Thought Leadership News

Fractional executives can bring genuine value to business leaders, offering specialised knowledge and niche experience on a flexible basis, writes Tony Dignam The business landscape has undergone significant transformation in recent years, driven by advances in technology, economic shifts and evolving work patterns.  One notable trend that has emerged is the rise of the fractional executive. These seasoned professionals offer their expertise to multiple companies on a part-time or “fractional” basis, providing strategic leadership without the commitment of a full-time role.  What is a fractional executive?  A fractional executive is an experienced leader who offer their services to businesses on a flexible basis as and when needed.  They can occupy various roles such as Chief Finance Officer, Chief Marketing Officer, Chief Technology Officer, and more.  These professionals can bring a wealth of experience and specialised skills to the table, helping companies navigate complex challenges and phases of growth or change.  Benefits of the fractional executive The concept of a fractional executive is not entirely new, but it has gained significant traction in recent years.  Economic uncertainties and the need for cost-effective solutions have driven many businesses to reconsider traditional employment models.  Hiring a full-time executive can mean a substantial overhead, especially for small and medium-sized enterprises that may not have the budget for high salaries and benefits packages.   Fractional executives offer a more affordable alternative, potentially allowing companies to access top-tier talent “on demand”.  The gig economy has revolutionised the way people work, with a particular emphasis on flexibility and project-based engagements.  Fractional executives fit perfectly into this model, offering their expertise for specific projects, limited periods or ongoing for an agreed number of days per week or per month.  This flexibility benefits both the executive, who enjoys diverse work experiences, and the company they work with, which can tap into specialised skills as needed.   Access to specialised expertise  Fractional executives often have broad subject matter expertise and plenty of relevant experience they can bring to the table and fast. Many will have held senior positions in their field and possess a deep understanding of best practices in their industry.  This knowledge can be invaluable for businesses looking to implement strategic initiatives or navigate complex change or growth.  Flexibility and scalability  One of the main advantages of fractional executives is their flexibility. Companies can engage them for specific projects, short-term needs, or on an ongoing fractional basis.  This scalability can give businesses more scope to adjust their executive resources according to their existing needs without long-term commitments.  Cost-effective leadership  Hiring a full-time executive can be a significant financial burden, especially for smaller companies. Fractional executives can offer a cost-effective alternative, potentially providing access to top-tier leadership at a lower cost.  This financial efficiency can be crucial for start-ups and SMEs operating on tight budgets, or for employers for whom long-term senior executive needs are harder to forecast.  Fresh perspectives  Fractional executives often work with multiple companies across different industries. This diverse experience means they can bring fresh and innovative perspectives to the businesses they serve.  Their ability to think outside the box can help companies to overcome challenges and seize new opportunities.  These executives sometimes also bring the benefit of fresh contacts and networks to senior teams, which can add value to scaling businesses. This means that the fractional executives can support and enhance business leadership by offering specialised expertise on a flexible, cost-effective basis.  Tony Dignam, FCA, is Managing Director of The Agile Executive

Advocating for yourself at work is vital, especially if you're a neurodivergent person. Antje Derks explains how to navigate workplace challenges and secure the support you need Advocating for yourself in the workplace can be challenging for anyone, but it can be especially daunting for those who are neurodivergent. Neurodivergence encompasses a range of conditions, including autism, attention-deficit/hyperactivity disorder (ADHD), dyslexia and other cognitive differences that affect how individuals think, learn and interact with the world. While these differences can bring unique strengths to the workplace, they can also create specific needs and challenges. Understanding how to ask for reasonable accommodations and advocate for yourself is crucial for thriving in your professional environment. Neurodivergent individuals often have distinct ways of processing information, communicating and completing tasks. These differences can be assets, bringing innovative perspectives and problem-solving skills to a team. The traditional workplace environment may not always be conducive to neurodivergent work styles, however, leading to potential misunderstandings and obstacles. Workplace challenges Neurodivergent individuals often face specific challenges in the workplace. Sensory sensitivities, such as noise, lighting or office layouts, can overwhelm a