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Striking the right balance between work and play can be tricky, so what can employers to promote a healthy workplace culture? Dr Adam Greenfield outlines his top tips Professional services, such as accountancy firms, are frequently regarded as high-pressure environments with workloads that may ebb and flow throughout the fiscal year. With this understanding, these industries need to pay particular attention towards the work-life balance of its workforce, with a finer focus on the triad' work, rest, and play'.  Maintaining a balance between these three elements is crucial for employee productivity, well-being and happiness.  Work 'Work' is the most obvious element of the triad and, understandably, the primary focus of most accountancy firms. However, it is important to note that tight deadlines and excessive work can lead to chronic stress, negatively impacting productivity and employee well-being. If unaddressed, these high-stress levels may naturally lead to burnout and the likelihood of long periods off sick.   Leaders should encourage their teams to set manageable goals and create realistic work schedules to prevent burnout. This can be achieved by establishing clear expectations around work priorities and providing adequate resources to help employees complete their tasks. Include the provision of access to the necessary technology and software, as well as up-to-date training and support for employees to stay current with industry developments. Managers should also ensure that their teams have a healthy work-life balance. One way to achieve this is by encouraging employees to take time off when needed and not expecting them to work unreasonable hours or send/receive emails late into the night.   Rest The second aspect of the triad is 'rest', allowing employees to recharge and refresh their minds during the day and overnight. Research shows that poorly slept and tired workers are generally less motivated and are more likely to make critical errors with their work. This can be costly and time-consuming for the organisation, causing potential reputation damage for both the individual and the company. Rest is vital and should be encouraged by permitting regular breaks throughout the day, monitoring the team for signs of fatigue, and prioritising staff requesting additional time off for stress. In addition, firms should consider offering flexible schedules, providing paid time off, and allowing employees to work remotely whenever possible.  Play 'Play' is the third element of the triad and can be commonly overlooked in accountancy firms. However, 'play' is an essential factor for employee well-being and can help to boost productivity, team cohesion, communication, and collaboration. Managers should encourage employees to engage in activities they enjoy, whether team-building, social events, or other fun activities. Examples may include a lunchtime sports club, group walk, or quiet after-work social. These activities can help foster a positive and supportive work environment and a positive feedback loop towards further productivity and employee well-being.   A positive work-life balance In addition to encouraging work, rest, and play, team leaders and managers can also help to promote a positive work-life balance through various other provisions.  For instance, resources for stress management, employee assistance programs, counselling services and self-help workshops are valuable assets that can be utilised to support the workforce.  Furthermore, by promoting a culture of self-care, managers can help to reduce employee stress and burnout and maintain a team's productivity and well-being. Work, rest, and play are all important aspects of professional life that must be in a delicate balance to maintain high productivity levels and employee well-being.  If the organisation's culture is focused on these aspects rather than simply the bottom line, a workforce is much more likely to feel supported and continue to engage in their work with diligence and care.     Dr Adam Greenfield is a leading chiropractor and co-founder of WorkLifeWell

With new EU cybercrime rules coming down the line, now is the time to step up your organisation’s ICT security strategy, writes Neil Redmond Increased regulatory scrutiny is among the five most important ways businesses have been impacted since 2020, according to the Irish senior executives who participated in PwC’s Global Digital Trust Insight Survey 2023. Regulators are becoming increasingly cognisant of the risk posed by cyber threats to businesses and their customers. As part of new legislation, the European Union (EU) aims to address cyber, and information and communications technology (ICT) risks. By understanding these regulations and knowing how to prepare, organisations can act now to align with the requirements of new EU legislation. Four key pieces of the new legislation are introducing additional requirements for business: the Network and Information Security Directive Revision 2 (NIS2); the Digital Operational Resilience Act (DORA); the Digital Services Act (DSA); and the Digital Markets Act (DMA). How can your business best prepare to comply with these legislative changes? By taking the following key actions, you can ensure that your organisation is ready ahead of time. 1. Assess the maturity of your organisation’s cybersecurity Reviewing your business’s systems and information security is critical to prepare for the upcoming regulations. Assessing your organisation’s cybersecurity and ICT risk management controls can provide executives with valuable information regarding the business’s cyber risk profile. By finding potential compliance gaps in their cybersecurity, firms can improve their posture before legislation comes into force, mitigating the risk of non-compliance and subsequent consequences, such as brand damage and financial penalties. 