Tolley surveyed its tax and accountancy clients to understand challenges facing the industry. The biggest challenge was the regulatory burden, followed by recruiting qualified staff. Since 2013, economic uncertainty decreased as a concern while staffing issues increased. More firms are diversifying services and referring work externally due to skills shortages and a broader offering. While HMRC communication and understanding of needs improved, respondents still expressed dissatisfaction with the speed and outcomes of resolving issues. Keeping up to date with changing tax rules was viewed as critical for practice success.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Claymore Partners Memorial Day 2015 Executive Talent Survey Resultsslandberg
- A survey of 312 executives found that 70% reported their employers are selectively or significantly increasing executive hiring in 2015, the highest level since 2009, with the strongest hiring planned in industries like consulting, consumer finance, health insurance, and banking.
- The functional areas demonstrating the most growth in executive hiring are sales, compliance & risk management, and consulting/professional services.
- Networking/referrals and LinkedIn were viewed as the best sources for executive jobs, while Facebook and job boards were seen as the worst sources. Retained recruiters and contingency recruiters together were viewed as the second best source after referrals.
The business landscape is being transformed by a series of megatrends, of which digital technology is already proving to be the most pervasive and potentially disruptive.
This document introduces Technology Business Management (TBM) as a decision-making framework that relies on financial and operational data, service delivery processes, and business partner relationships. TBM aims to optimize costs so more can be invested in growth and agility. The chapter introduces the components of the TBM framework and includes a diagnostic survey to assess the reader's organization. Signing in with LinkedIn provides access to compare results with other organizations in the TBM Index.
GT Events & Program Guide: ForwardThinking August/September 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
GT Events & Program Guide: ForwardThinking October/November 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Join Fred Kocher, the host of WMUR's "New Hampshire's Business" and President of the New Hampshire High Tech Council as he discusses the outlook for businesses in 2011 with Hampshire First Bank (hampshirefirst.com) executive Jay Dinkel. 111 businesses from 27 classifications answered questions about the state of the local and national economy and other issues impacting business. Learn more! (Webinar originally recorded April 14, 2011).
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Claymore Partners Memorial Day 2015 Executive Talent Survey Resultsslandberg
- A survey of 312 executives found that 70% reported their employers are selectively or significantly increasing executive hiring in 2015, the highest level since 2009, with the strongest hiring planned in industries like consulting, consumer finance, health insurance, and banking.
- The functional areas demonstrating the most growth in executive hiring are sales, compliance & risk management, and consulting/professional services.
- Networking/referrals and LinkedIn were viewed as the best sources for executive jobs, while Facebook and job boards were seen as the worst sources. Retained recruiters and contingency recruiters together were viewed as the second best source after referrals.
The business landscape is being transformed by a series of megatrends, of which digital technology is already proving to be the most pervasive and potentially disruptive.
This document introduces Technology Business Management (TBM) as a decision-making framework that relies on financial and operational data, service delivery processes, and business partner relationships. TBM aims to optimize costs so more can be invested in growth and agility. The chapter introduces the components of the TBM framework and includes a diagnostic survey to assess the reader's organization. Signing in with LinkedIn provides access to compare results with other organizations in the TBM Index.
GT Events & Program Guide: ForwardThinking August/September 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
GT Events & Program Guide: ForwardThinking October/November 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Join Fred Kocher, the host of WMUR's "New Hampshire's Business" and President of the New Hampshire High Tech Council as he discusses the outlook for businesses in 2011 with Hampshire First Bank (hampshirefirst.com) executive Jay Dinkel. 111 businesses from 27 classifications answered questions about the state of the local and national economy and other issues impacting business. Learn more! (Webinar originally recorded April 14, 2011).
Conducting an Initial Coin Offering: Costs and ConsiderationsChristina Gagnier
The document discusses the costs and considerations of conducting an Initial Coin Offering (ICO). It notes that there are significant expenses associated with an ICO beyond just the direct offering costs, including ensuring corporate and financial readiness, establishing governance and internal controls, hiring advisors and specialists, and investing in technology infrastructure. Specifically, the document highlights that legal, accounting, and technology support are crucial areas that require advisors and compliance in order to minimize risks and costs when undertaking an ICO.
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Based on our review of financial data, our discussions with law firm leaders, and other economic data available to us, we project that 2015 revenue for the law firm industry will likely rise in the six percent range, and PPEP in the five percent range. We also project expenses to rise in 2015 more so than in 2014, due to lawyer, staff and technology-related expenses. We believe transactional work will continue to drive growth, and litigation demand is likely to remain flat, placing continued pressure on firms with a strong dependence on litigation.
We expect that behind the 2015 industry profit growth
noted above, there will be firms significantly outperforming and lagging the industry average, based on their practice
mix, brand, focus on client service delivery, and approach
to innovation.
This document summarizes the key findings of a survey examining barriers to business transformations. The survey found that:
1) Organizational complexity was the largest barrier to business model changes, as companies have evolved complex structures through acquisitions and globalization.
