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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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TECHNOLOGY International tax reform: the potential impact on the technology industryIn this article, we’ve summarised key elements of the global tax reform proposals, their potential impact on technology industry and advice from our digital tax specialists on what technology companies can do to prepare.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
A closer examination of the data offers some explanation of this apparent contradiction.
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
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The key to international business: Investing in people
How can recruitment and retention help grow international business?
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Over the last 18 months, we have all had cause to be more empathetic, in our home lives, with our colleagues, and towards our communities. And business leaders have faced imperatives to be empathetic in their roles, as physical collaboration has been replaced with virtual interaction, and staff have been placed under unprecedented stresses, calling for an altered, more flexible leadership skillset.
In the wake of the COVID-19 outbreak, organisations across the world have recognised the importance of empathy in the workplace. The results of Grant Thornton’s 2021 International Business Report (IBR) research[i] reflect the emergence of empathy as a valued leadership trait, with 22% of global mid-market leaders citing it among the most important for 2021 and beyond.
“We know that a happy and healthy workforce is a productive and profitable workforce. We also know that pre-COVID-19, one in four of us would have been affected by a mental health condition at some point. This has accelerated,” points out Susie Crowder, human capital advisory director for Grant Thornton Channel Islands. “Empathetic leaders will be aware of how their people are feeling as a result of the unprecedented changes that businesses and their people have gone through, and actively supporting them.”
But while empathy in personal relationships is often instinctive, how it manifests in a business environment is less apparent. An extension of emotional intelligence, empathetic leadership is the ability to be compassionate and to connect deeply through a demonstration of sincere interest. This can be achieved through being present, listening, and taking time to become aware of the feelings and thoughts of another person.
Crucially, being empathetic does not mean you always need to agree with another viewpoint. The key to empathetic leadership is being willing to understand how another person may experience an event or situation without passing judgment or making assumptions, allowing them to feel safe and understood.
“To be truly empathetic, people must, in addition to understanding others, respond appropriately to the feelings of others,” says Isabel Perea, audit partner at Grant Thornton Spain. “Those able to do both will show a natural predisposition for high demand skills, such as leadership, teamwork, negotiation skills and good customer service.”
Encouraging empathy in leaders requires a visible shift in business culture away from a sole focus on key performance indicators and deliverables, and investing in relationship building that promotes the wellbeing of employees, believes Ngozi Ogwo, CEO of Grant Thornton Nigeria. “Empathetic leadership requires that you step outside your own emotions to view things from the perspectives of others. As Alfred Adler puts it, ‘seeing with the eyes of another, listening with the ears of another, and feeling with the heart of another’.”
Empathetic leadership also means expressing your understanding of the contexts, experiences and feelings of others. “Empathy in leadership – the skill or capacity to understand another’s frame of reference – is absolutely a distinguishing factor between a good and a great leader”, explains Joy Taylor, National managing principal – operational and organizational transformation at Grant Thornton US.
Better business through empathy
Though empathy is hard to quantify in itself, the business benefits of empathetic leadership are tangible. Among mid-market business leaders who grew their staff numbers by at least 5% in 2020, empathy was more consistently important than the global average, with 25% citing it as a key leadership skill. It also scored well with those who grew exports and revenues during the height of the pandemic.
“At work, empathy always generates a benefit. If everyone in the company complies with the rules of coexistence, productivity increases,” points out Perea. “It will not be necessary to invest time and effort in mediations, and each worker will look after both their own interests and those of the rest and, therefore, those of the company.”
Those businesses with a culture that treats their people as the most important asset are likely to have more empathetic leaders, adds Crowder. “This is reflected in their corporate values and how they do their business. Those that fail in this will see a decline in engagement, motivation and performance, and indeed ultimately the bottom line.”
Empathy directly correlates to managers’ job performance, according to the Center for Creative Leadership report, Empathy in the Workplace: A Tool for Effective Leadership, with empathic emotion, as rated by a leader’s subordinates, consistently predicting positive performance ratings from that leader’s boss. Conversely, lack of empathy in senior management can result in negative business outcomes. Research by Singapore Management University found middle and lower management showed less company loyalty and less job investment when senior managers failed to demonstrate empathy.
Among the outcomes of an empathetic environment is increased innovation. People feel more able to experiment when supported by leaders who allow them to test and learn without fear of failure.
“Leading by example, rather than always leading from the front, helps people to feel more empowered to freely share their ideas, recognising that they are heard, seen and appreciated for their contributions,” says Dave Dunckley, CEO of Grant Thornton UK.
Empathy also generates a shared sense of purpose, making employees more invested in the goals of the business, adds Ogwo. “As empathetic leaders listen more to their teams and acknowledge their needs and contributions, they motivate them to produce optimal performances and cultivate a shared vision.”
