Employee well-being is vital for business success. Moira Grassick explores the biggest people risks, from stress to diversity, and outlines how you can strengthen your organisation’s resilience A business is only as successful as its employees. People are both the most important asset a business has and, on the other hand, a source of risk if they’re not properly managed. After a stressful number of years in which health and well-being were primary concerns for everyone, the workplace has changed irreversibly, and it’s up to business owners to adapt to ensure their people stay happy and, in turn, deliver business growth. Some business risks are outside the control of Irish employers. Global geopolitical tensions and interest rates continue to impact the cost of doing business, but it’s different when it comes to your people. Employee risks are within your control. Here are some risks your organisation can minimise, ensuring happier and more productive employees. Stress and burnout After a challenging number of years, your employees may be suffering from anxiety, stress or burnout symptoms. These psychosocial issues can have a direct impact on productivity and potentially on the reputation of your business. Employees are more focused than ever on work-life balance and well-being. Taking steps to help employees achieve their goals in these areas helps reduce errors, minimise staff turnover and avoid dips in productivity. Remote Health & Safety  A remote worker’s home workstation is an extension of the workplace, and employers need to consider their Health & Safety obligations in this regard. The main responsibility for Health & Safety at work rests with the employer regardless of whether an employee works remotely or onsite. A risk assessment of the employee’s home workspace should be carried out. Work-related injuries (both physical and psychosocial), whether they happen onsite or in a remote location, could lead to penalties, brand damage and a deterioration in employee relations. Recruitment and retention Although the labour market shows signs of turning back in favour of employers, it’s crucial for business owners to figure out what will help staff build long-term careers with them. High staff turnover is bad for business, so engaging with employees and responding to their feedback on what could help them build a long-term future with you will pay dividends. Workplace culture Serious misconduct like bullying and harassment or theft and fraud can derail a business. It’s vital to manage these risks through the effective operation of appropriate policies and procedures. Staff should be aware of the values they are expected to uphold. Likewise, if employers don’t deal with grievances in the correct manner, they risk demoralising staff who won’t want to work within an uncaring culture. Preventing grievances in the first place should be the aim, but failing to manage employee grievances properly will distract your management team from their main tasks, demotivate staff who think colleagues have not received fair treatment and ultimately hurt your business. Diversity, equity and inclusion As the Irish population continues to diversify, it’s important to develop an inclusive and diverse working environment. Failing to address this area will limit your access to the broadest possible talent pool and potentially have reputational consequences that hurt relationships with employees, customers and other stakeholders. Legal and compliance As well as the challenge of managing the transition away from pandemic-related work practices, employers also have a wide range of new employment laws to consider. The statutory sick pay scheme came into force in January and affects all employers. The transparent and predictable working conditions regulations impact probation periods, employment contracts and documentation. Most recently, employers will need to act upon various new work-life balance rights, including the right to request remote work. It’s a major challenge for employers and employment law practitioners to keep pace with the volume of recent employment regulations. The cost of ineffective management The costs associated with these risks are multiple. Management spends too much time firefighting, employees take their talents elsewhere, and the bottom line suffers. With the right approach, however, business owners can turn all these risks into strengths that will make their business more resilient to setbacks and more productive when trade is brisk. Moira Grassick is Chief Operating Officer at Peninsula Ireland

In the modern business landscape, fostering a culture of accountability is paramount for organisational success and ethical behaviour. Yvonne Kelleher and Conor McCarthy discuss the crucial connection between culture and accountability Culture and accountability are not new concepts. However, for many organisations, driving a culture of accountability seems like an intangible feat, with many organisations leaping to enhance the operating model without recognising the need to manage the human factors. This can be a costly oversight, and without considering a unified approach and mindset to drive accountability, the desired benefit and return will not be realised. Executives must set a leading example in this time of increased public and regulatory scrutiny and change in Ireland and globally. They need to exhibit accountability and maintain trust with both stakeholders and employees. Culture and accountability are not static ideas, nor do they impact one industry. In fact, in Ireland, we have seen over the last 12 months a lack of accountability underpinned by poor behavioural drivers across a range of industries such as financial services, public bodies and broadcasting has resulted in computational damage and a loss of stakeholder and employee trust. Time is of the essence for organisations to conduct a stocktake, reassess their culture journey and address any gaps to promote and embed an effective and resilient culture to drive and enforce accountability. Organisations should look at this as not only a necessity but also an opportunity that will support their success in the long run.  Organisational accountability – what is it? Organisational accountability occurs when all employees behave in a way that promotes the successful and timely completion of their responsibilities. It involves the organisation being answerable for its actions, decisions and impact on stakeholders, including employees, customers, shareholders, communities and, of course, the environment. A poor culture of accountability can present itself in several ways. Lack of transparency There is often a lack of transparency in decision-making processes, communication and reporting. Information may also be withheld, buried, distorted or not shared openly with stakeholders.  Lack of clarity in roles and responsibilities When there is a lack of clarity regarding roles, responsibilities and expectations, it becomes challenging to establish accountability. Unclear lines of authority, ambiguous decision-making processes, and overlapping responsibilities can contribute to a culture where no one feels truly responsible or accountable for outcomes. Lack of leadership Leadership plays a crucial role in shaping the culture of an organisation. In a poor culture of accountability, leaders may fail to model and uphold the principles of accountability. Leaders evading responsibility or engaging in unethical behaviour without facing the consequences sets a negative example for others.  Lack of trust There may be an environment of distrust and scepticism. This can lead to a lack of collaboration, communication and willingness to report issues and mistakes.  Low consequences for misconduct In organisations with a poor culture of accountability, there may be a lack of appropriate consequences for unethical behaviour or poor performance. This can lead individuals to believe they can engage in misconduct without facing significant repercussions.  Fear of retaliation Conversely, a poor culture of accountability may foster an environment where individuals fear retaliation for speaking up, reporting wrongdoing or challenging the status quo. This fear can deter individuals from holding themselves or others accountable, leading to a lack of transparency and the perpetuation of negative behaviours. It is crucial, therefore, to get a balance between consequences and a fear of retaliation.  Low morale A lack of organisational accountability can diminish an employee’s sense of purpose. This results in a lack of motivation to do your job and impacts the quality of employees’ work.  The link between culture and accountability Today, an organisation’s success is no longer just about the bottom line; qualitative inputs like transparency, trust and employee performance, productivity, collaboration and engagement also determine success. Therefore, an organisation’s cultural norms, values and practices can significantly influence the expected, accepted and enforced accountability level to ensure sustainable change. 1. Trust and transparency   Culture affects the level of trust and transparency within an organisation. In cultures where trust is high, and transparency is valued, accountability tends to be emphasised more. Employees tend to hold themselves accountable for their actions as they believe in the importance of integrity and honesty.  2. Consequences and enforcement Cultural attitudes towards consequences and enforcement also play a role in accountability. In some cultures, the fear of reputation, trial by the media or social stigma may serve as a powerful deterrent leading individuals to be more accountable for their actions. In other cultures, legal frameworks and regulatory systems play a key role in enforcing accountability (like the new individual accountability regime currently being implemented by the Central Bank in regulated institutions within Ireland).  Cultural influences Cultural influences on accountability can vary significantly across different societies and organisations, particularly as the operating and workforce landscape evolves. While some cultures may prioritise individual accountability, others may emphasise collective responsibility more. Understanding and addressing these cultural dynamics, including behavioural drivers, are essential for promoting a sustainable culture of accountability and ethical behaviour. Yvonne Kelleher is Managing Director in Risk Consulting at KPMG Conor McCarthy is Partner, Head of People and Change at KPMG

