Asia’s governments are beginning to tackle greenwashing, hitting fraudulent eco-conscious projects with hefty fines. These stories are making headlines from South Korea to Singapore, so budding companies will want to do everything possible to prevent them from becoming the next media target.

Startups have an opportunity veteran businesses did not leverage — they can be pilots in a world focused on climate change by implementing environmental, social and governance (ESG) initiatives from the beginning. How does this help them establish a competitive advantage?

Meeting ESG requirements

Legislation regarding ESG standards is becoming increasingly aggressive worldwide. Singapore has the Taskforce on Climate-Related Financial Disclosures. The International Sustainability Standards Board has influenced businesses in Japan and China, and others will follow. Other frameworks will arise, regulating everything from Scope 3 emissions to auditing.

Startups that put money and time into eco-friendliness early will not have to deal with the headache of shifting their operations later. Eventually, sustainability documentation and adherence will be a requirement, so the best practice for abiding consistently is starting now.

Banking long-term cost savings

Revising a startup’s entire strategy by incorporating ESG mandates is a surefire way to waste budgets and labour. Committing to the planet during the visionary phase of a startup promises additional savings down the road. What blooming organisation does not want to bank on the projected US$5 trillion Asian market size for green businesses in 2030?

It prevents repurchasing adequately performing equipment. There is no point in buying expensive diesel generators for power backups when solar-powered options are on the market. This example demonstrates a path toward energy independence and savings by leveraging clean power and reducing fuel and electronic waste.

Also Read: Beyond disposal: How businesses can embrace sustainable IT practices in Malaysia

Climate plans also save startups’ mental and practical stress from branding. Publicising eco-awareness early in development means pushing the ideology onto an established clientele is more organic and eliminates buy-in resistance.

Getting certified

Any startup may have an office building or physical products for sale, so the company will want to seek environmental certifications. In Asia, most of these revolve around energy-efficient, eco-sensitive and smart buildings, such as the Green Mark Scheme.

Many diverse options are available, which vary depending on the sector. Some include:

• Ecomark, India: Marks eco-friendly products.
• GoodWeave: It certifies that there is no child labour in the carpet industry in South Asia.
• Green Choice, Philippines: Promotes eco-conscious policies and practices.
• CNET Asian Green Tag: Identifies tech products with two eco-labels.
• Energy Label, Taiwan: Rewards Taiwanese energy-efficient products to manufacturers.

Startups in China have even more choices, including the Energy Label, Water Conservation Certification and Organic Food China. Regardless of where the brand is, getting a head start on certifications solidifies early authority and thought leadership.

Saving the planet

The most apparent boon for investing early in climate change business practices is helping reverse the crisis and reducing carbon emissions. Corporate social responsibility is a hot topic worldwide and startups are not exempt from scrutiny, especially on social media platforms from younger buyers. Around 85 per cent of students believe it’s important for institutions to embrace sustainability.

Lowering planetary impact takes countless forms, and it is a lifelong mission for startups and century-old enterprises alike. Setting practical, achievable goals within the startup’s parameters is the best way to implement small, impactful choices that gradually lead to more significant sustainability implementations.

These could include installing LED lights and instituting office-wide composting and recycling. Here are the planet-saving benefits a new enterprise will gain from an Earth-focused strategy:

• Using innovative, carbon-neutral eco-technologies
• Gathering data about sustainability improvements
• Reducing waste production
• Lowering water consumption
• Eliminating food waste
• Electrifying transportation
• Capturing carbon

Tempting investors

Startups need early funding to realise their ideas, and many are shifting their millions into impact investing, a new way to allocate money with a net-zero mindset. Organisations promoting their ESG initiatives are more likely to get these funds from stakeholders with aligned values. This increases the likelihood that repeated investments will keep flowing.

Also Read: Adopting electric construction machinery for a sustainable future in Singapore

This is critical for scaling. Startups may only innovate with the backing of passionate, like-minded investors. Investing in eco-consciousness improves corporate foundations, performance and stability, allowing visionaries to take risks without fear.