And empathetic leadership is key to attracting, nurturing, and retaining talent. “Empathy must be promoted if you want to attract and keep the best and brightest”, says Taylor. “Let’s not forget, you don’t get to be a leader is nobody is willing to follow you.”
Business culture - A world of differences
With the impact of the pandemic and broader social shifts, skills traditionally perceived as ‘softer’ are coming to the fore. “Given the social shifts taking place in our culture and social issues moving to the forefront across the globe, being empathetic is simply a leadership requirement,” says Taylor. “It’s crucial for retaining talent, dealing with the ever-changing uncertainties of each day, and caring for the various needs of our stakeholders, teammates, coachees and cohorts.”
Despite these benefits, local business culture has a significant impact on the weight that empathetic leadership carries. In Grant Thornton’s regional research, 10% of respondents in Africa cited empathy as one of the most important leadership traits, while in APAC and North America, that figure rose to 21%. Some 26% of senior managers in the EU rated empathy as most important, while Latin America had the highest positive response rate at 32%.
What can you do?
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Listen with real interest, respect and without prejudice. Play back what you’ve heard, act on feedback, and provide support where it’s asked for.
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Accept criticism. Criticism is an excellent opportunity to improve and adapt to the needs of customers and staff. Analyse your own performance with tolerance and patience – and with objectivity.
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Honour emotional responses. Responding to and naming emotions will help to integrate empathy in the way you present yourself in the business world, in your organisation and to your team.
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Get to know people. Take time to meet co-workers, keep up to date with what’s happening in their lives, put yourself in other people’s shoes, and aim to make their jobs easier.
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Bring teams together. Periodic team meetings can be used to frankly and non-judgementally discuss issues that may have occurred, leading to useful learning.
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Share what works, and what doesn’t. Celebrate successes, and also admit that nobody gets it right all the time. Gather feedback on leadership from your people to understand their perspectives.
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Recruit proactively. When recruiting team members, have clear objectives that emphasise empathy as a core value, to establish a compassionate culture.
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Train your empathy: Often, people are promoted into management because of their technical capability and not their leadership potential. Be open to coaching and training on what empathetic leadership looks like in 2021.
Empathy in the Workplace, which surveyed leaders in 38 countries, found that the relationship between empathy and leadership performance is more marked in cultures with a traditional business hierarchy, where stratified power underpins social order. China, Egypt, Poland and New Zealand all follow this model. In these countries, the ability to bridge the rigid hierarchy with empathy creates a climate of protection and support, resulting in better job performance.
Empathy also has a powerful role in cultures with a flatter leadership structure. “In the UK, recent high-profile examples have demonstrated the pitfalls for leaders who are viewed to lack empathy and be out of touch,” notes Dunckley. “Business leaders are held to account publicly, so it’s important they’re authentic in the way they speak about issues important to their people.”
Even in those regions where softer managerial skills have been less valued, empathy is being recognised as fundamental to overcoming the challenges presented by the pandemic. “Empathetic leadership is the need of the hour,” says Ogwo. “In Africa, I see empathy coming to the fore, to support the campaign for a transformational style of leadership that encourages team spirit and social connections.”
Size matters when it comes to empathetic leadership
The size of the business also impacts its approach to empathetic leadership. The IBR research showed that larger businesses are placing more emphasis on the need for empathy, perhaps because it is harder to maintain as teams and business units increase in size, and interactions with direct reports become distant or irregular.
“As businesses scale up, there will be a need to encourage team spirit rather than focus solely on output,” believes Ogwo. “Leaders must recognise that the performance of a team is largely dependent on the attitude of its members. Empathy helps management redirect their focus by encouraging collaborations, boosting morale, productivity and retention.” A high empathy index would be a powerful KPI in dynamic organisations, she suggests.
“Trying to foster a consistent employee experience in a larger organisation is more complex because as a business scales up, the size of the leadership team will naturally grow,” adds Dunkley. “Training and support for people managers in how to be empathetic leaders is key, as they have the most influence over the day-to-day experience of employees.”
While the business grows, the need to retain a connection between leaders and their people also increases, concludes Perea: “The value of our workforce lies in our teams, in our people, and in fostering authentic relationships guided by the company’s values.”
What does empathy mean in practice? “For me”, Dunckley explains, “being an empathetic leader is about taking the time to listen, playing back what you’ve heard, acting on feedback, providing support and communicating this across your organisation to clearly define your values and expectations”.
Visit our Diversity and inclusion hub for research and tools enabling leaders to create the diverse perspectives and inclusive cultures needed to navigate these uncertain times.
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i. Grant Thornton’s International Business Report (IBR) surveys almost 10,000 businesses across 29 economies.