Have you seen my team? A GLOCAL approach to talent management


For businesses operating on a global scale, a company-wide HR strategy is essential in order to align and engage the workforce. At the same time, localised teams must be provided with the flexibility to adapt to regional practices and cultural norms. For those that choose to implement HR technology to facilitate this approach, multiple currency and language options are a must to ensure that HR can be effectively managed locally, with no complications when adapting this information for the boardroom. Human capital management solutions, and it’s varied benefits, offer a range of different options to suit a range of business goals.

This strategy epitomises the rise of a glocal approach to HR management, one which forward-thinking businesses are beginning to adopt in order to maintain competitiveness in the global talent war and overcome industry challenges such as the skills shortage. As talent management becomes an increasingly hot boardroom topic, it is vital that C-suite executives have a complete overview of their workforce, with a clear breakdown of what this looks like at a local level.

Leading the race in the global war for talent

As today’s job market becomes ever more competitive, professional candidates – especially millennials – are more aware than ever of their market value. Sourcing and retaining top talent has therefore never been more important. That is why accurate and up-to-date personnel data, that allows managers to identify high performance hotspots and staff with potential while also locating problem areas, is a must have for the C-suite. In an increasingly interconnected world, managing these sizeable datasets and extracting useful insights for business advantage is a sizeable challenge.

According to Anthony Hesketh, Senior Lecturer at the Lancaster University Management School, the world of business is increasingly becoming glocal, “There is increased pressure to hire people across local geographies. The war for talent is absolutely dominating everything.” This means that managers today have to be prepared to deal with teams that have been formed based on individuals’ skills rather than their presence in a common location. This can create communication issues, explaining the growing adoption of glocal HR strategies by businesses to manage talent internationally.

Recognising talent across borders

If there is a skills shortage in a particular region of a business, a glocal strategy will help identify talent in other departments or locations within the company to help fill the gap. Not only has this approach been known to create a shared culture philosophy, but companies are beginning to take full advantage of advancements in communication technologies, allowing global teams to work together in real time. This has also eased the need for a physical personnel shift from location to location. With uptake of glocal HR strategies only expected to rise, the concept of a ‘team’ as we know it is rapidly changing, and will continue to do so moving forward.

Talentia HCM enables C-suite executives to look at data strategically to understand issues around talent management. Learn more about how this technology could help your business:

 

For businesses operating on a global scale, a company-wide HR strategy is essential in order to align and engage the workforce. At the same time, localised teams must be provided with the flexibility to adapt to regional practices and cultural norms. For those that choose to implement HR technology to facilitate this approach, multiple currency and language options are a must to ensure that HR can be effectively managed locally, with no complications when adapting this information for the boardroom. Human capital management solutions, and it's varied benefits, offer a range of different options to suit a range of business goals. Read More

Pierre Polette joins Talentia Software as group CEO

Talentia Software, leading provider of HR and Financial Performance enterprise software, today announces the appointment of Pierre Polette as group Chief Executive Officer. An entrepreneur at heart, Pierre Polette will to drive strategy and lead the company through its next phase of growth, both in France and internationally.

47-year-old Pierre Polette chose the entrepreneurial path early on in his career. In 2001, he founded his first company, a fast-growth pioneer cybersecurity consulting firm that he sold to the French leader LEXSI in 2007. Appointed CEO two years later, he led the transformation of LEXSI into a strong and sustainable mid-sized business, doubling the company’s sales and income.
The acquisition of LEXSI by Orange Cyberdefense in 2016 gave him first-hand experience in large corporation management and external growth.
Most recently, he went back to his entrepreneurship roots to help start-up companies early 2018, before joining Talentia Software in September.

Pierre Polette’s ambition is to pursue Talentia Software’s growth strategy, alongside President Viviane Chaine-Ribeiro. He brings a unique entrepreneurial DNA and strong track record in IT company growth, a perfect match for the expertise, values and innovation ability of 450-employee strong Talentia Software.

“I am delighted to welcome Pierre Polette as our new CEO today. He has all my trust to further grow our company; he has the experience and the leadership to strengthen Talentia’s position on our markets! I am certain that he will lead us through our next phase of growth and open new perspectives both in France and internationally”, says Viviane Chaine-Ribeiro, Presidente of Talentia Software.

