Changes in sentiment on the global markets will continue to influence exchange rates in 2021. In particular, companies operating abroad should not disregard currency fluctuations, as costs will quickly skyrocket if they fail to hedge. The fintech company Ebury, based in Zurich, helps its customers to optimally hedge against currency losses and is once again ranked first among the best forecasters for the euro/US dollar exchange rate by Bloomberg due to its accurate exchange rate forecasts in the fourth quarter of 2020.

Swiss franc depreciation and further prospects

A depreciation of the Swiss franc has been observed for some time. This, after last year's state of emergency around COVID-19 saw the Swiss franc live up to its reputation as a "safe haven". Fabio Comminot, Head of Dealing at Ebury, reveals how the Swiss franc will fare this year and what stance the Swiss National Bank (SNB) will take.

Switzerland's economic and political stability makes the Swiss franc a sought-after investment internationally. Is this also reflected in the current uncertain situation due to the Corona pandemic?
Fabio Comminot: Currencies, which are considered safe havens in times of crisis, benefited most from the prevailing uncertainty following the outbreak of the corona virus in the first quarter of 2020. In particular, at the beginning of the crisis, the Swiss franc rose sharply and appreciated against the euro and the U.S. dollar. This was despite the Swiss National Bank (SNB) intervening heavily to curb the appreciation of the Swiss franc. As the political situation normalized somewhat after the first lockdown in March, the EUR/CHF currency pair was at its low point in May. This is because the lower the uncertainty, the less investors worldwide seek protection in the Swiss currency.

The downward movement of the Swiss franc accelerated further in November 2020 and this despite still high infection figures. Why did the ongoing uncertain economic situation not lead to an appreciation of the franc again here?
Fabio Comminot: Real economic conditions are always important for the development of exchange rates. However, it is not so much the actual state of an economy that is decisive, but the expectations of market participants. For example, following the outcome of the U.S. elections and news of progress in the development of several vaccines, the Swiss franc became visibly less attractive as many investors became cautiously optimistic and thus more willing to take risks.

Uncertainty and hope also characterized our start to 2021. What will happen to the Swiss franc this year?
Fabio Comminot: As the Swiss government has been rather lenient by international standards with regard to pandemic containment measures, we expect the Swiss economy to benefit less from the easing of the Corona measures in 2021 than other countries. The Swiss franc will therefore continue to depreciate gradually against the euro. The return to a more "normal" level of global economic activity is likely to further reduce the attractiveness of "safe assets".

As previously mentioned, the Swiss National Bank (SNB) intervened heavily in the earlier stages of the Corona crisis in an attempt to weaken the Swiss franc. What strategy will the SNB pursue in 2021?
Fabio Comminot: In the first half of last year alone, the SNB spent an estimated 90 billion francs to weaken the national currency. This is because Switzerland's heavy dependence on exports means that a strong currency is a problem for the SNB. Thus, preventing a strong appreciation of the franc remains the SNB's most important policy tool. We at Ebury therefore believe that the SNB will continue to intervene in the foreign exchange market and prevent a significant appreciation of the franc. The optimistic view on vaccinations and the global economy also ensures that intervention will become increasingly less necessary in our view, as investors will prefer risky currencies instead. We expect the Swiss franc to depreciate further against the euro by the end of 2021.

Support from experts

It can be difficult for Swiss companies to budget ahead for the coming year when exchange rates change between the time they invoice or receive an invoice and its due date. Risk solutions experts, such as those at Ebury, can help companies develop a plan to manage risk that is aligned with each client's business objectives so that future currency fluctuations won't hurt them. In general, however, the depreciation of the Swiss franc is helping the Swiss export industry.

More information: Ebury

After a year of lockdowns and restrictions, SMEs are still particularly affected by the impact. The offer portal Gryps.ch, a procurement platform for SMEs, has asked: What support services have SMEs applied for? What is the financial situation? What developments do they expect in 2021? 150 SMEs took part in the survey. It was conducted between March 4 and 11, 2021.

Hardship request? Rejected!

One of the survey's findings in particular is worth noting: Many SMEs fall through the cracks in the hardship program. One in three SMEs has applied for support from the hardship program. Of these, one third have already received a rejection for a hardship application, and another third are waiting for the decision. This comes too late for many SMEs whose existence is threatened. According to the survey, 45% of the SMEs have experienced a drop in sales of more than 25% in the Corona year, and support from the federal government and cantons flows too slowly, if at all. The personal statements of the participants show a clear dissatisfaction: 85% consider the processing to be too time-consuming or too slow. Many SMEs still feel that they receive too little support from the federal government and the cantons.

