BLOG By Rhys Madoc, CEO, UHY International October 2022

The changing nature of work, fuelled by advancing technology, globalisation and worldwide lockdowns, means that good project management is more important than ever. As the number of business teams working remotely increases, the ways in which we engage workers and develop our processes are crucial. But what is project management, beyond ‘getting something done’?

In my view, project management is based on using particular tools and skills to deliver an end result, whether this is a building, an IT process, a response to a tender, a business expansion or an audit. Each needs a plan and each plan has milestones, or key stages, that need managing. Project management differs from routine operational management because there is always a goal and a conclusion.

Project management is too often seen as an ‘extra’, yet it is fundamental to business success. Indeed, good project management – or lack of it – usually defines success or failure. A wide skillset, effective leadership techniques and a collaborative mindset are essential.

FROM AGILE TO CRITICAL PATHS

Project management goes beyond simply making a list and getting everything done. There is a wide range of tried and tested project management methodologies. Some are more suited to specific industries than others, so it is important to identify the right one for your needs, and to match the techniques to the scale of your challenge. Here are a few that provide a lot of food for thought.

AGILE

Agile project management is an approach defined as iterative (rather than linear) because it has a more flexible approach to breaking down projects and processes into small sections, or iterations. Various techniques are utilised within the Agile approach, to meet specific challenges. For example, Scrum is an Agile technique, where a small team led by a Scrum master works to remove obstacles to business projects or activity. Work is undertaken in short bursts – or sprints – with the team meeting daily to discuss tasks and iron out any problems. Typical business users of Scrum include the financial sector, product development, construction, consulting, marketing and disrupters (for example, Airbnb, and Uber).

PRINCE2 AND SIX SIGMA

A traditional heavyweight in the project management arena, Projects in Controlled Environments – PRINCE – is a process-based technique where project performance is subject to continual checks, with more resources committed as the project progresses. Another well-known tool is the data driven and procedure-based Six Sigma framework. This is largely focused on customer needs and is widely used across different industries. As Six Sigma works to streamline and sustain business processes, it is popular in manufacturing and financial services.

CRITICAL PATH ANALYSIS

The Critical Path Analysis (CPA) method is based on mapping all possible paths to a solution, the tasks needed to complete each, and where these are dependent on other activities. This helps determine the shortest possible completion time for a project and which tasks can be delayed without impacting the outcome. CPA has a broad application sector-wise, from aerospace to professional services to software development.

THE RIGHT APPROACH FOR YOU

Not all project management techniques will work for every organisation. How we approach projects must be determined by things like objectives, budget, company culture and stakeholder attitude.

In our global professional services industry, the need to work across borders or collaborate with colleagues in different time zones is also a major consideration. I am always reassured to see how effectively UHY member firms, for example, collaborate wherever they are in the world. Working Together for the benefit of clients is one of the four pillars of our network strategy – and good project management is often key to this.

I believe that project-based ways of progressing wide-ranging business developments are unlikely to change anytime soon. As working environments continue to evolve, budgets become leaner and timescales squeezed, the demand for good project management skills will only increase, and may prove the difference between success and failure.

Image acknowledgements:
Project board – Jason Goodman on Unsplash
Project notes – iStock.com/akinbostanci
Collaboration – UHY International

FINDING AND KEEPING THE RIGHT PEOPLE – TWO SIDES OF THE SAME COIN

BLOG By Rhys Madoc, CEO, UHY International September 2022

Recruitment and retention are always an eternal balancing act for businesses, but there is strong evidence that employment markets in many parts of the world are in a greater state of flux than usual for a variety of reasons. Business leaders’ own observations were reinforced by a recent interview in TIME with LinkedIn CEO Ryan Roslansky, in which he defines what is happening in the employment market as a ‘great reshuffle’, led by Gen Z and Millennials.