Solidifying reputation

The new hub for Asian startups in the sustainability niche has to be in the aptly named Silicon Bali in Indonesia. Like its American counterpart, corporations garner certain connotations if they thrive there. It is an example of how focusing on green initiatives garners startups a specific reputation, and it is almost always a positive one.

Investing in sustainability attracts intentional, forward-thinking clientele, no matter where the company resides. People associate the business with eco-friendly decision-making, socially responsible employees and transparent communications. How green startups make climate objectives part of their collaborations and sales dissolves the negative connotations associated with marketing. People feel more at peace, becoming loyal to planet-focused brands.

Setting new startup precedents

Asian startups must buy into climate awareness in their business practices from inception instead of waiting. Doing so yields happier customers, more fulfilled employees and enhanced resilience to ensure the dream does not die while it is still in the startup phase.

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Early this month, talent platform NodeFlair released its 2024 Tech Salary Report. The report, which drew from over 422,000 salary data points across various roles and countries, sheds light on the tech industry’s response to the rising trend in Generative AI while fending off challenges such as layoffs and hiring freezes.

In this interview, NodeFlair co-founder and CEO Ethan Ang discusses the key findings, the rise of AI and its impact on the job market, and the shifting priorities of job seekers in Asia.

Edited excerpts:

How did NodeFlair collect and analyse the 2024 Tech Salary Report data, and what were the key insights revealed by the report?

Our compensation data use user-submitted payslips, offer letters, and job listings.

Some key insights are:

• Huge pay gap: Among software engineers, the salary discrepancy between the 10th and 90th percentiles can extend up to three times.
• Regional talent distribution: Mid-senior talent percentages are higher in Singapore (62.7 per cent) and India (79.3 per cent) compared to Vietnam (36.9 per cent) and Indonesia (49.6 per cent).
• Software engineer salaries dip 0.99 per cent: Tech’s pivot for innovation from Blockchain to AI.
• Job seekers increasingly prioritise stability and higher salaries over perks.

In a statement, you mentioned a shift in the tech industry’s talent challenges amidst the rise of generative AI and financial prudence. Can you elaborate on how these factors have influenced the salary trends outlined in the report?

Tech companies now prioritise sustainable growth over rapid expansion, and there’s a notable shift from revenue-centric approaches to prioritising profitability. This shift impacts salary trends as firms focus on prudent hiring practices and cost-efficient hiring strategies.

Also Read: Blockchain engineering salaries in Asia see 5.41% drop: report

Generative AI enhances workforce efficiency, reducing the need for extensive hiring. Some roles are becoming redundant due to automation, leading to layoffs and reshaping salary dynamics. For example, IBM will stop hiring humans for jobs AI can do, says a Forbes.com report.

The NodeFlair report highlights a decrease in overall salaries for various tech positions in Singapore. Could you discuss the factors contributing to this decrease and its implications for the tech industry?

The decrease in tech salaries in Singapore is likely due to a downturn in funding across the Southeast Asian tech ecosystem, hitting a five-year low in Q3 2023 per Traxcn.

However, it’s worth noting that salaries still exceed those from two years ago, indicating a shift toward a more balanced compensation model rather than a concerning trend.

What strategies can companies adopt to navigate the global talent pool and embrace flexible hiring strategies in light of the evolving tech hiring landscape?

Companies can leverage remote work options by prioritising skills over location. They can also prioritise rewarding high-performing employees to retain them. Retaining high performers is often more cost-effective than hiring new ones.

The NodeFlair report mentions a decline in blockchain engineer salaries but a significant increase in data scientist salaries. What are the factors driving these contrasting trends in salary adjustments?

