Thought Leadership News

“Auto Enrolment has been talked about for decades – now it is finally happening.” The words of Social Protection Minister Heather Humphreys after the Automatic Enrolment Retirement Savings System Bill passed through the Houses of the Oireachtas. Ireland is one step closer to catching up with every other OECD country that already has some form of auto-enrolment. It might be finally happening, but when is less clear. Momentum is needed to avoid the work of the last two decades being squandered. Two-thirds of Chartered Accountants Ireland’s members work in business, many of whom will be required to put such a scheme in place for their employees. The most recent formal communication from government suggests a start date sometime in 2025. And yet, putting in place the infrastructure to facilitate a system of pensions auto-enrolment is a mammoth task, and the list of outstanding deliverables at Department level is concerning before it even comes time for businesses to act. Hurdles to clear The legislative hurdle has now been cleared, but the Department of Social Protection has only in recent weeks appointed a company to build and run the new system. We are encouraged to see they have chosen a company that has a record of success in building the UK equivalent. We urge the Department to now expedite the appointment of a firm to manage the underlying investments. In recent weeks, it was reported that the Department of Finance has raised concerns that the auto enrolment legislation has been framed in a way that will force the regulator to apply a lower standard of oversight than that imposed on firms in the private pensions market. Other details also need to be clarified. In recent months, this Institute has requested such clarity in several areas. Many employers with staff who are likely to come within the remit of auto-enrolment will already have occupational pension schemes in place. To avoid the administrative complexity of setting up and operating a second staff pension scheme under auto enrolment, such employers may instead offer to extend participation in their current pension scheme to currently non-pensionable employees. However, if even just one of these employees refused to join the staff scheme in favour of being automatically enrolled, the employer would still be compelled to undertake the cost of setting up and operating a second scheme. We also sought more information around the meaning of “employee”, defined in the legislation as “a person in receipt of emoluments”. Such a definition would extend to individuals already in full-time pensionable employment who also undertake additional work who will therefore be required to contribute to a second pension scheme. Communication is going to be key The government’s recent SME package put a premium on the importance of consultation and dialogue with SMEs and other groups before introducing new legislation or policy affecting them. Auto enrolment is an opportunity to put this into practice. The government now needs to publish a road map and stick to it. While feedback was invited as part of an initial public consultation in 2018, since then only a very basic four-page guidance note for employers has been issued by government. To gain and maintain momentum, extensive and continuous stakeholder engagement is needed - not least with employers and payroll providers, upon whom the successful operation of the new system will be largely dependent. In a survey of small businesses conducted by Chartered Accountants Ireland, almost 90% felt that businesses had not been adequately informed of the steps needed to be taken by them to comply with pensions auto-enrolment in time for an early 2025 start date. Interestingly, three quarters of those surveyed will be required to introduce the new pension scheme, and for many this will be alongside their existing occupational pensions. Businesses need to see what the journey to implementation will look like. In a high-cost environment, this will give much needed reassurance and help to allay concerns. What is a realistic timeline? In its pre-legislative scrutiny report on the Bill introducing auto-enrolment, the Joint Committee on Social Protection recommended a two-year lead-in period, following the Bill being signed into law, to allow sufficient time for implementation. Payroll providers have been consistent in highlighting the need for an initial pilot phase to facilitate testing of the new system and to allow sufficient time to assimilate auto enrolment with current payroll systems. Neither of these fit into a 2025 implementation timeline. If officials truly want auto-enrolment to be a success, this timeline should be revisited and a 2026 or beyond start date announced. They may wish to avoid yet another postponement to the launch of auto enrolment but what should really matter here is getting it done right and giving businesses a chance to adapt. This additional time needs to be wisely used, by facilitating ongoing dialogue between departments, third party partners in implementation, and the many business groups and stakeholders who have walked this long road to auto enrolment.

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