Derarca Dennis explains how CFOs and finance functions are evolving and how organisations need to concentrate on talent management and diverse skillsets for sustained growth The EY Ireland CFO Survey 2023 has found that CFOs are playing an increasingly strategic role in their organisations. The role of the CFO has expanded, as has that of the finance function. It has evolved to become much more engaged with other areas of the business. This has brought with it a requirement for new skills as well as an increased focus on talent management. That need is reflected in the survey results, with developing future leaders, people management and talent retention continuing to be key areas of focus for the next two years for 60 percent of respondents. Reducing costs and compliance with sustainability regulations are also high on the agenda for most CFOs. While technology in the form of automation and advanced data analytics capabilities will undoubtedly be critically important in supporting the evolving role of the finance function, talent must remain a key area of focus if it is to fulfil its potential. Forty percent of the respondents said their priority for driving growth in the coming year is investing in upskilling existing talent in their organisations, while a further 34 percent said investing in new talent would be a priority. CFOs are focused on optimising the skillsets and talent they already have. This is particularly important in a very tight talent market where organisations of all sizes are experiencing significant levels of talent churn. That, in turn, leads to a loss of knowledge and skills, which are not easily replaced. A continuous learning curve A culture of continuous learning that empowers employees to work at their best and realise their potential is a proven talent retention strategy. Not only does it deliver increased job satisfaction, but it also opens new career opportunities within the organisation. However, organisations must also seek to automate the dull, repetitive tasks that have traditionally been undertaken by the finance function. Some of those tasks can also be shared with other areas of the organisation, such as treasury. Closer interaction between the treasury and finance functions can allow certain tasks to be shared, allowing finance professionals to focus on more value-added work. That work includes preparation for upcoming regulations and reporting requirements in areas such as sustainability. Finance leaders may also need to look at hybrid models to access the capability required to meet the finance function’s expanded role. One option is to fill capability gaps by co-sourcing the required skillsets through professional services partners. These organisations can offer a range of services from basic accounting activities, record-to-report activities, control monitoring and testing, through to day-to-day treasury operations, typically on a managed service basis. Need to invest in diverse talent At a higher level, the changing nature of finance reporting requires CFOs to master a diversity of skills, especially a deep understanding of non-financial factors. It is also leading to profound changes in the composition of finance teams. Future finance teams will be very different from those of today. Finance professionals will, of course, be at their core, but  finance teams will also draw upon a diverse talent pool to enable the function to play its full role as a strategic partner in the overall business and to embrace the potential of technology and data. Future finance teams will augment the traditional skills of finance professions with those of environmental, social and governance (ESG), and have data analysts, supply chain experts and process engineers. Having that wider expertise within the team will make it much more effective when it comes to creating greater efficiencies across the business and delivering long-term value to the organisation. Continued investment in diverse talent will, therefore, be imperative given the evolving and increasingly business-critical role of the finance function. Future-fit CFOs need to focus on: rethinking current operating models and mapping future touch points with other parts of the business, such as the treasury and ESG teams; talent management strategies aimed at upskilling existing employees and attracting and retaining new recruits; acquiring the diverse skills that will make the finance function fit for its increasingly strategic role in the organisation; leveraging existing capability within other departments to support the finance function; outsourcing or co-sourcing elements of the finance function to external partners on a managed service basis; and stemming employee turnover by ensuring that processes are future-ready and efficient enough to retain talent interest and engagement. The evolving role of CFOs and finance leaders in Ireland and of the teams they lead makes it imperative to focus on people management and the acquisition and retention of diverse skillsets. To ensure success, acquiring and retaining talent from both internal and external sources is crucial. Finance functions of the future will encompass a wide array of professionals whose skillsets will contribute to the organisation’s strategic growth. Ultimately, driving greater value for the organisation hinges upon empowering talented individuals with efficient, automated and data-driven processes across both financial and non-financial domains. Derarca Dennis is Assurance Partner at EY Ireland

Your firm’s brand visibility and reputation are critical when competing for skills in a tight labour market, says Mary Cloonan For accountancy firms, recruitment at all levels can be a challenge. With good candidates in short supply, firms need to be able to show that they are a great place to work. A robust and well-designed branding strategy is an excellent investment in your firm’s future success and sustainability. It builds credibility, enhances your reputation, supports growth, and strengthens your ability to attract and retain employees. In my experience, while progressive accounting firms often value marketing as a tool for practice development, many do not always fully leverage their brand in their recruitment strategy. This is a missed opportunity, as getting great candidates to view your firm as an environment where they can thrive is the first step to having teams in place to do the work that will drive your firm forward.  Your brand must show that you are a great choice for accountants and support staff who want to build a successful and satisfying career. Experienced hires It is worth thinking about what experienced candidates consider before submitting a CV. Just like prospective clients, many will start by researching your firm. They’ll probably Google your firm’s name and the names of your senior partners. They’ll look for online reviews and news stories that give a sense of your firm’s values. They’ll check your website and see how your thought leadership articles reflect your values and ambition. They’ll look for any articles you have contributed to the business and professional media and your social and community engagement coverage. They’ll review your social media accounts, especially your LinkedIn firm page and the profiles of your senior leadership and team members. If this research throws up anyone they know on your team, they’ll probably ask this person what it’s like to work for you. The stronger your digital presence, the better your chances of attracting good candidates. Your website and social media platforms should be designed with employer branding in mind. They should showcase your culture, values and benefits in a way that engages potential employees. Crucially, they should be up-to-date and user-friendly. If not, you could lose out on the most talented candidates. Entry-level candidates The first step towards effective graduate recruitment is understanding your target candidates. The typical upcoming graduate is in their early to mid-20s, making them part of Gen Z. Gen Z looks for specific employer qualities. They want to feel challenged and need to know that their entry-level role will enable them to grow as a professional. They tend to have big, out-of-the-box ideas and want to work somewhere that appreciates them.  They think highly of organisations offering workplace flexibility and will often consider this when comparing firms.  Stand out to get talent in Many firms are struggling to find good candidates in the current market, and both graduates and experienced hires can often choose from a pool of potential suitors. The stronger your brand and messaging, the more you will stand out from your competitors. Mary Cloonan is Founder of Marketing Clever

Adopting Lean principles and tools is a practical approach that transcends industries and workplaces. Gordon Naughton explores the benefits of Lean, its impact on organisational culture and provides practical tips for implementing Lean practices in an organisation A recent global PwC survey listed the top three reasons for employees leaving: financial, fulfilment and the ability to be themselves. At the core of Lean is the principle of respect for people. This principle emphasises the importance of treating employees with unconditional respect and providing them with meaningful work. By recognising the value of employees’ contributions to its genuine purpose, organisations can mitigate issues such as burnout and high turnover rates. Respecting employees as people and aligning actions with stated values and purpose is crucial to creating a positive workplace culture. Reducing headcount as a last resort Organisations must live up to their outward values by genuinely valuing their staff. Lean thinking discourages reducing headcount as an immediate cost-cutting measure. Lean was created and perfected by Toyota in Japan. In 1950, Toyota encountered financial difficulty. It had to reduce its headcount and introduce other painful reforms to save the company. In a country and company famed for “a job for life”, the President of Toyota, Kiichiro Toyoda, recognised the breach of the social contract and dire consequences for exiting and remaining staff. He duly resigned. Within crises, there is opportunity. Recognising the opportunity that reduced activity brings, companies should actively consider using spare capacity and capabilities to reposition themselves for new challenges. Seeking efficiency beyond staff reduction Encouraging employee engagement and participation is critical for successful implementation of Lean. Organisations need to ensure that efficiency initiatives genuinely align with the staff’s best interests. Otherwise, expecting the initiatives to be implemented effectively is somewhat naïve. Furthermore, the negative impact on culture and engagement of executing nefarious initiatives can be severely problematic to the morale and culture of the organisation. Starting small and celebrating success A key aspect of Lean implementation is starting small and celebrating success at every opportunity. This approach builds confidence, knowledge and momentum for tackling more extensive and complex challenges. Incremental improvements, when compounded, can yield substantial rewards. Focusing on impactful improvements To maximise the benefits of Lean, organisations should focus their efforts on the areas that will truly move the dial. By concentrating on the right priorities, organisations can drive substantial efficiency and cost-reduction improvements. Leveraging team knowledge and empowerment Efficiency gains require a collective effort and the utilisation of the team’s knowledge and wisdom. Relying solely on top-down decision making is a fallacy. Taking the time to engage with impacted teams, empower employees and gain insights from their experiences fosters a culture of advocacy and continuous improvement. Accountancy and Lean The time has come for accountants and their clients to embark on a Lean journey to drive cost reduction and enhance efficiency. By embracing Lean principles, respecting employees and focusing on impactful improvements, organisations can achieve tangible financial gains while cultivating a culture of continuous improvement. Gordon Naughton is Founder and CEO of Tactive and a Lean Black Belt

