From a $3.3.billion sale to voluntary bankruptcy, Declan Daly has had a challenging but thoroughly satisfying career. Now, his sights are set on global growth as CFO of Sláinte Healthcare, writes Stephen Tormey. When Declan Daly talks about his career in accountancy, he talks about “luck”. For someone with such an impressive CV and track record, it is quite ironic that his route into accountancy was almost accidental. Having completed the full term at Monkstown’s Christian Brothers College, Declan undertook a Management Science and Industrial Systems degree in Trinity College Dublin in an effort to “figure out where I wanted to go”. Although he enjoyed his time there, the clouds hadn’t parted at the time of his graduation. “I didn’t do the milk round but after Christmas, I heard that PricewaterhouseCoopers had a second round in May and I applied there,” he said. On being offered the position, Declan went on to receive a “typical broad training” at the firm and also spent two years at the firm’s London office working primarily in the area of financial services auditing. At the age of 27,however,BDO’s Anthuan Xavier was on the lookout for an audit manager at the time – a coincidence that led to a happy pairing that lasted for seven years. “BDO made me more commercial. I was in charge of technical queries and I was working for Anthuan almost exclusively on really interesting things like a Christmas tree fund,” he said. “I also audited a lot of the firm’s public companies so I had a very unusual mix, but I loved it.” The highs After 14 years in the auditing business, one of Declan’s clients at BDO asked him to join the company. Inamed Corporation, a global healthcare company based in Santa Barbara, was in a poor state – it had been delisted from the NASDAQ stock exchange, its CEO had just been exited, and the company faced multiple business and accounting issues. The challenges were strangely alluring for Declan, but his decision was somewhat complicated by the fact that Anthuan was just about to nominate him for partnership at the firm. “There wasn’t a choice in my mind. It was a black and white answer for me, and I really wanted the challenge,” he said. “I wanted to move on and do something different, but it was the challenge that piqued me.” Declan joined Inamed and set about restructuring the company with Ken Pearce, Inamed’s Vice President of International Operations. They quickly took control of the entire international division and based it in Ireland while also retrenching in other areas. “The hardest thing I had to do was visit Mexico quickly after I joined and close the operation down. It was heavily loss-making but the team had no idea how badly they were doing. The managing director was literally misleading them,” he said. One of the benefits of working with an American firm, according to Declan, is their willingness to let you make decisions. Within his first 12 months at Inamed, Declan had made a number of key decisions that helped the company move from a loss-making position to one where the firm generated annual profits of $10 million. Declan’s performance brought him to the attention of Inamed’s new CFO, who was appointed in 2002, and he was subsequently transferred to the company’s global headquarters in Santa Barbara as Corporate Controller. While it seemed like a positive move, Declan was once again in at the deep end following the resignation of his immediate superior. “I found myself reporting to a CFO who resigned two months after I joined for personal reasons,” he said. “And I found myself in the middle of a storm as we had a number of historical Securities and Exchange Commission (SEC) accounting issues to deal with.” Following a forensic review of the accounts, Declan opted to announce the accounting issues in one go. This ultimately resulted in a SEC audit and a steep plunge in the company’s share price. The firm eventually recovered, however, and went on to make “a lot of good strategic partnerships” that developed Inamed into a global aesthetics and healthcare business. Declan also moved up the ranks and eventually rose to the position of CFO while still in his 30s. The best was yet to come, however. While Inamed was contemplating a merger with another firm of similar size, Allergen entered the fray with a bid that valued Inamed at $3.3 billion – raising Inamed’s value by more than $500 million. Declan, along with Inamed’s CEO and General Counsel, successfully negotiated the sale in April 2006, but not before Inamed’s second-largest shareholder – a large fund – threatened to scupper the deal. “They rang me threatening to pull the plug on the whole deal if we didn’t renegotiate the price up by a dollar or two. Their average buying price was $33 per share and they eventually sold at $82 per share,” he said. “We said: ‘Go ahead, if you think you’re going to get a better deal’. But they didn’t in the end because it was a tremendous deal. The fact that they wanted an extra dollar was a real eye-opener for me though.” And the lows Two months after the completion of the sale of Inamed Corp to Allergen, Declan and his family returned home to Dublin. His stay was short lived, however, as the former CEO of Inamed, Nicholas Teti, called on Declan to join him at Isolagen