BUSINESS: 532 PRACTICES
Papastratos, in 2017 turned the page in its long history and, with a significant €300-million investment, transformed its factory in Aspropyrgos into an exclusive heated tobacco sticks production unit for IQOS.
The contribution of companies to the fight against discrimination is one of the primary messages that emerge through Papastratos' public discourse. The size of the company, its special weight and its uninterrupted, active presence in the country's business scene, contribute to making the message of corporate citizens' contribution to the fight for a more sustainable and inclusive future heard more. Papastratos' goal is to convince more and more companies of the importance of this recruitment and to develop the initiative with their own ideas and expertise. The following quote from an interview of the company's President & CEO is typical: "It is commonly accepted that we live in a world with strong economic and social inequalities. A typical example is the distribution of vaccines for Covid-19, with the vaccination rate in countries of the western world reaching 70-80% while in Africa it is less than 1%. This mix, going forward, is not sustainable. Something must definitely change. In particular, when it comes to business, an issue that often arises is the inequality between the pay of men and women. I am proud to say that, as Papastratos, we not only do not belong to these companies but that three years ago we were certified as the first company in Greece with Equal Salary Certification which confirms that we give equal pay to men and women for the same work. We also often participate in or provoke public debate on issues of diversity and employment exclusions. We recently funded Women On Top and athINEA's research into women's financial literacy. What has emerged is that women consider that they cannot and do not want to handle their finances and leave the overwhelming majority to men, which creates other dependencies, beyond financial ones. As Papastratos we support a world of diversity both inside and outside the company and work for a better, sustainable and inclusive future."
Employees (and employees as a whole) of Papastratos who benefit from the Equal Salary Policy implemented in the company, women participating in the "Economy Courses" seminar series, Greek society as a whole through spreading the message about the importance of financial literacy in women's empowerment.
For Papastratos, the emphasis on gender equality, inclusion and diversity is timeless, in the company's 90 years of operation.
Indicatively, in 2019, Papastratos became the first company in Greece to receive the Equal Salary certification (equal opportunities and pay for men and women), a certification that it renews every year to this day.
Papastratos views this initiative as part of its broader strategic goal to emerge as a thought leader on gender equality issues in the coming years, alongside corresponding initiatives that support the company's stated commitment to women's empowerment. With a coordinated effort, with many actions that will cumulatively lead to positive results. The progress of the initiative and its impact on public opinion will be monitored through MRB's biennial measurement survey for internal use only, on various issues concerning Papastratos. We aim to assess the results of the initiative in 2022, announcing then, depending on the development, further support for useful related actions.
What is financial literacy?
The combination of perception, knowledge, skills, attitudes and behaviors necessary to make sound financial decisions and ultimately achieve personal financial well-being. It is the totality of what we believe, know, feel about money, as well as how we react in practice when we are asked to ask for it, collect it, spend it, invest it and, in general, manage it.
We all realize that this is a critical skill in the modern world as it is a source of empowerment, independence and security for anyone who possesses and further cultivates it. However, there is a significant gap between the two sexes in terms of financial behavior and beliefs about financial management issues, which was highlighted - among others - by the relevant research carried out by the organization Women On Top and athyNEA, with the support of Papastratos.
A characteristic finding of the research is that only 43% of our fellow citizens are characterized as financially literate, with no significant difference between men and women. However, due to a lack of self-confidence, women prove to be particularly vulnerable to this particular issue, with the lowest rates of financial literacy occurring among young (18-24), older (55+) and low socio-economic women.
Other characteristic data is that 83% of men state that they make most of the decisions in their household regarding consumer choices, while 45% of them (in contrast to 35% of women surveyed) believe that the latter are less able to manage finances issues. Women, on the other hand, find financial matters more stressful (57% vs. 46% of men), boring (43% vs. 31% of men), while they consider that talking about money and pursuing their acquisition has a negative "ethical" sign (at a rate of 32% compared to the previous year which is 29%).
It's no surprise, then, why women let others handle money and finances, contributing to a vicious cycle that prevents them from managing their financial present, building financial independence and making financial decisions. which will contribute to the well-being of themselves and their families.
Financial illiteracy also affects the pay gap, with the average woman having a 20 percentage point gap compared to men in negotiating her salary due to a lack of confidence. The research found that financially illiterate women are much less comfortable negotiating their pay than both financially illiterate men and financially literate women. In addition, the same happens to approximately 40% of financially literate women (compared to men where the percentage drops to approximately 20%).