Many redundancies

Other results of the survey also show the sometimes difficult situation of SMEs: For example, half of the respondents had imposed a hiring freeze in the last 12 months. In 60 percent of cases, this is still in place. One in five SMEs has also already had to lay off employees - that's more than you would just one year ago had to fear. Many SMEs are also directly affected by Corona infections: around one third of the companies surveyed have recorded Corona cases among their employees.

Consequences for the SME landscape

However: SMEs trust the home office and rate the efficiency of their employees as equivalent or even higher, as the survey finds. However, this does not hide the fact that the forecasts for many SMEs are gloomy: Further sales losses and bankruptcies are to be expected. Others, however, expect an upswing after the crisis.

The Swiss SME landscape is far from having recovered, concludes the Gryps.ch survey. The effects of the large declines in sales and the long hiring freezes on the labor market would be felt in the coming years.

Source: Gryps.ch

That a family business like Maler Höhn can celebrate 100 years is not a matter of course. In this case, it is a special merit and a tribute to the boss Silvio Höhn, who tragically died in an accident in 2019. He had led and shaped the business for over 35 years with great dedication and expertise. His serious professional attitude was appreciated by customers, employees and suppliers alike. The anniversary can also be seen as a reward for the new crew, which successfully navigated through difficult times under the leadership of Monika Höhn. Whether and when the celebrations can take place in 2021 depends on the pandemic situation. However, the anniversary is a proof of achievement that deserves great recognition.

And this is how the now 100-year history of Maler Höhn began: Johannes Muschel founded his painting business in Rüti/ZH in 1921 in the midst of industrialization. He soon moved to the rural town of Schlieren, which, however, was stirred up by the Spanish-Brötlibahn and the "Lisbethli". From there, Muschel, his stepson Silvio Höhn Sr. and later Silvio Höhn Jr. worked as a family business for a total of 92 years. In 2018, master painter Silvio Höhn Jr. moved his thriving business to Birmensdorf. Höhn AG circumnavigated many pitfalls over the hundred years, survived several economic crises and, thanks to the professionalism and agility of its "doers", created a name for itself as a serious and reliable regional partner. Höhn has always stood for high-quality painting work with heart.

The range of services offered by Höhn AG includes both exterior painting work (facade renovation, concrete and wood protection, lettering) and interior painting. This ranges from wallpaper and wall coverings to plastering and plastering work. Decorative techniques and spatulas are also used. Color and expert advice and work on listed buildings as well as the application of special paints (magnetic, whiteboard or luminous paints or protective coatings against electrosmog) are part of the versatile portfolio of the family business.

Source and further information

Wherever there are many people indoors, such as in open-plan offices or even in classrooms, there is a risk of poor air quality. Study of the FOPH already revealed in 2019 that the air quality in around two-thirds of all classrooms is insufficient. In the meantime - as we know - this situation has been exacerbated by Corona. This is because aerosols contaminated with viruses from the air we breathe pose a major risk of infection. Regular ventilation can reduce this risk, but it has the disadvantage that a lot of heating energy is wasted, especially during the cold season.

Innovative ventilation system that reduces the risk of infection

A solution to this dilemma is promised by an innovative ventilation system: Vitovent P-200. This ventilation system was developed by Viessmann, one of the leading providers of heating, ventilation and air conditioning solutions in Switzerland. Vitovent 200-P works according to the displacement flow principle (see Explainer video). In the process, the ventilation system directs fresh air into the room, where it is distributed over the floor. Vitovent 200-P then uses the body heat of the people present. This is sufficient to set air circulation in motion. The clean air on the floor rises and is inhaled. The stale exhaled air - including aerosols of people potentially infected with covid - also rises and reaches the Vitovent 200-P at the ceiling with the air flow. There, the so-called HEPA particulate air filter (High Efficiency Particulate Air) filters more than 99.995 percent of all aerosols from the extract air. Then, cleaned and enriched with fresh air from outside, it flows back into the room at floor level.