Inc. – a Pennsylvania-based firm. The company, which was developing LAVIV – a personalised cell-based therapy to combat ageing and skin defects – had an 80-strong division in the UK and Declan agreed to join the firm as CFO and head of the international division, provided he could operate from Ireland. Nicholas agreed but in a familiar twist of fate, Declan was quickly burdened with a host of issues. “I was over and back to the UK and just three months after I joined, it was obvious that the UK division was in terrible condition,” he said. “The division was making significant losses and hemorrhaging cash. I didn’t know a whole lot about manufacturing and sales, but it didn’t take a genius to see that it wasn’t being done well.” Declan quickly took the decision to close the UK business and seek a major cash injection to allow Isolagen to focus on gaining approvals in the United States. “Fundamentally, it was the right decision because it was going to bring the whole group down. It simply had to be closed down.” The next step was to gain approval to bring LAVIV to market. The procedure had failed phase three trials three years previously, just months after the previous CEO resigned. Unfortunately for Declan, history was to repeat itself in a cruel case of déjà vu. “In January 2008, we were going through the trials and Nicholas suddenly resigned as CEO, but he was going to remain as Chairman,” he said. “Our share price plummeted. I had to meet our large shareholders and try to explain the situation – but to no avail. Part of the problem was, when LAVIV failed phase three trials previously, the CEO had resigned four months beforehand and the inference was that Nicholas knew something bad lay ahead.” According to Declan, the board had “no choice” but to appoint him as CEO of Isolagen, and he had no choice but to “either leave or man up”. As it happened, the trials were a massive success and Declan, as CEO, quickly set about raising cash for a firm with no revenue – but he hit two critical snags. “August of 2008 was the worst possible time to raise money and coupled with that, we had convertible debt on our balance sheet that required 100 per cent concurrence of debt-holders before any deal could be done – and we literally couldn’t find 10 per cent of them.” The firm was going through a “slow death” before Declan ultimately opted for voluntary bankruptcy in June 2009. Under this arrangement, just 66 per cent concurrence was required for any debt deal and the firm was in and out of bankruptcy in 10 weeks. The company was renamed Fibrocell Science Inc., a new board was appointed and David Pernock, who ran a $4 billion sales line at GlaxoSmithKline, joined as Chairman. It took some negotiation but by January 2010, David agreed to become CEO. Both he and Declan then worked to get LAVIV approved by the FDA (and become the first aesthetic cell therapy to gain approval), get listed on the NYSE stock market, raise $150 million and get biotech billionaire RJ Kirk’s Intrexon Corporation on board before Declan once again stepped down from his role and packed his bags for Ireland. Looking ahead After a year out, Declan was once again eager for a challenge and this time it came in the form of a comparatively small healthcare technology company based in Sandyford – Sláinte Healthcare. The firm aims to help hospitals become more efficient by digitising their entire paper trail and its cornerstone product, Vitro – an electronic medical records system – is in use in hospitals and healthcare institutions throughout the world. The firm has enjoyed considerable success since its foundation in 2006 and now employs over 130 people in Ireland, the Middle East, Australia and South America. It was also ranked fifth in Deloitte’s list of the 50 fastest growing companies in 2014. Following a number of meetings with CEO, Andrew Murphy, Declan quickly saw an opportunity to build on this success and turn the small Irish company into a global player. “If we want to take this to the next stage, we’re going to have to raise money and that’s something we’re actively looking at,” he said. “We won’t do a deal unless we achieve terms we think are reasonable and, equally important, we are comfortable with the potential investor.” With one eye on a possible IPO, Declan still has day-to-day responsibilities within the firm as CFO but this burden is eased thanks to the three Chartered Accountants on his team. This allows him to remain at the “bigger picture” level, devising strategy and driving the company’s performance. And while there are undoubtedly long days ahead, he’s ready for the challenge as always – thanks in no small part to his training. “If you are going to develop in business, having a grounding in finance is really important. You get that with Chartered Accountants but you also get more – you get the ability to think into other areas and disciplines,” he added. “The accountant of tomorrow is evolving gradually. It’s multidisciplinary and while you need your core skill set in financial-related topics, you need to have a good grasp of business and strategy. Even in practice, you must be able to talk rationally and with some nuance in terms of what’s involved in the running of a business – and that’s what you get from audit.”

