Mind how you go
Many IROs are experiencing mounting responsibilities and expectations in today’s post-pandemic ‘always-on’ reality, often coping with under-staffing and under-resourcing as companies strive to get back on their feet in the ‘new normal’ landscape.
‘IR is definitely a 24/7 industry,’ says Kimberly Esterkin, managing director at ADDO Investor Relations. ‘The always-on-call nature of the business is part and parcel of the job, so it is certainly not for the fainthearted. The ability to multi-task is another pressure. Whether one is in-house or at an IR agency, there are always several work streams taking place simultaneously.’
Oliver Moravcevic, director of IR at Edwards Lifesciences, agrees that the broad range of tasks involved in IR can present a challenge when it comes to seeking much-needed downtime. ‘There is always something going on,’ he comments. ‘Either we are preparing for earnings or planning for conferences, or we are on the road talking to analysts and investors. Each of these requires a different level of involvement and achieving a good work-life balance has not been easy.’
And if the profession wasn’t challenging enough, the fallout from Covid-19 is still affecting IROs, according to Esterkin.
‘I have definitely found the pressure increased post-pandemic,' she says. ‘The notion that your home is your office and your office is your home has truly blended the work/life continuum. There is an expectation that you'll always be available whether via phone, text or email, and the working week is no longer five but seven days. It’s therefore very important to establish boundaries, to make time for yourself and your family in order to create a separation between work and personal life.’
Heather Kos is vice president of investor relations and communications at Univar Solutions. She agrees the pandemic has added to IROs’ pressures, but feels there is light at the end of the tunnel as businesses continue to adjust.
‘I think, initially, pressures were harder post-pandemic because we were navigating hybrid investor marketing calendars, longer commutes to the office, the return of the social calendar and trying to get everything done within the same timeframes,’ she says. ‘Additionally, many IROs wear multiple hats that can affect the workload. I do think that over the past six to nine months, those pressures have lessened and we are finding a new normal.’
Managed correctly, times of pressure can present a learning opportunity, suggests Moravcevic. ‘We have more on our plates than before but, at the same time, the pandemic taught us how to be more efficient and flexible,’ he says.
‘It also appears we are working longer hours than pre-pandemic, but somehow wider acceptance of virtual meetings and added flexibility have made this more manageable. We live in exciting times so stress levels vary depending on what’s happening at any given moment. I try not to over-react but rather see these moments as opportunities and learn from them.’
Perspective and prioritizingSo how do today’s IR professionals cope? For Esterkin, perspective and exercise can provide some relief.
‘My coping mechanism is often taking a step back, putting the task at hand into perspective and prioritizing,’ she says. ‘What needs to be done first? What can be pushed until tomorrow or even next week?
‘There’s always work to be done but not all of it needs to be finished immediately and it can be shared between the team, if you have one. In addition to level-setting, I try to make a point of exercising each day. The added endorphins always seem to recharge me, giving me the positive push to keep at it and put forth my best effort.’
Relaxation and exercise are also a tonic for Moravcevic, but time can be a challenge. ‘I find it very important to know how to rest and wind down,’ he says. ‘Regular exercise also helps with managing stress. The problem is finding time to squeeze in a workout during those stressful periods.’
Adding her experiences, Kos comments: ‘The best coping mechanism I have found is not to look at my device first thing in the morning. Instead, I put on my running shoes and take my dog out for a run, device-free. This really clears my head and I feel like it is a small victory where I am present and thankful, and not distracted by emails or requests.’
Dealing with disasterDespite the best planning efforts, there’s always the potential for a crisis to hit within IR, making an already-pressured job even more so. ‘If you are running a good IR program, you know a crisis is not a matter of if but of when,’ says Kos. ‘I think it is crucial to have a good crisis comms playbook prepared ahead of time, including an internal committee that meets regularly.
‘Although you can never really plan ahead for a crisis, a well-defined process provides some security when you are going through a stressful event. Also, it is crucial to have good advisers you can use if needed, such as crisis communication firms, your investment bankers and outside legal counsel.’
In addition to a bank of advisers, Moravcevic notes the importance of having a team mentality during a crisis. ‘We are incredibly fortunate that our team is the epitome of professionalism and support and when times get tough, we work through them together,’ he says. ‘Surrounding ourselves with people who are supportive and understanding can be crucial when dealing with stressful events.’
For those experiencing mental health pressures, it’s always worth exploring what in-house support is available.
‘The company I work for takes the mental well-being of its employees very seriously and provides many resources,’ says Moravcevic. ‘We have access to wellness newsletters and webinars, and the firm even offers free access to meditation and well-being apps.’
What other tips do our IR experts have for their fellow IROs?
‘First and foremost, you need to remember that while our business may be 24/7, part of those 24 hours needs to be spent resting and recharging so that you can perform at your peak,’ suggests Esterkin. ‘Remember to eat, sleep and exercise, which is easier said than done. Secondly, find an outlet – whether that be an outside-of-work hobby like running, a daily time to read or listen to a podcast, a good walk with your dog, a phone call with your friend or playing a board game with your children. We all need that time to step aside from the hustle and bustle to decompress.’
For Kos, it is the profession itself and IR peers who can help IR professionals deal with industry pressures.
‘I have found the IR community comprises a fantastic group of people who want to help,’ she comments. ‘It is so important to lean on your IR friends and colleagues for their guidance and wisdom – and return the favor when they need help.
'Often, they have sage advice that can really save the day. Other times, it is just the best darn therapy to commiserate with those who have gone through it and know you are not alone.’