Immediately available and energy efficient

Vitovent 200-P is suitable for retrofitting indoors, is available immediately and can be commissioned within half a working day, the manufacturer writes. While surge ventilation, which is recommended in Corona times to reduce the risk of infection, wastes a lot of energy and thus contributes to climate change, the Viessmann ventilation system recovers up to 96% of energy from the warm, stale indoor air, it adds.

More information: Viessmann (Switzerland) AG

75,000 Swiss companies are facing succession planning in the next five years. Around 40 percent will be transferred within the family, in 20 percent the handover will take place within the company and in around 40 percent the company concerned will be sold to a third party. Regardless of the type of handover, an early start to the 'succession' project is of the utmost importance: "Five years in advance is the ideal time," says Thomas Zimmermann, experienced succession expert at the Raiffeisen Entrepreneur Center. When it comes to a company handover, the most important guiding principle is: "It's too important to leave it to chance." The former metal construction entrepreneur Zimmermann explains which eight rules are part of successful succession planning in SMEs.

Rule 1: Declutter and make the company lean.

A succession is similar to a move. It is an opportunity to part with what is not necessary. The company must be in optimal saleable condition on day X. Saleable means fit and lean. Fit in the sense of an internal, organizational decluttering, lean in the sense of getting rid of non-essentials: non-essential properties, participations, cooperations in other companies or family members on payrolls who do not work at all. The buyer usually does not want a general store, but a company with a clear focus on its core business. Finally, you also have to deal with the issue of liquidity at an early stage. Many companies have too much liquidity. The future buyer does not want to buy money. All the dimensions of decluttering mentioned above have tax implications. Five years before the planned handover, this issue can be addressed in a targeted manner.

Rule 2: Manage retirement planning.

With the AHV, pension fund and free assets, it should be possible to maintain the previous standard of living in retirement. Can I even afford this in the long term by selling my company? This question sounds absurd to many, but very few people deal with a neutral pension analysis at an early stage. Due to a lack of pension planning, negative surprises can occur shortly before the actual sale and the money for retirement is missing. The point is for the entrepreneur to analyze her pension provision, tap into possible coverage gaps at an early stage and pay surplus liquidity of her company into the pension fund tax-free.

Rule 3: Keep employees and technology up to date.

Entrepreneurship is in a constant state of flux - a fact that plays a central role in company handovers. Some entrepreneurs are very reluctant to invest years before the actual succession. This not only reduces the sale value, but almost more importantly the number of potential acquirers. Certain industries will find themselves in a completely changed reality in five years. You have to prepare for this today. Future acquirers want to buy a modern company, a modern and appropriate machine park and trained personnel. The further training of employees is a permanent topic - digitization in the company is an absolute obligation and not a necessary evil. Successful innovation projects are highly relevant for the ability to sell. Finally, brand value and brand awareness must also be precisely scrutinized.

Rule 4: Find, retain and empower potential successor.

Sooner or later, the crucial question arises: Who should continue to run my company? Is it my employees, is it former apprentices, is it family members or does the company have to be sold to a third party? Every form of succession has its own laws. However, one thing is clear: No succession without emotions. You have to deal with this central question in good time and get all those interested, involved and affected on board as early as possible. The management buyout (MBO) is also about binding potential acquirers to the company at an early stage. This can be done by integrating them into the management, by giving them an insight into the figures or by offering them an attractive share model. The decision regarding succession also marks the beginning of entrepreneurial training. Why? Because good specialists are rarely also trained managers.

Rule 5: From tax-optimized to transparent financial statements.

In principle, it is gratifying when a company has to pay taxes on profits. This means that it is fit and future-oriented. However, most companies tend to present their annual financial statements in a tax-optimized manner within the scope of interpretation allowed by tax law. This should end five years before at the latest, and the change to transparent annual financial statements should be made. The reason is simple: what counts first and foremost for the company valuation is a healthy earnings situation. Making hidden reserves plausible is always a matter of interpretation and leads to unnecessary discussions.

Rule 6: Develop financing models.

Financing a company takeover is a challenge for successors, because in very few cases can the purchase price be raised entirely from the company's own funds. This fact requires early planning and a weighing of the options.