2) Nearly all companies plan to pursue some form of business transformation in the next two years, with partnerships and joint ventures being the most popular transactional strategy due to their lower perceived risk compared to acquisitions.
3) However, partnerships can be challenging to execute and many fail due to a lack of control, cultural clashes, and other issues. Companies need to fully understand the risks before pursuing them.
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
If a new company has not yet established a credit history, many lenders turn to the business owner’s personal
credit to evaluate risk. But does personal credit alone paint an accurate picture of a new business’s risk? Is there
a more optimal way to determine how creditworthy a young company may be?
The document discusses the weakening supply of CPAs and identifies some of the challenges contributing to this issue. It notes that while there are more accounting majors than ever, only 33% will ever become CPAs. Some of the factors draining the CPA pipeline mentioned include the costs and challenges of passing the CPA exam, a lack of support from employers for exam preparation, and not enough awareness about the career opportunities available to CPAs. The document calls on firms and organizations to provide more support to help address this shortage.
The U.S. insurance industry is facing unprecedented change driven by new technologies that are reducing losses and costs while increasing risks. To thrive, insurance companies must understand how these changes will impact them and develop strategies to adapt. The document outlines several forecasts that predict major changes such as reduced auto insurance premiums of up to 60% due to self-driving cars and decreased home losses of 40-60% due to technology. It recommends five actions for insurance companies, including developing their own view of technology impacts, leveraging new technologies, and deciding their role in industry consolidation.
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
Employee engagement ideas and best practicesMutual Force
Employee engagement is more than perks and surveys; it requires leadership development and facilitating employee commitment, passion, and well-being. Current engagement programs rely on outdated surveys and rewards that fail to create real change or understand engagement's impact. Leadership development is key, but managers are often not suited or trained to facilitate engagement. Skilled managers set clear expectations, provide tools for success, and recognize employees. When properly developed and integrated into all business areas using quality technology infrastructure, engagement programs boost performance, retention and growth.
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
The document summarizes challenges in the outsourcing industry and strategies for overcoming them. Large outsourcing firms have pursued rapid growth through a "pyramid" model, but this makes it difficult to provide individualized attention to clients. Additionally, automation threatens 30-50% of traditional outsourcing work. Hexaware takes an alternative approach with a long-term client focus, expertise in new technologies, and a goal of helping clients adapt to automation. The "watermelon effect" metaphor is used to describe how clients outwardly accept poor service while being dissatisfied internally.
Digital salary and industry insights report, 7th editionAlex Straw
The document provides an overview and analysis of survey results regarding digital professionals' work life blend and career perceptions. Key findings include:
- Respondents reported moderate levels of happiness, confidence and stress, with the highest scores for confidence and skills to progress. Younger and middle-aged professionals reported lower well-being scores.
- The most fulfilled elements of professionals' work life blends were personal relationships and leisure, while work elements like career goals and fulfillment at work were least fulfilled.
- Those with higher overall blend fulfillment reported greater happiness. The average gap between current and target blend fulfillment was 22% across elements.
- Younger professionals prioritized work-life balance while middle-aged groups
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
This document provides an overview of the June 2015 issue of Frontiers in Finance, a publication focused on decision-makers in the financial services industry. It includes the following key points:
- The document discusses several challenges facing financial institutions, including how to sustain competitive advantage, develop new products and services, and move faster than competitors in a constantly changing environment.
- It highlights opportunities around better utilizing data and analytics to improve performance, reduce risk, and drive growth. The role of the chief data officer is becoming increasingly important in this area.
- Emerging technologies like social media, FinTech, and big data are disrupting traditional models and providing new sources of customer insights. Partnerships between financial institutions and
Bridge the Skills Gap by Connecting Generations: Here's How…ADP, LLC
This document discusses the skills gap facing many companies and offers suggestions for how to bridge generations to address it. There is a shortage of skilled workers, especially in STEM fields, despite high unemployment rates. Different generations have unique skills and strengths that companies can leverage. The document recommends focusing on compelling employment brands, cross-industry hiring, using talent analytics, improving hiring experiences, and creating positive onboarding and workplace experiences to attract and retain talent across generations.
Overcoming compliance fatigue - Reinforcing the commitment to ethical growth ...EY
This presentation is based on EY FIDS' 13th Global Fraud Survey. It highlights the state of fraud, bribery and corruption, comprising global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
The document discusses trends in global employee engagement based on Aon Hewitt's research from 2008-2010. Some key points:
- The global average employee engagement score dropped from 60% in 2009 to 56% in 2010, the largest decline in 15 years. However, Q4 2010 saw a recovery.
- The top 3 global engagement drivers in 2010 were career opportunities, brand alignment, and recognition.
- Engagement scores decreased the most in Asia-Pacific, Europe, and North America from 2009-2010.
- Companies with high engagement (65%+) outperformed the stock market by 22% while those with low engagement (45%-) underperformed by 28%.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
The accounting profession has felt the impact of change. Over the past several years, operational changes in workflow and process have dramatically altered the scope of the accountant’s role. The profession’s workforce is aging, underlining the importance of succession planning and talent management. Additionally, as the digital universe doubles in size every other year, many firms struggle to keep pace with the latest technology trends.
