You’ve successfully attracted the best talent to your business. Now you have to ensure that you retain these invaluable resources.

Recruiting staff has become a major challenge for businesses. Managers have to adapt to a shifting market and generational changes.

In this highly competitive context, your business has to master the art of recruiting as well as retaining and mobilizing employees.

Rethink the corporate culture

The intermingling of generations in an organization can lead to disparity and the need to deal with diverse values and expectations. It’s a factor that managers must consider carefully by rethinking the corporate culture to ensure they retain their talent.

For Gen Xers and Gen Yers, the long-term commitment to an employer is not as important as it is for prior generations. Individual well-being, transversal leadership, innovation, social engagement and working conditions such as flexible hours, salary, the dress code and benefits are key areas on which the new generations focus.

Why not consider undertaking a diagnosis of your working environment? A structured approach could help you rethink your policies, onboarding and integration process or values.

A corporate culture aligned with your business objectives will guide decision-making and behaviours. It will help you stand out from the competition and make your organization an employer of choice.

Review management methods

Fair and efficient management methods will support the implementation of your organization’s strategic directions and enable it to achieve its strategic and financial objectives. These methods could include, among others:

• Aligning your management model and business plan with consistent decision-making leadership;
• Managing future labour requirements based on business objectives;
• Implementing various communication mechanisms that will foster a sense of belonging and develop the corporate culture;
• Introducing recognition programs: they must be positive, genuine and constant;
• Transferring knowledge and developing competencies;
• Managing the performance and career of the strongest talent;
• Focussing on a distinctive offering in terms of the overall compensation package (financial and non-financial);
• Planning the succession to ensure the smooth continuity of the business.

The corporate culture and management methods are key loyalty factors. In the current workforce shortage context, employee turnover is costly. Now more than ever, it’s vital to establish a structured plan to retain resources.

Our team of human resource consultants can support you in all phases of employee management, from hiring to coaching managers. Call on our in-depth knowledge to boost your organization’s success.

The timely production of financial information is a key issue for growing companies. Are your financial statements up to date?

The growth of a business requires the entrepreneur to deal with several decisions involving the expansion into a new territory: hiring additional labour, investing in new machinery and many other strategic decisions.

These decisions are largely based on an analysis of the business’s financial situation. The production of timely financial information is therefore a pivotal issue for growing companies.

Producing financial information more quickly

Generally, financial statements should be produced no later than the 10th day of the following month. As financial reports present the past situation, shortening the production time allows the business to benefit from proactive financial management.

Several factors can accelerate the production of financial information, while ensuring that it is complete, relevant and free from material misstatements.

First of all, the company must define its business processes, that is, the flow of activities to achieve the desired result.

This exercise then allows management and the employees to understand the interactions between each activity, as well as their role and responsibilities within the company.

This first step determines the information required to complete the financial statements and identifies the person responsible for producing this information.

The entity must then determine its information needs, that is, the information it wants to obtain in order to quickly evaluate its performance.

Financial reports should prioritize relevant financial information for decision-making regarding financial statements, sales projections, cash flow monitoring, etc.

Pre-identifying information needs eliminates the time wasted in producing reports that management does not consult.

Technologies and developing skills

In addition, the company must ensure that the employees in charge of the financial information production process have the necessary training and experience to effectively carry out their duties.

Technological changes often require professional development. These training courses can optimize the use of accounting software or encourage the use of various automated tools (such as Excel), thus reducing information processing time.

Lastly, since financial information must be produced quickly, it is important to implement effective internal controls to minimize the risk of error or fraud.

Once this process is completed, the company will be able to accelerate the production of its financial statements and benefit from an efficient administrative team. These factors will allow it to improve its financial situation analysis in order to make informed business decisions.

This article was written in collaboration with Kamille Lambert.

The Organisation of Co-operation and Economic Development (“OECD”) has published on October 9, 2019 its Secretariat Proposal for a “Unified Approach” under Pillar One.

This document is part of the work performed by the OECD on the tax challenges arising from the digitalisation of the economy, and follows a Program of Work that was published earlier this year. The Secretariat Proposal addresses the question of income allocation rules to market jurisdiction, and the revision of the Nexus rules.

More to read on GTI site.