The Federation of European Accountants (FEE) is looking for young, European accountancy professionals to give their views on ethical behaviour in the Ethics for Young Accountancy Professionals Survey. Ethics is an essential component of being a professional accountant. Accountancy Ireland recently published an article and discussed ethics with Penelope Kenny on the Accountancy Ireland Podcast. The survey results will help FEE raise awareness on the importance of ethics for the accountancy profession and identify potential initiatives to promote it further.

As the face of the organisation during the recruitment process, hiring managers have a significant responsibility to their organisation, the candidates, and the recruitment consultants engaged to fill the position. The following tips will help you manage the hiring process well from start to finish. Endeavour to know your team, and anticipate where possible exits might occur. A good manager will know her or his team well enough to identify an issue in the distance. If you are faced with a vacancy, ensure that the recruiter representing you in the marketplace is reputable. She or he will be representing both your personal and corporate brand so get referrals rather than rely on Google. Provide detailed job descriptions with appropriate job titles. Avoid internal terminology. Spend time with your recruiter before you embark on the recruitment process. This will result in less time spent managing people out of your business. Choose how you go to market, and employ the services of a specialist recruiter if you don’t have the expertise in-house as wrong hires can be very costly for all involved. If you engage one recruitment agency, and they are the right agency, you will get better results. Develop a strong relationship with your recruiter so you can call her or him for a consultation in advance of your team’s performance reviews. Recruitment consultants can also be a great source of advice when it comes to restructuring your team. Responsibility falls on the hiring manager to ensure that all information relating to the job offer is clear. It is also prudent to ask if the candidate would accept the job on a particular salary, once they progress to the latter stage of the process. This is known as ‘pre-closing’ and can remove a lot of uncertainty at the final job-offer stage. Take the time to engage leading recruitment consultants and discuss your team’s needs in detail. This will greatly enhance your organisation’s chance of making the right hire. Once the new employee has accepted the position, responsibility for talent retention lies primarily with the hiring manager. All on-boarding activities should be prepared and coordinated to ensure the new employee becomes productive in the shortest timeframe possible. Employees who are clear on what is required of them and how their efforts contribute to the overall success of the organisation will quickly develop a sense of engagement with their daily work. Conduct frequent performance reviews to maintain engagement, recalibrate objectives, drive productivity and identify training opportunities for the mutual benefit of the individual and the team. Provide mentoring opportunities with other more senior members of the organisation, and opportunities to work with other teams. This will broaden the new employee’s skill set and could also help deepen their sense of connection with the organisation. Fill vacancies internally where possible. Aside from the significantly shorter period it takes an internal hire to add value, the capability to redeploy resources and offer lateral moves and promotions is a proven talent retention strategy as employees see opportunities for progression and a proven non-monetary reward for hard work and loyalty. The scope to move employees internally has a short-term benefit for the organisation also, as specialist resources can be used to optimum effect. Rather than conduct the standard exit interview associated with a new hire, consider anonymous online surveys on a regular basis for former employees. This would allow for frank appraisals and negate the potential to tarnish anyone’s reputation. For more career advice and information, download your copy of Career Guide 2016 today.