• Classic bank loan: In simple terms, is dependent on the plausible, fair price and the competence of the successor. The bank usually finances 50 - 60% of the purchase price. As a rule of thumb, it should be possible to repay the loan over a period of four to seven years from free cash flow.
• Equity and a bank loan are not always enough. In such cases, a seller can facilitate the financing with an internal seller loan: Here, the buyer usually pays a significant part of the price immediately. For the remainder, the seller grants him a contractually agreed loan, which is usually subordinated in combination with bank financing.

Rule 7: Involve professionals.

The sales process is new territory for most seasoned entrepreneurs: It is advisable to get external support for the entire succession process - because the process can be managed by the external professional in a targeted and independent manner. Unprofessional preparation and execution can lead to many risks. On the emotional side, it can go so far that the family ends up at odds. And on the technical level, a family member may take over the business who either does not want it or does not have the skills to do so. The different values and lifestyles also make a smooth succession arrangement difficult. It is necessary to deal with the psychologically most important stage goals at an early stage. In almost all cases where the succession process failed, the appropriate process flow was missing. Here, a neutral, external expert offers very valuable support.

Rule 8: Analyze the corporate form.

In the end, of course, corporate law also plays a significant role in company succession. The sale or succession of a partnership or general partnership usually has tax consequences because hidden reserves have to be liquidated. Here too, early planning of a possible conversion is crucial. After the conversion of a partnership into a legal company, a company can only be sold tax-free after five years. The same lock-up period of five years applies to a spin-off of a business branch of a legal entity into a new corporation. (e.g. operating company / real estate company).

Address succession planning in SMEs in good time

These eight rules alone answer the question why early planning of succession is worthwhile. The 'life's work company' is associated with so much work and sacrifice that even the last step should be completed just as flawlessly as profitably.

Editor's note: The Successor magazine of the ORGANISATOR magazine addresses current issues relating to succession planning in SMEs on an annual basis. The 2021 edition is in preparation.

Many health-related products, services and technologies are often not designed for women. However, there are many areas that require specific solutions for women's issues, such as pregnancy, menstruation, fertility or menopause. In Switzerland and Europe, very few companies and startups are addressing these issues. EPFL and Groupe Mutuel want to encourage the development of these startups and support them through EPFL's Innovation Park and high-quality mentoring. A startup accelerator has now been launched under the title "Tech4Eva". In it, selection programs, workshops and coaching are planned to develop a business model and promote the maturation of new technologies for women's health.

Startup accelerator for Swiss and European startups

A selection committee will determine a maximum of 15 startups to be supported in this first season. The goal is to address issues around women's health in terms of prevention, support and treatment. Tech4Eva focuses on innovative solutions in areas such as pregnancy, fertility, menstruation, menopause, mental health and family life. The products and services developed by the selected young companies are focused on technological solutions such as apps, internet platforms, diagnostic tools, therapeutic tools or preventive medicine supported by artificial intelligence (AI). The program will last 9 months and is open to companies from Switzerland and Europe.

A win-win partnership

The selected start-ups benefit from one of the best healthcare systems in Europe. Thanks to the EPFL Innovation Park network and its incubator La Forge, they gain access to international collaborations and investors. At Groupe Mutuel, they can also work on pilot projects and have access to a dynamic market with one of the leading Swiss health insurers. EPFL Innovation Park and Groupe Mutuel are convinced of the necessity of new technologies for women and speak of a "win-win partnership": "Unfortunately, women's issues are often forgotten when developing technological solutions regarding health. With this partnership, we want to close this gap in Switzerland," explains Thomas Boyer, CEO of Groupe Mutuel, for example. "We are delighted to be able to work with Groupe Mutuel to help boost the productivity and creativity of 50 percent of the population with a support program for femtech startups," adds Jean-Philippe Lallement, Executive Director at EPFL Innovation Park.

Source: Groupe Mutuel

The Swiss LiveCom Association Expo Event industry association, in collaboration with its partner associations svtb and Tectum, conducted a survey among its members. In doing so, the associations wanted to provide themselves and the authorities with a representative overview of the situation. In the process, the business owners and executives of 153 companies provided binding information, namely on sales figures, the employee situation, project prospects, the receipt of aid measures and numerous other relevant topics.

Event industry with large loss of gross value added

The numbers speak for themselves: According to the survey, more than 17,000 projects were canceled by the event industry in the crisis year 2020. This resulted in a drop in sales of 57%, which is equivalent to 3.19 billion. CHF. Approximately 4,460 jobs were lost in 2020. Spread across the entire event industry, quite a few companies have ceased operations or completely reoriented themselves. The loss of trade fairs, events and congresses creates a hole of CHF 10 billion in the gross value added.

