In this final article of our series, we turn our attention to the possibility of achieving your objectives from an operating model review and in doing so a different outcome to the current setup whilst maintaining the same scope of services for your outsourcing arrangements.
Now, we explore whether meaningful improvements can be realised without altering the outsourced scope of services.
Running a tender process
Running a tender process to validate pricing levels or empirically support a reduction. Apply caution to significantly lower pricing because new providers won’t understand the requirements in the same way as your existing service provider(s).
Following a robust process and having a consistent methodology is key to reducing the time on your team to run a process, for example the BVCA[1] provides a template for running a Request for Proposal (RfP) for fund administration services that could be requested from a tendering party.
Feedback and service improvement monitoring
Any material outsourced provider, particularly your fund administrator should have a mechanism in place for feedback to be provided. If there isn’t one, request one is setup and identify areas of improvement well ahead of time to ensure the best possible outcome.
Once the meeting is held, there should be a reporting mechanism agreed whereby the service provider can demonstrate whether they’ve met the agreed service improvements requested and/or explain the action they’re taking.
The stronger the relationship, the more this type of meeting will be encouraged particularly if there’s an opportunity to champion examples of outperformance.
Technology
Are there technology solutions that can be deployed to achieve your objective(s) whether cost reduction, operational efficacy, risk reduction or an improved investor experience?
These solutions may be available under your current service provider(s) or may some direct require investment.
Recap
In this ‘Outsourced Models are Changing’ series, we hope we’ve emphasised how adapting and evolving your outsourced models can enhance performance, ensuring that your business remains responsive to changing market conditions and are partnered with the best outsourced providers to meet operational demands. Maintaining a balance between cost, quality, and strategic alignment is key to deriving maximum value from your outsourcing arrangements.
Belasko offer tailored, full scope fund administration, focused on delivering the highest quality solutions across the entire fund lifecycle and across multiple asset classes. We’ve worked closely with our clients on developing and improving their operating models to enhance their performance. If you’d like to discuss further, get in touch with Nick McHardy, Group Head of Funds at [email protected].
As we hit the 2024 halfway point, challenging fundraising conditions continue to persist (noting a contraction of 22% in global private capital fundraising in 2023[1]), as well as a high degree of fundraising concentration to the biggest managers and general deal inactivity.
Here we provide a pulse check on the key themes within the private capital funds industry as we all collectively plot a course forward for our respective businesses and specialisms. The key industry themes of note are around liquidity, ESG, operational performance and post-COVID considerations.
Liquidity
80%[2] of the capital raised by UK based fund managers and GPs in 2023 were housed within 10% of the funds, further to this, over 60%[3] of the funds that were raised were less than £100m.
The industry has responded to the liquidity gap through innovative liquidity solutions seeking to address GP and LP-led market demand for liquidity. 46% of the $112 bn[4] in global secondary volume in 2023 was fund manager or GP-led.
Improvement in secondary pricing Following a significant rise in valuations within public markets during 2023 and macro environment stabilisation, there has been an improvement in pricing.
Across all strategies, pricing for LP positions were estimated at 85% of NAV in 2023 compared with 81% in 2022, but still trailing behind the 92% seen in 2021.
Rise of continuation funds Continuation funds have emerged as a prominent trend in the private markets landscape, particularly within the private equity strategies.
These funds allow fund managers and GPs to extend the holding period of their most promising assets beyond the typical lifecycle of a fund by transferring these assets into a new vehicle, the continuation fund.
They provide an effective solution for fund managers and GPs to navigate market dynamics by offering liquidity to investors and extending the period of value creation by a manager with deep knowledge of the assets with a view to optimising overall returns.
Democratisation and tokenisation Democratisation (also referred to as retailisation) extends the offering of private capital investment strategies into less institutional routes and has been the subject of exploration for some time. There are number of barriers which appear to still permeate the industry from a regulatory and infrastructure perspective, and much is still required to educate a wider investor base.
