The pandemic changed the calculus for employees and employers, ushering in a new age where hybrid, work-from-home and remote work arrangements have become the norm rather than the exception, with employees putting a premium on companies that support their holistic wellbeing. Parallel to this, there is a growing need to futureproof employees by providing them with training in digital technology, sustainability and other key areas, which is especially important given our global presence and increasing digitalcentricity. POTENTIAL IMPACTS • Formalised flexible work arrangements that enable employees in specific job functions to work from home • Initiated our Edgenta Workplace Wellness (“WoW”) programme to support our employees’ physical, emotional and financial wellbeing • Delivered role-specific and general training through our Career Development Programme, supported by our Learning Management System, Learn on Edge • E mployee Mobility Programme as part of futureproofing employees for our international expansion HOW WE RESPONDED As the expectations of employees and the demands placed on our workforce continue to evolve at a fast pace, we will strive to improve our approach to employee wellness and career development, including through the impending launch of our Diversity, Equity and Inclusion (“DEI”) Policy in 2023. OUTLOOK LINK TO Risks: Failure to meet the shifting expectations of employees could lead to: • Loss of competitiveness in the talent market • Reduced ability to retain existing employees • Reduced ability to execute strategic plans and reach our EoTF2025 goals Failure to adequately upskill our employees could lead to: • Reduced ability to meet our targets in technology integration, sustainability and cybersecurity, amongst other areas • Reduced ability to attract and retain talent Opportunities: • Establishing ourselves as a leading employer through purpose-fit engagements and initiatives • Harnessing a wider talent pool and driving talent attraction and retention by embracing hybrid and flexible work structures EVOLVING WORKFORCE CHALLENGES Capitals Material Matters Risks Stakeholders M8 S1 S3 R4 LINK TO From IoT to AI, cloud-based technologies to automation, IR4.0 technologies are now ubiquitous in companies around the world, driving cost and operational efficiencies while opening the door to new business models and sources of revenue. With this rapid shift, our ability to compete and succeed in the global arena will be determined by how effectively we can leverage digital technologies to drive value as well as our ability to mitigate against increasingly complex cybersecurity and data privacy challenges. • C ommercialised our Asseto asset management solution and undertook a pilot phase for our Asseto for Health solution • Pursued partnerships with technology leaders including ITMAX, Disrupt-X, Alibaba, Sumitomo and Softbank, which will provide our clients with access to technologies for energy savings, facial recognition-based access and security, smart traffic ordering and IoT-enabled buildings • C ontinued to digitise our internal processes in order to drive cost efficiencies • U tilised data analytics and machine learning for resource utilisation, performance benchmarking and predictive maintenance • E mpowered our employees to digitise internal processes through Low Code No Code solutions • Drove digital innovation amongst our employees through the Edgenta Innovation Programme • Implemented EndPoint Detection & Response (“EDR”) Network Detection & Response (“NDR”) and SIEM technologies to bolster our cybersecurity defences HOW WE RESPONDED POTENTIAL IMPACTS We anticipate that demand for digital solutions will drive the asset management industry to an even greater degree in the years ahead. With this in mind, our proactive investment in improving our digital capabilities and solutions positions us ideally to move up the asset management value chain and achieve our vision of becoming a Technology-Enabled Solutions Company by 2025. OUTLOOK Risks: • I nability to compete – on services and pricing – with more effectively digitalised industry players • L oss of key contracts and inability to acquire new projects due to lack of technologybased solutions • R educed ability to attract and retain tech-skilled talent • L eaks of customer information and intellectual property due to cyber attacks Opportunities: • I ncreasing revenue generation and driving differentiation by adding more technology-based solutions to our suite of offerings • U nlocking new tech-based business opportunities across different industries and markets • S treamlining our business processes and driving cost optimisation through digitalisation • E stablishing ourselves as a cyber-ready organisation by adopting leading edge cybersecurity technologies and approaches THE DIGITALISATION OF EVERYTHING Capitals Material Matters Risks Stakeholders M2 M3 S1 S2 S3 R1 R2 R6 OUR OPERATING ENVIRONMENT AND MARKET TRENDS OUR OPERATING ENVIRONMENT AND MARKET TRENDS p.68 p.69 UEM EDGENTA BERHAD INTEGRATED ANNUAL REPORT 2022 1 2 3 4 5 6 7 8 9 MANAGEMENT DISCUSSION & ANALYSIS
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