake with ease, learn from what happened, and bounce back in a way that will help ensure you avoid making the same mistake in the future:

Own It Right Away – Regardless of the error, the only way to begin to fix the problem is to own it. If it should have to do with client work, and it impacts the client directly, work with your supervisor on a plan to reach out to the client directly. Avoid excuses, which can sound an awful lot like reasons to you, and review the facts. Your colleagues and/or clients may not be very happy with you when you initially tell them, but in the long run they will show you more respect if they see you are taking the initiative to fix it. For example, perhaps you sent out a press release prematurely or without confirming with the client first. Rather than desperately trying to recall your email or tell the person/persons you sent it to not to open it, reach out to your client and tell them what happened. Communication is even more important right now since most of us are not in the office, and honesty is always the best policy.

Provide the Solution – This may seem obvious, but when you reach out to your client, come prepared with a solution to fix or begin to address the mistake, rather than simply flagging to them that it happened. A plausible solution shows your client that you are already thinking about overcoming this, and usually what makes or breaks the outcome of the situation. As PR professionals, we are meant to be an extension of the client and their trusted partner, so already having a solution to fix the error is paramount.

Learn and Improve – They say failure isn’t about falling down, but rather how we get back up, and the same is true for making mistakes in the office or when working from home. To move forward, think about what led to your mistake and if applicable, change your habits, processes, or anything else you need to so that you are confident that it won’t happen again. If you need help, try connecting with your manager or trusted mentor to chat through what happened and get a second perspective. Ultimately, you won’t be able to change what already happened, but you can learn from it and ensure you don’t make the same mistake again.

Don’t Dwell – We all beat ourselves up when we make mistakes, but we can’t dwell on them forever. Instead of stressing yourself out or doubting your competence remember that mistakes happen, and this is something you can learn from.

Once you’ve followed the steps above, the last thing to do is simply move forward. At this point you’ve apologized and owned up to your mistake, provided a solution to fix it, analyzed where you went wrong, and taken steps to help you prevent it from happening again. Now, you owe it to yourself and to your clients to put it behind you and not let your day-to-day performance be impacted by one error.

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Like all industries, the marketing and communications world has been flipped upside down from COVID-19, and agencies and in-house brands are being forced to adapt and rethink almost every aspect of their business. To help shine a light on these changes, we’re joined by Frank Washkuch, executive editor of PR Week, where he talks about some of the big themes and trends he’s following.

Frank, first thing’s first: how are you holding up in the current environment?

Well, thank you, knock on wood, family and friends are healthy and hanging in there.

Companies in all industries are adapting to a remote work setting, and discussions about the future of the workplace have gained considerable momentum. As an editor, how are you dealing with this rapid shift and what opportunities/challenges does it pose for media companies?

Sometimes you have to throw out news plans several times a day in good times when you’re sitting near your colleagues, so working from home under stressful circumstances requires a lot of communication and organization throughout the day.

I do a lot of nagging, in other words. 

There are unique challenges, of course, for our colleagues who focus on print content and who work on events, some of which have become virtual events. Many publishers have grown their events business in recent years, and so it’s an area a lot are dealing with and figuring out.

Though it’s worth noting that reporters have always been good working remotely, so this shift hasn’t been a complete pivot. Often my colleagues and I would be on the road attending an event or reporting from a conference, so we’re used to the challenges and requirements that come with being out of the office: tight deadlines, filing stories from other cities, interviewing people via Zoom, etc. In some ways, folks in the media have been better prepared than others since remote work has always been a part of how we do our jobs.

You covered the PR industry during the Great Recession, so this isn’t your first crisis. What are some of the similarities and/or differences you’re seeing in the communications field between now and 2008?

A few differences immediately stand out. The Great Recession was a dire financial crisis before its effects were felt across the economy at large, whereas with COVID, some of the firms that have felt the most pain are in sectors such as travel and tourism. 

Second, while the Great Recession was dire for sure, it was economic. Now, employees are worried about their jobs and their health, as well as the health of their relatives, while juggling the unique nature of working from home. And, of course, those who are parents have practically taken on a second job at night. So, to put it as simply as possible, it’s a lot, for everyone. 

Based on your conversations with agency executives and in-house leaders, what are some of the main themes and takeaways you’re seeing in the communications field?

Broadly speaking, there have been layoffs across the major holding companies, many clients have pulled back on consumer-focused marketing and there are no events. But there is an increased demand for corporate and crisis counsel. And of course, there’s not enough aid for small businesses, including agencies, to go around. 

One area we’re watching is that with more and more PR firms venturing into marketing and creative services, how are they creating content remotely and how is this process adapting? For many agencies, these services are fairly new and not as well-honed as traditional offerings such as earned media or internal comms. So, it’ll be interesting to see them manage these new efforts while being apart.