Political perception connected to private capital investment is also relevant as there needs to be effective political will and the resulting government policy to support.
These barriers appear to be starting to reduce; for example, the EU introduced a new ELTIF 2.0 legislation which became effective in January 2024 and is a more flexible and inclusive framework supporting a less institutional investor.
Tokenisation is often discussed in the same breath through providing fractional ownership with the use of blockchain technology that could support smaller investment sizes.
“The GFSC (Guernsey Financial Services Commission) [Commission] supports innovation and recognises the role tokenisation could play in improving efficiency within capital markets. The Commission is aware of growing interest, locally and internationally, in the application of this technology within the funds sector and this is an area of focus for fund regulators globally.” (14th May 2024 – Policy Statement – Approach to Fund Tokenisation)
Blockchain technology could also have wider implications for the industry by facilitating a more efficient transaction.
ESG
Environmental, Social, and Governance (ESG) continues to intensify within the private capital funds industry as a result of market expectations, regulatory and government intervention.
The emphasis on ESG stems from:
Sustainability goals: Increasing pressure from stakeholders to adhere to sustainability and ethical investment practices.
Regulatory requirements: Stricter regulations are pushing funds to integrate ESG criteria into their investment processes. Expected policymaking is anticipated to force rapid decarbonisation in the near future, driving funds to adopt more rigorous ESG standards.
Investor engagement: There has been a massive increase in engagement from investors on ESG issues. The due diligence performed by investors is now extensive and this heightened scrutiny reflects a broader commitment to responsible investing.
Performance metrics: Growing evidence suggests that ESG-compliant companies can outperform their non-compliant peers over the long term.
The EDCI (ESG Data Convergence Initiative) formed in 2021 and represents 425 + GPs and LPs from private equity, 4,300 portfolio companies and $28 trillion AUM.
They published data[5] which indicates that private equity ownership has a significant impact on ESG topics however performance for privately owned companies under private equity ownership on areas of sustainability is mixed relative to public companies, with some interesting themes that include:
Decarbonisation – Private companies held for two of more years triple their use of renewable energy.
Job growth – Private companies made 4% more net hires than public companies.
Diversity – Private companies lagged public ones by 33 % with at least one woman on their board.
Operational performance
Market conditions are influencing a trend for private capital fund managers and GPs to perform an operating model review in pursuit of performance.
Professionalising fundraising: Fund managers and GPs seek a route to professionalising[6] their approach to fundraising as a means to differentiate. This is likely to involve the provision of an enhanced data set to pre-empt questions and leverage technology in some way to support the consumption of that data set. Technology solutions also seek to support an enhanced investor/LP experience.
Cost reduction: Adjustments to existing operating models and service provider change in the pursuit of cost reduction is a trend that will continue particularly if fund managers and GPs have a trajectory of reduced fund sizes and management fee pressure.
Post-COVID
COVID is gone but not forgotten as the significant impact of the pandemic still heavily impacts working practices.
There was clearly a high spike in growth capital invested during the COVID-19 period with global growth capital invested in 2021 at $910bn, compared with $399bn in 2019 and $470bn in 2023.
Emerging fund managers who launched in 2021 would expect to find a cooling of the reception received by prospect investors when fundraising this year and into 2025.
Positive outlook for the private capital landscape
Despite the observed fundraising challenges, the private markets remain vibrant and full of opportunity as the industry is adept at adapting and innovating to offer solutions and products to challenges and market demand.
As we go into the second half of the year, there’s a cautiously optimistic outlook with interest rates expected to start reducing supported by falling inflation. This being said, as 49% of the global population is subject to an election this year, including the USA, UK and EU there will be plenty of uncertainty to navigate.
At Belasko, our full scope, tailored fund administration solution is designed to drive performance throughout the fund lifecycle. With experts based across the UK, Channel Islands and Luxembourg, and leading technology that’s customised to you and your needs, we’re well positioned to provide you with responsive, accurate and consistent support.