Corporate insolvencies totalled 1,049 in 2015, according to figures released today by Deloitte. This represents a 10% decrease on 2014 and continues the downward trend observed since 2012 when 1,684 insolvencies were recorded. The decrease in 2015 is less than that observed in 2014 when a 15% fall in corporate insolvencies was noted when compared with 2013. Examinerships remain low Of the 1,049 corporate insolvencies, creditors’ voluntary liquidations accounted for the vast majority with 729 recorded in the year (69%). This is consistent with 2014 where creditors’ voluntary liquidations accounted for 67% of total corporate insolvencies. Receiverships accounted for 251 (24%) of the total corporate insolvencies in 2015, down from 299 last year. There were 50 court liquidator appointments in 2015, down from 68 in 2014. Examinerships continue to remain at low levels. In 2015, only 19 examiners were appointed, representing just 2% of all insolvencies in the year. This level of examinership take-up is consistent with prior years and shows that the introduction of new legislation in early 2014 has still not had the anticipated effect of encouraging struggling SMEs to avail of this more cost-effective and accessible option. SME education is needed David Van Dessel, Partner in Deloitte Restructuring Services, commented: “It is encouraging to see the number of insolvencies continues to decline and is an indication that the improving economy continues to be felt on the ground by companies. “However, as 2015 ends, it is disappointing that changes, both from the Companies Act 2014 and the new “examinership-lite” legislation of 2014, have not yet made an impact in 2015. These are extremely valuable options for restructuring debt. Take-up of examinership continues to remain at very low levels when compared to our international peers and shows that a real effort needs to be made to educate SMEs on this option.” Service and retail sectors top the list The service sector experienced the most corporate insolvencies in 2015 with 200 (19%), closely followed by the retail industry at 154 (15%). The construction industry recorded 139 corporate insolvencies (13%) and the hospitality industry recorded 109 (10%). In 2014, it was the construction industry which recorded the most corporate insolvencies at 20% of the 1,164 total, followed by the services sector with 16%. Two thirds of insolvencies in Leinster The highest number of corporate insolvencies in the year was recorded in Leinster with 65% of the total appointments. This is consistent with last year when Leinster had approximately 68% of all corporate insolvency appointments. In the current year, Munster accounted for 21% of appointments, Connaught accounted for 9% and Ulster accounted for just 5% - again all consistent with 2014 levels. Outlook for 2016 Commenting on the outlook for 2016, David expects a decrease in the total number of corporate insolvencies. He also expects to see an increase in the number of companies opting to restructure by way of examinership, as the general improvement in the domestic economy should mean that more businesses have a reasonable prospect of survival. "By corollary, the anticipated increase in restructuring should lead to a corresponding decrease in the number of creditors' voluntary liquidations as more company directors grasp the opportunity to restructure their companies' debts that has been presented with the new Companies Act 2014, and act earlier to avoid liquidation," he said. "Turning to sector-specific forecasts, despite the overall improvements in the economy, the retail sector is likely to continue to experience difficulties as a result of sector-specific factors, such as changes in consumer purchasing habits, as shoppers continue to seek more and more value, in addition to the growth of online retailers. In the hospitality sector, while the hotel trade is improving, especially in cities, the traditional pub sector continues to deal with changing market demand and the challenge to adapt and to come up with new strategies for success will remain." David continued: "Looking at the regional spread of corporate insolvencies, we predict the effects of a two-tier economy will prevail during 2016, whereby the rest of the country will continue to lag behind the major urban hubs. Therefore a greater rate of decline in corporate insolvencies could be expected in the major cities, while a less noticeable decline in insolvencies outside of the urban hubs would be expected."

To make a good impression in your new role, abide by these six simple rules. Congratulations – you’ve landed a new job and are fast approaching your first day at work. This is your opportunity to make a strong first impression but don’t forget, how you start a new job will likely set the tone for your career. The following tips will help you settle in but remember, you were hired for a reason so approach your new role with confidence and passion. Rule #1 Build trust Trust is one of the most important elements in strong working relationships. It is hard earned, but the process of building trust with your colleagues starts on day one. Avoid the urge to demonstrate your skills in the early days, as this might be perceived as arrogance or excessive zealousness. Instead, focus on informing yourself. Ask questions about processes and procedures, and encourage new colleagues to share their expertise. You have a limited opportunity to learn the ropes before you get bogged down in ‘business as usual’ so meet as many people within the organisation as possible and show your enthusiasm to learn from them. Also, a little praise goes a long way so if some tells you about their role in a successful project, congratulate them on an impressive job. Rule #2 Embrace your new surroundings Each organisation has its own unique culture and way of doing things. The differences might be subtle, but they’re there. Enhance your chances of settling in well with colleagues by respecting their culture and way of working – observe and understand their processes, even if you think they could be improved. You can of course suggest improvements over time, but it’s best to do that when you are an embedded member of the team. Doing so on your first day or week of work might make you appear as a pushy know-it-all. Also, avoid referring to your previous employer on a regular basis. A new colleague who talks constantly about their old boss, team or organisation could be perceived as being unable or unwilling to fit in to their new environment. Rule #3 What is expected of you? Clarity on this point will help both you and your line manager, so take the time to arrange regular one-to-one meetings. At the outset, you will need to discuss what success looks like in the first month, three months and six months. Having this discussion with your boss will also ensure that your efforts are aligned with the organisation’s corporate goals and feed into your team’s overall efforts. It’s also wise to identify quick wins at this stage, so you can demonstrate your ability to deliver in the early days of your career. They don’t need to revolutionise the business – a quick win simply demonstrates that you have the ability to think strategically and get the right things done. Go the extra mile early and often. It is also useful to speak with your manager at this stage about her or his preferred communication style – whether that’s updates by email or a quick chat at the desk. If you make the working life of your boss easier while meeting clear and agreed expectations, you’ll be on the right track. Rule #4 Ask questions As mentioned earlier, this is your best opportunity to learn, and there’s a lot you need to understand about an organisation before you begin adding value for your employer. The nuts and bolts of your role are probably the most obvious, but you will also need to understand more complex issues such as the culture of the organisation and how your colleagues prefer to interact. Even with the best on-boarding programme, the best way to learn and build trust is to ask questions. Spot the high performers and lean on them for insights and advice. It doesn’t demonstrate ignorance or a lack of understanding; it instead shows that you are enthusiastic and keen to learn from the best in the business, so don’t shy away from it. Also, identify at least one colleague you have an immediate rapport with and refer to them for everyday queries. This will save you disturbing your manager for a reminder on how to work the printer, for example. Rule #5 Keep your focus When you are in your work environment, you should demonstrate your value at every opportunity. Avoid silly but costly errors like spending time texting on your smartphone or checking personal emails on your desktop and instead use every opportunity to your advantage. Use lunchbreaks to network with peripheral members of the team if the culture permits; put your hand up for specialist projects that will position you as someone with a can-do, proactive attitude; show a willingness to develop your skill set and stretch your professional capabilities. Also, get enough sleep. It might sound simplistic but the pressure of personal life, commuting, acclimatising to a new working environment and so on can be stressful. Unnecessary fatigue can greatly increase your stress levels while simultaneously devastating your concentration levels. So use your evenings wisely, relax and get a good night’s sleep. Rule #6 Keep in touch Whether you are a recently qualified accountant or an experienced professional, you will likely have former colleagues or acquaintances who could help you along your professional journey – particularly in the early days of a new role. Meet trusted advisors, who may well turn out to be potential mentors, to discuss your progress and challenges over a casual coffee. It is highly probable that they will understand your situation and may be able to impart some useful advice and help you overcome any problems. Former colleagues are also a great source of moral support, as they are aware of your skills and capabilities. Sometimes, particularly when things don’t seem to be moving in the right direction, a quick chat with the right person can put everything into perspective. For more career advice and information, download your copy of Career Guide 2016 today.