For today’s firm, change is constant. And across the entire tax, accounting and audit profession, the forecast calls for even greater shifts in people, processes and technology.
These ever-evolving realities inspired Wolters Kluwer, CCH, a strategic partner to accounting firms, to explore two major questions in the 2014 Wolters Kluwer, CCH — Accounting Firm Preparedness Survey.
HR Challenges and Solutions - Maintaining Compliance and Mitigating Future RiskADP Marketing
Many companies are facing increasing challenges to stay up to date with risk and compliance. Learn how to take control of compliance and manage risk in your business.
Conducting an Initial Coin Offering: Costs and ConsiderationsChristina Gagnier
The document discusses the costs and considerations of conducting an Initial Coin Offering (ICO). It notes that there are significant expenses associated with an ICO beyond just the direct offering costs, including ensuring corporate and financial readiness, establishing governance and internal controls, hiring advisors and specialists, and investing in technology infrastructure. Specifically, the document highlights that legal, accounting, and technology support are crucial areas that require advisors and compliance in order to minimize risks and costs when undertaking an ICO.
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Based on our review of financial data, our discussions with law firm leaders, and other economic data available to us, we project that 2015 revenue for the law firm industry will likely rise in the six percent range, and PPEP in the five percent range. We also project expenses to rise in 2015 more so than in 2014, due to lawyer, staff and technology-related expenses. We believe transactional work will continue to drive growth, and litigation demand is likely to remain flat, placing continued pressure on firms with a strong dependence on litigation.
We expect that behind the 2015 industry profit growth
noted above, there will be firms significantly outperforming and lagging the industry average, based on their practice
mix, brand, focus on client service delivery, and approach
to innovation.
This document summarizes the key findings of a survey examining barriers to business transformations. The survey found that:
1) Organizational complexity was the largest barrier to business model changes, as companies have evolved complex structures through acquisitions and globalization.
2) Nearly all companies plan to pursue some form of business transformation in the next two years, with partnerships and joint ventures being the most popular transactional strategy due to their lower perceived risk compared to acquisitions.
3) However, partnerships can be challenging to execute and many fail due to a lack of control, cultural clashes, and other issues. Companies need to fully understand the risks before pursuing them.
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
If a new company has not yet established a credit history, many lenders turn to the business owner’s personal
credit to evaluate risk. But does personal credit alone paint an accurate picture of a new business’s risk? Is there
a more optimal way to determine how creditworthy a young company may be?
The document discusses the weakening supply of CPAs and identifies some of the challenges contributing to this issue. It notes that while there are more accounting majors than ever, only 33% will ever become CPAs. Some of the factors draining the CPA pipeline mentioned include the costs and challenges of passing the CPA exam, a lack of support from employers for exam preparation, and not enough awareness about the career opportunities available to CPAs. The document calls on firms and organizations to provide more support to help address this shortage.
The U.S. insurance industry is facing unprecedented change driven by new technologies that are reducing losses and costs while increasing risks. To thrive, insurance companies must understand how these changes will impact them and develop strategies to adapt. The document outlines several forecasts that predict major changes such as reduced auto insurance premiums of up to 60% due to self-driving cars and decreased home losses of 40-60% due to technology. It recommends five actions for insurance companies, including developing their own view of technology impacts, leveraging new technologies, and deciding their role in industry consolidation.
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
Employee engagement ideas and best practicesMutual Force
Employee engagement is more than perks and surveys; it requires leadership development and facilitating employee commitment, passion, and well-being. Current engagement programs rely on outdated surveys and rewards that fail to create real change or understand engagement's impact. Leadership development is key, but managers are often not suited or trained to facilitate engagement. Skilled managers set clear expectations, provide tools for success, and recognize employees. When properly developed and integrated into all business areas using quality technology infrastructure, engagement programs boost performance, retention and growth.
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
The document summarizes challenges in the outsourcing industry and strategies for overcoming them. Large outsourcing firms have pursued rapid growth through a "pyramid" model, but this makes it difficult to provide individualized attention to clients. Additionally, automation threatens 30-50% of traditional outsourcing work. Hexaware takes an alternative approach with a long-term client focus, expertise in new technologies, and a goal of helping clients adapt to automation. The "watermelon effect" metaphor is used to describe how clients outwardly accept poor service while being dissatisfied internally.
Digital salary and industry insights report, 7th editionAlex Straw
The document provides an overview and analysis of survey results regarding digital professionals' work life blend and career perceptions. Key findings include:
- Respondents reported moderate levels of happiness, confidence and stress, with the highest scores for confidence and skills to progress. Younger and middle-aged professionals reported lower well-being scores.
- The most fulfilled elements of professionals' work life blends were personal relationships and leisure, while work elements like career goals and fulfillment at work were least fulfilled.