IFRS 9 could add an element of commercial reality to credit institutions’ loan books by establishing principles for the financial reporting of financial assets and liabilities, write Sarah Lane and Mark Kennedy. IAS 39 Financial Instruments: Recognition and Measurement has been the accounting standard for financial instruments since 2001. At that time, it was an overhaul of existing accounting requirements for financial instruments as, for the first time, credit institutions had to account for all derivative financial instruments on the balance sheet. Since 2005, they are also required to be accounted for at fair value. This has been a controversial area for standard-setters. The requirements of IAS 39 have been cited by some as contributing to Ireland’s banking crisis. Most recently, CARB concluded that IAS 39 “did not work” in relation to the banking crisis in Ireland by “prohibiting provisions in respect of losses thought likely to be incurred in the future”. This refers to the incurred loss impairment model that IAS 39 used for financial assets. Credit institutions and other entities applying IAS 39 are prevented from impairing a loan until the loss event occurs, as opposed to predicting when a loan is expected to become impaired and providing for it prospectively. The objective of IAS 39 in that regard was to prevent ‘big bath’ provisioning whereby earnings could be managed by timing the release of general provisions. It seems that in solving one problem, IAS 39 created another and the accounting requirements for the impairment of financial assets have now gone full circle. IFRS 9 will implement the expected loss impairment model, enabling banks to recognise expected credit losses on loans from the implementation date. Implications of IFRS 9 In response to the controversy surrounding IAS 39, the International Accounting Standards Board (IASB) will replace it with IFRS 9. In July 2014, the project was completed with the exception of macro hedging and will become effective for annual periods beginning on or after 1st January 2018, with early adoption permitted. IFRS 9 brings together the classification, measurement, impairment and hedge accounting phases of the IASB’s project to replace IAS 39. It also brings about two major changes to financial instrument accounting. In future, financial assets will be classified and measured in accordance with the business model in which they are managed and their cash flows. In relation to financial instruments subject to impairment accounting, there is also a move from an incurred loss to a forward-looking expected credit loss model. This aims to achieve a more timely recognition of loan losses. In relation to credit institutions, meanwhile, IFRS 9 has addressed two issues that arose with the application of IAS 39. Firstly, when applying IAS 39 and electing to measure debt at fair value, credit institutions would be required to book a gain in the profit and loss if their own credit worthiness decreased, which does not seem logical. This issue has been amended by IFRS 9 whereby gains of this nature are no longer recognised in the profit and loss account. Second, the hedge accounting requirements of IAS 39 did not reflect the practical risk management side of a credit institution’s day-to-day activities. IFRS 9 presents an improved hedge accounting model to better link the economics of risk management with its accounting treatment. Financial assets IAS 39 contained four different asset classification categories: trading, loans and receivables, available for sale, and held to maturity. The classification determines how financial assets are accounted for and their measurement from the date of acquisition (initially measured at fair value). IFRS 9 reduces the number of asset classes to three: amortised cost, fair value through the profit and loss (FVTPL), and fair value through OCI (FVOCI).The accounting standard also stipulates two criteria to determine how financial assets should be classified and measured: the entity’s business model and the contractual cash flow characteristics of the financial asset. If the entity intends to hold assets to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding, the assets may be classified as amortised cost. On the other hand, if the business model is to hold assets to collect contractual cash flows and subsequently sell the assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI on the principal amount outstanding, they may be classified as FVOCI. All other assets that do not qualify as amortised cost or FVOCI will be classified as FVTPL. It is important to note, however, that an entity may make an irrevocable election at initial recognition for particular investments in equity instruments, which would otherwise be measured at FVTPL, to present subsequent changes in fair value in other comprehensive income. Impairments and credit risk The delayed recognition of credit losses was identified as a weakness in IAS 39. IFRS 9 moves to an expected-loss impairment model that requires more timely recognition of expected credit losses. The model requires an entity to recognise expected credit losses at all times, from the date of