The downturn in the cryptocurrency market, highlighted by events such as the collapse of FTX and regulatory challenges faced by platforms like Binance, has resulted in a decline in demand for blockchain engineers. As a result, companies operating in the blockchain space may be shutting down, scaling back their hiring efforts or restructuring their teams, leading to a stagnation or decline in salaries for blockchain roles.

On the other hand, there has been a surge in demand for data scientists fuelled by the exponential growth of AI applications across various industries. The heightened interest in AI has attracted significant funding from VC firms, allowing companies to offer more competitive salaries.

This is further fuelled by the rapid pace of innovation in AI and intense competition for skilled talent, especially with a limited pool of talent.

How have job seeker priorities shifted in terms of career stability and salary expectations, as indicated by the findings in the report?

While job seekers value company culture, the emphasis is now on financial stability, evidenced by a willingness to overlook imperfect cultures for competitive compensation. Ten of the top 15 searched companies now pay 20 per cent above the market median, up from six out of 15 last year.

Also Read: Tech salary is escalating: How can companies survive the talent war?

Talents are becoming more willing to overlook imperfect company cultures if their salary meets expectations. Last year, 13 out of 15 companies surpassed a median Glassdoor rating, but now only nine out of 15 maintain this level.

Could you provide examples of companies offering competitive salaries and unwavering financial stability, as highlighted in the report?

Though offering competitive salaries, companies such as Bytedance/TikTok (2nd most popular) and Shopee (third most popular) have below-median Glassdoor ratings.

NodeFlair mentions the growing interest in AI-driven innovation in tech hiring trends for 2024. Can you discuss the role of AI tools in recruitment workflows and candidate evaluation?

• Reach out and engage with potential candidates in a more personalised approach. Using AI, companies can tailor their communication to match each candidate’s interests, skills, and preferences, increasing the likelihood of successful engagement.
• Traditional applicant tracking systems (ATS) often rely heavily on keyword matching, which may overlook qualified candidates who don’t have the exact keywords in their resumes. On the other hand, AI-driven approaches analyse various data points beyond keywords, such as past experiences and skills, to assess whether a candidate is a good fit for the role. This leads to more accurate and comprehensive candidate evaluations.
• Companies have adopted AI-driven video calls as a component of their screening process, typically managed by a human HR. This approach, though subject to its own set of advantages and disadvantages, significantly streamlines business operations and saves company costs, particularly during periods of mass recruitment and financial prudence.

What are the implications of the shift towards remote hiring and cross-border talent acquisition for companies in the tech industry?

Pros: 1) Access to global talents, 2) reduced expenses on office space and associated overheads, and 3) both employers and employees benefit from remote work arrangements.

Cons: 1) Communication challenges due to time zones, language barriers, and cultural differences; 2) Compliance issues related to employment laws and taxation; 3) Need for understanding and navigating diverse cultural norms; and 4) Lack of face-to-face interaction affects team cohesion and creativity.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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NinjaVentures, the venture arm of Walmart-backed Indian agritech major Ninjacart, has made an undisclosed strategic investment in Philippine B2B agritech startup Mayani.

The partnership will identify and address global food supply gaps, leveraging cross-border opportunities to amplify Mayani’s market presence. The Filipino firm will integrate Ninjacart’s advanced technology, source traceability, and inventory management solutions to achieve inter-operability, hyper-efficiency, and predictive modelling and to enhance its supply chain efficiency.

Also Read: Philippine agri-fisheries startup Mayani nets US$1.7M in AgFunder-led round

The Indian company will also support Mayani’s expansion efforts and jointly establish an integrated Asian agri-food supply chain.

Mayani is an impact-driven agri-fisheries platform aiming to empower the Philippines’ over 10 million smallholder farmers and fisherfolk by providing them sustainable pathways to market, improving yield and climate resilience through quality inputs, and alternative credit to drive financial inclusion. It boasts a vast grassroots network of over 144,000 organised smallholder farmers and fisherfolk across the Philippine archipelago. The firm’s multi-point value chain platform optimises supply chain dynamics, connecting fragmented supply with B2B market demand.