Further cancellations threaten

All the results of the survey would show how much the survival of most companies from the event industry depends on whether a protective shield for Corona-related cancellations is anchored in the Covid 19 law, according to the media release from the associations involved. That's because even with an end to the pandemic, an end to the emergency is far from in sight for many companies, it said. More than 70% of the survey participants, for example, have applied for a Covid 19 loan, which will take years to pay off. In addition, potential clients are unable and unwilling to provide any certainty about future activities, which will certainly extend the planning uncertainty that has prevailed for a year now well into 2022.

Protective shield demanded

Based on the current epidemiological situation and the current Swiss vaccination schedule, the industry associations assume that there will also be many cancellations in 2021 and 2022. This means that thousands of jobs will continue to be at stake unless a protective shield provides a remedy.

Source: Expo Event

There have never been as many female executives in Switzerland as there are today: According to the 16th schillingreport, the proportion of women on executive boards is rising for the first time by 3 percentage points (+ 30 %) from 10 % to a new high of 13 %. The number of female CEOs increases at the same time from 3 to 5 - and will increase to 8 in the current year. The public sector already employs 21 % women in top management.

Gender diversity has moved up the consciousness

The advance of female executives is underscored by the fact that the largest employers recently filled one in four vacant executive positions (26 %) with a woman, up from 21 % a year earlier, the report notes. For example, the public sector appointed a woman to 29 % of top executive vacancies. On the boards of the 100 largest employers, the proportion of women increased from 23% to 24%, according to the research. "After a long phase of sensitization regarding gender diversity, most companies have arrived at the awareness phase," notes the schillingreport 2021. They have now recognized how central their own
pipeline of female talent for business success. The number of companies that do not have a woman on their management board recently fell again significantly to 42 % (previous year 47 %). It is likely to be quite a few years before the acceptance phase - when appointments of women to management boards are as commonplace as those of men - is reached. "It's not for nothing that I always talk about a generational project," says editor Guido Schilling.

Expertise increases

This year's edition of the schillingreport evaluates the composition of the boards of directors by expertise for the first time. Here shows
The study shows that the members with an operational general management background clearly predominate with 61 %, while 39 % of the members ensure corporate governance with their expertise. 54 % of female board members have governance expertise, while two-thirds (66 %) of their male colleagues have a general management background.

More female managers in key functions

Women are increasingly taking on key functions: 52 % (previous year 39 %) of the new female members of the Executive Board assumed a role relevant to sales or earnings. Only 48 % (previous year 61 %) assumed a service role such as Human Resources or Legal. Among existing female Executive Board members, nearly two-thirds (65 %) are responsible for service functions. "The
companies' commitment to attracting women to sales- and market-related business management roles is also strongly felt in my day-to-day business," says Schilling. "That's why I always advise young women and men to develop in the company's core business and gain experience abroad if they want a career in top management." In addition, diversity generally makes companies more resilient, as another study has recently demonstrated.

Source: Guido Schilling AG

Every year, the international market research company Statista, together with the Handelszeitung and Le Temps, determines the best employers in Switzerland. Thousands of employees were surveyed in the large-scale study between May and June 2020. Together with the votes on the two media portals, over 200,000 assessments were received. The beverage manufacturer Rivella made it to first place on the list of the 250 best employers in Switzerland, relegating elevator manufacturer Schindler and the Swiss Paraplegic Group to the places of honor.

Open communication in challenging times

The joy in Rothrist, the headquarters of the Swiss family-owned company, is enormous. "The fact that our employees and employees from other companies in the consumer goods sector give us such high marks shows us that we have done a lot right in recent years and also during Corona," Markus Krienbühl, HR Manager at Rivella, is convinced. Due to the lockdown and the associated closure of the catering facilities and cancellation of countless events, Rivella already had to announce short-time work for a few weeks in the spring. Among other things, Krienbühl is convinced that the employees greatly appreciated the open, transparent, and regular communication.