- Those with higher overall blend fulfillment reported greater happiness. The average gap between current and target blend fulfillment was 22% across elements.
- Younger professionals prioritized work-life balance while middle-aged groups
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
This document provides an overview of the June 2015 issue of Frontiers in Finance, a publication focused on decision-makers in the financial services industry. It includes the following key points:
- The document discusses several challenges facing financial institutions, including how to sustain competitive advantage, develop new products and services, and move faster than competitors in a constantly changing environment.
- It highlights opportunities around better utilizing data and analytics to improve performance, reduce risk, and drive growth. The role of the chief data officer is becoming increasingly important in this area.
- Emerging technologies like social media, FinTech, and big data are disrupting traditional models and providing new sources of customer insights. Partnerships between financial institutions and
Bridge the Skills Gap by Connecting Generations: Here's How…ADP, LLC
This document discusses the skills gap facing many companies and offers suggestions for how to bridge generations to address it. There is a shortage of skilled workers, especially in STEM fields, despite high unemployment rates. Different generations have unique skills and strengths that companies can leverage. The document recommends focusing on compelling employment brands, cross-industry hiring, using talent analytics, improving hiring experiences, and creating positive onboarding and workplace experiences to attract and retain talent across generations.
Overcoming compliance fatigue - Reinforcing the commitment to ethical growth ...EY
This presentation is based on EY FIDS' 13th Global Fraud Survey. It highlights the state of fraud, bribery and corruption, comprising global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
The document discusses trends in global employee engagement based on Aon Hewitt's research from 2008-2010. Some key points:
- The global average employee engagement score dropped from 60% in 2009 to 56% in 2010, the largest decline in 15 years. However, Q4 2010 saw a recovery.
- The top 3 global engagement drivers in 2010 were career opportunities, brand alignment, and recognition.
- Engagement scores decreased the most in Asia-Pacific, Europe, and North America from 2009-2010.
- Companies with high engagement (65%+) outperformed the stock market by 22% while those with low engagement (45%-) underperformed by 28%.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
The accounting profession has felt the impact of change. Over the past several years, operational changes in workflow and process have dramatically altered the scope of the accountant’s role. The profession’s workforce is aging, underlining the importance of succession planning and talent management. Additionally, as the digital universe doubles in size every other year, many firms struggle to keep pace with the latest technology trends.
For today’s firm, change is constant. And across the entire tax, accounting and audit profession, the forecast calls for even greater shifts in people, processes and technology.
These ever-evolving realities inspired Wolters Kluwer, CCH, a strategic partner to accounting firms, to explore two major questions in the 2014 Wolters Kluwer, CCH — Accounting Firm Preparedness Survey.
HR Challenges and Solutions - Maintaining Compliance and Mitigating Future RiskADP Marketing
Many companies are facing increasing challenges to stay up to date with risk and compliance. Learn how to take control of compliance and manage risk in your business.
Through The Looking Glass : An executive perspective of UK wealth management ...Scorpio Partnership
The document discusses the state of the UK wealth management industry following the implementation of the Retail Distribution Review (RDR). Key points:
1) RDR has catalyzed significant changes in the industry's business model as fees shift from commissions to advice fees. Firms must clearly demonstrate their value to both new and existing clients.
2) Top priorities for wealth managers include retaining existing clients, attracting new clients, and managing regulatory requirements. Technology, products/services, and personnel will also be important.
3) To succeed, firms will need to adapt their approach, clearly articulate their values and value proposition, and focus on the right types of clients. The competitive landscape is being leveled between small and
With advancing technologies, many organizations are focused more than ever on recruiting—particularly for skills they
need to succeed, such as expertise in data science, cybersecurity and artificial intelligence. These hard-to-find and
hard-to-hire skills—like so many other skilled professions—cost a lot to recruit. With labor pools shrinking, retaining
talent at every level is critical. Recruiting is more expensive than retention, which can be optimized via training or
creating a culture of constant learning. Choosing recruitment over retention also has a negative effect on employees,
who are left to wonder why their work seems to have less value than that of a new employee.
In this environment, it becomes clear that value lies in the engagement of employees—making sure they are actively
contributing to the company while learning new skills and advancing their own careers. But how to measure something
as intangible as engagement?
The UK Payments Barometer, is based on a survey of over 400 financial decision makers, including business owners, CFOs, CEOs, CTOs and COOs, on areas including cash management, fraud and payments. A broad range of UK businesses were included, from small businesses to enterprises organisations. It aims to track the health of UK businesses from a financial decision making and risk management perspective. The 2016 report cites payment fraud and errors as the biggest challenge currently faced by financial decision makers.
White Paper Report - Technology Industry Draft (00000002)Tracey Kelly
This document discusses the top 10 human resource issues facing small to medium sized technology companies. It begins with an executive summary of the report and an overview of common people management challenges. It then lists and describes the top 10 issues: 1) retaining employees, especially talent, 2) attracting talent, 3) managing leadership, 4) leadership support and guidance, 5) the fast pace of work, 6) employee engagement, 7) productivity, 8) learning and development, 9) transitioning skills, and 10) rewards including compensation and benefits. The document concludes by explaining how an HR consulting firm called PCHR can help technology companies address these people management challenges.