2. Test your business’s operational resilience at the enterprise level As part of a cyber maturity assessment, evaluating the organisation’s resilience to disruptive events will be key in preparing for upcoming regulations. While executives may believe that their business is robust and can continue to operate in adverse circumstances, the testing of business continuity and disaster recovery plans allows businesses to measure their resilience and continuously enhance their cybersecurity posture. The first step is to ensure that the organisation has contingency plans for different scenarios. These scenarios should be exercised and iteratively improved to ensure that they are fit for purpose. Examples include switching failing systems to backups or simulating a response to a malware attack on your network. All relevant stakeholders, including third parties, should participate in the testing of contingency plans—in today’s world of sophisticated threat actors, executives must ensure that their entire business is ready to respond. 3. Enhance your incident reporting processes A cornerstone of NIS2 and DORA is reporting ICT and cyber incidents. Businesses need to review their existing reporting channels and procedures, implementing processes to monitor, log, classify and report on incidents consistently. An effective way to ensure that reporting is standardised and complies with regulatory requirements is to centralise incident reporting across the organisation. Establishing formalised processes for managing reported incidents can support businesses in fulfilling their regulatory obligations. Furthermore, the DSA and DMA will require organisations to report to authorities regularly. National Digital Service Coordinators will be established, and they will be responsible for compliance monitoring. Reporting to new supervisory bodies will be a feature of these upcoming legislative changes—a trend likely to be seen in future regulations. 4. Analyse and understand your ICT and third-party cyber risk Today’s business world is deeply interconnected, with organisations often relying on a wide network of suppliers to conduct business. Reliance on third parties can increase the organisation’s susceptibility to cyber-attacks, increasing both the attack surface available to threat actors and the potential for attacks to affect operations significantly. Regulators have grown concerned about gaps in organisations’ third-party risk management processes in recent years as businesses become increasingly reliant on third parties. NIS2 and DORA build on existing guidance and legislation, such as NIS1 at the EU level and the Central Bank of Ireland’s Operational Resilience Guidelines and Guidance on Outsourcing at the national level. In particular, DORA will set out many provisions for businesses to report on the ICT risks stemming from their dependency on third parties, requiring them to describe this reliance in detail. Analysing your business’s exposure to cyber risk through the lens of third parties is a key means of securing your customers’ data and satisfying regulators. Neil Redmond is Director of Cybersecurity Practice at PwC Ireland

Brexit has increased the customs exposure of many businesses. Brian McNamara explores four common misconceptions and what companies can do to mitigate associated risks In the two years since Brexit, the customs exposure of many businesses has increased significantly. There is still confusion over the exact requirements and obligations of a company trading in a customs environment. This lack of understanding of the rules can increase the risk of non-compliance. Here are four common customs misconceptions and what steps should be taken by organisations and their Chief Finance Officers to mitigate customs risk. 1. Outsourcing declaration filing to a third party reduces an importer's customs obligations Most traders outsource the filing of their customs declarations to a freight company or clearance agent. Despite this, it is essential to remember that the importer remains completely liable for the accuracy of the customs declarations filed in their names. Any errors or omissions contained in the declarations are the trader's responsibility, as are fines and penalties that might be incurred. While it is perfectly reasonable for a company to outsource the filing of their customs declarations, the importer must take ownership of the customs declarations filed in their name. "Our freight company takes care of them" is not a valid response. Finance departments need to ensure the accuracy of their customs data, and regular spot checks should be carried out on declarations filed. 2. Customs risk ends at the port Just because a shipment passes through the port does not necessarily mean the customs data in the declaration filed is correct. The right combination of characters entered in the import system will get a shipment green routed. Customs only check a small percentage of the shipments coming in, but the importer must file an accurate customs declaration. A trader must also retain copies of all backup customs documents for four years after the date of import. So far, Revenue has been relatively lenient in auditing companies with an increased level of customs exposure; however, this is likely to change soon. Import duties are an EU tax, and Revenue must ensure compliance. Businesses trading in a customs environment need to be customs audit ready. Finance departments should get a clear picture of which outside agents file declarations on their behalf and how they can access copies of their customs declarations. 