The Grant Thornton International IFRS team has three new publications in the Insights into IFRS 8 series:

• Segment Information to Be Disclosed;
• Entity-Wide Disclosures;
• Other Application Issues and Standards Involving Operating Segments.

For entities that operate in a variety of types of businesses, geographical locations, regulatory or economic environments or markets, high quality management accounts are essential. They enable management to monitor performance, allocate resources and devise business and market strategies.

IFRS 8 Operating Segments requires much of this management information for publicly listed entities to be published externally, so that investors, analysts and other users of the entities’ financial statements can review an entity’s operations from the same perspective as management.

The Insights into IFRS 8 series considers key implementation issues, provides interpretational guidance in certain problematic areas and includes several examples illustrating the standard’s requirements.

Read the Adviser Alert below.

Mis à jour le 18 juillet 2023

A good employee wants to leave your company. Here’s how to keep them… or nurture their post-employment experience.

The current average tenure of a job is just over four years. It is therefore essential to positively nurture your employees’ post-employment experience.

There are many reasons for leaving a job: inadequate salary, uncompetitive benefits, lack of recognition, limited advancement prospects or simply a desire for something new. In this period of significant labour shortage, it is more important than ever to take care of the relationship with your employees, including those who may leave you for other opportunities.

Talk to your employee

It is in your best interest to meet with the employee early and open a discussion. Whether or not you are trying to retain the employee, you need to understand their reasons for leaving the organization. You will need to show a degree of openness during the discussion so that the employee will share with you the reasons that led to this decision. This is particularly important if you want to do the right things to encourage them to stay with your organization.

In fact, salary is rarely the only reason given. Of course, if your organization is not competitive in this area, you risk losing other employees. However, there are other factors that contribute to a positive employee experience and strengthen their emotional connection to the organization: schedule flexibility, open management, enjoying the work, etc.

For example, for some, working from home is a key driver that allows them to enjoy their personal lives while being productive and engaged.

Another important consideration is the relationship with their manager. If employees do not feel that they are treated with respect, if they feel that they are in a toxic work environment, they will quickly lose any emotional connection with the employer.

However, you have to be careful and strike a balance between trying to retain employees and meeting all of their requests because of concerns about the labour shortage. This could cause some unfairness to other employees and the problem could grow. Take time to think, talk to your managers.

Keep the door open

You can also keep the door open, telling them that they can contact you if they’re not happy with their new job. Who knows, maybe there will be a position for them in the future?

As for an employee who is being let go, that’s a whole other situation. The best thing you can do in this case is to proceed with respect and meet with the employee to explain the reasons for the dismissal. They say there is no right way to fire an employee, but there are wrong ways… You have to be diplomatic.

Conduct exit interviews

Exit interviews can provide valuable information about employees’ views of your business and help you determine if your employee retention strategies need to be improved. You need to make employees feel that you are not taking their departure lightly. If they leave on a respectful note, they are more likely to speak highly of the organization. They will not hesitate to recommend you to their friends and family.

You can also take advantage of employee departures to ask your managers to meet with their team to take stock of the situation. Of course, in a large organization, where there are more departures because of the greater number of employees, you don’t necessarily have to go through this process every time. However, it is something that should not be neglected.

Pay attention to the exit process

When building a strong employer brand, you need to work on all aspects of the employee relationship, from the recruitment process to the end of employment, including all stages related to hiring (training, respectful management, working conditions, etc.).

The termination process is often neglected. However, it is an integral part of the employee experience. This is a factor that can help you maintain a good brand image and attract talented personnel who will bring added value to your entity.

Updated on May 3, 2023

Whether it’s to achieve the goals you have in mind or because a growth opportunity arises, you need to think strategically.

Your growth strategy must be consistent with your business objectives. You need a plan to adapt to the current context and equip yourself with the means to anticipate your clients’ changing needs.

Technology has to play a part in this strategic plan and be carefully thought out to achieve your goals. This will ensure that you are ready to seize opportunities as they arise.

It’s not about following a rigid plan, it’s about putting guidelines and mechanisms in place to get there by identifying key priorities for action. You need to ensure that your business and the underlying technology can evolve with market needs. Metrics in your plan will track results on an ad hoc basis and allow you to adjust quickly if necessary.

Automating management and distribution functions

Companies are currently facing a significant labour shortage in all sectors, which can slow down their activities or even hinder their growth. In order to increase your production capacity while avoiding this obstacle, you should automate certain tasks to improve monitoring of the various stages of your activities, from design to distribution.

By centralizing your management and production processes and using artificial intelligence, you can analyze data in real time and adjust your workflow accordingly. You will be able to respond much more efficiently to the demand for your products and services, thereby increasing your production and reaching vaster or more specific clienteles.

By optimizing your processes, you will anticipate results more accurately and make faster and relevant decisions.

Planning activities strategically

To achieve your growth objectives or respond to increased demand, you need to take a step back to see the big picture view and then plan the stages of your journey.

For a successful transformation, the technology implemented to make your life easier must be based on your objectives, which means it must be based on your business strategy. Every situation is different and the approach to a technological and digital transformation must be intelligent and cohesive.

Your plan will focus on solutions that are most beneficial to your business in the short term, but that will be integrated into a larger plan with longer-term steps (three to five years).

This strategic plan must be revisited regularly and include a digital transformation component and will therefore be done gradually. Society and markets move at a breakneck speed, but a company can give itself tools that will make it more flexible and allow it to adjust quickly.

You should also make sure you involve all the teams so everyone understands the strategy and transformation objectives and moves in the same direction.

Changing the corporate culture

A recent survey conducted by our firm with Québec businesses revealed that 29% of them believe that the traditional corporate culture is a main obstacle to digital transformation.

Technological evolution is not a one-time event. Solutions must be developed over time to adapt to ongoing changes in society. In order to stay ahead of the curve, it is in your best interest to foster a culture of innovation within your organization.

In addition to anticipating and responding to marketplace fluctuations, you’ll find it to be a way to better engage your teams, encourage their involvement and nurture talent.

Some technologies make it easier for people to interact and encourage them to collaborate more and share ideas, even remotely. At a time in history when a hybrid work model is becoming the norm in some industries, it makes sense to put in place communication channels that value employees’ contributions to your company’s growth and promote efficient work and increased productivity.

Successful growth can only be achieved with a culture of innovation that propels teams or a plan to make technology and digital transformation part of the business strategy.

We suggest that you take this questionnaire in order to properly assess your needs. You will know which aspect to focus on first and be able to measure your level of preparedness by comparing your progress with that of other organizations in your sector.

Of course, at any time, you can contact our team of experts who can assist you in your analysis and developing your action plan.