Strengthening the employer brand internally and externally

In the survey, Rivella scored above average in the areas of "pay," "cooperation," and "conditions and equipment," according to the report. But Markus Krienbühl is convinced that no one makes the journey to Rothrist for the pay alone: "We pay salaries that are customary in the industry. It is rather the overall package that makes the difference," says the head of HR. In recent years, Rivella has made many efforts to position itself even better as an employer and to strengthen its employer brand both internally and externally. This has helped to dynamize the company as an employer, strengthen the emotional bond between employees and support cultural change. The management and corporate culture had been further developed in a targeted manner on the basis of trust, appreciation and respect. "All this with the aim of being able to offer attractive and modern working conditions as an employer," Markus Krienbühl summarizes.

Remain Switzerland's best employer

The big challenge now will be to remain an attractive employer for future generations of employees. To ensure that this is the case, Rivella AG says it is investing a lot in its employees, in new forms of work and in a living WE culture.

Source: Rivella AG

How is the Corona pandemic changing our corporate and working world? In a "backward forecast", we look for initial answers. Here is Part 5 on the topic: Credible family businesses are sustainably crisis-resistant.

Through the crisis with drive and spirit

We were thrilled to see how agile and courageous the rather down-to-earth family-owned company Trigema from Burladingen in Germany, led by patriarch Wolfgang Grupp, switched its textile production from T-shirts to face masks in a very short time in March 2020. How Jägermeister donated alcohol for the production of disinfectant. Hansgrohe sent entire shower trucks to help the homeless in urban centers. And how D'Addario, a family-owned New York company, turned the clear film of its EVANS drumheads into medical face masks for drummers - and, in just a few days, used its original strengths to build an entirely new medical-necessities business alongside its music-accessories business.

I wonder how much profit the Grupp family, as the owner of Trigema, could make in the meantime from the new face mask business. I think it will be considerable - especially because the business with masks is still growing strongly. Today, in the summer of 2022, face masks are hip fashion accessories and it's hard to imagine everyday street life without them. We have all become accustomed to them. They come in a wide variety of colors, patterns and shapes. Many - especially young people - use them to express their personality.

The good name in mind

Under the pressure of the Corona crisis, we, like many other family-owned companies, took on significantly more social responsibility and displayed unimagined improvisational skills. And in retrospect, we did very well with that!

We do not want to lose this entrepreneurial drive and spirit, which is focused on the here and now but is designed for sustainability. We want to maintain it in our employees, managers and committee work in the long term. If possible, we even want to expand it, for example by preparing our Corona activities internally as "role models" and transferring them to other areas of activity in our company.

Against this backdrop, we rubbed our eyes in amazement at how clumsily and insensitively to the public mood the major corporation Adidas tried to avoid paying rent in April 2020 - and received an incredible "shitstorm" for it. And how, despite this cautionary example, other companies repeatedly attracted negative attention as "crisis winners" in the further course of the year and properly tarnished their reputations. It's unbelievable how quickly you can weaken your good reputation by making the wrong decisions. And how massively this then also affects the figures in the business.

For us, it was already clear at the beginning of the Corona crisis: If the sensitivity and attention of the public increases, we have to keep a wary eye on our brand - understood as our "positive prejudice" in the market. In times of crisis, any entrepreneurial decision can quickly spiral into a "brand jam" and shatter a sensitive part of the trust capital that we regard as essential and decisive for the future viability of our family business.

Investing the business model sustainably

Fortunately, we were able to credibly demonstrate through energetic action that social responsibility for the community is important to us as a family business.

It certainly also helped that we had always designed our business model to be clean, transparent and sustainable. Based on values we live by. And focused on honestly creating substantial added value for our customers, our employees, the environment and us as owners. There are no systematic irregularities in our company that we would have to fear might one day be dragged into the light of day. We are protected in the best possible way against a sudden "image meltdown" caused by the crisis - as happened to the German meat producer Tönnies from Gütersloh in June 2020.

The fact that we are now benefiting considerably as an employer brand precisely because of our conservative and sustainability-oriented management culture and have been able to hire promising new employees with a progressive mindset in recent months was neither foreseeable nor intended. However, it is a nice side effect that encourages us to remain true to our values in the future and to consistently continue on our path.