And another big theme is how the industry will handle the issue of mental health. The shutdown has completely altered the work/life balance, with many employees working long hours and doing so among strict self-isolation. Over time, this can create some troubling trends – especially in areas like New York City that has been hit hard by COVID-19 – and it’s an area many companies will have to deal with. It’s been promising seeing some industry voices talk about this and we expect to see an overhaul in how agencies and in-house PR folks go about their day, whether it’s moving to a 3 or 4-day work-week or assigning mental health days to help employees unplug and take time to recharge their batteries. Changes are already underway.

What are you reading and/or listening to while you work from home? Any other activities to maintain a healthy work-life balance?

Some really boring advice: It’s important to maintain routines as much as possible, which for me means early runs when it’s easy to social distance. 

I’ve finished “The Only Plane in the Sky,” by Garrett Graff, which is an incredibly well done oral history of the September 11th attacks. I’ve become a fan of the late singer Charles Bradley. I haven’t gotten nearly as much clearing and reorganizing done as I promised, but, and this might be related, I’ve gotten better at Football Manager. 

Okay, so maybe competitive swimming isn’t exactly like financial PR, but if I learned anything over the course of my 16-year swimming career (aside from how to perfect my bubble rings), it’s that I will use any excuse to tie my real world life back to the time I spent underwater.

So, let’s dive in. Here are four lessons I learned in the pool that have continued to serve me well in my career on land:

1 – Communicate with your teammates

We work in communications, but it can be easy to forget that this applies not only to clients and journalists, but within teams as well (and this is even more important as we all work remotely for the time being). Just like in swimming, being a good teammate is crucial to quality PR.

Swimming is often referred to as an individual sport, but I know that I always did my best when I was focused on the team, as opposed to any individual results. Similarly, account teams function at their highest level of performance when there’s collaboration. This takes on two forms – checking in with teammates to let them know what’s on your plate and getting a look into theirs, and bouncing ideas off each other.

At Water & Wall, we have weekly meetings where everyone shares the biggest items they have coming up that week, giving a view into everyone’s bandwidth for current and new projects. Not only is this critical for managing deadlines, prioritizing items, and balancing workloads across the agency, but it also gives us the opportunity to share ideas across accounts. Maybe there’s something that I’m working on that’s similar to something one of my colleagues did before I started at the company. We can chat strategies, media targets, pitch ideas, etc., but that only works if everyone’s aware of what’s going on so we can all pool our resources.

2 – Pick yourself back up

As the inimitable Hannah Montana says, “Everybody makes mistakes / Everybody has those days.” There will definitely be times when you reply-all to the wrong email, mix up the time zones on a calendar invite, or get disqualified for kicking out past 15 meters at Olympic Trials. But the important thing is to be able to use those moments as learning experiences, and to dust yourself off and move forward to the next task at hand.

Be accountable for what you produce, and then be willing to get back up and try again when things don’t go your way. It can be tough to let these things go, but the only thing you can change is what you do next.

3 – Rise to the occasion

 One of my coaches used to tell us that challenges were just opportunities, and we always knew that “having the opportunity to go fast” meant that we were about to have a doozy of a practice. Being asked to do your best may have been more of an obvious thing in the world of sport, where “challenge sets” were frequent and we were consistently being given “opportunities” to stand up and race.

But this happens in the working world as well, such as when items have a quick turnaround, or every client decides to put out a press release the same week. Putting in the time and the work can be tough, but raising your game to meet and even exceed clients’ expectations always pays off.    

4 – Stay hungry

While swimmers are notorious for always physically being hungry, in this case I mean metaphorically. In swimming, this means not being complacent with where you are. Every year, I raised my goals higher, and every year I changed up my training so I’d have the best shot of reaching them. Sometimes that meant putting in extra sessions in the weight room, or adding in more cardio, or joining more mid-distance workouts. Doing the same thing every season would’ve just yielded the same results.

And business is no different. Well, I’m not lifting heavier weights to get better media opportunities, but I do try to evaluate what I’m doing – what’s working well and what could be improved – to see if a shift in strategy could help. Maybe I need to think about how my accounts are organized, or if there are certain publications or opportunities that aren’t on my radar. Changing things up and being creative, in addition to not letting your work be restricted by your title, are key to keeping the process from getting stale and having consistent success for your clients.

There are many things about my life now that are wildly different than when I was competing – my alarm no longer goes off in the 4am-hour, I no longer have red goggle marks around my eyes, and I no longer smell constantly of chlorine. However, after more than a decade and a half in the sport, I did pick up at least a few useful tips that help keep my professional life going swimmingly. 

Fin.

Global markets have been on a roller coaster since late February, impacting every asset class and aspect of the financial world. One area that has been front and center – in a good way – has been gold, as investors looked for ways to shield their portfolios amidst the unprecedented volatility. To help add some insight and perspective on this, we sat down with one of the leading experts on this topic: Joseph Cavatoni, Head of Americas at World Gold Council.