Moreover, Mayani’s agro-services empower smallholders, enhancing yield and climate resilience through quality agricultural inputs and facilitating rural financial inclusion.

Ochie San Juan, co-founder and Chief Farmer at Mayani, stated: “The deal strengthens the locus of our business, which is tech-enabled output market linkage, that further reinforces our upstream interventions on climate-positive inputs and rural financing.”

Kartheeswaran KK, co-founder and CEO of Ninjacart, said: “By bridging the expertise of two agricultural powerhouses, India and the Philippines, we aim to create a transformative impact and unlock new opportunities in the Asian agri-commerce landscape and beyond.”

Also Read: Southeast Asia’s key VC players: Investing in Innovation

In January 2023, Mayani secured US$1.7 million funding round led by AgFunder. Its other backers are ADB, Plug and Play Ventures, Ocean Impact, and Atlas Ventures.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Business success now hinges on more than just profit margins and market share; it thrives on vibrant ecosystems and cultures of empowerment. Mastering the workforce of independent driver-partners fueling on-demand services demands keen understanding and thoughtful management.

The flexibility of working for platform businesses

Managing an on-demand workforce needs ongoing commitment to empathy and constant open communication. The diverse schedules, motivations, and commitments of driver-partners require a nuanced approach to flexibility.

The platform business industry has evolved over time, leading to a more mature understanding among driver-partners regarding both the advantages and obstacles associated with their role. This knowledge is often acquired through referrals and word of mouth, contributing to a smoother experience during their onboarding, significantly shortening the time needed to activate their accounts, and lowering their barriers to entry.

This further lends a hand to the flexibility they need, which is the cornerstone of any approach when it comes to managing driver-partners. It’s important from the start to recognise that each driver-partner brings a unique set of circumstances to the table. In turn, on-demand platforms should offer choices and flexibility in daily operations, providing autonomy tailored to individual needs.

This isn’t a one-size-fits-all solution but an acknowledgement that driver-partners may be pursuing on-demand work as a side hustle or as a full-time role. For some, the value of flexibility is a higher consideration than income alone. Take Juliana Jorimi, a mother of four with a love for driving. She left the traditional logistics industry and joined us two years ago, as she can align her deliveries with her children’s schedules and effectively balance both work and parental duties.

Leveraging strategic technology implementation to provide efficiency

Technology is more than just a tool but is a strategic enabler for any business. As businesses that run on technology platforms, it is also important to make sure there are features that support every driver-partner. Aside from providing communication channels, features such as district filters empower driver-partners to choose pick-up locations, giving them greater control over when and where they work.

Also Read: Consumer acceptance, industrialisation are critical to the success of cultivated seafood: Umami CEO

This is more than just about convenience – it’s about maximising income and efficiency. Kalyana Sundaram, a driver-partner with a lorry and a fruit stall in Little India he runs with his older brother, strategically plans his deliveries by accepting orders in the neighbourhoods where he is already located. This elevates the technology to more than just a feature but as a means to empower driver-partners to make strategic choices that benefit both them and the company.

Product enhancements are necessary to provide the best experience to customers, but at the same time, daily process improvements to ensure efficiency and productivity for driver-partners cannot be overlooked, as they are customer-facing and key to customer satisfaction.

The nature of the job also means driver-partners are always on the go, so leveraging technology, such as email submissions and in-app chat features, provides direct communication channels and valuable feedback opportunities. Real-time updates through platforms like Telegram broadcast channels keep driver-partners informed about surcharges and traffic situations, fostering a sense of connectivity that aids them in their deliveries.

The support systems in place for driver-partners

The first line of support is transparency concerning fair compensation. To show the value of contributions that on-demand workers get, fair compensation needs to be more than just a policy. Access to clear and comprehensive information about total earnings is non-negotiable and needs to be achieved from the start.