LinkedIn profiles show that over the last year, the number of people changing their job is up by more than 50%. While there is likely to have been some reduction in the total workforce, Roslansky’s data suggests the real issue is that people are on the move – and employers had better be prepared, because businesses in all sectors are struggling to recruit the talent they need to thrive in the post-lockdown landscape.

Accountancy is not immune to these fluctuations. UHY’s member firms have reported that recruiting excellent and qualified employees was already becoming more challenging before Covid. The so-called ‘great resignation’ – a re-evaluation of values and life goals triggered by the pandemic – has only accelerated the trend.

One result is that, across the profession, some firms risk having to turn work away because they do not have the necessary resources. Others are having to achieve more with less and are streamlining workflows to mitigate the challenges of a talent shortage.

WORKING HARDER FOR EVERY HIRE

But it is not enough on its own. A productive recruitment funnel remains essential for firms looking to grow. Members of UHY’s global network of accountants are still finding excellent people, but having to work harder for every hire.

Engaging with schools and colleges helps firms to make an early impression.

A starting point for many lies in refining their graduate recruitment programmes. Attracting the next generation of accountancy talent is crucial, and doing so requires a well-defined development roadmap with clear milestones, regular feedback and comprehensive support.

It also benefits from a presence on campus. Some UHY firms are expanding the number of universities they target, and nurturing relationships with academics who can recommend the best and brightest students. They are creating new and innovative ways for students to spend time in UHY offices, through short introductory programmes and longer internships.

Another innovation lies in exploring new areas of recruitment beyond the usual talent pool of university graduates. One of our member firms for example has developed a five-year programme aimed at school leavers that offers support for candidates throughout their post-school academic and professional studies.

FOCUS ON RECRUITMENT

These measures are bearing fruit, but firms also need to hire candidates for more senior roles. Many competitors are doing the same thing and the pressure on salaries means recruitment costs are rising as a result.

Focus is required, and a dedicated in-house recruiter, or a partner with responsibility for recruitment, can help. A number of our member firms successfully use staff referral programmes, where current employees earn bonuses for introducing new hires. Marketing and social media teams should contribute to recruitment campaigns: LinkedIn can be a highly effective channel in this regard.

But above all, I strongly believe that professional firms need to align themselves with what recruits are looking for in an accountancy career. That is changing. A new generation of professionals want clear pathways to progression alongside lifelong learning opportunities.

They also want to work for firms that care about the things they care about, which might include organisations that have fully committed to their environment, social and governance (ESG) reporting as part of a transparent approach to their corporate social responsibility obligations.

To this end, your culture and vision are important. Having environmental or social credentials is one way to attract candidates that care about sustainability, diversity and inclusivity. Increasingly, talented people want to work for companies that share their belief that business can be a force for environmental and social good.

KEEPING THE TALENT YOU ALREADY HAVE

The wisdom of this approach is that it not only helps firms attract good candidates, it helps them keep the talent they already have. What brought them to you should also help to keep them with you – in this way recruitment and retention are two sides of the same coin. A fresh, progressive culture should be part of it, alongside comprehensive training and development resources.

Mentoring is an excellent way to support staff, and employees should have access to the right technology for their roles, to increase efficiency and reduce repetitive manual tasks. A modern well-equipped, welcoming and inspiring office environment is important.

A good retention strategy will mean different things to different people, but its foundation is the same. Business managers should start measuring staff satisfaction rates, if they do not already. Use internal surveys to take regular snapshots of the mood of your employees. Ask for their views and – where possible – act on their feedback.

It is important that you do. Recruitment is unlikely to get easier in the short term, perhaps for far longer. But look after the staff you already have and they will become the best ambassadors for your business.

Image acknowledgements: Microsoft 365 subscriber content

TRAINING EQUIPS YOUR TEAM FOR BETTER CLIENT SERVICE

BLOG By Rhys Madoc, CEO, UHY International March 2022

Clients expect professional service providers to offer the most up to date expertise and advice. Naturally, they expect us to be familiar with relevant legislation changes, regulatory reform, reporting standards and so on. But rightly, they demand more. They want professional service providers that are equipped with the latest skills to help their businesses thrive in a competitive world.