Contrary to the misconceptions of awkward social encounters, networking is a fundamental and invaluable skill that everyone should cultivate, says Jean Evans Businesses, organisations and most people deem networking to be a soft skill, but it’s not. It’s a power skill. People think that networking is an awkward social moment or an icky sales conversation. They mistakenly think that networking is about schmoozing and being sleazy. That it’s about going to the odd event, handing out business cards and expecting something to happen. However, networking is one of the most fundamental, valuable and necessary skills you’ll ever develop. It makes you powerful. The foundation of success Networking is like the foundations you put down for a house. You cannot build a house without solid foundations. Similarly, you cannot build a successful business or stellar career without networking because no one is successful by themselves or achieves success without the support and help of others. Networking to win Networking enables you to become more self-aware and develop emotional intelligence, which will assist you in using your voice while helping you understand your personal brand and what you bring to the table in your organisation. You’ll grow a community and tribe of people who’ll support you and your career and who will be your sponsors and advocates while allowing you to become a problem solver and trouble shooter within your professional career. A personal journey How we connect with others is deeply intimate, so learning to network is highly personal and nuanced. There isn’t a right way or a wrong way for you to do it, but you have to learn how you want to do it. We all have different backgrounds that influence how we connect with others, whether it’s the environment in which we grew up, our education, our friends and family or our work. Confidence You might have noticed that I haven’t mentioned anything about more business or promotions. They are also wins when it comes to networking, but none of the tactical and technical stuff comes before you develop your confidence and self-awareness. Confidence is the name of the game. Understanding yourself and what you stand for allows you to make intelligent and conscious decisions about what aligns with your values, your priorities, and this allows you to make good choices and set appropriate boundaries. Jean Evans is a Networking Architect and founder at NetworkMe

As cyber threats continue to evolve, businesses must prioritise proactive measures to safeguard their operations. Eleanor Barlow highlights four critical cyber-attacks organisations should be prepared for this summer Given the scope of cyber threats over the past several years, it is more important than ever for businesses to take proactive measures to protect themselves. Here are the four cyber-attacks I feel organisations should be aware of and ready to protect themselves against this summer. AI-powered social engineering attacks  Artificial intelligence (AI) has entered almost all spheres of the business world. While AI brings numerous benefits and advancements, it also introduces new cybersecurity risks, such as social engineering attacks. These attacks use manipulative tactics to deceive the victims into revealing sensitive information or trespassing security structures of the organisations. To execute these attacks, cybercriminals rely on AI-based natural language processing (NLP) algorithms to generate more realistic and human-like phishing emails, chatbot interactions or voice calls. Detecting these malicious campaigns is getting harder for the average employee, which is why significant training is required to know what to look for and how to prevent escalation. Cloud-based breaches Cloud computing has become a norm in today’s digital landscape, offering scalability, flexibility and cost-efficiency to businesses. Nevertheless, the widespread adoption of cloud services exposes organisations to new cybersecurity threats, making them a major concern in 2023. Cybercriminals target cloud environments to exploit misconfigurations, weak access controls or insecure APIs. A recent example of the consequences of cloud misconfigurations is the Toyota data leak, in which the personal information of over two million customers was exposed after an access key was leaked on GitHub for almost five years.  Enhanced phishing attacks  Phishing attacks involve cybercriminals posing as trustworthy entities with the intention of deceiving individuals into divulging sensitive information or performing malicious actions. With over 500 million phishing attacks reported in 2022, the number is expected to rise further this year. In fact, threat actors continuously refine their techniques to make phishing emails and messages appear more genuine and convincing, which takes a trained eye to spot. Zero-day vulnerabilities in supply chain attacks With the increasing complexity of supply chains and the interconnectivity of various systems, zero-day vulnerabilities are anticipated to be a significant cybersecurity threat during the summer of 2023. A zero-day attack is a strategic exploitation that involves using previously unknown vulnerabilities in the supply chain and has no available patches or fixes. These vulnerabilities in the supply chain can have severe consequences, allowing attackers to compromise the integrity and security of products and services. They can lead to data breaches, unauthorised access and the potential for sabotage or manipulation of systems. Awareness is key By being aware of these possible threats, organisations can arm themselves appropriately to prevent them. To effectively deal with the cybersecurity challenges of 2023, organisations need to adopt a customised and agile cybersecurity strategy. Eleanor Barlow is Head of Content at SecurityHQ  

Quality breaks in the workday play a crucial role in boosting productivity and enticing employees back to the office, says Deirdre O’Neill Napoleon established 200 years ago that an army marches on its stomach. Now employers who encourage longer, better quality, more frequent breaks are key to unlocking productivity, improving employee well-being and enticing people back to work. New research by Compass Ireland and Mintel found that the time workers spend on their main lunch break varies worldwide.  It averages 54 minutes in China, one of the world’s fastest-growing economies, but just over 20 minutes in Poland. In Ireland, though, lunch breaks average 33 minutes. Analysing insights from 35,000 workers across 26 countries, the Compass Global Eating at Work Survey 2023 shows that, on average, workers take just 35 minutes daily for their main lunch break if they have one.   Full-time employees (working five days a week) were found to skip one lunch break a week, including those surveyed in Ireland, while a third of workers eat their lunch alone, reducing opportunities for socialising. One percent of Irish workers report taking no breaks during their working week, risking burnout. However, this figure is considerably below the global average of 5 percent. Better breaks equal better results The research indicates that employers who invest in good breakout areas and better-quality food and drink offerings can significantly increase productivity, well-being and colleague collaboration and reduce feelings of isolation among employees.   Eighty-one percent of Irish workers said taking a lunch break makes them more productive, while 88 percent agree that regular breaks throughout a workday improve their overall productivity.   Generational differences Globally, Gen Z and Baby Boomers take the shortest lunch breaks, and how employees spend their personal time varies across different age groups. This indicates employers should tailor breakout areas to match unique workforce demographics. While eating and drinking during a break is the top priority for every age group (Baby Boomers, most of all), younger Gen Z and Millennial workers want the time for things that support their mental health. These include socialising with colleagues, relaxing, hobbies and personal interests. The research also found that employees are significantly more likely to socialise and network with colleagues during breaks if they have food and drink facilities at work. The more advanced the food offer provided, the stronger this trend becomes. In workplaces with a restaurant, cafeteria, canteen or coffee shop, 70 percent of workers eat lunch with colleagues, with only 23 percent eating alone. In contrast, when no food and drink facilities are provided, just 38 percent spend their main break with colleagues, while nearly half (48 percent) choose to eat alone. Competing with home While the length of main breaks is largely consistent across home-based, hybrid and work-based employees, those working from home report having more frequent and higher quality breaks than when in the workplace. This presents a considerable challenge for employers trying to encourage workers back to the office. In Ireland, 50 percent of hybrid workers say they take more breaks when working from home. With recruitment and productivity a key challenge facing businesses today, employees taking time out of the working day to relax and recharge with colleagues can make a huge difference. It may seem counterintuitive, but good quality breaks are a win-win for employees and employers, enhancing productivity, collaboration and mental health. Taking a lunch break is no longer a routine event at a set time of day either, our research shows. With the rise of flexible working, employees now expect to refuel when and where suits them best. They want convenient, good-quality food and drink to boost energy and comfortable places to relax and socialise with colleagues. Employers looking to motivate their teams, attract new talent and encourage hybrid workers back into the workplace are investing in what is known as the ‘hotelisation’ of workspaces. Comfortable breakout areas and some form of entertainment, such as ping-pong or TVs, are becoming much more common, as are rooftop gardens and patios for coffee breaks. Employers are conscious of meeting the needs of workers by providing food and refreshments, combined with social interaction, that people can’t replicate at home. Wise employers are creating a workplace culture where breaks are encouraged, not frowned on. Deirdre O’Neill is Managing Director at Compass Ireland 