[1] McKinsey Global Private Markets Review 2024 – March 28 2024
[2] BVCA Report on Investment Activity 2023 – 14 of 131 Funds equated to £47bn
[3] BVCA Report on Investment Activity 2023 – 83 of 131 Funds less than £100m
[4] Greenhill, Jefferies, J.P. Morgan Asset Management. “Global Secondary Market Review,” Jefferies, January 2024. Data are based on availability as of February 29, 2024.
[5] Boston Consulting Group – Private Equity Sustainability Report 2023
[6] Bain & Company Global Private Equity Report 2024
Operating models are currently being reviewed by a number of private capital fund managers and GPs in the pursuit to enhanced performance.
Once your objectives have been established (see previous article), there are two primary routes that may be taken.
Scope status quo: keeping the scope of work outsourced the same.
Scope change: change the scope by increasing the undertaking in-house or increasing the scope of outsourcing.
In this article, we explore the considerations of changing the scope of outsourcing.
Reviewing the options
In-source activities currently performed by a third-party
This involves identifying and bringing activities that are currently managed by external service providers back into the organisation.
Outsourcing activities currently performed in-house
Increasing the level of outsourcing has historically been used an option by fund managers and GPs to enhance performance by improving operational efficiency, managing risk and reducing cost.
Considerations when changing the scope of services outsourced
Regulatory permissions – are regulatory permissions required to undertake the activity?
Expertise and resourcing – what level of specialist expertise and/or resourcing is required to undertake the activity?
Opportunity cost – is there a benefit of freeing up specific resource and/or an opportunity cost of allocating additional activities?
Systems and data strategy – what’s the strategy around in-house system capability and the maintenance of data as an asset?
Risk management and control – will a change in operating model require an investment in procedural environment?
Relationship with your service provider(s) – is it likely that your relationship will change as a result of an adjustment to scope of services? Could this change provide other benefits or represent any risks?
Contractual position with service provider(s) – if services are being terminated, what is the notice period (typically 3-6 months)?
Time for service provider to onboard the additional services – for additional services, what’s the timeframe to onboard and embed additional services? Is there a mechanism in place to ensure additional services are embedded successfully?
Fund managers have several strategic options to consider when changing their operating models. Insourcing and outsourcing decisions should be based on a thorough assessment of capabilities, costs, and strategic alignment.
As a next generation fund administrator, Belasko has developed a tailored service offering to support you in achieving your target operating model.
If you’d like to discuss your outsourced operating model in more detail, please get in touch with Nick McHardy, our Group Head of Funds at [email protected].
Next time, we explore how your objectives may be met by keeping the scope of services with your outsourced provider the same.
Recent legislative changes have made private trust companies (PTCs) in Jersey and Guernsey increasingly attractive and easier to establish. PTCs are particularly appealing to families who appreciate the use and flexibility of trusts but prefer to retain more clearly defined powers. These powers can be exercised by the board of directors of the PTC, rather than relying on individual or institutional trustees with whom they may not have had a prior relationship.
PTCs have become increasingly popular among high-net-worth private clients as they often prefer to establish their own PTC to act as the trustee of their family trusts, rather than transferring assets to an offshore professional trustee company. Andy Bailey, Belasko’s head of private wealth, explores the advantages and potential issues of utilising Jersey and Guernsey as hubs for PTCs.
Control: Trustees must act in accordance with the terms of the trust deed and comply with governing legislation. Often, trustees have wide discretionary powers in the administration of trust assets. Typically, the trustee is a professional corporate entity, potentially remote from the family. A PTC enables family members or trusted advisers to participate directly by sitting on the board or as consultants and advisers. This structure allows the family to retain greater influence over the management of trusts through the PTC than they might otherwise have.
Transferability: Having a PTC as the trustee of family trusts avoids the need for future changes of trusteeship. Instead, only the management agreement between the PTC and the licensed administrator needs to be terminated and a new agreement entered into with a new licensed administrator. The previous licensed administrator’s PTC directors (if any) would then cease to be on the board of the PTC.