inception. The entity is further required to update the amount of expected credit losses at each reporting date to reflect changes in forecasted future economic conditions. This is a huge task for credit institutions, which hold a high quantity and range of financial assets. The new requirements are expected to involve updating not only accounting policies, but also credit management systems. The IASB recognised this and established the Impairment Transition Group to support stakeholders. At the time of writing, the group had met twice and the following issues were considered at the most recent meeting in April 2015: Forecasts of future economic conditions; loan commitments and scope; Expected credit losses and measurement date; assessment of significant increase in credit risk for guaranteed debt instruments; The maximum period to consider when measuring expected credit losses; revolving credit facilities; Measurement of expected credit losses for an issued financial guarantee contract; and Measurement of expected credit losses in respect of a modified financial asset. IAS 39 required an entity to book a gain in the profit and loss if its own credit worthiness decreased when a debt instrument was measured at fair value. This caused unnecessary profit and loss volatility, which perhaps did not reflect the true nature of the entity’s position. IFRS 9 removes this volatility by ensuring that gains caused by the deterioration of an entity’s own credit risk on such liabilities are no longer recognised in profit or loss. Early application of this improvement to financial reporting, prior to any other changes in the accounting for financial instruments, is permitted. Financial liabilities and disclosures IFRS 9 stipulates that all financial liabilities shall be initially measured at fair value and subsequently measured at amortised cost, with the exception of financial liabilities which will be measured at FVTPL. The FVTPL option is available if, by doing so, it results in more relevant information being provided for users of the financial statements. An example would be eliminating or significantly reducing an inconsistency in measurement or recognition. In relation to the expected credit loss calculations outlined above, entities are required to provide explanatory information in their financial statements. Entities are also required to provide the following reconciliations: reconciliation from opening to closing balances for 12-month loss allowances separately from lifetime loss allowance balances; and reconciliation from opening to closing balances of related carrying amounts of financial instruments subject to impairment. Hedging accounting requirements The hedge accounting requirements of IAS 39 did not reflect the practical risk management side of a credit institution’s day-to-day activities. IFRS 9 has introduced changes that should enable entities to more  accurately reflect hedging activities in their financial statements. The model for hedge accounting has been changed and enhanced, and disclosures will be required in relation to risk management activity which will enable users to understand the nature of the hedging undertaken from a risk perspective. Hedge accounting requirements should therefore be more aligned with risk management activities into the future, enabling entities to better-reflect these activities in their financial statements. A hedging relationship qualifies for hedge accounting under IFRS 9 provided all of the following criteria are met: The hedging relationship consists of eligible hedging instruments and eligible hedged items; There is formal designation and documentation of both the hedging relationship at inception and the entity’s risk management objective for undertaking the hedge; The hedging relationship meets all of the hedge effectiveness requirements: economic relationship between the hedged item and the hedging instrument; the value changes are not dominated by credit risk; and the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item. For a fair value hedge of the interest rate exposure of a portfolio of financial assets or financial liabilities only, an entity may apply the hedge accounting requirements in IAS 39 as opposed to those in IFRS 9.The IASB issued a discussion paper in this regard, called Accounting for Dynamic Risk Management: A Portfolio Revaluation Approach to Macro Hedging. Conclusion Financial instrument accounting standards have been challenged in a number of ways by the events leading to and during the financial crisis. While the role played by accounting standards in our view is debatable and perhaps even overstated, the IASB has sought to re-examine the relevant issues at a fundamental level. IFRS 9 attempts to deal with these issues by establishing principals for the financial reporting of financial assets and financial liabilities that will, if adopted in a spirit of fair and transparent reporting, present relevant and useful information to users of financial statements. Time will tell if the standard achieves its objective. Sarah Lane ACA is Director of Regulatory Assurance at Mazars Ireland and Mark Kennedy FCA is Managing Partner of Mazars Ireland.