The latest KPMG Enterprise Barometer reveals a positive outlook among Ireland's indigenous businesses, with over a third planning workforce expansion. These entrepreneurial firms prioritise sustainability but seek clarity on costs and benefits, says Alan Bromell KPMG Enterprise Barometer 2023 highlights confidence among Ireland’s indigenous businesses, with over half (55 percent) expecting to increase turnover in the next 12 months.  The majority of survey respondents, 83 percent, support the need for more action on climate change, and 7 out of 10 are actively pursuing sustainable measures, demonstrating the proactive approach these entrepreneurial businesses are taking to incorporate environmentally friendly practices into their operations.   The research reveals overall optimism among Irish businesses, with over half (55 percent) expecting to increase turnover in the next 12 months and 38 percent expecting to expand their workforce, demonstrating a belief in their growth potential and job creation. Balancing the costs and benefits of sustainability While the majority of survey respondents support more action on climate change, two-thirds express concern about the need for more clarity on the costs and benefits of these measures, and three-quarters say no stakeholder groups are exerting pressure on them to develop decarbonisation strategies. This poses a significant challenge for companies as they strive to make informed decisions on sustainability measures and allocate resources effectively. The survey showed resilience and measured confidence in the future amongst Irish businesses and entrepreneurs. Notwithstanding the challenges in areas such as costs and interest rates, Irish entrepreneurs are resourceful and robust. Private Irish business and entrepreneurship are critical pillars of the Irish economy, providing employment, sustaining tax revenues and acting as role models for future entrepreneurs. In addition, their ingenuity and innovation can be instrumental in solving various challenges, from technology, health and nutrition to sustainability and environmental protection. The survey also shows that sustainability has become a fundamental aspect of business operations, and it’s encouraging to see businesses in Ireland actively pursuing sustainability measures. However, they need help understanding the costs and benefits of decarbonisation. Tax suggestions for Budget 2024 When asked for their views on the current tax regime, less than a quarter (24 percent) said they believe it encourages entrepreneurship and growth. At the same time, three-quarters feel that the Irish tax regime is more challenging for domestic businesses.  The top three tax changes businesses would like to see in Budget 2024 are introducing tax measures to encourage sustainable behaviour (83 percent), amending capital gains tax rates or rules to encourage investment in Irish companies (79 percent) and introducing a reduced tax rate for dividends for entrepreneurs (74 percent ). These highlight a desire for tax incentives and reforms that promote sustainable business practices, stimulate investment and reward entrepreneurship. Recruiting challenges Sixty percent of private Irish businesses and entrepreneurs face difficulties recruiting the right individuals to fill key company positions. Nearly half (45 percent) consider the current tax regime in Ireland a disadvantage to recruiting and retaining skilled employees. The availability of residential accommodation is another primary concern; over three-quarters (77 percent) say lack of accommodation is an issue, suggesting that the housing situation in Ireland could impact recruitment and competitiveness. Alan Bromell is Head of Private Enterprise at KPMG

Ireland’s urban growth demands sustainable development. As we transition to a green future, our focus must be on modernising regulations, energy resilience, R&D and public-private partnerships, says Robert Costello Ireland’s urbanisation has been rapid: in 1969, half of the population lived in rural areas, and urbanisation is expected to reach 75 percent by 2050. In recent decades, urbanisation combined with general population growth and an economic boom has dramatically increased the footprint of Ireland’s cities. Much of this growth occurred without due regard for sustainable development. As Ireland sets out on a green transition, we must focus on making our cities sustainable. Like the broader economy, Ireland’s cities run largely on fossil fuels. According to the United Nations, cities consume about 78 percent of the world’s energy, accounting for more than 60 percent of greenhouse gas emissions. Transport accounts for almost 18 percent of total emissions in Ireland, and nearly all (94 percent) of these emissions come from road transport. Ireland has among the longest commute times in Europe, with many commuting into and around cities. Ireland’s buildings are among the hardest to heat in Europe, with heat loss rates (U-values) three times those of Sweden. With poor heat retention and a relatively high reliance on solid fuels and oil, Irish buildings have the highest emissions in Europe. Net zero emissions commitments of Ireland and the EU The European Union is committed to achieving a 55 percent reduction in greenhouse gas emissions by 2030 and net zero emissions by 2050. Ireland has committed to reducing emissions by 50 percent by 2030 and achieving net zero emissions by 2050. Considering Ireland’s starting point relative to many of our European counterparts, significant action is required across the economy and society. By implementing initiatives across the following four pathways, Ireland’s urban areas can become more sustainable and resilient to climate change. 1. Modernise regulations Having the funding and finance to complete the green transition is necessary, but it is not sufficient: the regulatory environment must enable the required investment. Ireland’s regulatory regime has been slow to respond to the needs of those working towards Ireland’s net zero ambition. Green hydrogen (hydrogen produced from renewable energy) will have a key role to play in decarbonising the country’s hard-to-electrify sectors. This must be underpinned by a national hydrogen strategy that reviews existing regulations, considers where changes are required, and signals to the market the direction of travel in terms of the development of this vital sector. While the Government has consulted on a hydrogen strategy, the consultation report has yet to be published. An ambitious hydrogen strategy will go hand in hand with plans to develop offshore wind farms on Ireland’s west coast, allowing the country to become an energy exporter. 2. Plan for energy resilience and sustainability According to Engineers Ireland, Ireland faces an energy trilemma in which we must meet our energy needs while ensuring that we (i) increase sustainable energy production, (ii) keep our energy supply secure, and (iii) maintain affordability. Diversity of supply and investment in infrastructure, such as interconnectors and energy storage, are essential in overcoming this trilemma. 3. Invest in research and development We cannot build the world of tomorrow without research and development (R&D) today. We must therefore recognise the role of R&D within Ireland in making our green transition possible. As an international hub for technology firms, Ireland has the potential to make digitalisation a core part of how we decarbonise our economy, building smart cities and communities. Combined public and private investment in digitalisation R&D will transform our economy. 4. Rethink public-private partnerships Public-private partnerships (PPPs) are a very useful method of contracting to deliver infrastructure. In Ireland, they have been successfully deployed to develop our motorway network, build schools and now deliver much-needed social housing. They involve a lot of upfront work, de-risking projects and ensuring that the assets built are robust and well-maintained into the future. They also encourage more private sector involvement in infrastructure, bringing new technology and innovation into projects. In addition, PPPs allow governments and public bodies to retain ownership of the infrastructure assets, an essential feature for long-term public ownership. Rethinking PPPs involves broadening the areas in which this model can be deployed to help realise our net zero ambition. Areas where the model (or a variation of the model) can be deployed include district heating, battery storage, offshore grid infrastructure, bus and train fleets, electric vehicle (EV) charging, sustainable buildings and port infrastructure. On the (path)way to a better future Cities, big and small, can set out on clean-energy pathways. Each pathway requires working with various stakeholders, including some with competing needs. These stakeholders include regulators, power generators, power transmission and distribution companies, industry and consumers. Only by laying the proper groundwork can people be brought on board and positive outcomes maximised. Stakeholder engagement is all the more essential in the case of Ireland’s cities, which have less administrative and financial autonomy than cities such as Paris or Berlin – Ireland has the lowest level of local autonomy in the European Union. With a population that continues to grow rapidly and become more urban, Ireland must seize the opportunity to build more sustainable cities. A successful and sustainable green transition requires bringing people on board and embracing the technology that will enable shorter, cleaner commutes, warmer homes and a cleaner environment. Outlining and committing to clean energy pathways enables the public and private sectors to put the resources in place and build the necessary capacity to deliver the required investment in our cities and towns. Robert Costello is Leader in Capital Projects & Infrastructure Practice at PwC