neurodivergent brain, leading to overstimulation. Organisational and time management difficulties can also arise, as can challenges with social interactions and communication. Many neurodivergent colleagues appreciate clear, explicit instructions and feedback. The more precise and direct the language, the better. While this approach works well for many, it's important to remember that neurodivergence varies greatly from person to person. There is no one-size-fits-all solution. Self-advocacy Self-advocacy involves understanding your own needs and communicating them effectively to others. For neurodivergent individuals, self-advocacy is essential for creating a work environment that supports their success. Here are key steps to advocate for yourself effectively. Familiarise yourself with workplace policies and legal protections related to disabilities In many countries, laws provide the right to reasonable accommodations. Take time to reflect on your specific needs and how certain accommodations can help you perform your job better. This might include flexible work hours, noise-cancelling headphones or written instructions for tasks. Schedule a meeting with your manager or HR representative to discuss your needs. Prepare to explain your neurodivergence in a way that highlights both your strengths and the challenges you face. Remember to use clear and specific language when requesting accommodations. For example, instead of saying, "I need a quieter workspace," you might say, "I need a desk in a quieter area of the office to help me concentrate better." It is important to try and frame your requests in a way that shows you are looking for solutions that benefit both you and the company. Emphasise how the adjustments will help you to be more productive and contribute effectively to the team by suggesting reasonable accommodations that are specific and actionable. For example, "Can I have a standing desk to help me stay focused?" or "Can we have a weekly check-in meeting to ensure I am on track with my projects?" will show your manager that you are actively seeking to take responsibility for yourself rather than shifting all the expectation on to them. Make reasonable adjustments depending on your needs Reasonable adjustments vary depending on individual needs and job requirements. Flexible work arrangements, such as remote work, flexible hours or modified schedules, can help manage sensory overload and align work with peak productivity times. Assistive technology, including speech-to-text software, organisational apps or noise-cancelling headphones, can aid concentration and efficiency. Physical workspace adjustments, like a quieter workspace, a standing desk or specific lighting, can create a more comfortable and productive environment. Structured communication, with clear, written instructions and regular feedback, ensures understanding and proper task execution, while regular check-ins can provide ongoing support and clarification. Additionally, access to a mentor or job coach who understands neurodiversity can offer valuable support and guidance. Monitor the effectiveness of the adjustments Communicate with your manager or HR about how well (or not) the adjustments are working for you. If things need tweaking slightly, don't hesitate to request them. Keep records Keep a record of your communications and any agreements made. This documentation can be helpful if you need to revisit the discussion or if there are any disputes. Promoting an inclusive workplace culture Advocating for yourself is an important step, but fostering a more inclusive workplace culture requires broader efforts from the whole organisation. Employers and colleagues can contribute by promoting awareness and understanding of neurodiversity through training and education, as well as encouraging open dialogue about individual needs and adjustments. But most importantly, it is about helping to create a supportive environment where all employees feel valued and included – whether they’re neurodivergent or not. By advocating for yourself and working towards a more inclusive workplace, you can not only enhance your own job satisfaction and performance but also contribute to a diverse and dynamic work environment where everyone's unique strengths are recognised and valued. Antje Derks is a Marketing Executive with Chartered Accountants Worldwide

The ethical use of AI and how it is governed today and as it continues to evolve in the years ahead is top of mind for many in the profession. Accountancy Ireland asks three Chartered Accountants for their take on the ethics of AI Owen Lewis  Head of AI and Management Consulting KPMG in Ireland It is crucial for all of us in the profession to ensure the integrity and transparency of solutions driven by artificial intelligence (AI).  We must audit and validate AI algorithms to ensure they comply with regulatory standards and ethical guidelines. Monitoring systems for biases and inaccuracies is also crucial to ensuring that financial data and decisions remain fair and reliable. By providing independent oversight, we can help to maintain trust in AI-driven financial processes and outcomes for clients.  Where AI is used to inform large-scale decisions, it should be supplemented with significant governance measures, such as explainability, transparency, human oversight, data quality and model robustness and performance requirements. This technology is continuing to advance rapidly, and we need to be open to both its current and potential capabilities.  