Organisations often struggle to foster an ethical culture. To help you on your journey, Penelope Kenny has created a roadmap that’s suitable for both business and practice. In the wake of the recent governance scandals, Chartered Accountants’ ethical standards are being debated in the streets and in the media. As a Chartered Accountant, I suggest that none of us can take a moral high ground. We have all seen ethical conflicts of interest appear insidiously and suddenly. We have been caught unawares by the absence of shared ethical standards. In truth, it can be difficult to be ethical. However, as an Institute we can consider the ethical conundrums presented to us. We can ensure that, when seeping compromises and insidious conflicts of interest appear, we are able to identify problematic situations and deal with them before being compromised. Such nimbleness is a result of fine-tuning our ethical antennae through vigilance, awareness and the continuous challenge and review of our own ethics. I recently discussed ethical dilemmas with a group of Chartered Accountants and each of us had been faced with similar situations. Some had been bruised by standing up for our beliefs; we all argued about which was the ‘right’ course of action in the circumstances presented. We were all more ethically aware as a result of the arguments and while we reached few solutions, we could show and prove that we did our best. Let us proceed therefore, mindful of the strong caveat from Dr Pat Barker that “ethics should not be expected to emerge automatically from an increasingly complex web of rules, regulations and check lists that have themselves been derived, like Topsy, from past regulatory failures”. Ethical standards As the values of the board and CEO are being questioned, there is an increasing emphasis on ethical standards. The conversation on governance therefore moves to discussion of accountability and, inevitably, to the actions of the board and its individual directors. Let’s assume that business ethics, as proposed by author Manuel Velasquez, is the specialised study of moral right and wrong that concentrates on moral standards as they apply to business institutions, organisations, and behaviour”.If we agree that ethics is the discipline that examines one’s moral standards, then ethics is about the individual and collective ethical standards of the board. Business ethics are also related to personal ethics. The ethical standards of the board of directors set the organisational tone from the top. For those of us who serve on leadership teams or boards of directors, our individual awareness of ethical business standards and how we apply those standards determines the ethical standards of the organisations. We must therefore ask: how do we ensure adherence to excellent ethical standards in our organisations? With the objective of embedding ethics in the corporate governance framework, we can now set a framework for ethics review as part of corporate governance. Adoption and communication by the board and enforcement by the executives is part of this process. As part of the annual review of your organisation’s corporate governance framework, a section on ethics might appear as outlined in Table 1 (below), which incorporated elements from CRH’s Corporate Governance Report – Compliance and Ethics section; and the Basel Committee on Banking Supervision’s Consultative document entitled ‘Guidelines – Corporate Governance Principles for Banks’. Conclusion One just has to look at the well-documented issues arising in Volkswagen and Toshiba to see how corporate culture emanates from the board. The ensuing scandals resulted in high volatility and financial impact, with media coverage highlighting previous reports of corporate governance problems and related boardroom difficulties, which seemed to have remained partially hidden from stakeholders. As CRH stated in its 2015 Corporate Governance Report, “there is never a good business reason to do the wrong thing”. With this statement in mind, the most persuasive reason to complete a proactive annual corporate governance review of your organisation’s ethical standards is to improve the corporate governance culture and communicate that culture throughout the organisation. Ethics checklist The board Has the board set and adhered to corporate values that create the expectation that all business be conducted legally and ethically? Has the board promoted risk awareness and conveyed the expectation that it does not support excessive risk-taking? Has the board ensured that appropriate steps are taken to communicate corporate values, professional standards or codes of conduct together with supporting policies? Has the Board outlined the consequences of unacceptable behaviour? Does the organisation have a code of conduct or a comparable policy that defines acceptable and unacceptable behaviours? Does the code of conduct make clear that employees are expected to conduct themselves ethically in addition to complying with laws, regulations and company policies? Ethical issues arising Review ethical issues that came to the attention of the board during the year including conflicts