Addressing underperformance requires a thoughtful approach that considers the underlying reasons behind it. Moira Grassick outlines ten essential steps to manage underperforming employees effectively Poor employee performance affects both the worker and your wider business. Underperforming employees can have a domino effect. When colleagues see one employee slacking, their own motivation can decrease. In some cases, an employee may be genuinely trying but is simply incapable of hitting their targets or meeting your business’s standards. Here are ten simple steps to deal with an underperforming employee fairly and effectively. Know what you want from the employee If an employee is underperforming, first be clear on what level of performance you want and consider if the relevant standards have been properly communicated to them. Confusion is unavoidable if either party isn’t aware of the required standards.  Begin with an informal approach When addressing a performance issue for the first time, approach it informally by conversing with the underperforming employee. This doesn’t mean the issue goes unaddressed; it simply means no formal disciplinary action will be taken at this stage. Approach this conversation with an open mind and empathise with the employee if their issue is personal.  Let the individual know that you have concerns The first practical step is to let the employee know that you have concerns regarding their performance. This should be done in a private conversation with them. This isn’t a formal hearing, so there’s no need to formally invite the employee with notice. Again, it’s best to approach this conversation in a personal, friendly manner.  Identify the problem Enquire as to the reason for the employee’s underperformance. This is necessary to establish what subsequent action you need to take. If they can perform better but simply choose not to, tell them that they must improve. If they can do the job (they’re trying hard but still can’t perform well), identify how you can help them. For example, the employee may need further training or supervision. If the reason is health related, it may be necessary to obtain an expert medical opinion. If they have a disability, reasonable accommodations to the workplace may need to be considered.  Refer to further consequences Although you’re dealing with the issue informally, let the employee know that you may need to begin a formal disciplinary procedure if they show no signs of improvement. Monitor performance Keep tabs on the employee’s subsequent performance. The level of monitoring required will need to be considered on a case-by-case basis. The employee is unlikely to appreciate overbearing scrutiny as they seek to improve, so handle this aspect sensitively. Revisit the issue If the employee’s performance doesn’t improve, or another dip follows a temporary improvement, revisit the issue. Speak to the employee again, pointing out that your previous discussion and/or any help provided doesn’t appear to have had an effect. Again, ascertain what the reasons are for the underperformance. Consider a formal procedure If insufficient improvement or explanation is provided, consider implementing a formal disciplinary or capability procedure with the employee. Formal disciplinary processes must follow the steps set out in your written policies. These processes must follow fair procedures and the principles of natural justice. Formally invite the employee to these hearings and inform them of their rights, like the right to be accompanied, the right to state their case and the right to appeal any decision that goes against them. Complete the process promptly Deal with the process efficiently ─ don’t allow the issue to drag on. Where you have prescribed timeframes in your procedures, stick to them. Be consistent Act in accordance with previous cases of a similar nature to ensure a consistent approach in terms of assistance provided or, if appropriate, sanctions issued. In addition to these tips, communicate clearly with any employee going through a disciplinary process and keep good written records of all the steps you have taken to address the issue. Moira Grassick is Chief Operating Officer of Peninsula Ireland

Key growth drivers in the coming years will be in high-value emerging tech in areas such as renewables, cleantech, ultra-personalised medicine, quantum computing and AI, says Feargal de Freine The results of EY’s 2023 Europe Attractiveness survey indicate a marked improvement in sentiment regarding Ireland’s attractiveness for foreign direct investment (FDI) compared with 12 months ago. Of those surveyed, roughly 46 percent believe Ireland’s attractiveness for FDI will improve over the next three years, an increase of nine percentage points on the 2022 survey result. A further 34 percent believe the country’s attractiveness will remain unchanged over the period. Only around 18 percent said it would decrease (down from 23 percent last year).  Future investment growth drivers Next generation FDI is likely to be very different. High-value emerging technologies in various areas, including renewables, cleantech, quantum computing, AI and ultra-personalised medicine, will be key growth drivers in the future. Countries competing for investments in these new battleground areas must demonstrate high levels of expertise and research capability and a ready supply of top-tier talent.  Competitiveness, agility, proximity and access to key markets, and tax remain important considerations when choosing a location. New imperatives, including political stability, security of energy supply, and creative subsidy and support programmes such as the US Inflation Reduction Act (IRA) and the EU Green Deal, are rising up the agenda. Businesses also look for locations to support them on their net zero and digitalisation journeys. Coupled with those factors are the evolving priorities of governments and local communities. Governments across the world are aiming to reshape investment agendas through new policy instruments such as the US CHIPS and Science Act. As the incidence of FDI mega projects increases, investors increasingly seek direct subsidies and other supports.  Tax reforms  There is continuing uncertainty related to the global tax reform process. Ireland is committed to the new global minimum tax rate of 15 percent, which will come into effect next year. Global adoption of new nexus and profit allocation rules is less advanced. Respondents to our survey highlighted the importance of increased support for overseas investors and reductions in business tax in the countries in which they invest. Globally, increased levels of state support may present challenges to countries in Europe that are constrained by EU state aid rules and may require new and imaginative policy responses at EU level.  Amid this uncertainty, Ireland needs to continue to set a stable and reliable course in terms of tax policy – this has been a key reason for the country’s attraction over the years. Ireland also needs to respond creatively to remain competitive. That response could include continuing to improve incentives like the R&D Tax Credit, investing in our universities to nurture the next generation of Irish talent, and ensuring high-quality property and real estate options are available nationally for prospective investors. Ireland will also need to continue to challenge itself in terms of how tax policy supports the ability to attract key senior talent as part of the strategy to secure and retain critical investment. Policy responses can be highly effective if they are responsive to investors’ needs, and not every policy requires a material investment of government funds. Risks to future FDI performance There are identifiable risks to Ireland’s future FDI performance. During the National Economic Dialogue in early June, the Department of Finance cited the “Four Ds” – demographics, decarbonisation, digitalisation and deglobalisation – as the key trends likely to transform the Irish economy over the next decade. They are also likely to have a profound impact on our competitiveness as an investment location.  Survey respondents noted the ongoing war in Ukraine, the level of public debt and its potential impact on taxes, the tight labour market, high inflation and a rising interest rate environment as key risks impacting 2023 investment plans in Ireland.  For those who believed that Ireland’s attractiveness would diminish over the next three years (18 percent of respondents), the top concerns were higher costs and political instability, followed by increased incentives available elsewhere.  Future growth Ireland’s future FDI growth hinges on embracing high-value emerging technologies, demonstrating expertise, nurturing top-level talent and addressing evolving priorities. Uncertainty surrounding tax reforms and potential risks such as geopolitical conflicts and economic challenges must be carefully navigated. Ireland’s stability, competitiveness and proactive policy responses will be vital in maintaining its attractiveness as an investment destination. Feargal de Freine is Assurance Partner and Head of FDI at EY Ireland