Availability risk of skilled resources in Oil&Gas SectorRoopesh Kotecha
The document discusses the impending crisis many energy, chemical and oil & gas companies face as up to half of their skilled workforce retires over the next 10 years. This will result in a huge loss of institutional knowledge and proprietary practices. To address this, the document provides 6 recommendations for companies to ensure they survive this crisis, including establishing ongoing training programs, partnering with colleges/universities, leveraging existing talent, rethinking benefits, asking more from vendors, and investing in automated technologies.
Business analytics is the practice of exploring and analyzing an organization's data through statistical methods to gain insights that inform business decisions. It is used by data-driven companies to treat data as a valuable asset and leverage it for competitive advantage. Successful business analytics relies on data quality, skilled analysts, and organizational commitment to data-driven decision making. Examples of business analytics uses include exploring data to find patterns, explaining results, testing previous decisions, and forecasting future outcomes.
Financial services firms still project an image of profitability and effective leadership, but this does not reflect reality according to new research. Many firms have yet to adapt to the new competitive environment following the financial crisis. Their leadership styles and business models remain outdated and prevent the necessary changes to thrive in today's environment. To succeed, firms must make clients the priority, lead change effectively, and develop new solutions through innovation. However, widespread leadership practices from before the crisis still rely on demanding actions from employees rather than empowering them. As a result, many employees are demotivated and unable to perform at their best. For financial firms to renew themselves, senior leaders must acknowledge issues and drive real cultural and strategic changes.
This document discusses a survey of executives about modern customer service. Key findings include:
- 88% of executives think they offer modern customer service, and 75% think they perform better than peers. However, customer service is a strategic goal for only 38% of companies.
- Companies see customer service primarily as a way to retain existing customers rather than a strategic differentiator.
- While companies are adopting new technologies, many still feel most comfortable with traditional channels. Barriers to new channels include cost and integration challenges.
- Knowledge management is the top investment area as only 35% of organizations currently deploy this capability.
This document provides a summary of the Spotlight on Business Issues 2, 2016 publication by Ernst & Young. It includes articles on various business topics such as the future of work, blockchain technology, gender diversity, data analytics in treasury management, and acting now on anti-tax avoidance in Singapore. Brief contributor bios are provided. The publication aims to offer global perspectives and insights on important business issues. It encourages readers to be part of shaping the future of work and to disrupt themselves in a rapidly changing digital world.
Surviving and thriving in a post FASEA environmentnetwealthInvest
Dr Deen Sanders OAM, Partner - Governance, Regulation and Conduct at Deloitte, and previously inaugural CEO of FASEA, walks you through the impacts of the new education standards changes and how you can adapt and build a financial advice business that succeeds in the new environment.
Over the past decade, a combination of new providers, technology, and capabilities have made global payroll administration a possibility – at least conceptually. The key stumbling block in this debate is the perceived need, on the one hand, for tailored services that are compliant with local regulations, and on the other hand standardization for cost reasons. So, where does that leave payroll?
The document is Morgan McKinley's 2011 Salary Guide for Ireland. It provides an overview of hiring trends and salary expectations across different sectors in Ireland based on a survey of over 700 managers. Key findings include that 42.8% of managers expect to increase headcount in 2011, 25.7% expect salaries to rise, and 63.6% expect salaries to remain the same. While the economic environment remains challenging, the survey findings suggest cautiously optimistic signs of growth in niche skills areas.
The Business Case for Workforce Management Solutions - White PaperInfor HCM
The widespread adoption of dedicated Workforce Management (WFM) solutions continues to gain momentum as organizations increasingly recognize that the level of control and visibility needed in managing their workforce resource is rapidly outstripping the capabilities provided by existing HR applications and processes. Unlike many other areas of their operations that have for a long time seen the adoption of sophisticated solutions to optimize value (such as Enterprise Resource Planning, Supply Chain Management, Customer Relationship Management, Business Intelligence, Business Process Management and so forth) - the management of the underlying human resource has remained a largely administrative, and often manual, undertaking. In our view this is a situation that has to change if organizations are to maximize the value from their workforce resources, while at the same time minimizing its cost and risk. To achieve this, organizations need to have a much greater level of visibility and control of their workforce resources and workforce processes. Without the underlying support that a capable Workforce Management Solution can provide, this can be difficult, if not impossible to achieve. As a result, the demand for Workforce Management Solutions is growing rapidly as organizations increasingly turn their attention to the ability of their workforce management processes to support some of their most pressing operational and strategic challenges.
This trend is also being driven by the evolving role of HR within organizations. What was traditionally regarded as purely an administrative function, HR teams are now being required to take a more strategic position as organizations increasingly recognize the impact of their workforce and its activities on their operational and strategic performance. As a result, HR responsibilities are extending beyond their traditional boundaries and are now becoming closely involved in helping to drive greater value from their workforce operations. Yet just as the role of HR is evolving, so too does the need for the IT solutions and service capabilities which are required to support, or even enable that transition to happen. If HR is able to successfully fulfill this new mandate, they must also take a fresh look at the tools and methods which are currently available to them.