But it goes beyond information provision. The implementation of new processes and features aimed at dynamic operation is also crucial. Dynamic surcharges, for example, give driver-partners the chance to earn extra income, enhancing their passion for taking on more orders. This goes above just paying them but also recognising their efforts and creating a compensation structure that aligns with their dedication.

A robust suite of training programs is also crucial to the success of all driver-partners. With insights gained through daily operational observations, more comprehensive training programs can be curated, equipping driver-partners with the skills necessary for an evolving future.

An algorithm identifies the most relevant training materials, allowing drivers to refresh their skills and enhance delivery performance. This creates a win-win scenario for them and the company, empowering driver-partners to excel in their roles and achieve their delivery targets and overall goals.

Moreover, on-demand workers need to feel the commitment companies have to their long-term success, and strategic partnerships are part of ensuring that. Alleviating costs associated with deliveries through fuel discounts, lower rental rates on vehicles, optimal vehicle servicing rates, and mobile plans at preferred rates is a benefit but also part of a tangible support system.

Also Read: Leveraging AI and ML in supply chain management for smarter decision making

It is also recognised that the distortions of industry balance can occur through the capture of market shares via unrealistic incentives and coupons. This should be avoided as it creates a false reality for both users and driver-partners. Partnerships should be about reducing operational costs and enhancing the overall experience of driver-partners, reinforcing the idea that the company is genuinely invested in their success.

What’s next for us looking to the future

Platform businesses navigate diverse countries with their unique cultures and business norms. These are key factors for business success if companies want to understand and be relevant in their markets.

The expectations of on-demand workers are dynamic. Recognising the importance of managing them not as employees but as partners collaborating with us to foster efficiency within the industry is crucial. Beyond the scope of work in Singapore, companies’ commitments must extend to educating them on matters such as financial literacy and mental well-being, ensuring the cultivation of enduring and mutually beneficial partnerships.

It’s important to recognise and acknowledge the dedication and hard work of all on-demand workers. By engaging in ongoing efforts to understand their unique challenges and aspirations, companies can better reinforce commitments to collaborative journeys toward success.

Leading an on-demand delivery platform which has close relationships with its on-demand workers, these insights and strategies are lessons learned through real-world experiences of a changing workforce landscape. They reflect a journey of understanding, adapting, and empowering individuals who form the crux of our operations, ensuring not just their success but the success of the company as a whole.

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Diversity and inclusion (D&I) practices are pivotal in developing a real estate team or agency in Vietnam due to the high turnover rate in the sector. Talentnet survey shows that the turnover rate was the second highest after the retail sector, at 18.8 per cent in 2017 and 12.7 per cent in 2022, respectively, even when the property market was growing. It was abnormally high at 70 per cent in 2023 when the market fell off, another survey reports.

Retaining salespeople in a real estate company itself is a vital mission, and it would be more challenging when the market is downtrending. Real estate companies are recruiting salespeople all year. You can see their recruitment ads very often on social media channels, especially when a new project is open for sale or a new year begins.

Salespeople in a realty agency usually leave their jobs for two main reasons: no sales and no momentum. They are disqualified from not satisfying sales KPIs or making no sales in a given time, like two or three months, for the first reason.

Unfair commission shares, bad support and personnel inclusion policies may cause salespeople to leave their jobs, even some of whom made a few sales for the latter one. In some cases, the  “no momentum” working environment of the latter may result in “no sales” of the former.

Therefore, a tailor-made diversity and inclusion strategy can help improve the turnover rate and sales in real estate agencies or teams.

Realising D&I practices in real estate agency

Diversity and inclusion generally mean realising differences and recognising the achievement of personnel to maximise their capabilities toward business growth goals. The practice is useful for companies in all sectors, but it is extremely needed in real estate.