Paul A. Slattery outlines the keys to successful impromptu public speaking. Ad hoc speaking situations are a common occurrence in professional settings, and the mere prospect of delivering a speech at short notice can be nerve-racking for many of us. However, there is no need to dread this. By employing specific techniques, you can deliver a successful presentation at any time. Be prepared to sound spontaneous Your goal is to sound spontaneous while articulating your ideas in an organised manner, making an impact on your audience. Although being fresh and spontaneous is desirable, simply ‘winging it’ should never be your approach. Achieving a balance of ‘organised improvisation’ and appearing natural without following a script requires preparation. The rule of three The ‘Rule of Three’ is an excellent starting point. It can be adapted to suit any topic and is based on the concept that we are more likely to remember a list of three items or ideas. You can use the Rule of Three to structure your presentation and deliver a solid argument, even with barely any time to prepare. Select the three most important aspects to concentrate on, such as “Three necessary measures to undertake….” The Rule of Three is exemplified in another recommended communication model: ‘Be Brief. Be Bright. Be Gone.’ This philosophy was introduced by Jay Frost and David Currier in their book of the same name. The idea was originally intended for aspiring pharmaceutical sales representatives, but it can be universally applied. To succeed in sales, it is essential to comprehend and implement these three principles: Be brief — Keep your sales pitches short and to the point. Be bright — Understand your product and its context. Be gone — Respect your customer’s time. Be brief Keep in mind that simplicity is key to effective communication. Start by defining the reason for the presentation and providing the relevant facts. Tell your audience only what they need to know – not everything you know. Be ready to answer their questions and maintain a positive attitude in your communication. Consider using the BLUF methodology. BLUF stands for Bottom Line Up Front and is a concise communication practice in which critical information is presented first. It is commonly used in the US military to ensure precision and impact. Think of BLUF as an inverted pyramid providing a simplified version of the message. It is applicable not only in military writing and journalism but also in business presentations. Be bright As a starting point, understand your situation and its context. You should also aim to create a bright impression by engaging in eye contact and, when feasible, firmly shake hands. Try maintaining a confident posture by standing tall. Make sure to convey openness and receptiveness by uncrossing your arms and legs. A sincere smile can go a long way in creating a connection. When speaking, project your voice into the room to ensure everyone can hear you clearly. Speak with confidence to convey your expertise and captivate your listeners. In other words, project your executive presence. Be gone Once you have conveyed your message, it is important to conclude promptly, respecting people’s time and avoiding unnecessary follow-up. Showing consideration for others’ schedules and minimising complexity are vital in any professional communication. There is no need to dread presenting at short notice. Being ready will assist you in delivering concise and compelling presentations. By practising the approaches mentioned here, you can deliver successful impromptu speeches, sound spontaneous and leave a lasting impression on your audience. Paul A. Slattery is the founder and Managing Director of NxtGEN Executive Presence

How do employers attract and retain Gen Z? Full-blown member David Boyd explains The oldest members of Gen Z are now 26, only a few years out of university, an experience shaped by an abrupt shift to online learning, disrupted exams and prohibited socialising. Then the introduction of remote work put individuals’ priorities into perspective. So what does this mean for Gen Z in the workforce? Great Place to Work identified that Gen Z are the largest generation, 32 percent of the global population. By the year 2030, the number of Gen Z employees is anticipated to triple. While they are educated, skilled, socially conscious and resilient, their full potential is as yet unknown. Having grown up with evolving technology, they are more adaptable to change and accepting of efficiencies at work. Additionally, Gen Z want to work for an organisation that sees them as an individual, not a number. As this generation loves learning and puts diversity and inclusion first, a company’s culture can be their first non-negotiable factor in applying for a job. Forget the generalisation that all of Gen Z are “quiet quitters” because what they really want is transparency, action on diversity, and social and environmental responsibility from an organisation that will support their career development. Generation X and Millennial employers should be mindful of Gen Z’s use of anonymous review websites and social media platforms to assess organisational culture. Therefore, organisations should consider if their digital platforms feature people from diverse backgrounds and show support for LGBTQ+ communities, and their online presence is authentic, showcasing their values. Gen Z are said to be the most selective generation, who will change jobs and employers for better opportunities and value alignment. They pay close attention to the types of interview questions asked, particularly if the interviewer is empathetic towards their happiness in the role and good cultural fit. Some people hold the misconception that what Gen Z want at work is a Google-style lounge area and activities but what they really want is holistic benefits, particularly flexibility. Gen Z have experienced working remotely and so are keen to optimise their time outside work to meet their commitments and achieve ambitions. They are unwilling to compromise their vision to fit into a culture that does not fulfil their expectation to live outside working hours. Of course, flexibility includes more than just flexible working hours; it means internal mobility through acquiring a new skill or role. It is unlikely that Gen Z will settle in one role for the duration of their career without the opportunity for growth and development. A study by LinkedIn found that 40 percent of Gen Z are willing to accept a pay cut for a role that offers better career development. A further 70 percent had experienced a career awakening, initiated by the pandemic. Symptoms included boredom, a craving for more work-life-balance and the desire for a job aligned with their passions. Organisations that strive to attract and retain Gen Z should commit to making a strong initial connection with employees, utilise technology for efficiencies, take action on social and environmental global issues, and provide support for employees’ personal and career development. David Boyd is a Graduate Consultant at Grant Thornton in Northern Ireland

Andrea Dermody explains how organisations can develop a culture of belonging where employees can thrive Do you remember a time when you weren’t picked for a team? Or a time when you felt like the ‘other’, the ‘only’, in a group? Do you remember how that felt? These feelings relate to your sense of belonging, your fundamental human need for connection and affinity with others. Over the last few years, we have seen the narrative around diversity and inclusion expand to include equity and belonging, ‘DEIB’ for short. But what does the ‘belonging’ element mean? The dictionary defines belonging as “a feeling of being happy or comfortable as part of a particular group and having a good relationship with the other members of the group because they welcome you and accept you”. According to research by Coqual, a non-profit think tank, a sense of belonging at work is rooted in four elements: Being seen for your unique contributions; Feeling connected to your co-workers; Being supported in your daily work and career development; and Being proud of your organisation’s values and purpose. The research found that employees with high belonging scores also have high engagement scores, higher retention scores, greater loyalty to their organisation and are more likely to recommend their company as a good place to work. When individuals feel a genuine connection to their organisation and their colleagues, they are more likely to contribute their unique skills, ideas and perspectives. This is critically important as 72 percent of European employees report feeling disengaged from their workplace. Might a culture of belonging address this challenge? Creating a culture of belonging How do we build belonging? Belonging is in the little things and, according to Geoffrey L. Cohen in Belonging – The Science of Creating Connection and Bridging Divides, “slight adjustments in the way we interact with people in our daily lives can do much to nurture belonging”. Here are some of the strategies that work: Lead from the top by acknowledging that the objective of the organisation is to create a culture where DEIB is part of how you do business every day and tying its achievement to reward and the promotion of leaders. Spotlight diverse role models to overcome the challenge described by Amy Edmondson in The Fearless Organisation as “when no one at the top of the organisation looks like you, it can make it harder for you to feel you belong”. Be respectfully curious. Don’t assume that what gives you a sense of belonging is the same for everyone. Ask questions and actively listen to learn who people are and what makes them feel they belong. Develop your leaders to understand the difference between diversity, inclusion, equity and belonging and their role as culture shapers and carriers. Build psychological safety by promoting a culture where everyone feels comfortable speaking up, taking risks and celebrating the learning acquired from mistakes. Belonging does not exist in isolation from the other components of DEIB. Organisations need to take a balanced score card approach to build capability, accountability and action across all four areas, regardless of how they label this work. When employees feel they belong, they are more likely to thrive and contribute their best work. Organisations that get this right will reap the benefits of a diverse, engaged and high-performing workforce. Andrea Dermody is the founder of D&I advisory consultancy Dermody  