The document summarizes the findings of a survey of 364 compliance executives across various industries. It finds that while compliance functions are gaining more authority, with more CCOs reporting directly to CEOs and boards, there is still work to be done to ensure compliance has the appropriate level of influence and resources. Specifically, some key findings are that third-party risk remains a major concern, budgets and staffing for compliance are still relatively small for most organizations, and confidence in IT systems to support compliance is low. The conclusion calls on CEOs and boards to provide sufficient support and authority to CCOs in order to build truly robust and effective compliance programs.
Interim Partners - Research White Paper 2014Claire Carter
The document discusses interim managers and the UK business environment. It finds that the use of interim managers at senior levels is increasing as businesses focus more on performance. While cost-cutting pressure has eased, the pressure to deliver results remains high. This has led to greater demand for interim managers who can prove they can improve performance. The document also examines which sectors and roles interim managers expect to see the highest demand for in the coming year, with project/programme delivery roles expected to be most in demand.
Similar to SA-0915-017_Tolley market trend report_Web (20)
2. 2
About Tolley
About the Author
Tolley is the tax and accountancy business of LexisNexis. We are the UK’s only provider of
practical tax and accountancy guidance, in-depth reference material, ground-breaking training
and learning resources and unique market insight. Established in 1916, when Charles Tolley
created the world’s first tax table, Tolley has a long established history of working in partnership
with the accountancy profession to facilitate and adherence to best practice and deliver
financial efficiencies.
Online, on the move, in print, in person, in an increasingly complex, fast-changing world, we will
always talk to you. Never above you.
Find out more at www.tolley.co.uk
Nicholas Byrne is the Market Development Director for Tolley, the Tax and Accountancy division
of LexisNexis UK. Nicholas has worked at Tolley since 2009 and is the first ever non-member
of both the CIOT and the ATT to be given full voting rights on any of their committees, sitting on
their Brand and Business Development committees respectively. Prior to working in the world
of tax and accountancy Nicholas has worked as an industry analyst for the telecommunications
sector, a media analyst specialising in reputation management for not-for-profit organisations
and FMCG and a commercial product manager within the PR services sector.
3. 3
Tolley recently sent a survey out to a selection of its clients in both private practice and
commerce and industry. The following report details some of the findings and highlights
common trends within the profession. The report also draws comparisons from a similar
survey that was undertaken in 2013.
Of the responses generated the majority (71%) were from private practice and 28% of those
were sole practitioners. This means that in terms of the representation of the market, by
number of firms sole practitioners are under represented, although in terms of the number of
individuals in the profession, they are over represented. A dichotomy that the author believes
lends some balance to the overall results.
29% of responses were from practitioners working in commerce and industry and represented
a broad cross section of verticals, including but not limited to; pharmaceuticals, retail,
manufacturing, food manufacturing, travel & leisure, transport & automotive, hospitality and
financial services.
Sample proportion
About the Report
C&I
Private
Practice
Partnership
Sole
Practitioner
4. 4
Executive Summary
The regulatory burden and the need to keep up to date with the ever changing face of the UK
tax system are key concerns for tax advisors. The economic recovery has alleviated many
of the concerns from two years ago but in place of those financial woes are concerns about
having the right staff with the right skills. This, in part, appears to have been born out of the
need for practices to diversify in order to come out of the recession in good stead. The volume
of work being referred on has dramatically increased from 2013, and this is likely to be a result
of diversification of services combined with issues of having the right staff with the right skills
and knowledge. Technology is a key driver for development within the profession and all levels
of seniority and experience seem to be united in the belief that now, and for the foreseeable
future, it is key for their firms to embrace new technologies and work procedures to maintain
their place in the market.
5. 5
Tolley’s Tax & Accountancy Market Review
The regulatory burden placed on practitioners is the biggest challenge that they face, with 56%
of all respondents placing it within their top three problems. This is up slightly from the 2013
Tolley report where 51% of respondents said that the regulatory burden was in their top three
problems. And exactly as we saw in 2013, 40% of respondents placed achieving a suitable
work-life balance within their top three problems.
Practitioners seem to have more faith in the current economic environment than they did
have in 2013. Whereas 30% of respondents placed economic uncertainties in their top three
challenges in 2013, now, in 2015, only 18% do so.
However, alongside the increased comfort in the economy comes a concern about having the
right staff. In 2013 recruiting and retaining the right staff was only in the top three challenges for
10% of respondents and now this has jumped up to 35%.
All this would seem to suggest a kind of logical progression, where the regulatory burden
represents the fundamentals of the profession and so will always track highly in people’s minds
no matter what the wider socioeconomic situation is. And when the economy is performing
badly there are real concerns about what the impact of that will be on the organisation and
its future sustainability. However, once the economy calms down, worries change to internal
factors and people start to think about whether they are set up to succeed and make the most
of the more favourable conditions they find themselves in.