By putting the correct governance mechanisms and controls in place – beginning with low-risk test applications and building from there – organisations can adopt AI safely and obtain real benefits from its use. I am working with organisations to help them think through what AI means for them, develop strategies for its adoption, put the necessary governance and controls in place, scale solutions sensibly and ensure business leaders get real value from their investment.  Whatever their goal may be – more efficient operations, accelerated content generation or improved engagement with stakeholders – we help organisations decide if AI can help, and if it can, how to use it in the right way. >Bob Semple Experienced Director Governance and Risk Management Artificial Intelligence (AI) is one of the most misunderstood, yet transformative, technologies impacting the way we work today. Here are 10 essential steps Chartered Accountants should take to navigate the landscape of AI effectively. Take a leadership role – If we don’t take the lead, we risk missing the golden opportunity AI presents. Conduct an AI “stocktake” –According to a recent Microsoft survey, 75 percent of employees are already using AI. Identifying current AI usage within your organisation is essential. Assess the downside risks of AI – Legislative and regulatory requirements are exploding (e.g. NIS 2, the AI Act, DORA and more) and risks abound (AI bias, explainability, privacy, IP, GDPR, cyber security, resilience, misuse, model drift and more). Organisations must act on their AI responsibilities. Conduct a dataset stocktake – Just as the Y2K challenge was about identifying IT systems, today’s challenge is to catalogue all datasets, as these are crucial for AI functionality. Draft appropriate policies and procedures – Establish clear responsibilities and accountability for AI initiatives. Pay special attention to how AI impacts decision-making processes. Strengthen data curation – Implement new processes to improve how data is collected and used. Identify opportunities for the smart use of AI – Brainstorm and prioritise AI use-cases that can drive efficiency and innovation. Provide training – Ensure that board members, management and staff are all adequately trained on AI principles and applications. Manage the realisation of benefits – Safeguard against excessive costs and subpar returns by carefully managing the implementation of AI projects. Update audit and assurance approaches – Seek independent assurance on AI applications and leverage AI to enhance risk, control and audit processes. As we adopt AI, it is critical that we pay particular attention to distorted agency – i.e. giving too much agency to, or relying unduly on, AI outputs and doubting our own agency to make the most important decisions. Exercising professional judgement is the key to minimising the risks associated with AI and realising its benefits, and that surely is the strength of every Chartered Accountant. *Note: GPT4 was used to assist in drafting this article.   Níall Fitzgerald Head of Ethics and Governance Chartered Accountants Ireland Artificial intelligence (AI) is proving to be transformative, impacting competitiveness and how business is done.  Chartered Accountants Ireland has engaged with members working in various finance and C-suite positions, including chief executives, chief financial officers and board members, to understand how AI is impacting their day-to-day work.  One thing is clear. AI is being used in some shape or form in many businesses across the country.  In 2023, the Institute’s response to the UK’s Financial Reporting Council proposals on introducing governance requirements for the use of AI noted several governance mechanisms that are likely to be impacted by AI currently or in the very near future in many organisations.  We highlighted the focus on corporate purpose and how market forces, emerging threats and opportunities driven by AI, may challenge the purpose of an organisation and its long-term objectives.  AI may impact how organisations decide on their strategic focus in terms of how they deliver their product or service and, indeed, how their product or service is designed in the first instance.  It may also impact these organisations’ values as they consider how to deploy and use AI in an ethical manner. The EU AI Act, which enters into force on 1 August 2024 over a phased basis, introduces requirements for the development of codes of conducts, risk and impact assessments and staff training to ensure adequate human oversight around the use of AI systems within organisations. This has specific resonance for Chartered Accountants who are members of a profession bound by a code of ethics governing objectivity, confidentiality, integrity, professional behaviour and competence and due care. Chartered Accountants must now ensure that they understand how AI uses, analyses and then outputs data.  Organisations must ensure that any AI-driven information they share, and how they deploy the technology itself, satisfies principles of integrity, honesty and transparency.  Chartered Accountants are well-positioned, with their ethical mindsets, to ensure the integrity of AI systems, and their use within organisations.