Leaving work to go on holiday can be stressful. Moira Dunne outlines how to prepare effectively so you can really enjoy your break The week before we go on holiday is often the busiest of the year. We become super-productive as we crack through our ‘To Do’ list to clear tasks before we leave. The hard deadline of that final day provides a sharp focus. This helps us stay on track and avoid the usual distractions. I bet you don’t take an extended coffee break on the afternoon before your holiday! Here are three key tips to optimise your last week at work before your holiday. 1. Prioritise, prioritise, prioritise Most people I know have more work to do than they have time to do it. It is important to prioritise every week, but particularly the week before you finish up. Consider the work you have to do and decide: What is important (high priority) and what is nice to have (low priority)? What needs to be done this week, and what can be pushed out? What can be handed over to someone else? The looming deadline of a holiday helps us act more assertively. We can’t say yes to everything as we won’t be at the desk to complete it. So, we negotiate priorities and deadlines because we have no choice. 2. Capture everything In the final days before your holiday, you will be really on top of your workload. Capture everything now so that you get the benefit when you return. Update all your project plans and task lists. This frees your brain to help you switch off quickly. It also helps you get back up to speed when you return refreshed and relaxed from your holiday. 3. Plan the first week back Capitalise on that high-focus period before your break by planning your first days back in the office before you finish up. You may want to ease back into work with a low-key schedule or hit the ground running with some key meetings. Either way, planning ahead will help you switch off during your time off, so you can really rest and recharge. Moira Dunne is a Productivity Consultant and founder of beproductive.ie  

Jean Evans explores how the language women use at work can adversely affect their career prospects and how they can change it The way women use language can sometimes be perceived as undermining their confidence. It’s something women have been conditioned to do and it’s a part of how they communicate. No matter how expert, qualified or senior a woman is in the workplace, the consequences are the same. They are often unaware of the negative impact using self-defeating language can have on their career progression and professional life. Confidence and how women (and men) are perceived is often subliminal and imperceptible. Confident people get promotions, access to projects, support, financing and so much more. So, what happens when a woman is not confident at work? What happens when she undermines herself consistently without even realising it? What happens when her choice of words expresses a lack of self-belief or imposter complex? The result is that she may be turned down for a new job, passed over for a promotion, not given access to projects, or financial support ... the list goes on. Several factors can contribute to this perception: Hedging: Women tend to use more hedging language or qualifiers in their speech, such as “I think”, “maybe” or “sort of” to soften their statements or appear less assertive. This can create an impression of uncertainty or lack of confidence along with a need for validation from others. Apologising: Women often apologise more frequently than men, even when it may not be necessary. Apologising unnecessarily can give the impression that a woman lacks confidence in her opinions or actions. Politeness: Women are often socialised to be more polite and accommodating in their speech. While politeness is generally valued, it can sometimes be perceived as a lack of assertiveness or confidence. Upward inflection: Women sometimes use upward inflection, or ‘uptalk’, at the end of their sentences, making statements sound like questions. This can make them seem as if they are doubting themselves and seeking outward validation. Minimising achievements: Women often downplay their accomplishments or use self-deprecating humour to avoid appearing boastful. While this may be a way to navigate social norms, it can also inadvertently undermine their perceived confidence in their achievements. Minimising the intrusion: This often shows up as “I’m just ...” The word ‘just’ is heavily tied to point 2 in this list – apologising for intruding on someone by email, phone, etc. It’s important to note that these linguistic behaviours are not inherently indicative of a lack of confidence. No matter how expert she may be in her field, any woman may still fall into these linguistics patterns. They can be influenced by societal expectations and unconscious bias. But the fact is that every time this undermining language is used, women lose out. What’s the antidote? Firstly, it’s about women becoming aware of how they speak and write. My advice is that, if you can engage a coach or have a trusted bestie, mention this to them and ask them to highlight any linguistic tendencies that may not be serving you. After a few goes, you will become aware of when you’re doing it and then you can start redefining your speaking habits to back up just how confident and able you actually are. I had a coaching client recently who used the word ‘just’ a lot. I asked her to reread her emails before sending them and to catch herself whenever this word popped up. She texted me back the very next day to say her confidence had shot up exponentially because of this seemingly minor change. She hadn’t even noticed until then how she had been apologising for almost everything! And that was her first step towards a really positive change. Jean Evans is Networking Architect at NetworkMe

Tim Bicknell explores how to unlock the potential of innovation as a positive force for business growth Innovation, that elusive force propelling organisations forward, has become the ultimate strategic imperative in our fast-moving and sometimes chaotic business landscape. But what does it take to forge a culture of innovation? The answer lies, not just in visionary leadership and cutting-edge technology, but also in the delicate and skilled work of transforming teams and businesses into hotbeds of creative brilliance. 1. Leadership as catalyst Leadership commitment is the bedrock upon which a culture of innovation is built. Those at the top of the organisation must prioritise and actively support innovation initiatives, signalling to all the value placed on creativity and smart risk-taking. They must build an environment in which experimentation is encouraged, providing resources and dedicated time for visionary pursuits. Through personal example and unwavering support, leaders can pave the way for a culture that embraces, nourishes and rewards innovative thinking. 2. Rewarding the brave: A culture of risk-taking At the heart of innovation lies the spirit of audacious risk-taking. Organisations must, not only encourage, but also reward those who dare to dream big and venture into uncharted territory. Empowering employees to propose daring ideas, while embracing failure as a stepping-stone to success, creates an environment in which considered risk-taking can thrive. By recognising and incentivising risk-takers, regardless of the outcome, organisations send a clear message that innovative thinking is both cherished and actively encouraged. 3. Fostering cross-functional collaboration Innovation flourishes where cross-functional collaboration is supported. Organisations must shatter the silos that breed stagnation and nurture an environment in which diverse perspectives converge, birthing a breeding ground for creativity and ground-breaking solutions. By creating platforms that encourage individuals from various backgrounds to collaborate, exchange ideas and harness collective expertise, organisations can tap into a wellspring of knowledge and insight, fuelling the innovation process. 4. A learning mindset for continuous growth A culture of innovation thrives on the relentless pursuit of knowledge and growth. Organisations must provide pathways for employees to enhance skills, acquire new knowledge and stay attuned to emerging trends and technologies. Through immersive training programmes, workshops and mentorship, organisations not only arm individuals with the tools for innovation, but also showcase their commitment to personal and professional development. By nurturing a culture of lifelong learning, organisations unleash the creative spirit of their teams, enabling them to adapt and thrive in the face of an ever-changing market landscape. 5. Nurturing a culture of open communication Effective communication and a continuing, open exchange of ideas can support a culture of innovation. Organisations need to construct channels and platforms that foster a seamless flow of ideas across all levels. Regular brainstorming sessions, idea-sharing platforms and innovation forums become the lifeblood of a culture that thrives on open dialogue. Leaders must be seen to be receptive – actively listening to employee suggestions and providing constructive feedback. It is through this culture of open communication and inclusivity that organisations can unlock the creative potential within their teams. 6. Unleashing the power of diversity and inclusion Diversity and inclusion form the bedrock upon which innovation stands tall. Teams comprised of individuals with different skill sets and expertise challenge conventional thinking, leading to fresh ideas and ground-breaking solutions. Organisations must actively seek diversity and foster an inclusive environment in which all voices can be heard and valued. By embracing diverse perspectives, experiences and backgrounds, organisations can effectively foster a culture of innovative brilliance. Cultivating a culture of innovation within a team and business requires a multifaceted approach. Organisations unlock the potential for creative breakthroughs by: prioritising visionary leadership; embracing risk-taking; fostering collaboration and open communication; promoting continuous learning; and nurturing diversity. When these critical success factors are woven into the DNA of an organisation, innovation becomes a driving force, propelling their teams and business towards sustainable growth and success. Tim Bicknell is Managing Director of Deep Cove