With the New Year upon us, now is a good time to consider how your organisation can achieve better results in 2016. In this article, Jack Murray of MediaHQ.com shares five ways to improve your PR results this year. 1. Up your PR productivity One of the big problems with public relations is that people don’t do enough of it. Despite the notion that there are too many press releases issued, most organisations only send a handful of press releases each year. To develop a professional public relations approach, you need to share a new message with a different audience at least once a week. It doesn’t always have to be a national press release – you could issue to your local media or to your trade press. Just get busy and start issuing. 2. Build a new audience You shouldn’t be overly reliant on one audience. Use 2016 to build a new channel of communication for yourself. In the digital age, it is essential that you nurture many audiences for your message. Resources are always an issue, so pick your new tools wisely. The rule here is to invest in tools where your audience is spending their time. If you are selling to businesses, Twitter and LinkedIn are great. If you’re involved in a consumer business, then Facebook is essential. Instagram and Snapchat are good for younger audiences while Pinterest is used by more creative businesses. 3. Focus on a few small things You don’t have to do everything. Focus on a few PR tools and don’t spread your limited resources too thinly. Be aware of the talent in your team and use it wisely. Be motivated by the maxim “what is the one PR action we could do this week that would improve our results?” Have a weekly activity list and measure your success, assess what worked and what didn’t. 4. Pitch a story to a journalist in your area Work on a great story idea about your topic. Elaborate on a raw idea and write as many headlines as you can. Keep tweaking until you have at least 15. Run them by a colleague with good judgment and pick one. Then, pick an influential journalist who covers your area to pitch it to. Start with an email pitch. Put the story headline in the subject line and write a short email about it, and why you’re the best person to talk about it. Put a time limit on it and offer exclusivity. Follow up with a call. 5. Learn a new communications skill What new skill would improve you and your communications team in 2016? Maybe you’d like to learn how to write a better press release, pitch to a journalist or perform better in media interviews? Invest in yourself and your team, and you will see results. Jack Murray is CEO and Founder of MediaHQ.com, a Dublin-based media intelligence agency.

Anton Colella, the Chief Executive of ICAS has called for a new era of personal responsibility across the business world in the wake of a series of corporate financial scandals. Mr Colella launched a new initiative at the end of 2015 called “The Power of One”. Mr Colella said, “Regulators, rules and codes of conduct can only achieve so much. For business to restore its reputation in the eyes of the public, we need leaders at every level, to stand up and be counted… That means taking personal responsibility and doing the right thing, especially when they encounter dubious or unethical behaviour.” “Corporate failure often begins with personal failure. Our aim is to place personal ethical behaviour as the number one priority for individuals,” he added. “It is often a very lonely place for an individual to stand up against unethical behaviour. The Power of One aims to show business men and women who meet unethical behaviour that they are not alone –  thousands of Chartered Accountants around the world stand behind them and indeed expect their colleagues to stand up and be counted. The power in this is enshrining the power of individuals to make a difference.” The Power of One would see a fresh focus on the ICAS Code of Ethics with a proposal to add ‘moral courage’ to the five fundamental principles: integrity; objectivity; professional competence and due care; confidentiality and professional behaviour. Mr Colella told the audience, “The ICAS motto ‘Quaere verum (seek the truth)’ has served us well since our formation in 1854. Let it continue to be the hallmark of a Chartered Accountant and the benefits that we bring to society.  Our vision is to be a global leader in the application of professional ethics. The launch of The Power of One illustrates the importance attached to that strategic objective.”