And that mix of skills is changing, as a result of the pandemic and the march of technology. For that reason, training should never be seen as a one-off activity that happens as part of an employee’s onboarding process and never repeated. Training needs to be a continuous journey enabling both growth in knowledge and impact within the firm as well as on client projects. In a fast moving digital world, knowledge that is current today can soon become obsolete. In fact, it has been calculated that the half-life of a work skill is four years. This could mean that every four years our skills become half as valuable. That period is likely to be considerably shorter for technology-based skills.

The key to loyalty and longevity

To give our clients the best possible service and advice, we need to continually update our knowledge and upskill our workforce. That’s especially true after a shock such as the Covid pandemic, which highlighted the importance of digital skills around the world.

But continual training serves another purpose. It helps organisations attract and retain the very best talent. It is generally recognised that top employees regard lifelong learning opportunities as a crucial employee benefit.

It is easy to see why. Good employees want their firms to be successful. They also want to equip themselves to thrive in an uncertain future.

Continual training is an effective way for employees to drive careers forward today, and to equip themselves for the career challenges of tomorrow, whether that means economic downturns or the encroachment of AI (artificial intelligence) into the world of work.

Your top employees know that the skills that are useful today may be very different from those they will need in ten years’ time. Organisations that help them continually acquire new capabilities are likely to be rewarded with loyalty and commitment.

Learning is securing your future

The benefits of training and development reinforce each other. Continual learning opportunities update your in-house expertise. Employees who feel invested in work harder to deliver better outcomes. It is win-win for firms, colleagues and clients.

In addition, training adds to your organisation’s wider knowledge base, and well trained staff identify new opportunities and contribute to organisational improvements. They help to drive change.

In that respect, continual learning and development is a bona fide way to future proof your firm, because it allows you to offer new services or new ways of working as soon as a demand for them becomes apparent. That can give you first mover advantage.

Learning is all encompassing

A key point to recognise is that learning comes in numerous forms. It can mean traditional off-site classroom-based courses, though these days it is just as likely to mean webinars and classes delivered online or over Zoom.

Here at UHY we provide a comprehensive range of training webinars to our member firms around the world, aimed at continually updating both the technical and ‘soft’ skills required for effective performance, and expanding the knowledge base of our global network of great people. In a profession which is continually changing, it is important to ensure the business has all the right skills on board.

But learning and development goes beyond formal classes and courses. It can encompass, for example, work shadowing and mentoring.

At UHY, we encourage member firms to offer secondments. These can fill operational gaps in the short term, build the skills and knowledge of the individual concerned as well as support service delivery to the client.

We find that secondment is especially invaluable when it happens across borders, because it brings our professionals first-hand knowledge of the challenges businesses face when they internationalise their operations. It also exposes them to different ways of solving problems, and helps us become more effective advisors to those of our clients with cross border ambitions.

Knowledge and skills are differentiators

UHY’s continual learning programme allows our professionals to update technical skills, keep up with wider developments in accountancy – whether they be international taxation guidelines or smarter tech solutions – alongside developing leadership, management, commercial and team-building skills.

UHY offers lifelong learning and development opportunities because it is the right thing to do. Our network of talented people want long and fulfilling careers, and we want them to build those careers with us.

By investing in their future, we are investing in the success of our clients.

Image acknowledgements: Microsoft 365 subscriber content

HAS THE PANDEMIC CHANGED THE WAY YOU RECRUIT AND RETAIN YOUR TOP BUSINESS TALENT?

BLOG By Rhys Madoc, CEO, UHY International September 2021

If it has not done so yet, it probably should. Companies are facing unprecedented challenges with their workforce management. From recruitment to development to retention, the world of work is changing fast. Income pressures, working from home and personal wellbeing have been put under the spotlight. Employers and their clients alike will need to adapt and engage with the risks and opportunities that now present themselves.