Joe, first things first, how are you holding up in the current environment?

All things considered, we’re doing well. Most importantly, our team is safe and everyone is keeping their spirits up. These are challenging and unique times, but we’re encouraged that our contingency and continuity plans have worked as planned and the shift to a remote workplace has been easier than expected.

As for the business, our mission and goals remain the same – educate the marketplace, speak with clients, issue new research, and be a voice for the industry – though the output has been on a much more amplified level. Transparency and high quality, credible information are critical during times of crisis, so we’ve raised the volume.

And as it relates specifically to gold, everything is functioning well under the conditions, and gold is performing exactly as expected. It’s an asset class that is front and center in the current environment, so it’s more imperative than ever for us to be a resource to investors and to provide real-time insights, data, and analysis.

Gold is one of the best performing asset classes year-to-date, though like everything else, it hasn’t been immune to market volatility. What’s your overall take on this?

Gold is behaving exactly as it should, which is incredibly comforting amidst all the volatility. During times of panic, fundamentals and underlying data often goes out the window as anxious investor behavior and declining market sentiment sets the pace. The entire investment ecosystem is undergoing a severe repricing in ways we’ve frankly never seen. However, we’re optimistic that gold will stay the course and reach or exceed the 18% plus growth we saw in 2019.

Gold is generally known as a safe haven, but the current volatility has shined a light on its role as an important asset class within investment portfolios. Investors of all sizes, from retail “Mom & Pop” to pension funds and other large institutional asset owners, are looking not just at performance – which fortunately for gold has been strong – but also on how gold interacts with other parts of their portfolios – in terms of attributes like diversification, correlations and liquidity.

Despite recent outflows, gold-backed ETFs have actually been flow positive this year – up $15.9 billion YTD. Does this surprise you?

Not at all. Over the last quarter century, exchange traded funds (ETFs) have established themselves as one of the most effective and mainstream way to the market. Their rise is well-documented – and for good reason: intra-day pricing, low cost, access to asset classes once reserved for only the largest investors, etc. They’ve helped carry the baton that mutual funds first ran with and will likely only continue to grow.

As for gold ETFs, it’s been a marriage made in heaven. People are becoming increasingly more knowledgeable about gold and how its benefits, and ETFs are a user-friendly vehicle to access it.

Governments and global central banks have reacted extremely aggressively to help counteract the economic impact of the virus. What’s your reaction to these policy efforts?

Central banks have little choice but to reassure the markets. We are in unprecedented waters right now, so all options must be on the table, from central banks to government relief efforts.

The breadth of the support is impressive but not altogether surprising. Once everyone truly grasped the impact of COVID-19, it was assumed that global leaders would step up to bolster their economies. But what has been surprising is the speed with which leaders have moved considering that governments aren’t necessarily known for being nimble or agile. In just a few short weeks, we’ve seen unprecedented stimulus efforts drafted and passed.

Looking ahead, what are you keeping a close eye on?

Like everyone else, we’re tracking the spread of the virus and hoping to see the curve flatten soon. While we’re obviously closely monitoring gold’s performance in the global markets, it’s important to recognize the humanitarian toll this pandemic is taking. We are hopeful the anticipated peaks will come sooner rather than later so we can start seeing the other side of this. Once the numbers start to slow down and reverse, we’ll see a trickle-down effect to the markets as investors regain confidence and global economies start to strengthen.

On a lighter note, when you’re not researching and talking about gold, how have you been spending your time at home?

When working at home, the lines between “work” and “home” really start to blur, so it’s important to maintain a sense of schedule and make a conscious effort to step away from the computer for downtime. Go for a walk, play ping pong, read with your children, listen to a podcast, make a fancy dinner and have the family get dressed up. Get creative!

And Netflix of course ?

Joseph Cavatoni

Head of Americas, World Gold Council

Joseph Cavatoni joined the World Gold Council in September 2016 to lead US business strategy, which includes oversight of investor relationships, product solutions, research and marketing. In addition, Joe spearheads the firm’s global distribution and ETFs platform and serves as member of the Executive Committee.

During his three-decade career in the financial services industry, Joe has developed and demonstrated expertise in the areas of global capital markets, exchange traded funds, asset management, trading and business/platform development. He also spent more than 15 years working in Asia. Prior to joining the World Gold Council, Joe was a managing director at BlackRock where he was responsible for iShares Capital Markets – Americas and was a member of the firm’s Executive Committee. His responsibilities also included product development and management as well as running a global team. Prior to BlackRock, he held senior positions at UBS, Merrill Lynch and Bank of America focused on equity derivatives training, securities financing and lending. 

Joe holds a Bachelor of Business Administration from George Washington University and a Master of Business Administration degree jointly from Northwestern University Kellogg School of Management and Hong Kong University of Science and Technology.