“I am thrilled to take over the management of Talentia Software, and embark on this a great human adventure and high potential project. Together with our shareholders and Viviane Chaine-Ribeiro, I am committed to meet the company’s objectives, including becoming a major corporate performance software player in Europe. Thanks to all Talentia Software teams and to our partners, we will continue to offer our customers market reference product offerings and expertise. ” concludes Pierre Polette, CEO of Talentia Software.

About Talentia Software

With more than 3,600 customers in over 30 countries, Talentia Software is a market-leading European software provider of Finance software (Accounting, Financial Performance) and HR software (Human Capital Management).

Talentia Software directly markets, deploys and supports its solutions in France, the U.K., Spain, Portugal, Greece, Switzerland, Germany and Italy. The company also provides its solutions through a wide network of channel partners across Europe and South America.

Talentia Software, leading provider of HR and Financial Performance enterprise software, today announces the appointment of Pierre Polette as group Chief Executive Officer. An entrepreneur at heart, Pierre Polette will to drive strategy and lead the company through its next phase of growth, both in France and internationally. Read More

Is the talent you are searching for on your doorstep?

UK businesses are facing the pressing issue of a deepening skill shortage, as the working population continues to decline and employers are recruiting from an ever decreasing talent pool. Despite the shortage of talent, The Chartered Institute of Personnel and Development (CIPD) reported that 74 per cent of businesses still attempt to recruit key talent from outside the organisation rather than looking to develop internal candidates to fill the gap1. This demonstrates that employers are focusing on rapid recruitment with minimal training time, and with the ever increasing talent deficit, are often finding this to be unsuccessful strategy.
It is clear that the challenge shows no sign of abating. Businesses should therefore consider that there may be an alternative to the ‘buy in’ option when it comes to talent investment. Organisations need to consider how they can align recruitment activity with an increased focus on internal talent development. Once employees are in a role, there is still a requirement for ongoing development to help achieve their full potential and meet ever-changing skill requirements, in turn helping to address talent shortages.

Utilising existing talent to tackle the skill shortage

To create a highly skilled workforce that will continue to drive productivity, business leaders should look within the organisation first. Ensuring existing employees are being taught the correct skills to develop them into high-level roles will not only boost employee performance but will demonstrate to other employees that opportunities are available in order to aid retention and future-proof the business. Under utilising people’s skills risks an uninterested and demotivated workforce, however with high-quality training businesses can make sure they have the talent required, along with promoting loyalty and motivation.

The right mix of technology and cultural mind-set can help to achieve this. Clearer longer term succession planning and better identification is required for employees that could fill vacancies with training, development and support. Businesses should adopt the attitude that new skills should not always equal new people, but that there is already an existing talent pool waiting to be explored within their organisation.

Keeping track of that talent pool can be explored with the right IT infrastructure in place that allows past and present information to be stored and shared ensuring employee data can be viewed strategically. Having all employee information in one place, on an accessible, single system will allow businesses to work in an agile way. As the business landscape is focused so much on growth, there has never been a better time to tackle the skills deficit with talent development.

Further insight on this topic is now available in the latest whitepaper from Talentia Software, Talent management – why an agile and collaborative approach is key

UK businesses are facing the pressing issue of a deepening skill shortage, as the working population continues to decline and employers are recruiting from an ever decreasing talent pool. Despite the shortage of talent, The Chartered Institute of Personnel and Development (CIPD) reported that 74 per cent of… Read More

Software Implementation – 10 Tips to Make it Work

Is your company in the process of selecting a new software for your business?

Will you be involved in software implementation, but you’re concerned you’re not very experienced in this kind of project or you’ve experienced its fail before?

Is your company seeing this as a business or an IT project?

The debate about the last question has a long history, but it’s hopefully a generally accepted view at this stage that a software implementation isn’t an IT project for its own sake, but to enable a business change, to become more effective, to free up time for more value-add activities, and to remain competitive.

Investing in software does not guarantee business challenges will be resolved or processes will automatically be streamlined, but it is a critical part for evolving as a business.
Understanding that the software implementation is part of a much wider business change is key, and there is much to be gained from the implementation – and adoption – of new software.

Here are 10 useful points to consider when it comes to a software implementation:

 Know why you are doing it

It is essential to have a good understanding of the challenge the project is aiming to tackle, and the expected business benefits to be realised after the project is delivered. If you know why you are doing the project and what the expected outcome is, you can always cross-check at decision points to ensure the project always aligns with the underlying business case for the project.