Another hangover from the recession is that the larger national and international firms
recruited fewer students during the economic downturn. This means that there is a skill
shortage at a certain level within these firms, which they are now in the process of backfilling
by hiring staff of that level out of smaller firms, tempting them with higher salaries. This makes
it harder for firms to retain their employees and explains the increased concerns about having
the right staff.
Challenges facing the industry
What are the three biggest challenges facing your business?
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Regulatory
Burden
Lack of
demands
for your
products
and services
Access to
finance/
willingness
of banks to
lend
Slow
payment
Economic
uncertainty
Lack of
funds to
invest
Competition Recruiting
and
retaining
suitably
trained
staff
Coping
with the
increasing
migration of
business to
electronic
delivery
Succession
planning
Work-life
balance
6. 6
The number of people referring work out to other organizations has increased quite
dramatically since 2013, where 66% of organisations kept all work in house then, as opposed
to just 45% in 2015. And 14% of people are now referring on more than 20% of their work as
opposed to 7% in 2013.
This could be a result of one of two factors discussed earlier. Either the more comfortable
wider economic environment is meaning that people feel more able to not hang on to every
scrap of work possible and just focus on their specialties. Or, the increased staffing concerns
observed means that they do not feel able to undertake all of the work that they take on.
The improved economic environment is also going to be stimulating activity within the wider
business environment. In these more preferable conditions more acquisition and expansion
activity will be taking place, which in turn means much more complex instructions being
received by firms from their clients. Not all firms will be so confident in taking on these complex
jobs and so will seek more outside help than they did when the economy was less buoyant and
the instructions were simpler.
Referring work to other parties
What percentage of work do you currently outsource to
either an external firm or a specialist consultant
2013
2015
0% 20% 40% 60% 80% 100%
51%+ 26-50% 11-25% 1-10% 0%
7. 7
Another reason for this increased amount of work being referred could be the increased
amount of diversification that is taking place within firms. In 2013 only 22% of firms had felt they
needed to diversify their offering to remain competitive. However, in 2015 this figure has shot
up to 44%. It could be the case that in order to retain clients and win new business, firms are
offering services that they cannot technically deliver, and are then referring on those elements
of the client work to other parties. So whilst they are benefiting from retaining or acquiring the
client, they are not able to keep hold of all the associated fees.
Diversifying your practice
Have you had to diversify to remain competitive?
2013
2015
0% 20% 40% 60% 80% 100%
Yes No
8. 8
By and large there has not been much of a perceived change in HMRC’s performance since
2013. Then and now only 10% of the market claimed to have experienced no issues with
their service.
The root cause of the issues does appear to have shifted slightly though, with HMRC being
easier to get in touch with and understanding people’s needs better. The whole process seems
to be being supported by much improved clarity in the rules and regulations as well. So despite
the naysayers claiming that the Office of Tax Simplification is failing because the volume of
legislation is continuing to grow, maybe it is the OTSs supporters who claim that simplification
does not mean brevity and that in order to make things clearer you sometimes need to say
more, who are right. Either way, it is true that HMRC seem to be much more consistent in their
application of the rules.
Either way, despite all the positives with the beginning of the process that we are seeing
here, when it comes to actually responding to queries and resolving issues, dissatisfaction
with HMRC is continuing to grow. As such, practitioners who are reassured to get to speak to
someone who understands their situation quickly, are often left dissatisfied at the end of the
process that the resolution has either taken too long to get to, or just ended in a
unsatisfactory position.
HMRC’s performance
What are the major challenges that you face when dealing
with HMRC?
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
I experience
issues
Lack of
understanding
of your
specific needs
Failing to
respond
to queries
satisfactorily
Lack of
promptness in
responding to
queries
Difficulty
in getting in
touch with
them
Lack of clarity
in rules and
regulations
Other (please
specify)
2015 2013
9. 9
It was virtually unanimously agreed by all respondents that not only was the key to being
successful in practice keeping up to date with all the changes to the tax system, but that you
had to be proactive in doing so. And having access to the very best tax information was also
agreed by almost all as a key success driver. Having access to the best technical information
seems to be a much bigger success driver in fact than having access to the latest technologies,
systems and processes.
It is also interesting to note here that whilst 55% of respondents were referring work out to other
firms, only 40% thought that this was a good thing. This means that there are at least 15% of
respondents who are referring out work but think that it is in the firm’s best interest to develop
the skills to be able to refrain from doing so in the future. Perhaps this is the reason that so
many respondents believe that staff training and development is so key to success.
The investment in staff training is likely to have multiple benefits. It is not just about having
the skills in place to undertake client work but also about staff retention. As has already been
discussed, larger firms have a skill shortage at a certain level, born out of their recruitment
slow down during the recession, and as such they are recruiting staff out of smaller firms. By
investing in training for their employees, smaller firms can demonstrate to their staff how
committed to their development they are. This in turn will breed loyalty within their employees
and demonstrate that they have a promising future within their existing firm, aiding with
staff retention.