3. Goods being sent for repair are not subject to import duty Once goods cross a customs frontier, import duty is payable on the value of those goods, even if the movement does not relate to a buy/sell arrangement, such as goods going to the UK for repair. In the absence of a trader using a customs special procedure, such as outward processing (OP), EU import duty is due on the full value of goods coming back from the UK following repair. To remain customs-compliant, the full value of goods for repair should be shown on the invoice or packing list (not the cost of repair or some reduced valuation). Businesses should use OP to gain relief from import duties on returning repairs. Customs authorities recognise that sometimes goods need to cross borders for repair—inward processing (IP) and OP are in place to allow businesses to gain relief from import duties on such movements. Businesses should apply for a full OP authorisation with a regular volume of non-EU repair activity, or 'simplified' OP can be used to gain relief if the repair activity of a trader is only occasional. 4. There is no customs risk for exporting companies It is true that customs risk for importers is higher than for exporters. However, exporters are still responsible for the accuracy of declarations filed in their names. Customs risk increases for export companies providing Statements on Origin (SoO) on their invoices. An Irish exporter may provide an SoO to allow a UK customer to claim preferential import duty rates on EU-origin goods. By providing an SoO, the customs risk shifts from the UK importer to the Irish exporter. Therefore, careful consideration should be given before issuing one. When providing an SoO, an exporter should have confidence that their EU-origin goods comply with all customs rules of origin and have the documentation to prove it. Further, this documentation should be retained for a period of four years to facilitate an inspection by Revenue. With a myriad of fines, penalties and the payment of back duties on offer, non-compliance can be costly for a business. Managing a customs audit can be challenging if a company is not adequately prepared. CFOs should get familiar with their customs obligations now to minimise the likelihood of compliance issues in the future. Brian McNamara FCA is Managing Director of SwiftFile Customs Clearance & Advisory

Sometimes, the hardest part of networking isn’t the meet-and-greets, but the follow-up. Jean Evans gives us her five top tips on how to maintain and nurture your network. Many people confidently attend networking events and meetings but falter on the follow-up. And as we all know, it’s all in the follow-up. That’s where the magic happens. Why you should nurture your network Building relationships take time, effort, energy and intention. Importantly, your relationships must be built and developed strategically on a foundation of authenticity. You must have done this before having an ‘ask’, like looking to someone for help, an introduction or a connection. You have to be intentional and focused about the follow-up. Know how much time and effort you can put into the process, and how best you can nurture relationships with the people in your network. Here are a few pointers to help nurture your network. 1. Keep a pad and pen handy I never leave home without a little notebook and pen. I never know when I might meet someone or come across a piece of information, a useful podcast, an article, or something I can share. The pen and paper are for writing down any useful information obtained, and the person to whom I want to pass this valuable information on to. Alternatively, there are loads of opportunities to find interesting bits and pieces others might value on social media platforms. If you come across an image, article or even an appropriate meme you think could be good, screenshot it and send it on to them. 2. One-to-ones Get to know people in your network on a more personal basis. This is imperative if you want to move the needle on the relationship. This can be done in person (best option), digitally, or by phone. However you do it, the key is taking the time to really connect with the other person. 3. Broker introductions Two people may be in the same network and not know each other yet, but you think these remarkable people should get to know each other. Share the love (and they’ll surely share it with you)!  If you hear of someone who is looking to hire, needs a job or is looking to source a supplier, and you know the perfect person, make a introduction by sending a friendly email to both, highlighting their expertise and suggesting they connect to move forward. You can also separately discuss the connection with the concerned party and assess if it’s appropriate in terms of need, fit for time, etc., before making an introduction. 4. Send a letter or message I have a stash of thank-you cards and notelets, and I also keep a roll of stamps to hand. Write a handwritten note of thanks to people who help you by nurturing their connection to you. Social media platforms are great for reminding us of birthdays, anniversaries and new jobs, so utilise this service by reaching out to those marking a special occasion. Don’t just use the pre-written text suggested by LinkedIn or other platforms. Personalise it. The recipient will remember your kindness, and you’ll develop that feel-good factor. 5. Invitations Invite people in your networks to visit other networks that you find valuable. If you’re learning, engaging, connecting and growing, why not share this opportunity with a friend, colleague or acquaintance? Jean Evans is the Founder of Network Me.