Also Read: Leading with diversity: Why DEI is essential for success in the digital age

Most personnel in a property agency are salespeople. Unless they are dynamic, proactive and knowledgeable, sales or commission can not come. They must prove their capabilities, which always differ from others, so that they may succeed in acquiring customers and winning deals. So gender differences, generation gap, religion and region variety, etc., play an important role in a real estate company. If you respect the difference, you will find best sellers.

Meanwhile, the achievement of different personnel should be assessed and rewarded in the proper way, which improves the quality of the working environment in property companies. Inclusion activities such as welcoming, training, outings and encouragement should be carried out thoroughly in the company.

As far as I have experienced from the real estate sector or my own business, gender balance, regional and age differences or generation gaps create a dynamic working environment rather than a lagged one. Benefits from gender balance can be found when staff help each other.

The old generation staff can quickly learn new tools, channels, even new slang from social media, and new digital marketing strategies or tools to acquire new customers from the young generation, while young staff can get help and learn selling experience of real estate projects and properties, especially skills to win deals with customers from the old generation.

In regards to inclusion practices, training is one of the vital practices that help our business build a powerful and stable sales force. There are often double-tiered training activities for salespeople, corporate training and property specialised training.

The human resource department delivers or hires experts to offer the first training, while the sales department or team leaders provide the latter training. This inclusion indicates that all staff are equally equipped with knowledge and skills to develop their career.

It appears important for a professional diversity and inclusion strategy to be applied to real estate agencies to make stable and financially effective growth.

How should the D&I strategy be applied in real estate agencies in Vietnam?

Provided that D&I strategies are properly applied to real estate agencies, they would develop more effectively and sustainably in the long run.

The majority of small and medium realty companies in Vietnam appear to manage their sales teams with hands-on experience. The business owners often originate from successful agencies or have experience in developing and managing sales teams. Now, they set up and run their own real estate business, so they tend to apply hands-on personnel management experience from their previous employer and other agencies with some typical achievements to their business.

As usual, to build up the sales teams, they often hire a multi-tasking personnel executive who will take care of all tasks from recruitment and personnel management to training and development. This may save cost, but it works effectively within a short time and in small business sizes.

I did the same thing a few years ago when I was managing a real estate agency with approximately 200 salespeople with a focus on middle to high-end property trading. Although we had developed the business with our own advantages, we still looked for practices and achievements of other agencies to apply to our current operations.

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

Instead of a paid recruitment campaign, like other agencies, we focused on seeking experienced sales managers who always have their own following staff. As long as we had the managers onboard, we would have their following staff join our teams.

Moreover, in witnessing other companies successfully retain salespeople by offering rewarding programs for best sellers and frequently organising outing activities, we did the same and got good results because these activities could connect and build momentum for sales staff and managers in our company. It is clear that the practical personnel experience was really helpful case by case, but in the end, I found that all the activities should be implemented in a strategic way to make the business work effectively in the long run.

My understanding of the D&I strategy has greatly facilitated my management tasks in my new model real estate business. We are a complete real estate trade platform where we build core sales experts to help members win deals while developing networks of sales affiliates and partners. So, the D&I practices are really helpful.

The real estate salespeople are young and dynamic, so I consider their creativity in marketing and sales, as well as their diversity in ages and genders. I suggest they bring new ideas and input to the marketing work, such as building YouTube or TikTok channels with their own style to acquire customers.

Even though I prefer hiring Gen Z staff, I still invite older staff to join our team to diversify the working environment and key results. Moreover, in order to connect and activate affiliates and partners, we have carried out different inclusion practices like direction training, skill training, outing activities, rewarding programs and compensation packages.

These practices are implemented by both back office departments and front office managers to help sales affiliates and partners feel fairly inclusive when working with us. This way can enable us to expand our networks of members with ease.

Generally speaking, to build a successful real estate agency in Vietnam, we not only focus on sourcing quality property inventories of a great variety, but we also understand the importance of D&I strategies and apply them to the business in the right way. This helps us recruit, retain, and activate the best sellers so as to keep the business growing effectively and sustainably.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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