Be realistic

Any form of change is challenging. The bigger the change, the larger the challenge. Be realistic, you are more likely to be successful with measured changes. For example, could you reduce complexity and strain on your project resources (who frequently remain in their day jobs in parallel) by phasing your implementation? Would a phased go-live make the adoption by your end users easier? Use your vendor’s experience and advice to define an approach that works for you!

Weigh up the true cost

Cost is often only considered in terms of budget when implementing a new software. There is much more to consider, for example, the time needed by a department to undergo training and familiarisation with the new product as well as the time needed to move data from a legacy system to the new product. Ensure budget and resources are available to start the project in the right place – and stay in place throughout.

Plan! Plan!! Plan!!!

There is an old adage we can refer to here: If you fail to plan, you are planning to fail!

Planning doesn’t guarantee your project will go perfectly, but it certainly helps to minimise risks. Projects often involve many moving parts and the project team – both on customer and vendor side – need to know what is happening, how it is happening, when it should happen and what is critical to something else happening. The format of the plan depends on the size of your project and the culture in your company. As a vendor we’re always very flexible as to what the plan looks like – as long as you make sure the whole project team knows what are the steps ahead and can answer the questions above as and when required. There is always an element of the unknown and unexpected. So you plan, plan – and re-plan when required.

On a small scale, think of putting together a home full of flat packed furniture without the instructions… Enough said.

Can you hear me?!

Communication is vital to the success of any project. From gaining buy-in for a project to communicating progress of the project and of course conclusion of the project, it is essential for the project team, but also stakeholders to be kept in the loop. A project can very easily go off track if the project team isn’t aligned or risk the support of essential stakeholders if they are not informed in the appropriate way of progress. If in doubt how to set up your communication and stakeholder management, ask your vendor project manager to advice and work with you!

Right tool for the job

There are times when we can get away with using a pocket knife for a task requiring a screwdriver. However, when it comes to implementing a new system, we can’t afford to take such risks. It is important to have the right resources in place to make the project a success.

This goes all the way to the top, from ensuring the right choice and number of people are trained, the right knowledge is involved in the project and the right decision makers are in place to direct the project.
Similarly, asking two people to complete a task which requires four people could increase project timescales significantly and/or some very stressed employees.
Throwing resource at the problem, at the last minute, does not guarantee success either. The additional resource may require training and time to get up to speed. Planning the right resources for each project phase is key to success.

Stick to the basics 

It is very easy to get carried away with a new piece of software and want to engage with all of the features. However, there is more than enough to worry about when it comes to taking on board basic information about the new product. First get to grips with the essentials and master the use of these before deploying other flashy features.

Think of it as buying a new car. There will be “must” requirements that drive your decision as to which car, with which features you buy. There may also be nice-to-have that you focus on less at the point of purchase, but will make a difference when you got used to your car a bit. Heated seats anyone?

Maintain focus

Fetch my slippers! There is often the temptation of wanting a new system to do everything including making it cater for tasks outside of what a system would or should do.

A software implementation is always an opportunity to evaluate if other ways of working would support the business change. Does the new system really need to work in exactly the same way as your legacy system did? The cost of this expectation can be high. Is it a good investment?

It is advisable to stick with the original scope where possible, focus on the must haves as defined at the beginning of the project and only amend the project scope if the change is a key miss. There is always time to expand and deepen the use of the system while your end users grow into full adoption with you.

The end is near

A project has a start, a planned end and set of deliverables. The closure phase of a project provides a deadline to work towards, a planned process to transition to business as usual, and an opportunity to conduct “lessons learned” sessions and release resources from the dual pressure of day job and project work. At this stage, the internal communication and the choices made to drive the adoption of the system with your end users will hopefully get a wider group – possibly your entire organisation – onboard with what you’ve been working on for a long time already. As a vendor, at this stage, our work is generally done and our Support teams take over, but we still very much keep our fingers crossed that you’re achieving what you were hoping to achieve!

Tried and tested approach

There are methodologies out there to choose from when implementing new software. At times companies borrow from one or more methodologies to develop their own approaches. Whichever way you go, speak to your vendor to make sure you understand how they work and how the approach will fit your needs. Sometimes small changes to the ways of working can make a big difference!

Hopefully your next software implementation will be as smooth as possible, drive the business changes you were looking for and gain end user adoption in the key days and weeks after go-live!

Is your company in the process of selecting a new software for your business? Will you be involved in software implementation, but you’re concerned you’re not very experienced in this kind of project or you’ve experienced its fail before? Is your company seeing this as a business or an IT project? Read More

BI vs CPM – What’s the difference?