According to one report, one in four workers are considering resigning in the wake of the pandemic. Research for Microsoft suggests that 40% of employees globally are thinking about handing in their notice. The fact is, Covid has fundamentally reworked the rules. Employee expectations have changed, and businesses that fail to grasp this fact risk losing good people, may struggle to recruit, and find themselves without the skills they need in a post-pandemic world. Conversely, employers who recognise change and embrace it may find themselves with a competitive advantage and an inflow of talent.

Here are just a few of the ways work has changed in the last 18 months, and what they mean for your talent management strategies:

Remote working

Most obviously, many employees have got used to working from home. They may not want to do it all the time, and there are business benefits to having employees in the same physical space on at least one or two days a week. But flexible work is here to stay for many organisations, often in ‘hybrid’ form. If you do not offer it, and competitors do, attracting top talent and keeping yours, could be much more difficult.

Wellbeing

According to the Microsoft study I referenced above, exhaustion and burn out are leading many employees to start contemplating a simpler life. High productivity during the pandemic has masked the fact that many employees feel overwhelmed, isolated and anxious. Businesses need to recognise this fact. Those that heighten their focus on employee wellbeing are likely to reap the rewards of greater loyalty and higher retention rates. A corporate culture that judges performance on the quality of work employees produce, rather than the time they spend at their desks, is likely to win out in the “new normal”.

Competition

It will not have gone unnoticed by your most valuable employees that a new acceptance of home working means the pool of businesses they could work for has grown exponentially. Quite simply, they no longer have to live within commuting distance of work. While this could threaten the stability of your team, it is also an opportunity. Some of our member firms are already finding that the ability to recruit new staff outside the office catchment has widened. Others like the idea of being able to open smaller regional offices to support hybrid working.

Naturally these are new considerations that may enhance your strategies – they will not replace the core motivations of having an employee-centric company culture. Flexible working is certainly part of that, but you might also consider other benefits that employees consider of real value, like continual learning opportunities and enhanced parental leave.

Technology

The pandemic has proved technology’s worth to the extent that, according to a recent McKinsey survey, Covid has accelerated many businesses’ digital transformation strategies by three or four years.

Businesses that do not keep up risk losing talent to those that do, because your employees want those digital tools. They want easier communication and collaboration, and they want automation that takes dull and repetitive “drudge” work away and leaves them free for more creative or challenging tasks.

Organisational change

As a professional services provider we know you rely on us having the right people in the right places to help you successfully meet business challenges. There is no doubt that for the accountancy profession, accelerating technology adoption provides challenges of its own.

Game-changing technology like artificial intelligence, deep data analytics, cloud accounting and, in the future, blockchain technologies, require a new injection of skills and expertise into professional businesses like ours, and talent strategies will need to reflect the changing shape of organisations. Some experts predict that effective professional practices will shift from a traditional hierarchy (pyramid) to a more diamond shape, with a ‘fat middle’ of specialists recruited and developed to manage a wide range of products, processes and technologies, enabling partners and experienced audit and accounting managers to focus on client relationships. This makes for a very different career path compared to traditional rungs of the ladder, and I am already seeing this in our own network as member firms realign their people strategies and business models to best meet the needs of clients.

Our collaborative culture

Over the 35 years that the UHY network has been operating, our member firms have created a global culture that promotes collaboration between colleagues, regardless of geography.

When clients need specialist expertise, or partners need fresh ideas to invigorate their business, our people can call on an international network of colleagues for assistance. Help is only ever a call or email away and this has been critical during the pandemic.

I truly believe our collaborative culture makes for a better client service; it also makes UHY member firms better places to work and develop a career.

Image acknowledgements:

Homeworking, Photo by May Gauthier on Unsplash

Screens, Photo by ThisisEngineering RAEng on Unsplash

Video meeting, Photo by Christina @ wocintechchat.com on Unsplash