Confidentiality: Ownership of the PTC structure can remain confidential when structured with the use of, for example, a purpose trust. This level of confidentiality is particularly appealing to HNWIs and families seeking discretion in their financial affairs.
Trustee Liability: Professional trustees are always aware of their liability and the risk of being sued by beneficiaries or third parties. As a result, they are often reluctant to take ownership of assets or participate in ventures with substantial risks. PTCs, due to the composition of their boards, can provide for riskier investments to be included in the structure, offering greater flexibility and opportunity.
Philanthropy: PTCs can make confidential philanthropic payments while ensuring the person managing the structure understands the thought process behind supporting such causes. This ability allows families to support charitable initiatives discreetly and effectively.
Flexibility: A PTC is likely to be more flexible and quicker in dealing with trust assets. The direct involvement of family members or trusted advisers can expedite decision-making processes and adapt more readily to changing circumstances.
Legal and Regulatory Framework: Both Jersey and Guernsey boast well-developed legal systems and stringent regulatory frameworks providing familiarity and reliability for trust structures. In addition, the trust laws in the Channel Islands are among the most advanced globally. They allow for a variety of trust structures, including discretionary trusts, reserved power trusts, and purpose trusts. This flexibility enables the tailoring of trusts to meet specific needs, whether for succession planning, asset protection, or charitable purposes.
Potential Issues
Management and Control: The residency of a trust typically depends on where it’s administered and where the majority of trustees are resident. It’s crucial that the PTC isn’t considered resident in an unfavourable jurisdiction, as this could lead to the trusts being deemed resident there, resulting in adverse tax consequences. To avoid this, most of the directors should be in the jurisdiction where the PTC has its registered office. Additionally, directors must properly discharge their duties, understand their roles, actively participate in meetings, and be aware of the company’s business.
The Sham Argument: To prevent the structure from being attacked as a sham, there must be clear evidence that the settlor and the PTC intended to establish a legitimate trust structure. This structure should be managed as such, with proper documentation and administration. Using a licensed administrator to oversee the general administration of the PTC and its underlying trusts can help mitigate the risk of a sham accusation.
Liability of Directors: Directors of PTCs have a duty to act in the best interests of the company. If they breach this duty, the general rule is that their obligations are owed to the company, not the shareholders. Consequently, the company would need to take action against the directors.
Jersey and Guernsey are growing in popularity as strategic locations for establishing and managing PTCs. Both jurisdictions offer an unparalleled environment, for high-net-worth individuals and families, that supports the growth, protection, and smooth transfer of wealth across generations.
At Belasko, our team provides the professional, personalised support that’s needed to manage the needs of HNWIs, families and entrepreneurs. Drawing on many years’ experience, we offer tech-driven, optimised wealth solutions across a range of jurisdictions and generations. If you’d like to learn more about how we can help with establishing a PTC in the Channel Islands, get in touch with Andy Bailey at [email protected].
Market conditions are influencing a trend for private capital fund managers and GPs to perform an operating model review in pursuit of performance. This review considers the service provided by third-party service providers such as your fund administrator.
Following the introduction of this trend in the last article, we now explore the four core value drivers and objectives that underpin such a review to assist the determination of what benefits an operating model change could bring to your business:
Cost reduction
Operational effectiveness
Risk Management
Investor experience
Cost reduction
You may be able to achieve cost saving targets without compromising on performance or quality by working differently with your existing and/or transferring to a third-party service provider (such as your fund administrator).
A new provider may be able to offer fee reductions by taking a longer-term view on the relationship or be able to leverage a more efficient operating model themselves.
Operational effectiveness
Identifying the processes and/or deliverables that take up the weight of internal resource and time may help apply focus in the right areas.
A consideration of whether there have been opportunities missed because of sub-optimal reaction times may be relevant.