‘Is there a difference between BI (Business intelligence) and CPM (Corporate Performance Management)?’

 A question that has plagued board rooms and senior leadership teams over the past few years.

In short, the answer is “yes” there is a difference, knowing which one to choose however means understanding how they differ and what your specific needs are.

 

BI tools are bits of software that are very good at manipulating large volumes of data, very quickly. They can help glean powerful information like performance metrics and trends. This kind of information is great … to some people. It’s generally best suited to people who work within business analysis.  The data and trends that come out of it will give you detailed performance data for whatever data silo is being looked at. It’s detailed and specific, you will be able to drill down to a single transaction level if that’s what is needed. It is, however, a bit of a one way street, it will provide the information but won’t help manage performance using the information.

CPM takes BI much further; it looks at various KPI’s (key performance indicators) from different sources, information from multiple systems and lets you see them collated together. CPM systems use the information gathered to give a picture of what has happened and is happening (company-wide) but also helps manage where that picture is headed.

The system will help plan, forecast, and view the information in the context of corporate strategy. It can link the data to specific objectives and action plans as well as showing where potential risks might lay. Because CPM systems give true context for the data, taking into account things like cross charging and moving exchange rates it is possible to have an accurate current picture side by side with the future forecast. The unique combination of accurate, companywide, current information against forecasts allows the best decisions to be made at the top levels of management i.e. a two way street.

The appropriateness of CPM and BI tools very much depends on the size and complexity of the business, generally speaking the larger and more complex the business the greater the need for CPM. The decision to get CPM needs to come from the need to have a true company-wide picture of performance.

'Is there a difference between BI (Business intelligence) and CPM (Corporate Performance Management)?'  A question that has plagued board rooms and senior leadership teams over the past few years. In short, the answer is “yes” there is a difference, knowing which one to choose however means understanding how they differ and what your specific needs are.   Read More

Why your workplace needs collaborative learning technologies

At Learning Technologies 2018 in London recently, a presenter showed a collage of the most used applications for learning and asked how many the audience had used in the last week in their personal lives. Hands shot up everywhere in the audience. ‘How many have you used in your workplace last week?’ Some hands stayed up, most came down. ‘Wouldn’t we want the tools we find helpful, maybe even love, in our personal lives to enable us in the workplace?’ he continued to a wave of nods in the auditorium.


We’ve picked 5 apps we’re using in the Talentia team and which have allowed us to learn, share and collaborate better.

Learn as part of your team culture

When we were moving offices recently, one member of the ‘task force’ suggested the team use ‘Wunderlist’ to plan, track and communicate as he was using the app in his personal life to get things organised. You may be using similar apps such as Trello or Asana? Most people in the team had never used Wunderlist, but they were open and interested, so they created to do lists to share with each other, assign dates, owners and make sure the right things happened at the right time. With the office move behind us, the team all agree that having a shared task list, which they could update on the go from their mobiles, made their lives easier and we’ll definitely use similar lists again.
#teamlearningcurvesrock

Learn from experts

YouTube is the curious person’s treasure trove.
300 hours of video uploaded every minute, almost 5 billion videos watched every single day, over 30 million visitors per day – in the this day of short attention span, the average mobile viewing session lasts more than 40 minutes and it’s increasing year on year. How could we not want to use this source in our professional lives to understand why Excel formula are missing or what GDPR will mean for my company?

At Talentia, we’re currently redesigning our product training for client-facing staff, clients and partners, and it’s one of the occasions where YouTube comes into its own as a valuable source not just of practical questions, but more importantly of inspiration.
#watchthisspace #itsnotallcutekittens

Engage, learn, inspire

Are you on Twitter? Facebook? Pinterest? LinkedIn? Who is inspiring you on the social network(s) of your preference? At Talentia, we encourage the team to follow our clients, key HR discussion drivers and share what they find with one another to learn and inspire.
#thewholeismorethanthesumofitsparts

Compete – playfully

About 275 days ago, a colleague at Talentia said she’d really like to brush up her Italian as quite a few of her key Talentia Software contacts are based in Italy. She had used an app called Duolingo before, but, you know, life happens and you stop. Another person had wanted to learn Greek for many years and teased her that they could do a ‘language off’, if the first person took Italian up again, the second would start Greek. Do I need to say more? They started the same day (after the Greek keyboard was installed on the mobile in question) and – much to the rest of the team’s amusement – they have been doing their bits of language learning every day since. Does the gamification on the app work? Yes, probably to some extent. Would it have kept them going for this long? Probably not – but feeling just that little bit accountable keeps them both on track.
#italiano #Ελληνικά #learningsupport