Employers seeking qualified accountants should consider recruiting from outside the EEA through the Critical Skills Employment Permit, writes Emma Richmond With Ireland now at close to full employment, employers are increasingly facing challenges in recruiting suitably qualified staff to meet their needs. One area in which this challenge is becoming acute is in accountancy and finance.  However, it doesn’t have to be that hard! One solution to tackle this is to broaden the recruitment pool by availing of a work permit to bring in a non-EEA worker to meet the requirement. In recent times, there has been an increase in work permit applications from accountancy firms and, particularly those relating to suitably qualified audit staff. Figures published by the Department of Enterprise, Trade and Employment show that, so far this year, almost 700 work permits have been issued in the finance sector. Through the Critical Skills Work Permit, Irish government policy has strategically targeted the sectors most in need.  The Government is using this permit to attract highly skilled people into the labour market where there are identifiable skills shortages, and with the aim of the holders taking up permanent residence in the State.  The list of roles designated for a Critical Skills Work Permit is updated on a biannual basis following consultation with stakeholders with the aim of ensuring that the permit system is meeting the demands of the market at any given time. The Critical Skills Employment Permit is the ‘golden ticket’ of work permits. It is available to individuals for a role with a minimum salary of €64,000 or where the role is listed on the Critical Skills Employment List and there is a minimum salary of €32,000.  The advantage of this permit is that it offers a spousal permit to any spouse of the holder of the work permit. From the time of their arrival in Ireland, the holder will also begin gaining residency recognition for a future citizenship application. These elements make this type of permit very valuable and attractive to non-EEA nationals looking to relocate to Ireland on a permanent basis. The more common work permit applications processed for accountancy firms relate to the following roles:  qualified accountants with at least three years’ auditing experience; chartered and certified accountants and those specialising in regulation, solvency or financial management; and taxation experts specialising in tax compliance. These roles are all listed on the Critical Skills Employment List and, as such, these permits are granted with relative ease once all the necessary proofs and details have been provided in the application. The current processing time is two to three weeks from the date of application.  It is worth noting that, depending on nationality, prospective employees may still need to apply for a visa if they are coming from a visa-required country, and this should be factored into the lead time when recruiting by this means. The Critical Skills Work Permit provides a fast and effective way of bridging the gap between the demand for suitably qualified accountancy staff and the supply.  Emma Richmond is a Partner with Whitney Moore

Three new reporting requirements are pushing nature and biodiversity up the ESG agenda. Orla Delargy explains why Environmental, Social and Governance (ESG) topics are currently top of mind in business and finance. Climate change has dominated under the ‘E’ of ESG, but nature and biodiversity are catching up. Three developments have helped drive the momentum: the Taskforce on Nature-related Financial Disclosures, the EU’s Corporate Sustainability Reporting Directive and the new Global Biodiversity Framework. Taskforce on Nature-related Financial Disclosures    The latest Taskforce on Climate-related Financial Disclosures (TCFD) status report found that over 3,800 organisations support the TCFD and are working towards TCFD-aligned reporting. The question is whether the newer Taskforce on Nature-related Financial Disclosures (TNFD) will follow the same path, and whether nature-related disclosures will become mandatory in certain jurisdictions.  Like the TCFD framework, the TNFD proposes disclosures across four pillars: Governance – the organisation’s governance around nature-related dependencies, impacts, risks and opportunities; Strategy – the actual and potential impacts of nature-related risks and opportunities for the organisation’s businesses, strategy and financial planning where such information is material; Risk & impact management – how the organisation identifies, assesses and manages nature-related dependencies, impacts, risks and opportunities; and Metrics & targets – the metrics and targets used to assess and manage relevant nature-related dependencies, impacts, risks and opportunities where such information is material. Relatively few organisations have started incorporating biodiversity into their broader ESG governance and strategy. However, over 200 organisations are piloting the TNFD guidance and there is a public consultation currently open, with the first full version of the framework expected in September 2023.  Corporate Sustainability Reporting Directive  Where the TNFD is a global, voluntary framework, the Corporate Sustainability Reporting Directive (CSRD) is EU-specific and mandatory. The CSRD significantly expands the existing rules on non-financial reporting, with close to 50,000 companies across Europe likely to be affected in the coming years.  The CSRD disclosure requirements on biodiversity go much further than the previous reporting directive, requesting information on biodiversity metrics, policies and targets. Again, organisations are asked to identify and assess material impacts, risks and opportunities that relate to biodiversity, and the TNFD is explicitly referenced.  Crucially, organisations are asked to disclose whether they have a transition plan in line with the new Global Biodiversity Framework, agreed during the UN conference in Montreal in December 2022. Global Biodiversity Framework  The overarching vision of the Global Biodiversity Framework (GBF) is no net loss of biodiversity by 2030, net gain from 2030 and full recovery by 2050. The GBF sets out a plan for the next decade, with four long-term goals and 23 targets, spanning a wide range of topics including spatial planning, nature restoration, invasive alien species, agriculture and climate change. Although almost all the targets are relevant to the private sector, Target 15 stands out. It asks countries to take measures to ensure that organisations assess and disclose their risks, dependencies and impacts on biodiversity. The question is how national governments will interpret this and what measures they will take.  How organisations can use the frameworks Organisations will be encouraged to see the degree of alignment and overlap between emerging frameworks such as the TNFD, CSRD and GBF. The challenge is to get familiar with these frameworks and, crucially, get started now.  As many of the frameworks discussed above are still in development, it is tempting to adopt a ‘wait-and-see’ approach. However, organisations can progress training and capacity building now. This is a new topic for many people but getting informed is the prerequisite for taking the right actions. Orla Delargy is an Associate Director with KPMG

As cyber security comes increasingly under threat, Michael Rooney outlines how businesses can deal with a cyber attack  Accountancy firms are a rich target for hackers because of the types of documents they handle. Beyond the normal personally identifiable information (PII) that they store for clients and employees, accountancy firms also deal with sensitive information on financial transactions, payroll and business affairs. Without a good cyber security strategy, businesses affected by an attack can incur serious costs, including remediation of the security breach, reputation damage and data privacy compliance penalties.  The steps you take after a breach can either increase or reduce the impact. Not having a cyber security response plan can lead to you paying much higher costs due to a delayed reaction. In its Cost of a Data Breach Report 2022, IBM estimated the average global cost of these incidents at €4.43 million. But organisations with a tested incident response plan can reduce that by €2.71 million, a saving of 39 percent. Here are seven steps accountancy firms should take immediately following the discovery of a data breach, ransomware incident or another attack to minimise its impact. 1. Disconnect infected devices from your network Many types of malware are designed to spread throughout a network as fast as possible. This is especially true for ransomware, which locks users out of their files using encryption.  As soon as you discover that a breach has occurred, disconnect the infected device(s) from your network. This includes disconnecting the device from Wi-Fi and any hardwired ethernet connections. You shouldn’t necessarily shut off the device’s power until you’ve spoken to an IT professional. But you should isolate it from other systems, including any syncing cloud services. 2. Have a professional assess the damage Don’t try to deal with a cyber breach yourself or download a free virus scanning tool (it could actually be a malware trap). Instead, once your machine has been isolated, get a trusted IT provider to assess the damage and provide guidance.  3. Remediate the infection  Once the breach is assessed, your IT security expert will begin remediating the breach. This will secure your network so your client files or sensitive business information isn’t stolen while you’re dealing with the fallout.  4. Determine whether client data was breached Find out what type of data was compromised e.g. client database, sensitive cloud documents. It is important to determine the extent of the breach so you can notify impacted third parties (such as your clients) whose data might have been exposed. 5. Contact accountancy enforcement and the police Report the incident to accountancy enforcement and the police. This has several benefits: You have a record of the incident for any potential insurance claims. Accountancy enforcement can track the breach, which may connect to others that have been reported. Your police report can be referred to in data privacy compliance reports and this shows responsibility on the part of your organisation. 6. Carry out a notification plan according to data privacy requirements Review the data privacy regulations that your office is subject to, such as General Data Protection Regulation, and notify third parties in accordance with these guidelines. If notification isn’t made in a timely manner, it can lead to penalties, as well as a significant loss of trust in your business. 7. Improve defences to stop future breaches Reinforce your defences by having a cyber security assessment performed. This can help an IT provider pinpoint specific weaknesses in your network that need to be fortified to ensure this type of attack doesn’t happen again. Michael Rooney is Managing Director of FutureRange