Risk management
What is keeping you up at night?
Are there historical errors and/or any specific areas of discomfort that your team has over legal, tax and regulatory change which may position an adjustment to a specific part of your operating model.
Identifying areas of risk may yield a different level of interaction with your fund administrator and other third-party service providers to help manage risk better overall.
Investor experience
Fund managers and GPs are generally seeking a route to professionalising[1] their approach to fundraising. This may result in specific objectives around enhancing the investor experience on an ongoing basis or there may be some direct or indirect investor feedback that needs to be addressed.
Adjustments to processes and experience enhancements through the application of technology may be a route to attracting new capital inflows.
At Belasko, we partner with private capital fund managers and GPs to offer a tailored and fully outsourced fund administration solution to support you in achieving your target operating model.
If this would be of interest to discuss further, please do get in touch with Nick McHardy, our Group Head of Funds at [email protected].
In the next article, we explore the different options that fund managers and GPs should consider in achieving the specific objectives of an operating model change.
[1] Bain & Company Global Private Equity Report 2024
Outsourced models are well ingrained within the private capital fund industry, in part because fund structures are often domiciled within a different jurisdiction (e.g. Channel Islands, Luxembourg) to the core finance function of the fund manager (e.g. UK).
We have also seen that outsourcing has been used as a tool within the industry to enhance performance by improving operational efficiency, managing risk and reducing cost.
Historically, more material adjustments to existing outsourcing arrangements and the use of third-party service providers have correlated with market downturns as inflexion points. For example, following the Global Financial Crisis it has now become uncommon for fund managers and GPs to replicate the fund accounting maintained by their fund administrator for reconciliation purposes.
Flash forward to today, following an extended period of challenging fundraising conditions (noting a contraction of 22% in global private capital fundraising in 2023[1]), a high degree of fundraising concentration to the biggest managers and general deal inactivity, fund managers and GPs are once again more actively undertaking operating model reviews in order to enhance performance.
There are also supply-side factors with the emergence of alternative service providers with market differentiating features. This includes fund administrators that have more highly tailored service models and optimised technology or specialist software providers and consultants seeking to solve specific challenges through automation and Artificial Intelligence (AI).
Market perceptions have also shifted, whereby it’s more commonplace for fund managers and GPs to transfer existing fund administration mandates to new providers when faced with an opportunity to improve client service levels and reduce cost. With the right process and governance in place, it is a much easier process to transfer existing structures and services to a new provider and can be beneficial to consider such a transition sooner than later.
As a next generation fund administrator, Belasko has developed a programme that supports fund managers and GPs through an operating model review. Our fund administration solutions are precise, tailored and designed for performance.
If this would be of interest to discuss further, please do get in contact with Nick McHardy, our Group Head of Funds at [email protected].
And finally, stay tuned for our next article where we’ll explore the value drivers that managers and GPs may want to consider when embarking on their operating model reviews.
Group Commercial Director, Ross Youngs, recently collaborated with Charlie Ring, Corporate Partner at Charles Russell Speechlys, on an article for the FT Adviser.
Ross and Charlie explore the intricacies of financial advisory work.
In a recent survey by the Financial Conduct Authority respondents reported a high level of trust and satisfaction with the financial advice they had received. However, the question remains of; who advises the adviser?
While financial advisers have the capability to manage their own finances, the complex nature of financial planning requires individuals to utilise multidisciplinary teams for effective wealth management.
As stated in the article, objectivity is key. “Is ‘I can’ the same as ‘I should’?”
To celebrate International Women’s Day, women across Belasko’s offices caught up to discuss their current experiences as women in the finance industry.
Our team give some advice on how to break through in the industry as a woman and share stories on the inspiration they’ve found in their colleagues within Belasko.
In November, Belasko announced the latest group of promotions which included an internal move for Greg McKenzie. Greg, who ran the Guernsey service offerings for the last 3 years, is now Country Head of our Luxembourg office and supporting the growth of our service offerings from central Europe.
