Positioning your organisation to succeed
As part of the ACCA Scotland Annual Review and AGM we
invited Peter Russian (CEO of Investors in People, Scotland) and Tony Osude (Head
of Professional Development, ACCA) to give us their thoughts on how important
people are in developing your organisation in any economic climate.
During his presentation Peter suggested that
in the current economic climate, organisations are looking at survival,
increased efficiency, cost reduction and making sure that the future strategy
is right. In doing so, organisations have to ensure they maximise productivity
and this can only be done by keeping your people involved.
Peter went on to
discuss the ways to get the best from your most expensive resources, ranging
from matching the right skills to the right jobs to ensuring managers are aware
of the impact they have on their team's productivity and performance. Staff
involvement can be summed up as, recognition, development, communication,
feedback and involvement.
Peter left the
audience with a list of five things that could make a difference to their
presentation was based on the recent ACCA Insight paper Perspectives on talent management in challenging times.
- review your objectives and what you need
from your people
- champion good management practice
- ensure CPD includes leadership and
- find out more about what works
- ask yourselves how great are we?
It is increasingly recognised that finance
professionals and the roles that they perform are central to the performance of
an organisation. This centrality means that a changing external business
environment will have a direct impact on the roles accountants undertake and
the skills, knowledge and experience of value to employers, but also it will
shape the career aspirations they hold. Therefore, it's critical organisations
get the recruitment, development, retention challenges right.
At the moment there is an
understandable concern in businesses of all sizes regarding the current global
economic conditions. ACCA's concern is that these businesses will react with
short-term measures to cut cost rather than considering the businesses'
Even in these difficult
times, staff cuts should always be a last resort. Now is a good time for
businesses to invest in their current talent pool and to add depth to that pool
through continued investment in training and professional development.
Tony highlighted the
economic challenges many organisations are facing right now are unprecedented,
but experience tells us that those organisations that take holding positions or
'paths to growth' strategies with corresponding investment in people, typically
are the fastest to recover and enjoy more sustainable commercial success over
the longer term.
Getting talent management
practices right is now more important than ever, particularly with renewed
organisational focus on returns on investment - it needs to be a key business
imperative for organisations.