Be a role model

Aristotle already knew that “it is frequent repetition that produces a natural tendency”. We’ve all sat in a dinner conversation with friends and when a – generally somewhat random – question came up, somebody jumped to google it (or alternatively asked Wikipedia). Do you see the same pattern to find answers or solutions in your workplace? Sometimes, but it would be great to see more of it. Our in the words of our Professional Services Director: “I’d like the team to use it as naturally as they do in their personal lives, with an analytical component Saturday night dinners don’t tend to have: find materials related to your challenge, screen them and combine what is useful to you. And until they do, I’ll remind them when we discuss actions, and I’ll continue doing what I’m asking them to do.”
#learningthroughrepetition #performancesupport #rolemodels

At this point, most of us have a natural predisposition to use these technologies, but something often happens in the workplace that inhibits us to take advantage of them.
Social technologies and applications help establish a culture of learning and a culture of learning is critical for organisations because they are stronger when people are connected, share knowledge and learn from each other.

 

At Learning Technologies 2018 in London recently, a presenter showed a collage of the most used applications for learning and asked how many the audience had used in the last week in their personal lives. Hands shot up everywhere in the audience. ‘How many have you used in your workplace last week?’ Some hands stayed up, most came down. ‘Wouldn’t we want the tools we find helpful, maybe even love, in our personal lives to enable us in the workplace?’ he continued to a wave of nods in the auditorium. Read More

The evolution of financial reporting

Financial reporting cycles are under greater pressure than ever before. New compliance standards, increased transparency expectations and heightened traceability levels have all contributed towards a sizeable shift in the way in which organisations report performance information. As a result, Corporate Performance Management (CPM) is now becoming widely embraced as it allows organisations to be more efficient monitoring and managing their performance.

What are the benefits?

A consolidated approach to critical business data, not just financial information, provides a wider context through detailed budget comparisons and future forecasting that combines data from all key departments. Under this model, the financial reporting process includes forward-looking indicators including sales pipelines, competitor analysis, product launches and customer satisfaction levels.

With the primary objective of reporting being to reveal what is going on in the business at any given time, this evolution is now essential to meet the fast pace of today’s corporate landscape – with financial reports that are accessible to multiple teams helping to engender collaboration.

Cross-departmental dialogue allows finance to work strategically with colleagues across the business in order to facilitate and improve the decision-making process.

CPM systems allow key stakeholders to access the latest view of business performance against internal budget and competitors, as well as the big picture of a company’s financial health.

Accuracy of data is key

The accuracy of this, however, is largely dependent on data quality. While spreadsheets have traditionally been used for reporting, they can be both cumbersome and prone to costly errors. CPM software marks a change in approach.

Extremely complex processes, such as Reporting and Consolidation, Budgeting and Forecasting, are not best supported by spreadsheets with high probability for errors. Rather, best practice sees data held in a single repository that incorporates powerful analytical tools as well as controls to ensure validity, security and quality.

Traditional ‘row and column’ financial data reporting must be taken to a new level by adding context. Finance professionals that do not do so will be unable to fulfil the primary objective of financial reporting: reaching the right people at the right time with accurate and usable information.

Financial reporting cycles are under greater pressure than ever before. New compliance standards, increased transparency expectations and heightened traceability levels have all contributed towards a sizeable shift in the way in which organisations report performance information. As a result, Corporate Performance Management (CPM) is now becoming widely embraced as it allows organisations to be more efficient monitoring and managing their performance. Read More

Talentia Software acquires Swiss company Addedo

Talentia Software acquires Swiss company Addedo

Talentia,Software,acquires,Swiss,company,Addedo

Talentia Software, leading provider of HR and Financial Performance enterprise software, accelerates its international development through the acquisition of Swiss company Addedo. This acquisition is an integral part of Talentia Software’s strategy to extend its lead in Corporate Performance Management (CPM) software and become a key European player on this market.