of interest; gifts register; and procurement issues. Review how the issues were dealt with. Was the action adequate? If not, what can be done to redress this? Review ethical issues arising from the most recent review and/or update of the risk register including reputational issues; supplier code of conduct; donations policy; corporate social responsibility policy; ethical procurement code; and anti-fraud policy. Review how the issues were dealt with. Was the action adequate? If not, what can be done to redress this? Whistleblowers legislation A secure channel should be available to employees to report ethical issues that concern suspected violations of company codes of practice. Employees should be encouraged and able to communicate confidentially and without the risk of reprisal, legitimate concerns about illegal, unethical or questionable practices. The organisation’s corporate values should recognise the importance of timely, frank discussion and the escalation of problems. There should be direct or indirect communication to the board (e.g. through an independent audit process). Does the board determine how, and by whom, legitimate concerns shall be investigated and addressed by an objective independent internal or external body, senior management and/or the board itself? Board recruitment Has the board considered the organisation’s ethical standards when recruiting board members? Are ethics discussed at assessment or interview stage? Topics include an understanding of conflicts of interest; ‘fettered discretion’ under Companies Act 2014, board oversight and groupthink. Board members’ responsibilities Has the board members’ handbook been issued to all board members and do they understand it? Has it been discussed at a board meeting? Does the handbook detail the new codification of directors’ duties in compliance with Companies Act 2014? Has the Office of the Director of Corporate Enforcement (ODCE) booklet, Principle Duties and Powers of Company Directors Under the Companies Act (2014), been issued? Has the compliance and ethics programme been integrated into standard internal audit procedures? Disclosure to stakeholders Ensure that the organisation’s code of ethics and ethics review are detailed and explained in the governance statement of the annual report. Penelope Kenny FCA is Director of ArtsGovernance and author of Corporate Governance for the Irish Arts Sector.

How we physically organise our workforce is, or should be, a senior management agenda item, writes Catherine Corcoran. The modern workforce is increasingly mobile – both internationally and domestically – with mobility now considered to be a key component of agile working. The IT revolution has irrevocably changed the workplace and where, literally speaking, employees sit in it. Employers must therefore respond strategically and, if done properly, will benefit from increased productivity, lowers rates of absenteeism, lower employee turnover and a more engaged workforce. Of course, firms are legally required to consider flexible working arrangements such as part-time work but rather than see this as a ‘must do’, firms should see this as an opportunity to build their employer brand. Benefits will only be realised, however, if mobile working is governed by a transparent policy and employees have clear parameters within which to operate. Managers must therefore consider a range of issues including hot-desking policy, management style, culture, flexible working agreements, performance management, IT infrastructure, HR policies and operational processes. The business case for ‘agile working’ is compelling. It gives employers the opportunity to use the physical working environment as a base for defining their 2020 workplace culture while allowing for the possibility of substantial savings in office space. The modern workforce is also demanding more flexibility with generations X and Y in particular citing flexibility and work life balance as key components in talent attraction. Triplicate workstations Agile working, driven by the IT revolution, refers to working arrangements at times and places outside normal working hours. It brings people, processes, connectivity and technology, time and place together to find the most appropriate and effective way of carrying out a particular task. Employees now have the capacity to invest in top-of-the-range home access and mobile working technologies, creating triplicate workstations – one at home, one at work and one on the road. Yet in many cases, we are not joining the dots in terms of what this means for employees. Challenges A number of challenges must be overcome if agile working initiatives are to succeed. While the key to success lies in a holistic and integrated approach, employers must be careful that they strike the right balance. Yahoo CEO, Marissa Mayer, created a storm when she banned working from home from 1st June 2013 and ordered remote workers to report to the office. According to Jody Thompson, cofounder of workforce consultants CultureRx,“Mayer has taken a giant leap backward. Instead of keeping great talent, she is going to find herself with a workplace full of