One result that is a little surprising here is the fact that despite 44% of firms reporting that they
have had to diversify to be able to stay competitive, the need for a clear marketing strategy
is seen as the second lowest success driver (after outsourcing). Having a strategy to attract
the right type of work from the right type of clients may lessen the need to have to invest in
diversification of the practice. Although it may be the case that diversification is required
regardless, in order to keep up with the rapidly changing face of the modern tax practice and
the ever evolving requirements coming out of HMRC.
Achieving success in practice
In your opinion, what are the characteristics which enable success in a tax
practice or in-house practice team, in a changing environment? Please rate
the following by importance
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
A productive
approach
to keep up-
to-date with
important
changes to the
tax code
Willingness
to use
specialist
consultation
Willingness
to outsource
certain types
of work
Investment
in the best
system/
processes
Keeping up
to date with
changes to the
tax system
Providing
access to
the best tax
information
Forward
looking
Technologically
advanced
Have a
clear
marketing
strategy in
place
Transparency
in its client
changing
Above
average level
of client
servicing
Investment in
staff training
Good team
management
Don’t know Not at all important Not very important Quite important Very important
10. 10
It is clear that the majority of the industry is aware of how technology can help them to realise
efficiencies within their practice. And with apparent agreement within firms from staff of all
levels, the modernization of work processes and systems seems to be in full swing. With the
imminent arrival of the Government’s Digital Strategy this is likely to be seen as a necessity by
any firm that has not already modernized their practice. And those that were already ahead of
the game are likely to be constantly looking for new advancements that will help them to keep
their noses ahead of the pack that are closing the gap on them.
What also seems to be weighing on the collective mind of practitioners is the very real need
to stay on top of the rapid changes that beset the tax world. Perhaps this has been further
compounded this year by the fact that we have had two budgets in 2015, adding to the burden
of keeping tax knowledge fully up-to-date.
What is clear is that unlike a few years ago, there is no shortage of clients in the market. And a
clear trend towards diversification of practices has meant that not many firms are struggling
to find suitable work to undertake. As such the competition is likely to become much more
focused on how clients are serviced and what added value can be offered.
How significant are each of these to your current business
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Less work
available
due to
economy
Attracting
new clients
Ensuring
you keep up
to date with
changes
Retaining
client/less
client loyalty
Keeping
working
practices
and systems
up-to-date
Senior
decision
makers in
practice
being
unwilling to
adopt new
practices
Being too
specialist/
servicing
to small
a market
niche
Lack of
understanding
of how
technology
can help
Increasing
gulf between
mindset
and working
practices
of new
and longer
established
tax
professionals
No opinion Not at all significant Not very significant Quite significant Very significant
11. 11
Technology is not only playing an increasingly important role in the tax and accountancy
profession at the moment but is believed to be the one thing that will have the biggest impact
over the next five years. The Government’s Digital Strategy is likely to have influenced part of
this decision but not all of it. Technology in general is playing an increasingly important role in all
areas of practice, from practice management and workflow right through to information access
and learning.
The drive to reduce costs and be more transparent in pricing structure was the second biggest
factor that the survey revealed as a driver for the next five years and this also, in some way,
relates to technology. Modern systems can help reduce costs, manage and allocate time,
enable work and learning to be conducted faster and help communicate with clients so that
they have more sight and control over what costs are accumulated where.
It is likely that the Government Digital Strategy has also been the driving force behind the
opinion that a change in status will be the third biggest driver of change over the next five years.
With much talk about ‘trusted agents’ being the only people who will be allowed access to their
clients Personal Tax Accounts, many are seeing this as regulation via the back door. Whilst it
is unlikely that the tax profession will be fully regulated within the next five years, this idea of a
‘trusted agent’ has captured the imagination of the profession and conversations up and down
the country are rife with speculation as to what exactly this will mean. At this point in time no-
one can honestly say. Only time will tell.
What the future holds
What changes or trends do you expect to see in the tax industry over the next
five years? Please rank in order of impact, where 1 will have the most impact
and 5 will have the least impact.
60 4
3.5
3
2.5
2
1.5
1
0.5
0
50
40
30
20
10
0
Mergers &
acquisitions
Global
expansion of
firms
Changes in
status
Implementations
of new systems
Increasing
pressure to
reduce costs/
transparency in
pricing
1 2 3 4 5 Rating Average
12. 12
Visit www.tolley.co.uk
or call us on 0845 370 1234 (Calls cost 7p/min)
Tolley, Lexis House, 30 Farringdon Street, London, EC4A 4HH
The Front Line is where you stand face to face with HMRC and agree
tax. It’s not a place to be alone. Not a place to go to unprepared.
As the UK’s only provider of critical tax information, in-depth
reference, ground-breaking training and learning resources and
unique market insight, Tolley is there by your side with four product
families designed for tax professionals working on The Front Line.
Research | Practical Guidance | CPD/Development | Qualifications