Since making the 390 miles journey from St Peter Port to the centre of Europe, Greg has taken the chance to review his growth ambitions for the jurisdiction, upcoming trends in 2024 and reflection of the journey Belasko has taken in Luxembourg so far.
The year has continued to surprise many of us. With 2023 aimed at putting covid firmly in the rear view, geopolitical tensions have taken the headline with many expecting more concerns on the horizon following key elections in 2024.
Whilst 2023 is going down on record as one of the most challenging years to raise private capital, whispers of green shoots are starting to emerge, promising optimism for what 2024 may bring.
Belasko aims to play a key role in partnering with fund managers to achieve their investment objectives in 2024. Simply put, our client solutions are designed with experienced people utilising smart technology, and stand confident these fundamentals will deliver value and support both established and first time managers achieve their investment objectives.
Along with the skiing opportunities, I was enticed by Luxembourg after hearing about the team’s client-focused culture and the opportunity to drive growth from the biggest funds market in Europe. Our team put collaboration at the centre of our day-to-day lives and work in an environment where our newest members work shoulder-to-shoulder with business leaders and can have their voices heard.
I am also pleased to be working closer with Graham Parry-Dew, who has over 30 years’ experience in Luxembourg. Graham has done a fantastic job in growing our European operation to date, including the opening of our new office in Limpertsberg earlier this year. Both Graham and I have a shared enthusiasm and ambition to grow our Luxembourg offering further in 2024.
If you would like to hear more about Belasko’s service offering from Luxembourg you can contact Greg at: [email protected]
Article by Natalie Iacona, Business Operations Analyst at Belasko
Is your workplace and team prepared to support a new employee with ADHD? Not many are, but I wanted to showcase my experience with Belasko as a case study for other workplaces to gain some insight.
I have ADHD, or as I like to call it ‘perpetual burnout and occasional chaos’, and certain autistic traits which effects all my five senses. ADHD is a neurodevelopmental disorder which, because of historic underdiagnosis in females, is becoming more prevalently diagnosed in adult women in recent years.
At its worst, people with ADHD can struggle with maintaining focus, stillness of body and mind. Therefore, ADHD is often linked to insomnia and a delay in the circadian rhythm which can severely affect sleep. Lacking energy exacerbates emotional dysregulation and negative eating habits. These features combine to impair executive functioning, which circle back to less sleep and less energy.
The typical workplace requires a significant amount of multi-tasking. We must prioritise tasks, handle back-to-back meetings, make time for self-development, and utilise a multitude of media to get the job done. To suffer from ADHD means to fight impulsivity to stay on track which can be very draining. ADHD burnout is very difficult to prevent, with those various elements of working life being perpetually overwhelming. Furthermore, every person that suffers from ADHD is different so the chances of people understanding this very personal challenge is slim.
It is important to stop this negative spiral, and to do so you must first recognise that ADHD in the workplace requires the right level of support, and it starts with honesty!
Now whilst I don’t claim to have it completely under control, like everyone, I have good and bad days. One reason I can now have more good working days is down to the support I’ve received from the Belasko team since sharing my diagnosis with them.
It’s not an easy journey to be honest with your employer, but it’s crucial. The main reason for this is the lack of education around ADHD and how it affects people. ADHD is hugely stigmatised and often downplayed. Commonly it is thought to be nothing more than a person lacking the ability to focus and who demonstrates hyperactive behaviours. As you can see from the above, It’s far more than that.
ADHD affects almost every one of the body’s functions in some form. The effects of an up to 30% developmental delay in executive functioning skills and emotional regulation are the main causes of difficulty for a lot of people with ADHD.
For me, there was a huge fear of admitting the things I struggle with as they are often associated with laziness and are considered society’s defining adult life skills, for example being on time and remembering to eat. Equally, ADHD is not related to intelligence or capability to do one’s job well, so the fear is that people will think that because you can’t do ‘easy’ things, you can’t be trusted to do much else, the fear of being overlooked for development and progression opportunities is huge.