people who are good at showing up and putting in time.” Irish firms would do well to learn from Mayer’s blanket ban and imbue an agile working culture that strikes the right balance. To help you foster an agile workforce, follow the steps in the panel on the right. Once in place, productivity, engagement and employee satisfaction will follow. A blueprint for agile workplaces Appoint a champion and cross-functional working group, which should include senior management. Analyse current working processes and procedures, and critically assess where and when they are done. Critically assess the role of IT and imbue IT throughout your agile working initiatives. Measure performance based on productivity rather than the number of hours worked. Introduce accountability structures that have little to do with where people are located and everything to do with the projects that need to be delivered in order to deliver pre-determined and agreed results. Change your organisation’s culture by demonstrating the desired behaviours at senior and middle management level. Build communication structures that allow for collaborative thinking. Engage with employees to effectively and successfully implement the programme but remember, agile working is not a ‘one size fits all’ solution so be prepared to be flexible. Challenge traditional assumptions and departmental silos by thinking about how units interact and communicate. Conduct an office space audit by assessing the occupancy rates of desks and also, the level of ‘possession’ employees attribute to their space. Develop an integrated agile working policy document that is suited to your organisation, your jobs, and your culture. Conduct a pilot programme. You can phase in or pilot the initiatives to gauge organisational readiness and address issues as they arise. Build in regular review periods to monitor progress. Catherine Corcoran is HR & Management Consulting Partner at RSM Ireland.

Chartered Accountants can capitalise on the improving jobs market by conducting a simple career health check, writes  Karin Lanigan. This article is one that I have been looking forward to writing for some time, and the wider-reaching improvement in the jobs market now means that I can at last put pen to paper. The first signs of a recovery in the jobs market for members came about 12-18 months ago. Initially it was the large corporates and multinationals that were recruiting, with their main focus at that time on recently qualified members. Over the course of the last six months, however, the pick-up in the market has gradually permeated into other areas with SME and indigenous businesses now seeing the need to recruit again. There has also been a marked increase in the number of organisations seeking to recruit more experienced Chartered Accountants. It is clear that the recovery has started to take hold, with companies and candidates alike returning to the market with more confidence. This in turn is driving recruitment activity, and now is the ideal time to consider your options and reflect on the merit of a career move. Whether you are considering a change or not, there is always value in conducting a career health check every one to two years. Here are some factors to consider when you are strategically planning your career or a potential job move. Stay in touch The market can change quickly, so it important to be aware of changes as they happen – particularly if you want to stay ahead of the competition. To do so, integrate the following practices into your routine: Register for updates from the Career Development & Recruitment Service offered by Chartered Accountants Ireland; Create Google alerts for relevant keywords; Monitor general media coverage of the jobs market, such as jobs announcements; Register for recruitment agency market updates and visit recruitment websites; and Attend CPD events. By checking out job advertisements online, it is possible to gain a better understanding of what employers are looking for and what specific skills are in demand. You can then benchmark your own offering – it is good to know where you stand. Know your value You also need to be informed when it comes to your salary and market value. Whether you are planning a move or not, you should be assured that your salary and benefits package is in line with current market rates. Again this can be quickly determined through a conversation with our career development and recruitment team or a recruiter. Salary levels in general are edging upwards, with bonus payments also making a return. If you are due to have a performance review, conduct your research well in advance to have a sense of what your skills and experience would command elsewhere. This will inform your approach in subsequent negotiations. If you are seeking a salary improvement, you should be prepared to explain why it is justified based on the value and benefits you bring to the organisation. You should also be clear about your plans for the next 12 months as this demonstrates focus and commitment, and will be of benefit during the negotiation process. Refine your CV Be sure that the format and content of your CV are in line