The start of a new year has brought fresh challenges for employers. Gemma O’Connor outlines six of the biggest hurdles ahead and what organisations can do to prepare The pandemic may be all but over, but some of the sweeping changes and challenges it brought to the way we work look likely to stay. Here are six of the biggest hurdles facing employers in 2023. Increased labour costs According to recent Peninsula Group research, the cost of doing business remains a key concern for employers as we enter 2023, and understandably so. While inflation in Ireland has come down one percent since October 2022, companies are still feeling squeezed by the cost of living. Further, a new survey conducted by Peninsula found that 72.3 percent of business owners listed rising costs as their number one concern going into the new year.  And while energy costs continue to impact the cost of living, which is having a knock-on effect on the cost of employment, the Government's Temporary Business Energy Support Scheme is now in place and will go some way towards alleviating these concerns. Return to the workplace tension As last year drew to a close and memories of COVID-19 restrictions became more distant, more employers asked their staff to return to the workplace. Not all workers were happy to do so, however, instead demanding permanent working flexibility. This conflict looks set to persist in 2023. Hybrid working arrangements have been the answer for many employers and their staff. Whether a hybrid model will continue to be a long-term policy for employers remains to be seen. Recruitment and retention Last year’s economic recovery following COVID-19 lockdowns combined with labour shortages to give employees increased bargaining power in the labour market. This trend saw leadership teams spending more time on recruitment and retention. Despite this increased spend, employers may regain the upper hand if Ireland slips into recession this year. Right to request remote work Government confirmed last month that the planned Right to Request Remote Working Bill would be shelved. Provisions allowing employees to request remote work will now instead be part of the Work Life Balance and Miscellaneous Provisions Bill, which is progressing through the legislative process. The following conditions will attach to the right to request remote work according to the latest draft legislation: Employees will be required to have completed six months continuous service before they can avail of the right to request remote work. Employers will get a period of four weeks (with an option to extend to up to eight weeks) to consider a request before approving or denying it. Employers must consider both parties' needs when considering a request and provide staff with the grounds for a refusal. The Workplace Relations Commission is expected to produce a Code of Practice to assist employers and employees with handling requests.   It is expected that the Bill will be passed into law early this year. Employers must familiarise themselves with the new law and be prepared to handle employee requests. Ignoring requests may lead to employees bringing claims to the Workplace Relations Commission. Statutory sick pay The new statutory sick pay scheme came into effect on 1 January 2023. Employers should ensure that they are prepared to comply with their obligations under this new scheme. For example: Reviewing payroll processes to ensure the new sick leave payments will be adequately reflected in payslips. Failure to keep proper records is an offence and attracts a maximum fine of €2,500). Reviewing employment contracts and policies to see if existing sick leave policy needs to be updated. No action may be necessary if the terms of the existing policy are more generous than the statutory payments outlined above. Notifying staff in writing about any changes in employment terms required under the statutory sick pay legislation. New public holiday in February Finally, a tenth public holiday becomes a permanent date in the calendar in 2023. St Brigid's Day falls this year on Monday 6 February 2023. Employers should ensure payroll is up to date and staff receive the appropriate paid leave or relevant alternative entitlement for this new public holiday. Gemma O'Connor is Services and Operations Manager at Peninsula Group

With data being touted as the new oil, organisations need Chief Data Officers to build the infrastructure required to get the ‘oil’ into the hands of consumers. Eoin O’Reilly explains why Chief Data Officers (CDOs) can be leaders, creating new ways to unlock the value of data, building the right foundations and infrastructure, and using insights to drive businesses forward. Here is an overview of the work CDOs do and its place in the wider organisation. A strategic value driver According to research conducted with data leaders for EY’s CDO Report 2022 on the Emerging Role of the Chief Data Officer in Ireland, data is now recognised as a foundational asset for every business, and Irish organisations will require dedicated senior executives to manage this asset. The rise in both the volume and value of data now being created has led to the emergence of a new senior executive role whose responsibility is to maximise and protect the value of an organisation's information. The need for the CDO has gained widespread acceptance as businesses turn to data to support informed decisions, guide strategy, and deliver competitive advantage. CDO and CTO The number of businesses led by US corporations hiring CDOs is growing rapidly. The EY Ireland report shows that the organisations with the most successful appointments tend to have a clear view of the interdependency between the role of the CDO and that of the Chief Technology Officer (CTO). These organisations have come to the correct conclusion that the roles are so interdependent that the CDO can't succeed without the right technology and platforms to capture, orchestrate and manage data. The CTO needs high-quality data to feed into those digital platforms. It is argued that the roles are so mutually dependent that neither can succeed if they don't collaborate. The data collected by core digital platforms can be almost valueless without a CDO. Conversely, brilliant insights could be left unactioned if they are not put in the hands of the right people in the right place at the right time. C-suite role As a result of the greater buy-in to the value of data on the part of CEOs and C-suites, all the executives interviewed for EY Ireland’s CDO report believe that the CDO plays a highly strategic role in Irish organisations, and that the importance of the position is growing. It’s not surprising, therefore, that demand to include the CDO in the C-suite is growing. Data reporting Focusing entirely on the C-suite may be missing the point, however. The more pressing issue here is the reporting line. The CDO can ensure that the data ‘agenda’ doesn't get buried under other layers of organisational red tape, and that it is communicated with clarity to the right people at the right time, thereby delivering long-term value for the organisation. An effective CDO The point has now been reached where organisations can no longer afford to be without a CDO if they want to maximise the value of their data as a decision support tool and competitive differentiator. The priority from here should be ensuring that the CDO is given the resources and seniority to execute the role effectively. Eoin O'Reilly is Partner, Head of Data and Analytics at EY Ireland