Here are some basic steps of how the team has helped me.
Open communication
It’s clear to me that Belasko welcomes diversity in all its forms, Neurodiversity is just one example. Open communication has enabled me to be in a happy, healthy environment. Only by taking the risk in sharing my situation have the rest of the team been able to gain my trust and foster the mutual respect I experience daily.
Since joining in October 2020, the entire team has been incredibly responsive and understanding of any changes we have made. For some, including myself, asking for equipment, changing my way of working or needing tasks delivered in a certain way can seem daunting. The ability to have an open conversation about how processes work or ways of working is incredibly liberating.
It’s one thing to have the conversation, but it’s also the way in which my questions and requests are received. It’s never responded to with a sigh or groan but rather an understanding ear and immediate action.
One example of this is an adjustment to my email signature in the form of a communication notice so anyone I am in contact with can know how to best support me. Boundaries have been established and there is no expectation on others to retain this information as they too are very busy! It reads:
📣 Communication Note: Hey there! Quick reminder about my preferred communication style as a person with ADHD. To help me stay focused and efficient, please send requests and feedback in writing whenever possible. If we need to meet, let’s use my calendar and include a clear subject, agenda, and specific ask. Your support and understanding is much appreciated!
Flexibility
With my ADHD and sensory challenges, it can be incredibly difficult to complete simple tasks in my day-to-day life, let alone putting on my best face for the 9-5. These bad days don’t follow any schedule or calendar invite and the Belasko team is completely flexible with this.
Belasko has enabled me to work flexible hours, blocking out ‘focus time’ and ‘available for meeting time’ in my calendar, and including a note in my email sign off to indicate my preferred communications styles. There is a clear mutual understanding of how the business, and I can best work together, creating an incredibly rewarding and productive team environment.
Investment
More support systems are being released daily and whilst many of these are paid, I’ve realised that having an employer who cares means we can overcome the costs. The business has helped me access funding through Access to Work for 12 weeks of one-to-one ADHD coaching, provide disability training in the workplace, noise cancelling headphones, dictation and mind mapping software and another software to record meetings and training with high quality audio and transcription.
This type of investment not only allows me to perform at my best, but also reassures me that there is actual care behind what you hear or see online. It’s easy to say ‘we take care of our team’ or ‘great working benefits’, but these are the type of benefits that make a positive difference every day.
I very am proud to work for a company, with people, who treat me equally and without judgement. I have found comfort in authenticity and have been able to positively contribute to my team and business in turn developing my skills and confidence.
Businesses wishing to support Neurodiversity in the workplace can follow my checklist below, I hope you find it helpful!
My checklist for in the UK to support Neurodiversity in the workplace:
Ensure Managers have adequate training to understand the validity of neurodivergent communication styles and needs – train everyone to respect everyone; preferred modes of communication, needs and boundaries, not just those assumed by the majority.
Offer Occupational Therapist assessments as standard if someone discloses a health condition or seems to be struggling – this could be a hugely beneficial tool to bridge the communication & knowledge gaps between you and your employee.
Focus on output – support the process and celebrate the output!
Note the difference and overlap between Hybrid working & Flexible working policies; offer mutually agreeable solutions accordingly. Some will absolutely do more, and better, in less time if they’re enabled & encouraged to work with respect to their energy levels, whereas another may only thrive where they can rely upon a very dependable routine.
Paul Lawrence, Group Managing Director, said: ‘Natalie’s honesty and transparency about her diagnoses goes to the heart of Belasko’s values and it is only through her bravery that we have been able to positively respond. The benefit for us is that we have a caring individual who helps to bring the whole team together and is a cultural carrier for the business. We’ve been delighted to support Natalie in producing this blog, something that is a personal passion for her, and hope that it might help others to take on personal challenges of a similar nature in the workplace.’
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