with the expectations of employers and recruiters. There is now a clear focus on presenting competencies and specific skills in your CV, which is a notable shift from the role-based CV of old. For your CV to the job it is required to do, which is to demonstrate your competencies and secure an interview, it needs to stand out and capture the attention of the reader. Tailor it to suit the role for which you are applying and highlight your most recent achievements from a professional perspective. Also, include some detail about your talents and passions outside work as employers like to get a sense of you as a person. To lend additional credibility to your overall achievements, add metrics to support them and explain how they have benefited the organisation. Leverage LinkedIn LinkedIn is used by all recruiters. You need to have a presence, not only to facilitate your job search but also to enable effective networking. If you have updated your CV, you can use this as a basis for your LinkedIn profile. That said, LinkedIn does provide you with more scope to be creative and it can be the ideal vehicle to develop your personal brand. When considering your LinkedIn profile, tailor it to reflect the type of role that you are looking for rather than emphasising skills and experience gained in the past. If you are looking to enter a new field, for example, you should emphasise your skills and experience relevant to the particular area. Likewise, joining groups relevant to this area will show that you have an active interest and will ensure those reviewing your profile realise that you are serious about looking for a change. Effective use of the ‘headline’ section is essential, as are keywords throughout your profile. Step into the shoes of a recruiter and consider what words she or he might use to find candidates and use this as the basis for deciding what to include in your profile. If they are not there, you may not be found. Update your skill set Know what skills and experience are in demand by researching the specific requirements that are sought after. This can change rapidly, so it is important to stay in touch. Speaking with respected peers or contacting recruiters to understand what they see in the marketplace will help keep you informed. Today’s key skills include strong Excel and analysis expertise. The ability to extract, manipulate and interpret key financial information is very much sought after. It is essential that you do not focus solely on technical skills, however. As your career advances and you progress into management and leadership roles, soft skills become critical to career success. Investing in areas such as communication and influencing skills, decision-making, people management, coaching, mentoring and assertiveness can impact positively on your performance. Seek a mentor The insights, advice and support of other professionals can be hugely beneficial and can play a key role in your career choices. Other like-minded professionals can provide you with another perspective and their advice can potentially save you making the wrong career moves. Good mentors also act as a sounding board and the process can allow you to reflect and gather your thoughts. Psychologically, having such support and guidance at your disposal can be a huge confidence boost. Conclusion Don’t get left behind as the market improves. Even if you are not actively seeking a new role at this point, conducting a general review of your career and the potential options open to you can be a worthwhile exercise. The time invested will pay dividends in the future and will ensure that you are in touch with the market should you need to transfer your skills, knowledge and experience to another role at short notice. Career strategising is a continuous exercise that will enhance the longevity and sustainability of your career, so build it into your weekly development activity. Karin Lanigan is Manager at Chartered Accountants Ireland’s Career Development & Recruitment Service.

Terms and Conditions   By filling in the Accountancy Ireland Survey and supplying your email address, you acknowledge that you are entering yourself into a competition. Participants can only be entered into the competition by submitting their email address in the appropriate box provided in the survey. If a participant does not provide their email address online in the survey, they cannot be chosen as a winner and forfeit their chance. Postal entries will not be entered to win the prize. The competition prize will be provided by the Delphi Adventure Resort & Spa. This prize includes a two-night stay Delphi Adventure Resort & Spa. The winner also wins one complimentary dinner for two, and complimentary breakfast each morning. By submitting your email address, the participant agrees to be featured in the next edition of Accountancy Ireland as the prize winner. The winner will be chosen at random from the participants who have supplied their email address. The winner will be chosen at 5pm, Friday, 15th January 2015. Employees of Chartered Accountants Ireland cannot win the prize. Your prize will be awarded in 45 days from the competition's end date.