Swiss, Zug-based Addedo is an IT consultancy firm specialising in Corporate Performance Management (CPM) services and applications.  Addedo consulting services focus on the implementation of CPM software, covering key functions such as financial consolidation, budgeting, planning, reporting and analytics. Addedo also acts as an independent licensed reseller for market leading CPM software solutions, offering maintenance and support services to its clients. With close to 11 million Euros in sales, about 25 employees and 200 clients –among which many publicly listed corporations-, Addedo has offices in Switzerland, Germany and Canada.

With more than 55 Million Euros in sales (2016), Talentia Software has operations in France, UK, Italy, Spain, Portugal and Greece.  Consistent with the company’s acquisition strategy, this external growth opportunity enables Talentia Software to establish a physical presence and expand operations in the countries served by Addedo.  This acquisition will also greatly enhance the activity and expertise of its Financial Performance product line.

Addedo is a licensed reseller for IBM Cognos (ESA Partner) and Longview, providing implementation, maintenance and support services to its clients.  As part of this acquisition, Addedo will keep operating under its own brand, leveraging its strong partnerships and awareness to expand on its markets.  This acquisition will also leverage a natural complementary and help realise strong synergies between Talentia Software, a software provider and Addedo, an IT consulting, deployment and support services firm.

Michael Kempter will remain President of Addedo to lead Talentia Software’s operations in the DACH region (Germany Austria Switzerland) and the starting operations in North America, with the full support of his current management team.  He is joining the Executive Board of Talentia Software and he will report directly to Viviane Chaine-Ribeiro.

 

Viviane Chaine-Ribeiro, President of Talentia Software: “This acquisition is a new critical step in our external growth strategy. It will further reinforce our market lead on the fast growing CPM market and accelerate our growth in countries such as Switzerland and Germany.  It will also enable us to set foot in North America where Addedo recently opened an office. We are thrilled to join forces with Addedo, who achieved sustained growth over the years to reach a market-leading position today. Talentia Software will greatly benefit from Addedo’s insights and proven Financial Performance expertise, and in turn, we will be able to provide additional value to our clients and staff”.

 

Michael Kempter, President of Addedo: “We are pleased to join Talentia Software and merge our skills and capability. We share common values, including the commitment to delivering the highest quality of service to our clients.  We will benefit from each other’s expertise, expand our current product portfolio and combine forces for the benefits of our client’s Financial Performance”.

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Talentia Software acquires Swiss company Addedo Talentia,Software,acquires,Swiss,company,Addedo Talentia Software, leading provider of HR and Financial Performance enterprise software, accelerates its international development through the acquisition of Swiss company Addedo. This acquisition is an integral part of Talentia Software’s strategy to extend its lead in Corporate Performance Management (CPM)… Read More

Financial consolidation as a function in the finance world

‘Consolidation’ simply means the action or process of combining a number of things into a single more effective or coherent whole. However, to finance teams financial consolidation is a well- defined process that includes many complexities.

So what are the key steps in financial consolidation process

Collecting trial balance data (e.g., Assets, Liabilities, Equity, Revenue, and Expense accounts) from multiple systems, locations, contributors and mapping it to a centralised chart of accounts

Consolidating the data following specific accounting rules and guidelines, such as GAAP or International Financial Reporting Standards (IFRS)

Reporting results to internal and external stakeholders

Reports generated by the consolidation process include income statement, balance sheet and statement of cash flows.

It is not just about addition, it is about all the adjustments.

On the surface financial consolidation may present itself as a simple addition of numbers. However, it is more complex. Within financial consolidation specific adjustments need to be meet as the adjustments are being made from subsidiary level to parent company level, this includes the following.

  • Multi-currency conversion – in Europe alone there exist 11 different currencies over the 28 member nations
  • Intercompany transactions and balances eliminations
  • Adjusting journal entries – To reflect the correct position in the budget to which the expenses occurred
  • Accounting to reflect organisations that are not wholly owned by the parent company

Tools for Financial Consolidation

In mid-sized to large organisations the process of financial consolidation is predominantly handled by the finance team with the supervision of the financial controller and ultimately overseen by the CFO.

Historically financial consolidation was performed manually, however in the current climate there are several types of software tools used to support financial consolidation and reporting.

General ledger System – this works best if an organisation is using 1 ERP across the group, if there are additional other systems across the group the ability to collect data from other subsidiaries /locations and consolidate it.

Spreadsheets – Whilst these are regularly the tool of choice by finance teams, they are not inherently designed to support complex processes that accurate and timely financial consolidation requires. Loading data into a spreadsheet is a manual process and across multiple tabs within a work book the spreadsheet becomes difficult to navigate effectively. Additionally spreadsheets don’t provide audit trails regarding changes to financial results.

Purpose built consolidation tools – dedicated tools that are built specifically for financial consolidation are designed to integrate data for multi sources, with full audit trails and security, many have the ability to cope with multi-currency and multi- language entries. Historically these systems where deployed in online data centres they are now evolving and are available as cloud or SaaS offerings.

New standards of compliance, increased transparency and traceability of financial data are putting ever greater pressure on the time available in each reporting cycle. Consolidation reporting transforms data into consolidated financial information through automated processes to increase the speed and reliability of financial reporting. It enables, for example, the ability to compare and reconcile between management and statutory reporting; consolidate according to any accounting and reporting standards; and analyse information according to legal & internal management structures.

‘Consolidation’ simply means the action or process of combining a number of things into a single more effective or coherent whole. However, to finance teams financial consolidation is a well- defined process that includes many complexities. So what are the key steps in financial consolidation process Collecting trial… Read More

How to re-motivate your employees in the New Year

Coming back to work after a well-deserved break is the best time to re-motivate and energise your employees. No doubt some resolutions with new life and work goals would have been made for 2018, so let’s use this fresh attitude to the New Year and pave the way for a prosperous year ahead.

Here are some top tips to re-motivate in the New Year:

 

Re-Focus

The start of a New Year is a great way to remind your employees about your company’s vision and what the objectives and goals are for the coming year. This is a great way to motivate employees and for them to understand how they fit into the bigger picture and to achieve goals set.

 

Write out goals 

This is the perfect time to make self-improvement plans.  Start a list of achievable objectives to strive towards. Whether it’s only setting out small goals that are easily achievable or setting some big impact goals, creating the list will help prepare the year to come. For example, if you want to move positions within your organisation, find out what needs to be achieved for you to progress there. Whether you need to undertake specific learning and development activities to boost your knowledge or job rotation for experience.

Involve your teams with the planning process

Ask for your employees input from the beginning of your strategy or planning process. You’ll inadvertently increase their motivation when they get to have their say and voice their support and/or concerns right from the get-go. This way, when the time comes for the employees to action those plans, they’ll already be invested in what they need to do, rather than feel dictated to.

 

Lead in the New Year as a team 

A business’ success is down to its employees working well together. So a great way to ensure your teams are in sync is to have an all in staff meeting. This is a great opportunity to get the whole company together to discuss the roadmap for the coming months as well as the targets they need to hit. Whether you run it in your office, on a conference call, a video or web conference like go-to-meeting, having an all-company meeting will help your employees focus and know what the common goal is that they’ll be working towards.

 

Provide positive feedback

It’s important for leaders to encourage employees and give positive feedback about their work. Sharing constructive and productive feedback with your employees can make a measurable difference. It is important for employees to receive frequent feedback about their work and progress in order to grow. Peer to Peer feedback such as endorsements in specific skills, thanks for helping out on a project, can help motivate and encourage your employees. Being recognised for the achievements from a peer can have a very positive impact on their development.

 

Have fun!

Often employees find themselves in a fun-rut! Going to and from work becomes very routine. Help inject some fun back into the day by thinking of ways to change the atmosphere at work.  From kitchen birthday celebrations to happy hour parties even arranging pot luck lunch, make an effort to celebrate as often as possible. Employees no longer put up with poor company culture, so being proactive about keeping the culture fun and fresh will keep employees motivated and keep things interesting and entertaining.

 

Listen to your employees

As the workloads pile up, it’s easy to lose touch of how your employees are getting on in the company. And sometimes you find out when it is too late. That’s why it is important to discuss career goals, expectations and aspirations and understand the company climate. In doing this, you’ll be able to address any issues before a problem arises and prevent further dissatisfaction between other employees.

Use the opportunity to conduct stay interviews with employees. The aim is to understand the reasons why they choose to stay and a chance to understand the level of employee satisfaction and company climate. Their answers can help improve your strategy for retaining employees.

So if you’re looking to help engage your staff and motivate for the New Year, make a plan, set achievable goals and keep your employees involved. They’ll in turn help you drive your businesses success!

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Coming back to work after a well-deserved break is the best time to re-motivate and energise your employees. No doubt some resolutions with new life and work goals would have been made for 2018, so let’s use this fresh attitude to the New Year and pave the way for a prosperous year ahead. Here are some top tips to re-motivate in the New Year: Read More