Click here for part 1

Click here for part 2

Click here for part 3

Click here for part 4

Authors:

Christian Schiede has been advising and assisting entrepreneurial families and family businesses to strengthen cohesion, increase competitiveness and secure value since 2003. Contact: www.schiede.com; schiede@shpadvisors.com

Bastian Schneider has been helping entrepreneurs and management teams strengthen their brands from within and lead their organizations and businesses into the future from this perspective since 2000. In more than 30 industries. In Germany, Austria and Switzerland. Contact: www.brandleadership.ch; bastian.schneider@brandleadership.ch

The importance of work has different weightings in the personal value system of each individual: Some people work in order to live, i.e. to finance their livelihood. Others live in order to work. All of this is neither good nor bad per se, and it is not always a self-determined choice. For each person, therefore, work has a different meaning.

Work is a good thing, and working a lot is also a positive thing in our society for the most part. This is not necessarily accompanied by excessive demands or even a possible burnout. Those who work often and a lot can certainly do so with pleasure and experience fulfillment as a result. Even if the danger of workaholism lurks among those who do an above-average amount, this term tends to have a positive connotation. Only the increase of this leads to the actual work addiction and the border to a disease comes closer. What characterizes work addicts? They are people who show typical addictive behavior, i.e. they need more and more of one thing to get through the day. Thus, they are trapped in the continuous loop associated with it: Their entire self-esteem is based on their work, so they are no longer able to separate themselves from it, work compulsively and live a pronounced perfectionism.

Where does workaholism lurk?

People in modern society work much more than the generations before them in previous centuries. With the Enlightenment came a modern promise that extended through the industrial to the digital revolution to globalization: people will be freed from work. To this day, it has remained an assurance. In fact, in the meantime, rough, manual or repetitive work has been outsourced to machines or to the IT world. What remains astonishing, however, is that people - no sooner have they got rid of physically hard work - take back their lack of freedom with workaholism.

Work addiction is a form of dependence. One can no longer be without work and develops a high desire for the activity and the corresponding recognition through it. Achievement addiction is a part of this, one wants to prove something to oneself. Workaholism is described as an excessive need for work. In this state, important, other areas of life lose importance. Thus, social contacts gradually break down and the compulsion to define oneself through work continues to increase. The spiral sets in motion and, as with any addiction, the dose must be constantly increased for satisfaction. Eventually, this can lead to illness. Those who permanently work more than 50 hours per week are already very close to workaholism.

Addiction to prestige, performance and work

The causes of work addiction are often to be found in exaggerated commitment. Executives and self-employed people are often affected, who work so hard and experience a high level of satisfaction from successes and results, encouragement and further orders or projects. If this remains a temporary phase and an appropriate balance is found, this can be seen as a positive thing. However, it becomes risky when this high level of commitment is closely linked to the personal value system and the manifestation of self-esteem. Those who link their own value to work performance are more quickly affected by work addiction. From the compulsion to want to do everything perfectly in order to appear valuable to oneself and others, the ability to separate the essential from the non-essential is lost. In order to get everything done at all, there are extra shifts at night and extra work on the weekend.

Therapists explain the fact that someone tends to such a form of addiction at all on the basis of upbringing, heredity, personal life history and social circumstances; influences from society also play a role. But what symptoms do you use to recognize work addiction?

• You think more and more, even outside working hours, about your work.
• You think about where you can procure even more time for your work and sacrifice free time, hobbies and social contacts for it.
• They develop a high degree of perfectionism and lose the ability to set priorities.
• You feel that you are basically working too much.
• You do some neat planning and find that you always spend more time working than you intended.
• Due to time constraints, you put off higher-level tasks, which puts even more pressure on you.
• They forget appointments and can't explain it.
• You feel angry about your circumstances and experience feelings of guilt or the first signs of depression.
• You develop physical withdrawal symptoms when you can't dedicate yourself to work (wi-fi free zones, illness, vacation with family, etc.).
• They have difficulty making decisions and increase the workload to accommodate everything and everyone.
• You doggedly pursue goals or plans that you want to push through at any cost.

 Tips against emerging workaholism

If you want to recognize whether you are at risk, the first step is to be honest with yourself. Do the first symptoms show up regularly? It makes a difference whether you work almost around the clock for four weeks on a project or whether you display the corresponding behaviors over a period of several months or years. Start with a binding work plan for yourself:

• Involve friends and family, and allow them to be explicit about when you are working too much.
• Be very rigid with leisure appointments, so embrace soccer night with your friends and your child's birthday party as dutifully as you do your business appointments.
• Turn off mobile devices in the evening and create islands of time when you're not working.
• Learn to trust others - this creates the opportunity to delegate.
• Learn not to make your self-esteem solely dependent on work.

