Category: Management & Leadership

According to a new study released on August 28 by the American Psychological Association (APA), the top reasons given by U.S. workers for remaining in their current jobs include the ability to maintain a positive work-life balance and getting general enjoyment out of their work.

The APA’s Workforce Retention Survey was conducted by Harris Interactive and asked 1,240 working adults about the importance of a number of factors that contribute to decisions about remaining in a job rather than seeking a new one. Benefits and pay were cited by a large portion of employees, with 60 percent and 59 percent, respectively, identifying those considerations as key reasons to stay in their current positions.

Meanwhile, 67 percent of respondents said they are motivated to stay with their employer because their jobs fit well with the other things that are going on in their lives. The same percentage said they remain in their positions simply because they enjoy their work.

Despite the economy’s sluggish recovery and the relatively high unemployment rate, only 39 percent of respondents cited lack of alternative job opportunities as a reason for remaining with their current employers.

Business leaders should keep these figures in mind when they are recruiting new workers. The APA’s research highlights the importance of hiring individuals who are not only technically qualified, but will fit well within an organization’s culture.

Partnering with corporate recruiters can help a company conduct a targeted search that matches it with professionals who will be motivated to stay in their positions and deliver strong performance levels over time. Recruitment firms can offer expertise in identifying and evaluating leading candidates in order to select the professionals that offer the best fit for a company.

With Tropical Storm Isaac approaching the Gulf Coast, local enterprises and individuals are being subjected to a variety of warnings and advisory notices regarding weather-related threats to their lives and property. Several local governments have even issued mandatory evacuation orders, according to the Washington Post.

For the past few days, windows were being boarded up all along the shore as home and business owners braced their buildings to survive the storm. Residents packed supermarkets and gas stations as they sought to stock up on vital supplies such as food and fuel.

Oil and gas companies have halted production and pulled personnel from their offshore drilling platforms. Several major ports have been closed down as well, including New Orleans, Mobile, Pascagoula and Gulfport.

In a press release, Port of New Orleans CEO Gary LaGrange said his organization had “taken all of the necessary precautions in anticipation of the worst.”

Citing the city’s experience with Hurricane Katrina, LaGrange added “This isn’t our first rodeo.”

However, once the storm passes, life will continue. That’s why it’s important for business leaders to make comprehensive plans that not only protect buildings and property from the weather, but also account for the need to resume operations afterwards. And, businesses in other areas shouldn’t wait until there’s a storm approaching in order to create comprehensive continuity plans.

The professionals at a financial project consulting service can help companies draft complete plans to prepare for contingencies, including extreme weather. Having a thorough plan in place allows a business to mitigate the disruption caused by a storm, or any other precipitous event.

Many executives are aware of the importance of risk management. However, CFO Magazine recently profiled one problem that businesses must confront – the possibility that focusing on “pet” risks can distract corporate leaders and hinder their ability to address big-picture issues.

Pet risks are those that seem particularly important to certain managers, but do not actually present a significant challenge to the business’s overall health. Sometimes, these issues may be inflated by being associated with known problems or larger general risk factors.

Alyssa Martin, executive partner in advisory services at a Southwest regional accounting firm, told attendees of the recent Institute of Internal Auditors conference that businesses should place a high priority on establishing a comprehensive risk management process. She asserted that such a system should be able to differentiate between a true risk facing the business and a simple operational issue, such as an aging piece of equipment that requires repair or replacement.

“For 23 years I’ve seen company management at all levels try to drive their own issues,” said Martin. “But, when it supersedes more urgent risks, it’s not OK.”

Interim financial professionals can help fill the gap for companies that do not have established risk management practices. Working with an internal audit consultant can help corporations identify and address the most pressing risks that are currently facing them.

Alternatively, companies that are interested in hiring an executive with significant risk management experience should contact professional recruiters to aid in their search. Recruitment firms can help businesses conduct fast, effective searches that match them with talented individuals who have the required skills and will fit with the established organizational culture.

Data management has come to play an increasingly critical role in the operations of many companies. The need to carefully organize and control the flow of information is especially palpable for financial professionals.

According to a study of over 300 C-level executives conducted by Oracle, 93 percent of respondents believe that their organization is losing out on potential revenue due to its inability to fully leverage the data it collects. Given this figure, it follows logically that 97 percent of the executives surveyed say that their organization must make changes to improve its ability to utilize information over the course of the next two years.