This specific initiative to address financial illiteracy among women is part of the public, transparent and binding Sustainable Development Strategy recently announced by Papastratos, in the framework of the Society pillar, pledging that 50% of the financial resources available on average per year to regular and extraordinary support initiatives towards society as a whole will be given to actions to empower women (with the other 50% concerning initiatives to combat climate change).
The implementation phases of the program are analyzed below:
-launch of the initiative on Marie Claire's Power Trip (accompanying video available, 3:21-3:44)
-Press release and targeted publicity plan
-Integration of research points in all external engagements
-Call to action by the 3 participating institutions (Women On Top, athinea & PAPASTRATOS) through targeted communication campaigns (total of 400 entries and selection of 100 as finalists for the program)
-One2one meetings with Key Stakeholders to inform about the results of the survey
The survey on "Women's Financial Literacy" is a survey that ran for the 1st time in Greece. Through bibliography there were elements and points that showed the magnitude of the problem, nevertheless, through this initiative they were recorded for the 1st time and highlighted.
This specific initiative does not remain in theory, but has already implemented its first practical steps, with the organization of the nine-month cycle of training seminars "Economy Lessons" until December 2022, in collaboration with the non-profit organization Women On Top and the athiNEA, for strengthening the financial resilience of women in Greece. It is aimed at women over 18 years of age. Women On TOP has undertaken the training of experienced trainers and the development of educational material.
Through monthly interactive seminars and group meetings, the 100 participants will come into contact with practical tools and targeted activities and learn to better organize their finances, save sustainably, increase income and reduce expenses, undertake more long-term financial and investment planning and negotiate more effectively about financial matters with the people in their environment.
In addition, there is a special plan for presenting the results of the research to bodies that can for the institutional activation and the planning of next steps. Papastratos, Women On Top & athyNEA has made an open invitation to participate in this effort and in the private sector for the largest possible footprint.
On a broader social level, the development of a National Strategy for Financial Literacy with a focus, possibly among other vulnerable groups, on women, the integration of financial education into the school curriculum, with the aim of cultivating financial literacy in the new generation from an early age to a necessary supply for her survival as adult citizens, the cultivation of the skill first of all in the employees of the company and especially in the employees, with the aim of spreading it to the wider society, as well as the development of synergies with governmental and non-governmental bodies to raise awareness of society and the State to recognize the need and to be active in this regard, are very critical issues for the impact of this initiative on Greek society in the coming years.
Based on the findings of Papastratos' financially supported research, it's no surprise why women let others handle money and finances, participating in a vicious cycle that prevents them from managing their financial present, building their financial future independence and make financial decisions that will contribute to their own and their families' well-being.
Familiarity with different fields may be a challenge or an urgent need for each woman, but in practice overall most are less involved and far less confident than necessary in managing their finances. Women need both the knowledge and the comfort to manage their finances, and because they live longer, and because unfortunately they are more often in a vulnerable situation living in poverty or being heads of single-parent families, and also because, in general, throughout their lives they work and they are paid less.
Company facilities & a wider network of partners, virtual seminars "Economy Lessons", Greek territory through the dissemination of the message by media and public appearances of the spokespersons of the initiative.
It is of critical importance in the development of any relevant initiative to involve all the relevant participants and representatives of organizations to which the results of the research have either already been presented or will be presented within the next months:
- State/Ministry of Labor and Social Security/General Secretariat for Family Policy and Equality
>>> Development of a National Strategy for Financial Literacy with reference to specific target audiences
- Ministry of Education / Directorate of Secondary Education
>>> Integrating financial education into the school curriculum
- Companies
>>> Implementation of financial education programs as a privilege offered to their employees, with the medium and long-term goal of disseminating specific knowledge and skills to the wider society
- Non-governmental bodies and organizations
>>> Development of synergies with state and corporate bodies and organizations for the organization of educational programs, taking advantage of opportunities for familiarization with financial issues, raising awareness of society and exerting influence on the competent bodies of the State to recognize the need and to act on it
Papastratos employees participate in the "Economics Courses" seminar series, while of course the Equal Salary certification is applied inexorably, and concerns all the company's employees.
It is clear that the size of the company plays a role in the effect of the practice because:
