Starting a new role with a new organisation can be daunting, but you should embrace  the challenge and plan ahead to hit the ground running, writes Pamela Fay “Will I fit in and belong here?” For most candidates starting a new role with a new employer, this question will be top of mind.   You may be apprehensive about how best to understand and define your role in relation to the wider organisation, or you may be preoccupied with ‘culture fit’. Will you be a good fit in terms of the work you will be expected to do, the way you will be expected to work, and your traits and values? You’ll be thinking (probably quite a lot) about the projects and tasks you will be working on, and the people you will be working with.  All of this is normal and natural—and believe it or not, you can start to prepare for any uncertainties or challenges that might lie ahead long before you join the organisation. Your starting point is to go about finding out as much information as you can about the organisation in advance. Do your research Context is incredibly important when you’re about to take on a new role with different people in an unfamiliar culture and environment.  You want to find out what day-to-day life is like. Many Chartered Accountants will be joining big firms and these firms will have their own stated way of doing things—i.e. their values and what they say they do. In all organisations, however, there are also hidden systems.  You need to know what time you are expected to be at your desk, for example, what the accepted dress code is, and the extent to which you can work from locations outside the office, if at all. To get ahead of these questions, I would recommend reaching out to any existing connections you might have to people already employed at the organisation, either directly or via their extended network.  Find out what day-to-day working life is going to be like and research your team—who will you be working alongside and reporting to?  What is acceptable and encouraged in terms of communication style and presentation? What’s frowned upon? Listen and learn Your first six weeks in any new job is a time for observation. You shouldn’t really be aiming to do anything radical, or cause a stir, during this period.  Instead take the time to talk to your new colleagues, join them for tea or coffee, attend all the meetings you are invited to. In short: listen and learn.  It can take a long time to find out how an organisation functions, and you need to understand your role in the organisation, and what you are being asked to do.  You should be curious. Do as much research as possible, and ask as many questions as you can (never be afraid of appearing stupid), and take any support you’re offered. Appear, behave, communicate When it comes to the impression we make in the workplace, I always come back to the ‘ABC’. This is how you appear at work, how you behave, and how you communicate.  How you appear If you wear a suit on your first day, you need to wear a suit all the time. The team around you needs to know what impression you will be putting forward both within and outside the organisation. How you behave This is about how you conduct yourself at work. Are you behaving in a way that leads others to believe you are responsible, conscientious and empathetic? Are you polite and respectful of other’s views and contributions? Do you turn up, or log in, to meetings on time? Are you actively demonstrating that your are trustworthy and reliable? How you communicate Some people respond to emails quite quickly. Others don’t. Really, it doesn’t matter which category you fall into. What matters is that you are consistent. Nobody is perfect For many people, the thought of putting a foot wrong in the early stages of a new role will be a worry.  No one wants to get off to a bad start, but it’s also important to remember that we can almost always recover.  If you make a mistake, own up to it and face the consequences.  Look for support when you need it, chat to family and friends about what went wrong, and don’t try to handle the situation alone.  Colleagues may also be able to help you out because they’ve already ‘been there, done that’.  If your problems run deeper, however—if you’re not happy with your boss, for example, or you don’t share the same values as the people you are working with, you may need to start considering your next move. Trading places My mother had some great advice. She used to say, ‘never get stuck in a corner’.  If you’re unhappy with your role with an organisation, take your time before you make any definite decisions.  Don’t get cornered. If you decide that it would be best to move on, leave on your own terms. Again, this comes back to my earlier advice about doing your research.  An extra couple of weeks in a role you may not be enjoying is nothing compared to moving on to another role you may later regret. Life is all about learning and, really, it comes back to that saying ‘short-term pain for long-term gain’.  In my own career, I once took a job I wasn’t suited to. I stayed in that role for a year, but during that time, I was also actively looking for new career opportunities.  I realised pretty quickly that the organisation I was working for wasn’t going to change, so it was up to me to bring about the change I needed. Find your tribe Even if you’re happy with your new organisation, you may still find that you’re not getting the chance to fully utilise your skills in the role itself. In this situation, it’s a good idea to think about how these skills might be deployed in the wider organisation-in collaboration with another team or department, for example, or as part of a specific project. Seek out, take and create opportunities to showcase your abilities and demonstrate how you can add value to the organisation. Remember, different teams will work in different ways.  I’m a big believer in getting into an organisation you want to work for and then assessing your situation six months or a year in.  By then, if you have the sense that you would be better suited to another part of the organisation, you may be able to make the case to switch teams and take on different responsibilities.  Teams and team dynamics play a crucial role in how we experience our working lives.  Even if we enjoy the work we are doing, we need to feel valued within our team, and to be able to trust, rely on, and draw inspiration from our team-mates.  This is especially true for Chartered Accountants, who are often required to work very hard under severe time pressure. Support, camaraderie and teamwork really matters.  Recommended reading In her book Working Identity: Unconventional Strategies for Reinventing Your Career, author Herminia Ibarra outlines an active process of career reinvention. Ibarra’s approach leverages three ways of “working identity”.  These include: experimenting with new professional activities; interacting in new networks of people; and making sense of what is happening to us in light of emerging possibilities. Pamela Fay is an executive coach, coach supervisor and owner of Business Performance Perspectives You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Nailing your job interview comes down to preparation, presentation and delivery. Michelle Byrne outlines the golden rules to help you succeed on the day When you’re looking for a job, always remember that, while your CV gets you the interview for the job, it’s the interview that will get you the job itself. When we’re hiring someone new into a firm like Deloitte, it’s crucial that they are the right fit for our firm. Skills and experience are important, but we also want to find out what motivates you—your passions, interests, and hobbies—and how they can make an impact within a firm like Deloitte, and with our clients.  If you have travelled a lot, for example, this tells us that you have had different cultural experiences, and you could potentially bring these experiences with you to your new role if we decide to hire you. Here are some traps to avoid and tips to help you get ahead at interview and increase your chances of getting that new job: DON’T oversell yourself Honesty and integrity are crucial. The interviewer will soon discover if your story doesn’t match your CV and, remember, the interviewer will ask you questions based on the information contained in your CV. Your answers should be specific and include examples that demonstrate what drives you as a person and showcase your skillset.  If you worked as part of a team, explain how you contributed as an individual, rather than taking personal credit for the team’s achievements.  DON’T be vague Prepare a good opener and a strong closer for your interview. First and last impressions matter.  When your interviewer concludes by asking you if there is anything more you want to know about the organisation, use the opportunity to talk about your ambitions.   Don’t ask an obvious question when the answer is already available on the organisation’s website. At Deloitte, we’re looking for people who have ambition to grow and pursue their passions through their work.  Remember, your interview is your opportunity to ask questions about your potential employer, so don’t be afraid to challenge the interviewer.  Don’t give the interviewer answers you think they want to hear. Give them the answers that demonstrate the power of your story. DON’T be nervous You have been called for this interview because, on paper, you look fantastic. We always encourage our candidates to relax to ensure their confidence shines through.  If you don’t appear to be confident in your own abilities, the interviewer is going to find it difficult to decide if you are the right fit for the organisation. At the same time, try not to be too over-rehearsed. I want to know about you, who you are, where you are from, and what you do in your spare time.  You don’t want to be too informal, but when you are doing an interview, you are having a conversation with the interviewer as you tell your story.  DO nail the basics Never neglect the basics when you’re interviewing for a new role. How you present yourself, and your body language during the interview, are both very important. Your interviewer will form an opinion of you quickly.  If your interview is in-person, your initial handshake will be very telling—and you must be engaging: use direct eye contact at all times and don’t forget your posture.  If you sit in a very rigid position, it can make it difficult for the interviewer to build up rapport with you during the interview, so pay attention to this. And you can never be too overdressed when you are interviewing for a professional role. Dress neatly and professionally. DO prepare thoroughly Once you’ve been invited to interview, it’s important to do your homework in advance so that you know and understand the firm you want to work with, its values and business drivers. If I’m interviewing you, I will want to see how you can demonstrate the impact you can bring to our firm. Equally, I will want to know what you want us to give you as your potential employer, and what you value among colleagues and team leaders. It’s a good idea to do a mock interview with a friend before your formal interview—not your best friend, but someone you would be a little bit nervous sharing your life story with.  This will help you to relax on the day of the interview and also to anticipate questions that may take you outside your comfort zone. DO build a rapport  You know there will be other candidates for the job on offer, who will have excellent qualifications and experience, but your interview is your chance to shine and set yourself apart. Try to build a rapport with your interviewer. Ideally, they should leave the encounter feeling that they know you as a person, and that your story has made an impact on them.  You will have demonstrated that you share the organisation’s core values and purpose, and that you will help to drive the organisation forward. Michelle Byrne is a Partner in Audit and Assurance, leading the Financial Reporting Advisory team at Deloitte Ireland You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023. The interview process has changed massively as a result of the pandemic and interviews are now being held both remotely and in-person.  At Deloitte, we operate a fully hybrid model, so it’s important for candidates to be prepared to shine in both scenarios. Remote interviews are particularly attractive for employers who want to employ candidates based overseas, but we shouldn’t underestimate the significance of the in-person experience.  If you think you can make a bigger impact in person, there is no harm in asking to be interviewed face-to-face. Remember, there will also be different stages to the interview, however. While your initial interview may be done remotely, the second interview will often take place in person.

The right approach to your job search and career planning will give you the best possible chance of securing the perfect role for the next phase in your career, writes Dave Riordan Every year brings a slightly different job market for Chartered Accountants and 2023 is no exception.  As a Chartered Accountant at the early stages of your career, you will need to keep a close eye on economic trends, both national and global, as well as the sectors that are buoyant and those that are stagnating.  Even if you have only just gone through the job search process as a newly qualified ACA, it’s worth revisiting the key elements of the process that you need to get right.  This will give you the best possible chance of securing the perfect role for the next step in your career path. Here are some key pillars of the process worth considering: 1. Know your strengths and weaknesses The best place to start is by getting to know yourself. There are several methods by which you can test your aptitudes, strengths and weaknesses.  Think about taking aptitude tests and talking honestly with mentors and peers about your work and career. Take time to explore and define: what you are good at; what you have been praised for at annual reviews, and;  what you want to improve and develop. Create your own ‘career file’ aligning all three items with your career goals. 2. Define your brand Build your CV while being cognisant of your personal brand. What unique selling point (USP) do you want to convey to set you apart from your competition?  When building your CV, don’t just list off the historical duties and responsibilities of the roles you have held.  Describe your value and highlight your key achievements concisely to the reader. Remember this is your sales document. Its purpose is to get you to the interview stage.  3. Prepare for interviews Plan for both formal and informal interviews. Write down your key stories and examples and refine how you will put these across to an interviewer.  Start to build your interview narrative: what are your main selling points, key stories that illustrate your abilities, strengths and accomplishments, and examples of how you have added value in previous roles?  Don’t be afraid to ask for advice. Contact the Institute’s Careers Team or a respected recruiter to request an interview preparation session. Remember, every interview is different, so customised preparation is always advised.    4. Document your career plan As we’ve mentioned here already, it’s a good idea to put together your own ‘career plan’ document, and to get into the habit of updating it on a weekly basis.  Your career plan should become an essential resource when you are job-hunting, with information on market intelligence, key networking contacts, prospective job titles, and preferred companies to work for. Once you have worked out what your USP is, think about how you will articulate this to recruiters and hiring managers.  Write an action list aimed at enhancing your profile in the market. Have an ongoing segment in your career plan examining extra qualifications or courses, charities you can get involved with, pro bono board positions, etc.  Make sure you fully research the different directions you could potentially take your career in, particularly if there is more than one sector you are passionate about.  Don’t worry too much about what your peers are earning, or whether their employers seem ‘glamorous’—far off hills are always greener! 5. Do some market mapping You should begin market mapping during the initial research phase of your job search and document the results in your career plan.  Mapping will help you job search more efficiently, rather than taking a scattergun approach to applications.  Analyse which organisations you want on your list of ‘top ten’ preferred employers and follow them on social media to stay abreast of current developments in each.    Set up alerts for different job titles you are interested in with various jobs boards. The roles sent to you will give you a broad snapshot of what your target market looks like.   While standing at your ‘job change crossroads’, make sure you step back and take a helicopter view of the many ways you can use your qualification, and the myriad sectors and roles open to you.  6. Build your network When you qualify, it can be tempting to distance yourself from the Institute, which you have perhaps come to associate with study, exams and hard slog over the course of your three-and-a-half year training contract.  However, now is the perfect time to stay close to the Institute and leverage this ready-made network by participating in events, committees and CPD talks, etc.  Adopt a networking mentality by starting to speak to your peer group about what they plan to do with their careers in the years ahead.  Use social media platforms, such as LinkedIn, and start to build sector and business connections. This will also serve to raise your visibility in the market, as well as enhancing your personal brand.  Don’t be shy about exploring the LinkedIn profiles of successful Chartered Accountants that are a few years ahead of you. It can be useful to look at the steps they have taken in their own careers and the upskilling they have taken part in along the way.  7. Apply the right way When it comes to active job applications, there are three main ways to secure a new role: recruiters; direct applications, and; your personal network.  Pay attention to how much time you are investing in each of these three options, bearing in mind the stage you have reached in your career pathway.  If you are working with a recruiter, make sure they fully understand the nuances and intricacies of a career as a Chartered Accountant.  And keep in mind when making applications, that a short- or medium-term contract might be the perfect move for you at this juncture. 8. Round up the right referees Consider formalising your professional relationship with a few experienced mentors whose advice and support you can count on as you look to progress your career. Think about who you would like your referees to be in 2023 and beyond—making sure they will be ready to sing your praises when needed.  9. Consider overseas experience Any recruiter will tell you that Chartered Accountants with international experience tend to display a worldliness and maturity that comes across well at interview.  Working abroad can deliver great experience, giving you valuable ammunition and confidence for future interviews.  Very often, greater responsibility is given to Chartered Accountants working overseas, which can help to accelerate your career trajectory if you return home.    Dave Riordan, FCA, is a recruitment specialist and career coach with the Careers Team at Chartered Accountants Ireland  You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

A well-timed professional pivot can turbo-charge your progress and propel your career in an exciting new direction, but it’s not without its challenges, writes Siobhán Sexton   It can be difficult when we’re starting out in our careers to know exactly where we want to be in the future.  We’re navigating the ins and outs of the professional world, many of us for the first time, learning about our strengths and weaknesses, and striving to meet our responsibilities and, where possible, exceed expectations. It’s not surprising then that, for some of us, the bigger picture can take a back seat and it’s a few years down the line before we realise that we may be heading in the wrong direction.  For Chartered Accountants with a few years’ post-qualified experience under their belt, it’s not impossible to pivot and propel your career in a new direction—from practice to industry, for example, or vice versa, or from a Big 4 firm to a smaller practice.  Timing is important, however, so, if you find yourself questioning your choices where you are, get the advice you need to make the move to where you want to be. Options starting out Once Chartered Accountants qualify, they have a number of options open to them. The majority move into industry or financial services, depending on the department they have trained with.  Typically, between 75 and 80 percent will move into a financial role in industry. Ten to 15 percent, meanwhile, will become financial analysts, and the remainder will become internal auditors or tax specialists—again, depending on the area they have trained in. Some might choose to move abroad to gain international experience and others will choose to stick with the practice they trained in, gaining additional experience and becoming managers and assistant managers.  For those that move from a bigger to a smaller practice, the draw is often the opportunity to gain experience they did not have access to during their training contract.  Financial accountants and financial analysts have different job titles in different companies. At Barden, when working with qualified accountants, we spend a lot of time deciphering what these job titles mean. Your options now It’s possible to move from practice into industry, or from industry into practice. However, the further along a professional is in their career, and the more senior they have become, the trickier it becomes to make a lateral career move, one potential consequence being a drop in salary.  Hence, most professionals tend to make the move earlier, rather than later, in their career.  The most common move we see is from practice into industry. The appeal here for some candidates is that, in business, accountants tend to gain really good exposure to reporting and analysis. It’s less common for accountants to move from industry to practice, but doing so can actually be very rewarding.  You have the opportunity to gain experience across different industries, for example, and to learn about building key business relationships with clients and other stakeholders. Long-term opportunities The earlier you make the move from practice to industry, or vice-versa, the easier it will be. Ultimately, you have to ask yourself, ‘where do I see myself in the long-term?’  If you don’t see yourself as a partner in practice, for example, it would be more beneficial for your long-term career to move out of practice sooner rather than later. If you stay in practice for a couple of years and then look to make a move, you may be competing with people who have already switched course and gained experience in industry.  Also, the more senior you are in your existing career, the more likely it is that you will have to compromise on salary or title to gain traction where others have already proved themselves. Joining a smaller practice Leaving the Big 4 realm to join a smaller practice will typically allow you to gain broader experience.  If you’re coming from the audit department of a Big 4 firm, for example, you naturally won’t have gained a lot of exposure to tax.  Working at a smaller practice, you will gain wider experience of financial reporting, tax and advisory services, acting as a trusted partner to clients in businesses that are typically owner- or manager-led.  It’s important to bear in mind that, by their nature, these businesses will be smaller than the clients you will have worked with in Big 4. It’s a different dynamic. To move or not to move? A career-focused Chartered Accountant will typically move two or three times in their first five years PQE, either internally or externally. At Barden, we recommend that you initially seek out opportunities internally, because you will already have gained a solid understanding of the business and that can be a big advantage. There are no hard and fast rules in this scenario. If you’re gaining good experience in your existing team, learning from good people around you and you’re progressing, don’t move just for the sake of moving. If you feel you’re not the best person on your team, however, you’re probably not in the right place and an internal move could bring better career benefits. Moving overseas For those who have itchy feet and an urge to travel and explore after the stifling restrictions of the recent pandemic, the good news is that the Chartered Accountants Ireland qualification is recognised in the majority of countries worldwide. Better yet, in the current market, there is strong demand internationally for Chartered Accountants trained in Ireland.  The ease or difficulty of moving abroad will depend on a number of factors, including an individual country’s visa requirements. In some cases, you might also need to consider language barriers.  If you want to work in France, for example, you will need to factor in your ability to speak French well enough to communicate clearly with colleagues and clients. Plotting your job search If you’re looking for a new role, either in your existing field or a new one, your first port-of-call should be an expert recruitment firm specialising in your profession and skill set. At Barden, we are all qualified Chartered Accountants, advising Chartered Accountants.  Sending out your CV blindly, without having a fundamental knowledge of the role you’re applying for, or the organisation you’re applying to, is a huge risk. Instead, you should thoroughly research the companies and organisations that are recruiting and for which you would like to work.  Other people’s views and experiences matter so don’t be afraid to talk to people who may have experience of working for these companies—but take care to maintain a balanced view of what they have to say. Gather as much information and insight as you can before you make any final decision. At Barden, we advise and guide Chartered Accountants on a daily basis. We give them step-by-step guidance on their CVs and support them with interview preparation, so that they have the best possible chance of succeeding in their job search. The primary focus of your CV will be on your professional qualification and work experience, but don’t neglect your interests and activities outside work. You may enjoy sports, have an interest in the arts, or engage in voluntary work, for example.  All of this makes you human and, for the majority of employers, culture fit is very important. Preparation for interviews is also crucial. At Barden, we will spend an hour with you either over coffee or via Microsoft Teams, going through sample interview questions and answers to make sure you are properly prepared.  Siobhán Sexton, ACA, is Business Lead Expert in Recently Qualified Accounting, Tax and Practice Careers with Barden You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

It’s never too early to start laying the foundations for a future in leadership and developing the skills and traits to rise to the top. Julia Rowan explains why The earliest part of a young professional’s career will often be spent learning the ropes and getting to grips with the ins and outs of your daily responsibilities. If you have a few years’ Post-Qualified Experience under your belt, however, now is the time to start thinking about what you want from your career in the long-term and how best to position yourself for future success. As Julia Rowan sees it, it’s never too early to begin laying the foundations for a future in leadership. Rowan is Principal Consultant at Performance Matters, a leadership team and development consultancy. “The early stage of your career is a great time to start thinking about building your reputation and a network that will help you progress in the future,” she says. “It’s also a good time to start learning about yourself—understanding your strengths and building on them—but also embracing your weaknesses and finding ways to improve in these areas.” Rowan has these seven tips to help you chart the course for a future in leadership: 1. Prioritise self- awareness and personal skills Self-awareness is a vital trait for leaders and, in the early stages of your career, can also help you to determine the best career path for you, and zone in on what you need to do now to get there in the future.  “Your priority could be, ‘I love the role I’m in, I want to be an expert in this area’, you might want to specialise even further, becoming a partner in a firm, or to set up your own business a few years down the line,” says Rowan. “In all cases, I would be saying to people, particularly young accountants who already have a high degree of technical knowledge, don’t overlook the importance of personal skills—how you get on with others, and how you show up at meetings. These are the skills that will move you up the ladder.” 2. Learn to lead at any level How you treat others has an enormous effect on whether or not you are perceived as leadership material, regardless of your seniority. “You can be a leader at every stage in our career, regardless of what you do, and it’s important to be aware of just how important it is to be respectful of everyone you meet and work with,” says Rowan. “Young professionals can get stuck when they come across something that isn’t working: an approach or process.  They may say nothing – or perhaps talk about it as ‘ridiculous’. “This won’t come across well, because we need to be respectful of everything and everyone that has gone before.  “Even when we think something is ridiculous, we need to find a respectful way to deal with it.  For example, we might instead say something like, ‘I’ve been thinking about this and I have an idea, would you like to hear it?’” 3. Find your own voice A big part of impression management in the workplace comes down to how, and how much, we engage, and communicate with, those around us. “My advice would be to trust yourself. If you have a question, ask it. If you have an opinion, share it—and trust yourself to ask for help if you need it,” says Rowan. “Sometimes, young professionals feel ‘I need to prove myself, I can’t ask for help’, but what you will find is that most people are delighted to help.  “Creating these good habits early in your career will help you to find your own voice and show up as yourself, because you don’t want to be a carbon copy of anyone else, no matter how senior or successful.” 4. Work out what you want Once you have determined what you want to do with your career in the long-term, you can then begin to take the steps to make it happen. “I’m a big believer in people working out what they really want to do. It means that you can have the right conversations with your boss or managing partner when opportunities arise,” says Rowan. “It’s amazing, when we ask for what we want in a gentle, respectful way, how often it will happen for us. It could be as simple as saying, ‘I would love the opportunity to lead this project or be involved with that client’. Think about it carefully, work it out, and ask for it.  “I often talk to people about humble confidence. It’s where you can say, ‘I trust myself enough to push myself, take the risk and ask for something, but I also know that I need to keep learning and listening to the feedback’.” 5. Develop the right mindset Don’t get into a negative mindset whereby the peculiarities, ways of working and politics of the organisation you are working for start to bring you down. Instead, rise above it and always look at the bigger picture. “You have to think intentionally about the habits you want to create—the habits that underpin strong leadership,” says Rowan. “It can be challenging when young professionals come into an organisation with its own established rules and regulations, systems, processes, and templates. They might not even make sense, but you don’t want to get into the habit of moaning, gossiping, or complaining.  “If you find yourself doing that, it’s a signal that you’re feeling disempowered and you need to say to yourself, ‘okay, I need to stop and find a better way to deal with this’.” How you learn to view yourself, your current role, and your potential to grow and advance, is critical. “When I’m coaching senior leaders, they will often tell me, ‘I’m still seen as the young graduate, the trainee, or the new hire’,” says Rowan. “They think that is how they’re viewed within their organisation, despite their rise up the ranks, but what they are really telling me is, ‘this is how I still see myself’.” 6. Keep a learning journal To get ahead of this problem and promote healthy self-perception, Rowan advises young professionals to consider keeping a learning journal to help organise and understand their thoughts and progress. “Doing this can help you to be more conscious of your thoughts and feelings at and around work,” she says.  “It can help you to recognise your strengths—where you are feeling good, easy, and comfortable—but also the aspects of your work that make you feel less comfortable. “When we write things down, we get themout of our head, and we can engage with them in a better way.  “It’s generally the negative stuff that buzzes around in our minds, so, if there are thoughts which are unhelpful like ‘they still see me as a graduate’, writing it down can help you to engage with it and find a way forward.”  7. develop good habits  Above all, it’s important to be aware that we can change thoughts, perceptions and assumptions that might be holding us back, helping us to better plot a course forward and position ourselves for success in our future career.  “Aristotle said, ‘We are what we repeatedly do. Excellence then is not an act but a habit’. If we are able to shift our thoughts and change our habits by examining how and why we do things the way we do, we can change our future,” says Rowan. “It’s about consciously creating good habits, like making to-do lists, being focused, speaking up, asking questions, so that we don’t feel in our later career that we have learned to do things in a way that has held us back.” Julia Rowan is Principal Consultant at leadership and team development consultancy Performance Matters You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Despite recent tech sector layoffs and ongoing economic uncertainty, the job market for accountants remains robust. Ed Heffernan explains why demand is still high This time last year, as fears for the economic implications of the Ukraine invasion began to emerge, Ireland’s post-COVID job market had just begun its recovery. Twelve months on—despite the recent spate of tech sector lay-offs, and the impact of rising inflation rates and energy price hikes—demand for accounting professionals remains constant. “We’ve seen a fair bit of change in the wider job market over the past year, but employers will always need good financial talent,” says Ed Heffernan, Managing Partner at Barden, the partner-led expert recruitment firm. “At the start of 2022, there was an expectation as to how the market would evolve over the course of the year, but, because of the subsequent impact of various geopolitical events on the global economy, it became clear that ambition and market realities were not aligned for some companies. “For us, demand continued to accelerate from January through to September. We were busier and busier as the year went on. Then, from October onwards, we started to hear news of job cuts in the technology sector.”  The market reality Despite the recent deluge of negative headlines, however, it’s important to look at the reality of the situation “in context”, Heffernan says.  “Good news stories aren’t as eye-catching as bad news stories. People are programmed to worry; it’s human nature. What we’re actually seeing are some of the biggest players in the tech space announcing a global reduction in headcount of about 10 to 12 percent. “They are, by and large, cutting headcount in the areas most businesses look to when they need to cut costs—sales, business development, marketing and maybe also talent and HR teams.” Demand in the job market overall may be down, but supply for key skill sets has not waned, creating a “counterbalancing” effect.  “I would say job numbers overall right now are down probably between 16 and 18 percent quarter-on-quarter, but the drop is mostly down to fear. Employers are holding back on making hiring decisions because of uncertainty,” says Heffernan. “It’s the same ‘wait and see’ effect we saw during the pandemic and that creates pressure in the workplace because teams are having to wait to fill vacant positions.  “Then, what you get is this rebound in the market, because organisations realise they have to forge ahead and start hiring again.” Demand for accountants Regardless of wider trends in the job market, demand for accountants remains consistent, Heffernan says. “Companies always need good financial talent. That’s a given because finance is just so fundamental to how companies function.” In terms of the skill sets most in demand among employers recruiting for accountants, Heffernan sees “two extremes”. “On one side, there is always strong demand for organised and technically oriented professionals from larger firms or who have risen up within the group functions of listed multinationals,” he says. “These are the people that run the consol, coordinate the internal and external reporting and lead the audit activity. Without them the business just does not function.   “Group functions like Flutter, Ardagh, CRH and Dalata always have a demand for accounting talent. It’s where many of their future leaders learn how the business knits together, so it’s an ideal first step for an early career accountant with ambition.” On the other side, there is consistent demand for professionals adept at business partnering. “These are the accountants who can ‘translate’ what the numbers mean for people in the business outside the finance function,” says Heffernan. “They can participate in the wider decision-making process, and in shaping strategy, rather than simply producing a spreadsheet and leaving it at that. “In terms of industries, pharma and tech companies dominate the landscape. In terms of functions, it’s group entities and shared services centres that typically employ the largest numbers of talented accountants. Scale brings opportunity and that’s not changing any time soon.” Proactive approach For ambitious young professionals keen to move ahead in their career and avail of the right opportunities at the right time, Heffernan advises a proactive approach. “I see a lot of people who are reactive, rather than proactive, in terms of how they approach the job search process. They look to move jobs only after something has happened, so they’re fundamentally not in the driving seat,” he says. “If you’re ambitious and you want to go places with your career, you should be thinking ahead from the get-go. Most accountants move roles two to three times in their first five years’ PQE, either internally or externally. That’s just the way it is. “Your first port of call should always be the internal option. Leveraging your track record and leaning on established relationships within your organisation, is nearly always the best way to shape your next move. “Failing that, there is of course ample opportunity externally to leverage your PQE to create value in a different setting.” Changing employers Getting ahead in your career isn’t always just about staying with the same employer and hoping that your loyalty will pay off in the long run. Moving organisations tactically can also deliver tangible results. “It’s really important to be market aware,” says Heffernan, “you need to understand what is going on and be able to benchmark your own position and progress on a regular basis, so you know you are on the right track.” He advises professionals to take a proactive approach to shaping their own career path, utilising contacts and connections to keep ahead of the curve. “I think people sometimes underestimate just how important their career is to their overall level of wellbeing. We spend up to 80 percent of our waking hours working alongside our colleagues, whether in-person or remotely,” says Heffernan. “The most successful CFOs I know constantly have their ear to the ground. They’re calling me every 12 to 18 months to find out what’s going on in the market. Being market aware is what the smart, ambitious people do.  “That puts them in the driving seat career-wise, because they’re making informed decisions about their future—and that’s incredibly important.” Expert support Accountants should also make full use of the range and quality of the advice and support on offer to the profession from specialist recruiters, Heffernan says. “The accounting community is one of the best served communities when it comes to recruiters and advisers active in the space,” he says. “There are some incredible people you can get objective information from. My advice is to make full use of this - not all professions have the same advantage.  “If you expect to be engaging with recruiters at a point in the near future, reach out before you are actively looking for a job.  “It’s at that stage that you could find yourself getting the most value and clarity from the relationship because the waters won’t be muddied by the requirements of one specific role,” he says.  “You’ll be getting objective advice and that could really stand to you from the point-of-view of long-term career planning. That’s how we built Barden—we are advisory-first, an ally to the finance professionals we work with. We’re where accountants go before they start looking for a job.” Ed Heffernan is Managing Partner at Barden You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

OECD countries will not close the gender pay gap for at least 50 years if we continue at the current pace of progress, despite the potential economic gains, writes Ger McDonough To mark International Women’s Day, PwC released the results of our Women in Work Index, assessing women’s employment outcomes across 33 Organisation for Economic Cooperation and Development (OECD) countries. The Women in Work (WIW) Index shows that female workforce participation across the 33 OECD countries increased slightly in 2021. Progress towards gender equality remains too slow, however.  In fact, based on OECD countries’ gender pay gap of 14 percent in 2021 and historical rates of progress towards gender pay equality, our findings show that it will take more than 50 years to close the gender pay gap. This means that a 20-year old woman entering the workforce today will not see pay equality in her working lifetime. At the same time, our analysis also shows that, by closing the gender pay gap, OECD countries could make trillion-dollar gains. By increasing women’s average wages to match those of their male counterparts across the OECD, female earnings would rise by more than US$2 trillion per annum, our research has found.  In Ireland, closing the gender pay gap could boost women’s earnings by US$4.32 billion per annum (8%) and increasing women’s employment could boost Irish GDP by US$50 billion per annum or nine percent. Ireland ranks in 12th place overall out of the 33 OECD countries in our latest WIW Index, up from 15th place in the year prior. This improvement was in large part due to a rise in the female labour participation rate from 65.6 percent to 69.6 percent. Our research also reveals that just 25 percent of women in Ireland have an established plan to advance their career with their current employer, however, compared to 35 percent of women globally.  If the rebound from the COVID-19 pandemic has taught us anything, it is that we can’t rely on economic growth alone to produce gender equality—unless we want to wait another 50 years or more. Employers can make a material improvement to women's empowerment in the workplace now by focusing on fair reward, autonomy, inclusive leadership and instituting a data-driven diversity strategy. Women working full-time in person have the lowest empowerment score in our WIW Index. This trend follows suit for men—suggesting that autonomy over how, where and when people work fuels feelings of empowerment across the workforce. According to our WIW Index, the women who are most empowered also have greater opportunity to work remotely (74%). However, close to half (48%) of women can’t do their job remotely.  Of the 11,285 women who can, 29 percent are working remotely full-time, and 56 percent had some level of hybrid work pattern. Autonomy fuels empowerment for both women and men, but women currently have less autonomy over how, when and where they work.  Demand for flexibility is a talent-wide proposition, and one that cannot be ignored by employers as they seek to enhance diversity, fuel engagement and innovation, and position themselves as an employer of choice. Ger McDonough is Partner and Leader of the People and Organisation Consulting Practice at PwC Ireland 

There are many reasons why our confidence can falter. Dawn Leane explains how we can overcome our self-doubt and silence our inner critic so we can achieve our goals In the workplace, being confident means feeling self-assured and believing we are capable of achieving our objectives. We often think that confidence is intrinsic; we either have it, or we don’t. In fact, our relationship with confidence is more likely to be influenced by our conditioning, life experiences and environmental factors. Handling feedback Confidence is one of those words that often triggers an emotional response in us, particularly if we struggle with it. We’ve all had an experience where we make a proposal or suggestion and have it critiqued. If we work in a psychologically safe environment, we take feedback from colleagues and leaders at face value. We appreciate the input and guidance and trust that the motivation is to help us refine and improve the idea. However, if the environment is not psychologically safe, we are much more likely to receive such feedback negatively. Perhaps we perceive it as criticism, a chance to settle a score or ‘mark our card’. This is especially true when our work is deeply personal and connected to our values and sense of self. In this situation, it can be hard to avoid internalising or personalising feedback—and when we do, it has the potential to erode our confidence. Limiting beliefs While our environment is hugely significant in determining our level of self-assurance, we are also influenced by our own limiting beliefs. A limiting belief is a state of mind or belief we think to be true, but one which will limit our potential. A limiting belief could be about you, your relationships with other people, or with the work environment. Self-limiting beliefs have the greatest potential to negatively impact our ability to achieve our full potential and are usually developed in response to our experiences, and because we are shaped by these limiting beliefs, we then go on to adopt behaviours that reinforce them. While many of our beliefs are formed as we grow up, we can develop new ones as we grow. Our inner critic Everyone has a voice in their head that reinforces their worst fears – an inner critic. The voice may be a whisper, or it may be so loud that it paralyses us. The voice holds us back from trying new experiences and rubs failure in our faces. It is possible to let go of limiting beliefs and tune out the inner critic, however. People can develop new ways of thinking and behaving that can help to create a positive narrative for themselves. To help silence your inner critic and build your confidence, there are several steps you can take: Identify any self-limiting beliefs and the behaviours that have resulted from them; Consider where these beliefs might have come from; Reflect on instances where these beliefs have been shown to be incorrect; and Decide on new behaviours to replace the limiting beliefs, then practice and reinforce them After acknowledging a self-limiting belief when it occurs, learn to replace it with something else. Carol Dweck, Professor of Psychology at Stanford University, has a simple but effective solution: add the word ‘yet’ to any limiting belief. For example: ‘I don’t have much experience at public speaking… yet.’ By adding ‘yet’, it allows you to acknowledge your shortfalls while also identifying that you are actively working on correcting it. Finding confidence Being a self-assured person without doubt is a lofty goal and probably not a realistic one. Acknowledging your limiting beliefs and working on silencing your inner critic is important, however. Your confidence will rise and you will be far more likely to achieve your objectives no matter the environment. Dawn Leane is the Founder of Leane Leaders

As the fastest growing consumer app ever to launch, ChatGPT has the potential to support and enhance marketing for accountancy firms. Maryrose Lyons explains why By now, you’ve probably heard of ChatGPT. As the fastest growing consumer app ever to launch, it reached 100 million monthly active users in January, just two months after going live. ChatGPT marks the start of the mass adoption of artificial intelligence (AI). Hailed by Bill Gates as the biggest innovation in technology since the invention of the internet, it is just one of the many AI tools that are taking the marketing world by storm. The question is: have you thought about how you might use it to improve your marketing efforts? ChatGPT is an advanced language model that is capable of understanding natural language and generating human-like responses. It’s a chatbot with a range of applications, including in the area of marketing. With ChatGPT, accounting firms could potentially enhance their marketing efforts by engaging with their customers more quickly and in a more personalised manner. When applied thoughtfully, the results could be impressive. Personalisation One of the key benefits of ChatGPT for marketing your organisation is its ability to generate personalised marketing messages and content. By analysing customer data and behaviour, ChatGPT has capacity to generate targeted content that is tailored to the needs and interests of specific customers. This could increase engagement and conversion rates and help businesses to build stronger relationships with their customers. Automation In addition to personalisation, ChatGPT could also save time and resources by automating repetitive tasks such as email campaigns and content creation. This has the potential to free up marketing staff to focus on more strategic or creative activities. In the case of owner-managers doing marketing themselves, it could also save valuable time. By using ChatGPT to automate repetitive tasks, businesses could streamline their marketing efforts and improve efficiency. Embrace AI At this point in time, just three months into its evolution, incorporating ChatGPT into your workflow could give your organisation a competitive edge, particularly for businesses that are early adopters. If you are an accountant with responsibility for marketing your business, or you employ marketers to do it for you, ChatGPT is a tool worth considering. Who wouldn’t want to leverage AI and take their marketing efforts to the next level? ChatGPT will not replace marketers, but marketers who use ChatGPT could have a competitive edge. My advice? Don’t fear AI. Embrace ChatGPT and the potential benefits it could bring to your marketing today. Maryrose Lyons is the Founder of Brightspark, a future-focused marketing consultancy Brightspark offers a Digital Marketing with ChatGPT course. Learn about the AI tools that free up time for staff to focus on higher-value tasks. Understand the rapidly evolving digital landscape. Experiment and implement, under the expert guidance of Maryrose Lyons.

The Windsor Framework provides for the smoother flow of goods between Britain and Northern Ireland, but is it enough? asks Eoin O’Shea It's been just over ten years since David Cameron, the UK's then Prime Minister, unveiled the idea of holding a referendum on EU membership. On that fateful day, 23 January 2013, Cameron made the rather prophetic statement: "If we leave the EU, we cannot, of course, leave Europe. It will remain for many years our biggest market, and forever our geographical neighbourhood. We are tied by a complex web of legal commitments." The latest addition to the post-Brexit tsunami of legal commitments entered into by the UK and the EU, including a 177-page Withdrawal Agreement and a 2,530-page Trade and Co-Operation agreement, is the Windsor Framework. The Windsor Agreement aims to update the 63-page Northern Ireland Protocol agreed by the UK and EU as part of the Withdrawal Agreement.  The Windsor Framework – in reality, several legal and political documents – was launched last week by the president of the EU's executive branch, Ursula Von Der Leyen, and UK Prime Minister Rishi Sunak at Windsor Guildhall.    The Windsor Framework came about because the Northern Ireland Protocol to the Withdrawal Agreement operated, in parts, like a manual for a United Ireland. Back when former UK Prime Minister Boris Johnson was 'getting Brexit done', there was a fear that Ireland, north and south, might have different laws concerning trade, the movement of goods, customs, taxes and the like, leading to a hard border on the island of Ireland. To counter such a border, it was decided by the UK and the EU that Britain would have its own British laws on those border/market/trade issues, and the Island of Ireland (north and south) would follow EU rules. Leaving Northern Ireland subject to EU laws, the oversight of the EU court of justice in Luxembourg, and the full panoply of EU officialdom. One view of the Northern Ireland protocol was that it permitted goods to flow between Northern Ireland and Ireland/EU without customs checks, duties, or paperwork. It also allowed for the free movement of goods between Northern Ireland and the rest of the UK.   Economist John Fitzgerald dubbed the situation as providing "unique dual access to both the British and the EU markets". Similarly, Michael Gove, then a member of the UK cabinet, stated: "That means that businesses in Northern Ireland have the opportunity to enjoy the best of both worlds; access to the European single market, because there's no infrastructure on the Island of Ireland, and at the same time unfettered access to the rest of the UK market." Unfortunately, the Northern Ireland protocol didn't work. Neither politically nor economically.  Excessive paperwork and administrative uncertainty made it difficult, expensive, and slow for goods to move to and from Northern Ireland and Britain. Imports and exports between Ireland and Northern Ireland skyrocketed as businesses in Northern Ireland found buying goods from Ireland/EU easier than from the neighbouring island. In the first five months of 2022, for example, exports from Ireland to Northern Ireland increased by 42 percent compared to the previous year. Politically, the original Northern Ireland protocol caused significant problems, including a boycott of the Stormont Assembly by the DUP and a threat by the UK to unilaterally override, with domestic legislation, the Protocol's operation.  All sides were fearful for the continued operation of the Good Friday Agreement and the possibility that relationships between communities within Northern Ireland and north/south and east/west ties could be negatively affected, perhaps for a generation. In short, all roads have been leading to last week's Windsor Framework for some time.  The highlights of the Framework include the following: The introduction of a trusted trader system in Britain to facilitate smoother transport of goods to Northern Ireland; Identity and physical checks on goods are to be drastically reduced; The same food will be available on supermarket shelves in Northern Ireland as in the rest of the UK; Goods moving from Britain to Northern Ireland that are destined for the EU or at risk of entering the EU will be subject to full customs checks and controls; People in Northern Ireland will be able to get medicines, including new medicines, at the same time and under the same conditions as people in the rest of the UK; Certain goods travelling from Britain to Northern Ireland may carry labelling "not for EU", ensuring that products remain in Northern Ireland; Consumer-to-consumer parcels will be entirely exempt from the main customs requirements; Travel to and from Britain with pets will be easier and require reduced documentation; Garden centres in Northern Ireland will have an easier time stocking plants, shrubs, trees and seeds from Britain; The UK has agreed to share live data with the EU on movements of goods from Britain to Northern Ireland to give additional comfort to the EU that goods transfer rules are being adhered to and that the single market is not at risk; and The number of proposed changes to the application of EU VAT and excise duty requirements to Northern Ireland.  It has been agreed that members of the Northern Ireland Assembly might, by way of a 'Stormont Brake', to stop new EU law from applying in Northern Ireland (as a last resort). It is also proposed by the parties that there be enhanced involvement of Northern Ireland interests in the operation of the joint committees set up between the UK and the EU on the management of relationships. As can be seen, the arrangements under the Windsor Framework provide for a much smoother flow of goods between Britain and Northern Ireland than was the case under the Northern Ireland protocol. But, as also can be seen, the arrangements are not as smooth as before Brexit. Eoin O'Shea is a Barrister at Law and Chartered Accountant

Ireland’s housing market is in trouble – could raising the mortgage limit ease property prices while retaining affordability? Marc Coan discusses As interest rates rise, residential property prices have come under pressure, but the Central Bank raising the mortgage limit from 3.5 to four times income from the 1 January this year may open up significant new demand and prop up prices longer term. This will cause concern for some, but are house prices the real issue, or are policymakers and opposition parties missing the point? During a recent webinar, economist Ronan Lyons threw new light on the link between building costs, house prices and supply. Simply put, the more significant the gap between house prices and costs, the greater the supply of new housing. If a developer can make a tidy profit, they will develop more units until supply eventually catches up with demand and prices fall. In a free market, there are then just two ways to make more houses available: Reduce building costs; and Increase house prices. Lyon’s analysis suggests that, for the country to hit anything like the 30,000 completions target in the government’s Housing for All strategy, building costs would have to fall by close to 40 percent. With rising energy costs recently sending material and labour costs spiralling out of control, this seems unlikely. Sure, the government can introduce tax reliefs for development to stall rising costs but putting them into reverse seems a very tall order. So, with cutting costs ruled out as an option, let’s turn instead to increasing house prices to get supply back on track. The real issue with the housing market isn’t housing prices, it’s housing affordability, which is not quite the same thing. What if we could raise prices in the housing market without reducing affordability? Although this sounds counterintuitive, there are ways to do it. One is to increase the effective income of house buyers through grants or tax reliefs. This is the thinking behind the First Home scheme. Yet, there is one other significant weapon to increase housing affordability: credit. Simply loosening the current Central Bank mortgage lending rules increases house prices and developer profits. In turn, it will likely increase the supply of new homes and housing affordability for many who previously couldn’t buy a home. This is because the Central Bank mortgage rules have locked out thousands of potential homeowners and trapped them in the rental market. This has driven monthly rents way above monthly mortgage repayments. By lifting the 3.5 times lending cap imposed by the Central Bank, three things are likely to happen: Housing affordability will rise as currently trapped renters move to a monthly mortgage; House prices will also rise as renters can now compete with investors for property; and Housing supply will increase as developers greenlight projects that didn’t make financial sense previously. Doesn’t that create a credit-fuelled housing bubble like we had in 2008? That seems unlikely for a couple of reasons. First, we already know people can afford to pay these mortgages as they pay considerably more monthly rent. Second, even if you completely removed the Central Bank limits, the barriers to getting a mortgage are still way higher than in 2008. The rules imposed on Irish banks by the European banking regulators post-2008 already prevented Irish banks from engaging in reckless lending. While it was understandable that the Central Bank would take a safety-first approach post-2008, it put the kibosh on many lower- and middle-income families owning their own homes, trapping them into paying spiralling rent, making them poorer and increasing social inequality. We should be glad to see the back of the 3.5 limit, property investors will welcome the increased purchasing power it creates in a time of rising interest rates, and the public will welcome the inevitable result: more homes being built. Mark Coan is Founder of online finance guide moneysherpa.ie. All views are those of the author. This article was first published on The FM Report.

Outdated content on your website can make your organisation seem out of touch to potential clients. Maryrose Lyons explains how your site can go from confusing to consistent As websites grow larger and more complex, they can become overwhelming and confusing for the site owner and visitors. Outdated or underperforming content can negatively impact search results and user experience. To avoid this, it's important to conduct regular site audits. A site audit is an analysis of the components that make a website visible on search engines. It aims to give the owner insight into the content on their site, what is being seen by their audience and how it’s being picked up by search engines. Auditing your organisation’s website can determine whether it's optimised to achieve your traffic goals, giving you a sense of how you can improve the site to reach those goals. More eyes on your website can translate to more clients. Step 1: Categorise posts Download a list of content titles currently on your site and categorise each one based on general categories, such as services, news, or careers. Then group each category by theme. Under services, for example, you could list audit, tax, or business advisory. Finally, find 24 unique themes under which you can categorise individual posts. This step is time-consuming, but necessary, in determining what is still relevant to the business. One theme could be ‘Budget 2010’, for example. Information you will find under this theme is no longer relevant to your business or your clients and so can be deleted. However, ‘Budget 2023’ should definitely stick around. Step 2: Evaluate engagement Use a search engine optimisation (SEO) tool to analyse organic search traffic and backlink profiles for each post. Take note of engagement levels to determine which posts generate traffic. Low traffic means you can delete that post. High traffic means that you should not only keep that post, but also possibly explore the same theme in future content. When we carried out our own site audit, it was interesting to see how the nature of the content had changed since 2007. Before the advent of social media, all of our short-form posts were published on our blog. Nowadays, many of these would be status updates on social channels. Step 3: Update and tidy up Once you have identified your high-performing content, read through it all to see what needs to be updated. This step ensures that valuable content remains current and relevant to users. Consistent content By conducting a site audit, your organisation will have a cleaner, leaner, and much more navigable website that offers clear and consistent content. Regular site audits help maintain a positive user experience and strong search engine rankings. Though the process can be tedious, it's well worth the effort. Maryrose Lyons is Founder of Brightspark Consulting Brightspark Consulting is offering a new course to teach leaders how to utilise AI to create a digital marketing plan and produce content. Find more information on ChatGPT training here.

While uncertainty over energy price shocks and supply continue to dominate the national conversation, there is also an opportunity for Ireland, writes Colm O’Neill The first documented energy crisis unfolded in the late 16th century when industrialised regions in Europe literally ran out of trees to burn. This caused enormous political and social upheaval but also generated tremendous opportunities for countries with the natural resources and ingenuity to capitalise on the transition. It was the start of the Industrial Revolution. Ireland’s green energy advantage Today, Ireland has everything required to become a global green energy powerhouse. Our position on the northwest corner of Europe offers some of the best available offshore wind resources. The strength of our skill base and our strong collaborative research community mean we also have the ingenuity to capitalise on it. Ireland has a large offshore wind generation capacity, so the potential is clear. If we act quickly and with purpose, Ireland could achieve energy independence and become a hub for energy-intensive industries and a net energy exporter.   But ours is not the only country in Europe with this potential. Scotland is investing heavily in its offshore wind resource, as is Portugal, which also has the additional benefit of significant solar capacity.  Time to act Although the benefits are long-term, decisive action is required now if Ireland is to grasp the opportunity. However, change is needed in three crucial areas: planning, regulation and gas infrastructure. Planning The energy transition will require spending billions of euro on constructing energy infrastructure on a scale never before seen in this State. However, despite An Bord Pleanála having a statutory timeframe to decide on applications for wind energy projects by June, the average time for a decision is over a year, and some projects have waited for more than two. This slow pace puts Ireland on the back foot when competing for international investment. The current review of the planning system in Ireland urgently needs to address this critical area. Regulatory change required Commission for Regulation of Utilities (CRU) was established in 1999 to support the liberalisation of energy markets in Ireland as part of Europe’s first liberalisation directives. Implementing this was a challenging task: while there has been active customer participation and switching at the retail level, there has been less investment in new thermal generation capacity. The CRU’s mandate has expanded over time to include other utilities and energy safety, and the CRU now plays a central role in Ireland’s energy transition.  To reflect the scale and importance of this mandate, the CRU needs investment in resources, a review of governance structures and changes to the agency’s statutory mandate. These changes are vital if the regulator is to support Ireland’s development as a major European energy powerhouse, with this objective at the centre of their strategic agenda. Gas reliance Ironically, transitioning to a modern, low-carbon energy system requires lots of energy. And for many years, the generation of that energy will rely heavily on natural gas. Despite the undoubted potential of an array of ‘green gases’ from biomethane to hydrogen, the reality is that natural gas will need to be part of our energy system for decades to come. Energy policy must recognise this. We currently import around 75% of our natural gas demand through a pipeline from the UK. Any realistic strategy for energy independence must have a plan for reliable sourcing of natural gas while at the same time promoting investment in developing ‘green gases’. This includes building facilities to import liquified natural gas (LNG) and developing storage for natural gas locally. This can be done while also supporting exciting developments in hydrogen and biomethane that are already happening across Ireland. Gas of all types will be central to our energy system, and we need a plan and investment that delivers security in both the short and long term.  We need to be pragmatic The actions outlined above are very straightforward but far from easy. Progress is often sacrificed to idealism and dogma. We need to be pragmatic; we need to take calculated risks and accept that we may take action that may not deliver the perfect outcome immediately but will help us bridge to a greener energy future.   The benefits of acting now will be reaped in the coming decades, not the immediate months or years. This is a time for bold visionary decisions on the part of both investors and the government. These are multi-generational initiatives that need to be actioned today. The unfolding climate catastrophe won’t wait. The window of opportunity for Ireland to become a global energy transformation hub will close. To quote the Chinese proverb, “The best time to plant a tree is 20 years ago. The second best is now.” Colm O’Neill is Head of Energy, Utilities & Telecoms at KPMG

Research says that a happy, engaged workforce is a productive and profitable one. Gemma O’Connor outlines how to measure and improve employee engagement A crucial aspect of employee retention is finding out what employees want and how engaged they are in their work. If you have no idea what employees like or dislike about their work, you could find yourself providing benefits or conditions that don’t satisfy your staff. Unsatisfied employees won’t stay with your business. Employee engagement: why it’s important Businesses with high employee engagement tend to produce better results. According to Gallup research, companies with high levels of employee engagement have higher revenues, productivity and profits, as well as lower absenteeism, staff turnover and health and safety incidents.   One of the best ways to discern engagement and satisfaction levels is by surveying your staff anonymously and conducting regular catch-ups. How often should you survey staff? The world moves quickly in the digital age, and an annual survey will likely be too long and too wide-ranging to be of real benefit.    Short, intermittent surveys should ask fewer questions concentrating on current challenges within your business and your industry. Provided this feedback is reviewed promptly and acted upon, these regular surveys can be an excellent way for employees to see that their opinion is valued and, where feasible, their feedback will be acted upon. Tell them what they told you Publishing survey results is a positive step towards boosting engagement. It’s a good idea to have teams gather with their manager or leader to discuss the results rather than publish them in an email. This approach ensures transparency and shows that the survey exercise is a two-way process. Take action You should be able to divide your responses to the feedback into short-term and longer-term actions that your business can take. If any immediate changes can be made, this will demonstrate that you are prepared to take feedback on board and give you some breathing room to consider how best to implement any longer-term responses. If your employees have made requests that are not feasible, explain your reasoning and why it’s not possible for your business to operate as they are requesting. A full and frank explanation will be appreciated by staff. If alternatives to suggestions exist, these should be communicated to your workforce for their consideration. Keep your door open The world of work has transformed in the last number of years. It’s a good idea to keep your door open and to listen to your employees. Helping your staff work in a way that suits them will most likely help your business. Happier employees are better performers and more willing to stay for the long haul. Another year means another opportunity for your business to grow. And to grow, now more than ever, employers need to check in with staff, listen, be adaptable, and respond to feedback. Whether it’s a yes to a proposed change or a no, we can’t do this, engaging with staff on issues is the best way to develop a productive and long-lasting employment relationship. Gemma O’Connor is Services and Operations Manager at Peninsula

The death of the cookie will put first party data centre-stage for companies selling online. Alexia Pringiers outlines what this will mean for customer knowledge and insights With the collection of third party data on the outs, companies selling online are looking more closely at the first party customer data they collect themselves. First party data is collected through direct interaction with customers on your owned channels. It involves a simple direct transaction between your company and your customers, such as the actions your customers take on your website or your social media interactions with them. Benefits of first party data Increased trust and transparency Compliance with privacy laws benefits a company and its customers. First party data is information that users and customers directly share. Businesses, therefore, need to be transparent about the purposes of the data collection and always ask for customer approval. More accurate and higher-quality data Direct customer data collection enables businesses to maintain accurate and current data. Through interactive experiences, businesses will collect information that can provide them with more precise information about its customers, allowing them to create tailored and personalised experiences. Effective marketing campaigns The first party data businesses gather enables them to produce timely and dynamic content and maintain user engagement through specialised experiences. In short, first party data helps customer-centric companies gain a competitive advantage by providing more personalised experiences. Retention of loyal customers More accurate data enables you to segment your audience better and nurture each group per the specifics of their customer profile. You may enhance contextual targeting by gathering more first party data and building audiences based on behavioural data. Reduced costs compared to third-party data Investing in first party data collection, archiving, and processing solutions will cost less than paying for third party data, which is less accurate and trustworthy than data you obtain directly from your customers. Additionally, using first party data increases return on investment by enabling more individualised experiences that are more likely to result in sales. Overcoming first party data challenges There are, however, some challenges that need to be dealt with when you are relying on first party data. The need for strategy It is essential to set clear and precise objectives before gathering information; otherwise, you run the risk of wasting away team resources gathering information that isn’t relevant. Take the time to consider the best questions to ask your customers and what you want to do with their answers. An identity crisis Your customers use a variety of different channels to interact with your brand. The more extensive and varied your online presence becomes, the harder it gets to consolidate information into one clear customer profile. Identify touchpoints that will help merge activity across platforms to give your customers a hassle-free experience and consolidate the data the business needs in one place. Cross-platform integration Even with a robust data marketing strategy, you’re still likely to rely on information found with third parties. Look carefully at what tools you’re using to pull data together and how much control they give you over details which are yours by right. Don’t be afraid to eliminate a tool if it’s impacting your overall result. Alexia Pringiers is Digital Consultant at BDO Eaton Square

Foreign organisations employing people in Ireland must take care to fulfil their tax compliance obligations. Siobhán O’Hea outlines what they need to know As remote working becomes popular, employees are no longer obliged to work at their employer's premises or even in the same country. This presents opportunities for employers, but also challenges. As such, there are payroll tax compliance obligations for foreign employers with employees working in Ireland under a foreign contract of employment (inbound workers). This can occur where: an employee relocates to Ireland; or an employer sends an employee to Ireland for a short period to fulfil part of a contract. All foreign employers must register as an employer in Ireland and operate Irish payroll taxes on any salary attributable to employment duties carried out in Ireland by their employees. This applies even if the employer does not have a business premises, or employees work from home in Ireland. It applies irrespective of their tax residence status. There are a few exceptions to this rule. Business visits of up to 30 workdays in a year A foreign employer need not operate Irish payroll taxes on the salary of an employee employed under a foreign contract of employment who carries out the duties of that employment in Ireland for no more than 30 workdays in aggregate in any year. If the employee exceeds the 30-workday threshold and is obliged to operate Irish payroll taxes, the employer must operate Irish payroll taxes from the employee's first workday in Ireland. Business visits greater than 30 workdays and not more than 60 workdays per year A foreign employer can rely on this exemption when an employee who is employed under a foreign contract of employment visits Ireland and is a resident of a country with which Ireland has a Double Taxation Agreement. In addition, the Double Taxation Agreement between Ireland and the employee's country of residence must relieve the employment income from the charge to Irish tax. Not all Double Taxation Agreements are the same. Foreign employers wishing to rely on this exemption should carefully examine the relevant agreement's wording to establish if their employee's employment income is relieved from the charge to Irish tax. Where the employment income of the employee is not relieved from the charge to Irish tax under the Double Taxation Agreement or where the workdays in Ireland exceed 60, and there is no PAYE dispensation in place, the employer must operate Irish payroll taxes from the employee's first workday in Ireland. Business visits greater than 60 workdays and not more than 183 days per year The conditions for this exemption are the same as those for business visits between 30 and 60 workdays. However, in addition, a foreign employer must apply to the Irish Revenue authorities for a dispensation from the requirement to operate Irish payroll taxes on the employee's salary. There are several conditions to be satisfied before the Revenue authorities will grant a foreign employer the dispensation: i. The foreign employer must register as an employer in Ireland; and ii. The foreign employer must apply in writing to Irish Revenue for the dispensation giving the employer's full name, address, Irish employer's registration number and confirmation that the relevant Double Taxation Agreement relieves the employment income from the charge to Irish tax. The application for a dispensation must be made within 30 days of the foreign employee starting to carry out their employment duties in Ireland. It can cover more than one employee, but a new application must be made annually. Where an application for a dispensation is not sought within 30 days of the employee taking up duties in Ireland, Irish payroll taxes must be operated on any salary paid to the foreign employee from the date the employee takes up duties in Ireland. If Revenue refuses to grant a dispensation, Irish payroll taxes should be based on salary in respect of all workdays spent in Ireland in the year. Where a foreign employer must operate Irish payroll taxes on an employee's salary, Irish social security contributions (PRSI) are also due unless there is a valid certificate of coverage or exemption in place. In addition, depending on the number of employees the employer has in Ireland, and the type of duties they carry out, the presence of an employee in Ireland may create a "permanent establishment" of the employer in Ireland. If an employer has a branch or permanent establishment in Ireland, it may be obliged to pay Irish corporation tax on the profits of that branch. Siobhán O’Hea is Partner of Tax Services at CrowleysDFK

Work to achieve parity in the workplace is often assigned to women, but research shows that when men advocate for equity, everyone wins, says Andrea Dermody Gender equality issues are nothing new in the boardroom. Grant Thornton’s 2022 report Women in Business: Opening the door to diverse talent revealed that just 33 percent of senior leaders globally are female. Time and again, research shows that the more diverse a company, the better its performance. So perhaps it’s time to shift the focus and consider how men can play their part in the pursuit of parity. Men as allies Too many organisations still miss the mark on gender balance efforts by focusing gender initiatives solely on what women can do to level the playing field—or, at best, inviting men to attend diversity and inclusion events designed for women. An alternative drive towards ‘allyship’ is, however, steadily gaining pace. For men, this is about acknowledging and using their privilege to help others. When they do, they can help to share knowledge, break down barriers, and promote equal access. Why allyship matters Notably, the more women occupying a seat in a company’s C-suite and corporate board, the better its sustainability, corporate social responsibility, and business performance. With this in mind, having men as allies should be a business imperative. Empowering men is one pathway towards allyship. Male allies can help advocate for women’s voices to be heard, and that commitments to equity and inclusion are taken seriously. But believing in the cause is only part of the equation. Men must actively work to achieve it.  Grant Thornton’s 2022 research suggests male allies can support progress towards gender parity among senior leadership in several impactful ways, from exerting influence to change behaviours in their circles to facing down sexist behaviour and supporting and encouraging female colleagues. The result is reciprocal reward. The business performs better, and male allies experience personal growth, broaden their network, and, most importantly, experience the associated benefits of a unified, energised and collaborative team. Allyship is a verb, not a noun For men, the message is clear: you must take action. W. Brad Johnson and David G. Smith, authors of Good Guys: How Men Can Be Better Allies for Women in the Workplace, offer five ‘rules to live by’ for men who aspire to better ally behaviour in the service of promoting tangible gender equity in the workplace: Allyship is a journey, not a destination. Nobody ever “arrives” as an ally. Allyship is with, not for. Make your ally actions collaborative.  Allyship perpetuates autonomy, not dependence. You must hold yourself accountable for the net outcome of your ally behaviour. Allyship is about decentring, not standing in the spotlight. Speak less, hand the mic to women with key expertise, and structure projects, so women gain credit.  Allyship is critical to improving the status quo. Examine longstanding practices that perpetuate systemic inequities. Overcoming barriers  Allyship is growing trend, as is training in this area, but there is a gender gap in the perception of what success here means. Research shows that women and other underrepresented groups see less evidence of measurable workplace change than men. In short, men are essentially worse allies than they think. In this no-holds-barred report released in 2018 by the Harvard Business Review, the authors also suggest there can be a cost to men who act as allies. The authors describe the ‘wimp penalty’ of allyship, where men who advocate for female colleagues are seen as less competent by both men and women.  Finding the balance Barriers aside, it’s clear from the evidence that progress towards gender balance in senior leadership is accelerated when men act as allies. The more positive interactions men have with women in professional settings, the less prejudice and exclusion they tend to demonstrate. Here are some practical suggestions for closing the allyship gap: Make allyship an organisational value and priority: ensure senior leaders can talk clearly about the importance of allyship as it connects to core business outcomes, demonstrating how they value it personally and in their business. Listen and collaborate: demonstrate generous listening, show that you understand, and take meaningful action. Move from awareness to action: consider actions and techniques to overcome, challenge, disrupt, and prevent these behaviours and inequities. Create a community of allies who share and grow: allyship is not a ‘one-and-done’ process. Allow your communities to continue to learn and develop the skills they need to support the women in your organisation. There is a role for allyship to play in gender parity efforts. Ensuring that men are given a dignified, respectful role in becoming allies will bring wide-ranging benefits associated with a truly inclusive team. And then everyone wins. Andrea Dermody is a diversity and inclusion consultant, speaker and coach at Dermody

By embracing positive ways of working, leaders can create the space, trust and flexibility to face any challenge that might lie ahead. Kevin Empey explains why As the worst of the pandemic recedes, there is no doubt that future of work topics in play before 2020 have accelerated up the agenda. In 2023, we are all talking more about digitalisation, environment, social and governance (ESG), future skills and talent concerns. Topping the list, however, is future work strategy and how it informs an organisation's short-to medium-term business plans and approach to people management. Good leaders are bringing their teams into new ways of working while promoting trust, flexibility and the bottom line. Pick your strategy While labels serve a purpose, it is time to transition from terms like 'hybrid', 'agile', 'blended' or 'smart' to just 'ways of working'. Organisations are moving from the uncertain 'getting started' experiences of the past two years to the more confident and assured 'up and running' phase in 2023.  Now, every part of the organisation must look at how their way of working serves the wider business strategy and team performance. For example: Executive teams Buoyed by the experiences of the last few years, executive teams should reflect on their leadership habits, behaviours and ways of working, how they collectively and individually show up together and with their teams, and role model what high-performance teamwork looks like for others.    Management Managers should empower their teams by providing purpose, clarity, energy and freedom to develop ways of working that deliver results, achieving the balance between flexibility and accountability. Human resources HR teams must adopt new ways of working to embrace their expanded mandate, co-creating solutions with their business colleagues and taking their rightful place as enablers of flexibility, talent, and people-led performance. Employees Individuals should be supported and provided with the skills they need to thrive and confidently navigate the future of work and the changing demands of modern working life. Let go of old hang-ups Given our experience over the last few years, it's clear that it is now time to move on from the debate surrounding hybrid working.  Flexible working in various forms is here to stay, informed by different influences on working styles, such as agile. The societal need and demand for flexibility in how and where we work, and the capability to deliver it, was already a big issue in the world of work well before 2020. Now, it is time for organisations to embrace it. Leaders should focus on their team's flexibility instead of clinging to outdated and rigid ways of working. The next phase of work By creating positive ways of working at a team and individual level, we not only achieve great results and a positive work experience but also provide the space, trust and flexibility to take on whatever challenges (and opportunities) might lie ahead.  Let's move on and positively shape the next phase in the world of work. Kevin Empey is the Founder of WorkMatters

Paul O'Donnell highlights fours competencies that will be key to successful leadership in the future Leaders are facing a complex mix of new challenges. Hiring, engaging and retaining remote employees, addressing the opportunities and risks of a new work model and the uncertainty created by geopolitical turbulence, economic headwinds and pandemic lag. The rapid pace of change and the need for quick responses mean leaders must develop new cognitive abilities and traits to thrive. Here are four competencies that will be essential for future leaders. 1. Let go of unconscious biases Aside from the moral imperative, the business case for diversity, equity and inclusion (DE&I) is compelling. Successive McKinsey studies demonstrate that organisations with well-developed systems to support inclusion are more likely to outperform financially. Leaders must be authentic in their efforts to build diverse teams. The best leaders understand the need to shape a culture that encourages all team members to flourish. They actively seek out the higher-order thinking that comes from having differing perspectives around the table, and draw on this for a competitive edge. 2. Collaborative instinct Strong leaders demonstrate collaboration as a first response when working with a peer group and their team. True collaboration arises from a trust-centred approach to team engagement. This often requires the leader to check their behaviour to ensure their drive and ego are not obstacles to team empowerment. Leaders can shape team culture in order to make sure that introverts feel safe to speak up, and extroverts know when to hold back. In many ways, leadership becomes a devolved process where team members lead tasks and projects at the peer level. 3. Understanding values Organisational values come from how leaders behave and the decisions they make. These values determine whether talent will stay with an organisation or leave to join a competing business whose leadership values match their own. Leaders must demonstrate organisational values in all of their decision-making and place values at the centre of hiring decisions. Of equal importance is the leader's application of values in decisions made regarding clients, internal or external. This determines employee behaviours and the customer's experience. 4. Connecting with employees Where previous HR advice may have been to focus only on the nine-to-five of the employer/employee relationship, the future of leadership will be different. With hybrid working, we have invited our work, colleagues and leaders into our homes. Our working lives are now more intertwined with our home and personal lives. There can be little doubt that younger generations expect their employers to consider (and accommodate) them in a more holistic manner when making decisions about them, their work and their careers. Leaders should understand what matters personally and professionally to each of their team members. They should keep in touch on issues that arise and provide flexibility and accommodations where needed. Paul O'Donnell is the CEO of HRM Search Partners

Total reward strategies have featured in talent retention strategies for years, but ‘total wellness’ can deliver better results. Louise Shannon explains why In the new world of work and value creation, total reward strategies are focusing more and more on enhancing employee wellness—from the physical, emotional and mental, to social, career and financial management. The resulting people, business and societal outcomes can help organisations to get a better return on their reward investment and deliver more value for their people. A new approach to total reward Historically, the total reward approach provided employees with a blend of monetary and non-monetary rewards using a traditional ‘top-down’ mechanism. In the future, we expect to see a more personalised, bottom-up approach that uses total reward to deliver total wellness. This new approach will bridge the gap between employee preferences and the total reward offering, placing the individual at the centre of a reframed, broader and more flexible approach to the reward equation. It will align reward to physical, emotional, mental, social, career and financial wellness, underpinned by a positive employee experience. This will leverage a company’s culture and leadership, enabling organisations to attract, engage and retain top talent. Financial rewards will always be essential, but employers will need to do more to align non-financial rewards with employee preferences and needs at an individual level. Employees will require a list of options reflecting an understanding of their personal wellness needs. Here are five key questions leading organisations should ask themselves: Does our total reward strategy promote the total wellness of each employee? Does it deliver total wellness that enhances workforce productivity? Are we considering employee preferences in our total reward decisions? Are we effectively engaging and retaining our top talent? What is the return on our reward investment? There are several steps leaders can take to implement and promote total wellness in their organisations. Continually ask and listen Listen to employees so that you can fully understand their preferences and be flexible in your approach. Individual preferences will change over time, so you need a reward offering that evolves to suit the changing needs of employees. Review on an ongoing basis Review and assess your existing total reward offering, focusing on the six elements of total wellness—physical, emotional, mental, social, career and financial. Respond to and fill gaps in your offering where needed. Create a reward roadmap Total wellness cannot exist without planning and strategy. Create a roadmap for change based on your organisation’s desired vision and get buy-in from leadership to make it happen. The benefits are clear. Investing in total wellness can improve trust, retention and productivity. Taking the time to get it right is crucial. Louise Shannon is Senior Manager, People and Organisation, PwC Ireland

The benefits of AI extend across all business functions, but its potential for the finance function is especially striking, writes Paul Tully Organisations are investing in artificial intelligence (AI) to improve efficiency, reduce operating costs, and open up new business opportunities. From smart map apps and fuel consumption optimisation, to sophisticated financial tools for fraud detection, AI is becoming embedded in businesses in every sector. The question for those looking to harness the power of AI in the best way possible, is whether to build, buy, outsource the technology, or utilise a combination of all three. At a high level, AI is used to unlock the power of data to deliver better predictive and analytics capability. The technology can explore “what if” scenarios and offer insights into competitive threats and market opportunities that might arise in the future. The opportunities extend across all business functions, but the potential benefits for the finance function are especially striking. AI benefits for CFOs A growing number of CFOs are using AI to address changes to accounting regulations. We have seen large companies save manpower by using natural language processing (NLP) to review lease contracts, for example. Without AI, this would be a labour-intensive process. CFOs also need to balance the delivery and growth of performance targets, while ensuring compliance with legal and accounting regulations. AI offers enhanced insights that can support strategic decision-making in asset valuation, predicting future customer trends, and identifying market growth opportunities through predictive modelling. The ability to create fraud detection processes leveraging AI, can also help CFOs to create a robust control environment and manage risk more effectively. Options here include mechanisms that recognise suspicious behaviour and classify alerts as high, medium or lower risk. Finance operations and control Perhaps no part of any enterprise has as many repetitive, routine tasks as the finance department. Inputting invoices, tracking receivables, and logging payment transactions are high-cost, low-return activities, and not of high interest to employees. AI can increase efficiency by automating manual people-intensive finance processes, such as the order-to-cash cycle, helping to predict customer debts and improve working capital management. Accurate, timely and consistent data, generated automatically, can help finance teams to add value to their organisation, leveraging customer behaviour modelling to identify opportunities to grow margins, while also forecasting with speed and accuracy. Furthermore, using AI to analyse internal financial control points and improve fraud detection can create a more robust reporting environment. Banks and other financial services organisations are leaders in establishing or acquiring their own AI capability. This is unsurprising given the cost and regulatory challenges facing the sector. They are using the technology in customer support, automated loan approval processes, “self-repairing” mobile banking apps, and payment optimisation. They also use AI for automated fraud detection, anti-money laundering checks, customer portfolio management, electronic trading, and property market intelligence. Third-party solution business Professional services firms are leading the field in developing third-party AI solutions for clients. These range from bespoke solutions for individual clients to more general products in areas such as automated insurance claims processing, regulatory compliance checking, HR support, and the use of machine vision to monitor automated production lines. Third-party solutions are not confined to the professional services sector, or the broader technology and software services industry. Organisations with well-established AI capabilities are making their solutions available on the open market as an additional business line. Paul Tully is Head of Finance Analytics at EY Ireland AI Labs