The adoption of new technologies will inevitably play a role in shaping the way financial professionals do business. And, the proliferation of mobile devices is rapidly changing the way many professionals conceive of computing technology. Especially now that a number of players have jumped into the tablet market in a serious way, business leaders should expect the pace of innovation in that sector to remain fast and fluid.

Also, with Microsoft scheduled to release its new Windows 8 operating system and an updated suite of Office tools, even users of traditional computers should see an expanding array of options for working with business data.

If your company is not prepared to make use of new tools for managing data, it may be beneficial to hire a financial professional who brings technological expertise to the table. Partnering with a firm of corporate recruiters can help a business conclude a fast, effective financial professional search that leaves it in a strong position to capitalize on current trends.

At first glance, this year’s dry conditions may look like a disaster for both U.S. farmers and the equipment manufacturers that depend on agricultural activity for their own livelihood. However, the reality of the situation is more complicated.

Samuel Allen, chairman and chief executive officer at Deere and Co., recently said “This year’s drought could positively influence our outlook.”

J.B. Penn, the chief economist at Deere and a former official with the U.S. Department of Agriculture, explained that, although this season’s orders of farm equipment will be stifled by conditions, there is a strong chance that a significant rebound will occur next year.

Penn points out that the current tightness in the food market will lead to higher crop prices, which will buoy farmers’ financial situation during the next growing season, assuming production returns to normal levels.

This may lead to an increased willingness to invest in equipment. Crop insurance is another factor that will help farmers emerge from the drought on solid financial footing.

It can be difficult for companies to project how current trends will affect their mid- and long-term outlook. Businesses that lack the experienced financial staff to conduct this sort of specialized analysis can benefit from working with professional recruiters to quickly connect with the kind of high-quality financial professionals who can guide their development over time.

For companies not seeking to add new permanent staff members, working with a financial project consulting service can be the ideal solution. An interim investment analyst can help a company determine what sort of spending in the present could drive significant business growth in the future.

Best Buy founder Richard Schulze recently expressed an interest in buying out the company. In a letter to the Best Buy board of directors, Schulze offered to pay $26 per share, which would value the entire company at up to $8.84 billion. The company has reacted cautiously.

Being confronted with such starkly divergent paths can leave executives unsure of how to proceed. Best Buy has clearly decided to keep its powder dry for the time being and has sought to prevent Schulze from making any furtive moves that could prove disruptive for the struggling electronics company.

Business leaders need access to concrete information in order to make the best decisions regarding specific opportunities. Working with a financial project consulting service can help companies assess their options and do what is best for their long-term outlook.

Of course, sometimes what a company needs is simply new leadership. Best Buy, keeping its distance from Schulze and his buyout offer, recently named Hubert Joly as its new CEO.

Previously, Joly ran Radisson Hotels and Country Inns & Suites as CEO of hospitality company Carlson. He also oversaw corporate turnarounds at Vivendi and Electronic Data Systems.

“Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” Hatim Tyabji, chairman of Best Buy’s board, said in a statement. “Hubert’s range and depth of experience in transforming companies is exactly what the company needs at the moment, as is his energetic, imaginative and experienced leadership in executing strategies.”

With his experience turning around large companies, Joly is well suited to lead Best Buy in its current situation. Businesses that are looking to connect with high-caliber professionals can benefit from partnering with corporate recruiters to successfully conduct an executive or financial professional search.

According to a study by research firm TNS, demand for sparkling wine and Champagne is currently on the rise, offering an opportunity to some beverage makers and posing a challenge for others.

Champagne and other sparkling wines could increase their overall share of the global alcohol market from 5.1 percent to 7.8 percent. Survey respondents indicated that their preference for these types of drinks stems from both their superior taste and the sense of sophistication that they afford.

In the U.S., these bubbly beverages’ share could nearly double from 3.5 percent to 6.5 percent.

However, TNS’ research indicates that many consumers are still hamstrung by the cost of sparkling wines. This means that there may be particular opportunities for beverage manufacturers that are able to offer more affordable products, making sparkling drinks accessible for those merely celebrating life, rather than a specific special occasion.

“The study does not indicate that consumers plan to increase their alcohol consumption overall, more that they would like to drink sparkling wines more regularly,” said Jan Hofmyer, chief researcher for behavior change at TNS. “Manufacturers of other alcoholic drinks should take note, as they will need to build loyalty and commitment to ensure their own market share is not affected by this desire to drink more fizz.”