About the author
Stefan Häseli is a communications trainer, keynote speaker, moderator and author of several books. For years, the communications expert has accompanied numerous companies up to the highest boards of multinational corporations. He lectures at universities and colleges in the field of communication. As an expert, he appears on radio and TV stations. always takes a stand when communication is playing a decisive role somewhere in the world, such as the first few weeks of "Donald Trump" or the look at Boris Johnson's communication behavior.

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In recent years, the Swiss FinTech industry has developed from a niche market into a relevant provider of innovative solutions for the Swiss financial industry. The majority of companies offer solutions in the area of investment management and banking infrastructure. Their business models are predominantly based on technologies from the areas of process digitization, automation and robotics. This Swiss FinTech market also grew last year: at the end of 2020, a total of 405 Swiss FinTech companies were based in Switzerland. This represents an increase of 23 companies (plus six percent) compared to 2019, according to a recent study by the Lucerne University of Applied Sciences and Arts.

Swiss FinTech market: growth slows down

Despite the rising number of FinTech companies based in Switzerland, there are also initial signs of a slowdown in the sector's development in 2020. "Since 2015, the growth rate has never been this low," says Thomas Ankenbrand, study director and lecturer in Banking and Finance at the Lucerne University of Applied Sciences and Arts. Other indicators pointing to a slowdown in the Swiss FinTech sector include the median total capitalization of companies falling and the median number of employees remaining constant. A look at the workforce of Swiss FinTech companies also shows that the proportion of their employees who are not based in Switzerland but abroad is rising steadily. At the end of 2020, this group already accounted for more than a third of all employees of Swiss FinTech companies.

The good conditions in Switzerland are tending to deteriorate

Switzerland continues to fare well in an international comparison with regard to the prevailing framework conditions for FinTech companies, according to the FinTech Hub Ranking of the HSLU study. "However, conditions have tended to deteriorate in recent years compared to the other leading FinTech ecosystems," explains Ankenbrand. This is particularly true of social and economic environmental factors. Further analysis shows that the quality of the environment has a clear positive correlation with the size of a FinTech sector. "Taking care of these general conditions is not only important for the resident FinTech sector, but also for the Swiss financial industry as a whole," says the FinTech expert.

FinTech is slowly arriving in the real world

A large part of the volumes, whether in payment transactions, loans or investments, is still handled by traditional financial institutions and individual established FinTech companies. It can be seen that Swiss banks have become more efficient over time. Gradually, the effect of digitalization is becoming clear. This is due, among other things, to FinTech solutions, the majority of which, according to the findings of the study, are aimed at business-to-business transactions, which also includes innovative solutions for established banks. In general, traditional financial institutions have been able to increase volumes under management while keeping costs stable. "However, this development is not reflected on the revenue side," said Thomas Ankenbrand. According to the study's authors, this indicates that the efficiency gains are being passed on directly to customers.

Open Banking is realized via platforms

Driven by pressure on business models, technological advances, changing customer needs and regulatory requirements, open banking, in which banks and third-party providers exchange certain data or services with each other, is considered a significant trend in the financial industry. However, a survey of IT managers at Swiss banks presented in the study shows that the pressure to open up bank interfaces as well as the need for corresponding solutions, especially in the business-to-consumer area, is relatively low. Other obstacles to the implementation of open banking solutions are the high costs and effort involved, as well as concerns about IT security and the lack of standardization. The latter is, at least in part, due to the fact that Open Banking in Switzerland is market-driven and not imposed via binding guidelines (PSD2) as in the European Union. As a result, various platforms have emerged that enable the secure and standardized exchange of data and services. These platforms are also increasingly being used by banks, especially in corporate banking.

"Skin in the game matters"

Venture capital activity is the indicator with the highest significance in the FinTech hub ranking. In this respect, Switzerland is basically well positioned. Indicators of this are the volume of venture capital invested in the FinTech sector and the low level of difficulty perceived by Swiss FinTech companies in raising new funding. In total, the sector was able to raise around 260 million Swiss francs in new capital in 2020. Total capitalization is also important for individual companies. In addition to revenues and the number of employees, this shows a significant correlation with the valuation of a FinTech company, as shown by a quantitative analysis in the study.

Source: Lucerne University