Businesses across a variety of sectors should focus on anticipating and reacting to emerging trends in their target markets. However, recruiting accountants and other financial professionals who are capable of designing fiscally sound plans to take advantage of market trends can be challenging. Some firms may be able to benefit from working with professional recruiters to conclude a fast, effective financial professional search.

For companies that aren’t currently looking to take on additional long-term staff members, working with the interim professionals at a financial project consulting service can be the ideal solution for addressing immediate needs.

The 2009 American Recovery and Reinvestment Act – commonly referred to as “the stimulus” – made government funding available for a wide range of development activities, including the deployment of renewable energy systems at individual businesses.

However, many corporate leaders may not be aware that they can still cash in on the act’s incentives today.

Reimbursement amounts range from 10 percent of the capital costs for geothermal heat pumps and microturbines to 30 percent for solar and wind projects. A diverse group of companies have benefited from this program already, including manufacturers, hotels and furniture stores.

The only requirements are that the business must have completed or currently be in the process of installing renewable energy equipment at their facilities and the project must have been initiated before December 31, 2011.

However, in order to cash in on the incentives, businesses must provide considerable documentation and work with an external audit service in order to verify the amount spent on the equipment and installation, as the cost of the project directly affects the amount of reimbursement that the company is eligible to receive.

Companies interested in seeking financial compensation under the rules of this program must file their claims by September 30, 2012.

Going forward, working with a financial project consulting service can help companies plan their development initiatives in a way that allows them to take advantage of opportunities to benefit from tax credits, grants and other government initiatives, as well as market trends.

Especially for organizations that do not have extensive financial planning staff, partnering with an interim investment analyst can help businesses identify opportunities, evaluate options and execute projects efficiently.

Employee engagement has become a buzzword for professionals in recent years. But, many business leaders may be unsure of how to create conditions in their workplace that will facilitate increased engagement among employees.

And, with the economy still struggling, many firms remain focused on survival, leaving leaders with little time to spend on team building. However, most continue to acknowledge the importance of maintaining employees’ morale and interest in their work. A 2010 survey by the Economist Intelligence Unit found that 84 percent of employers believe alienated employees form one of the greatest threats to their businesses.

Psychologist Robert Hogan told attendees of the American Psychology Association’s annual conference in August that bad management contributes significantly to workers’ stress levels and can affect their engagement and productivity.

Tomas Chamorro-Premuzic, a business psychology professor at University College in London, told USA Today one part of the problem may be that individuals are often placed in situations that do not suit them. The effect can be greatly exacerbated when unsuitable candidates are selected for executive offices or other leadership positions.

“People choose jobs that are not ideal for them,” he says. “The realities of the job market today is to have a job or take an offer without thinking whether it’s the right job for them. That leads to dissatisfaction and complaints.”

This highlights the importance of placing the right professionals in the right positions. Recruitment firms can provide expertise that helps their clients place individuals in jobs where they will be well-suited to their work and remain engaged over the long-term.

Through a comprehensive individualized assessment of each candidate – including an in-depth interview process and contextual research – professional recruiters help companies evaluate their needs, identify leading candidates and recruit their top choice for any given position.

A number of public school districts in the Boston area have begun accepting tuition-paying students from overseas in a bid to bolster their strained budgets.

Arlington, Marblehead and Hopkinton have hosted international students in the past five years. And, communities including Natick, Avon and Burlington are currently awaiting approval from the federal government to begin issuing student visas.

Administrators from these school districts told The Boston Globe that hosting students from abroad offers a “win-win” opportunity for their communities. On the one hand, it adds to the area’s cultural diversity and offers native students a chance to broaden their knowledge of the world. And, it also brings in much-needed revenue for their education systems, many of which have been strained by deep budget cuts in recent years.

“I’m not opposed to pulling in revenue,” said Kevin Meagher, acting business manager of Marblehead, which will host five full-time international students in the coming school year. “We’re not in business for the sake of business, but if we have an open seat, we’re not averse to charging a student who is coming from another country.”

U.S. colleges have been in the business of attracting international applicants for many years. The full tuition paid by foreign students helps institutions offset the rising cost of higher education and expand their program offerings.

For budget-conscious school districts, local governments, non-profit organizations and even private businesses, it is sometimes essential to find creative ways to increase revenues or cut costs. Working with a financial project consulting service can help any organization identify and take advantage of opportunities to put itself on a stronger financial footing.