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FEI Canada publishes two monthly newsletters free to our members: FAR (Finance and Accounting Review) and Xpress.

These newsletters provide the latest information on FEI Canada programs and services, as well as financial management news supplied by our National Strategic Partners. We work to ensure our members are up-to-date on new and emerging issues and trends.

The Finance and Accounting Review (FAR) newsletter provides you with information about:

What's happening in financial management Canada-wide and internationally
Technical issues
Time-sensitive organizational issues

You can expect to see this newsletter in your inbox the beginning of the month.

The information in FAR is gathered by FEI Canada through our own research through CFERF as well as through our National Strategic Partners.

The Xpress newsletter keeps you informed about:

What is happening at FEI Canada
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The job bank

F.A.R. – July 2024 Edition

The Big Stay: 77% hesitant to move jobs due to job security

77% not looking for a new role because of concerns around job security in a new firm
80% put job security over pay, when considering a new role
65% state that the economy plays a ‘significant role’ in whether to move jobs
74% of companies say that questions around job security come up during the interview process
82% of companies have seen an increase in job offer declines this year
67% of companies are now trying to be more ‘transparent’ about their company performance, in order to attract professionals who may be concerned over stability
27% not transparent at all about their financial health, for fear of putting professionals off applying.

Over three quarters of Canadian professionals (77%) have admitted that fears around job security is preventing them from moving jobs.

Two thirds (64%) have stated that job security is a concern (on varying scale) when considering a new role, while 13% admit that fears around new job security has stopped them from applying for a new role in its entirety.

The findings come from a recent poll from global recruitment consultancy Robert Walters – which unveils the unprecedented number of professionals who are choosing to remain with their current employer, a phenomenon which the recruitment firm calls ‘The Big Stay.’

Martin Fox, Managing Director of Robert Walters Canada comments:

“It was just three years ago where we saw evidence of The Great Resignation – where professionals were taking new job opportunities at a record high, which was also matched with high new starter salaries.

“The emergence of ‘The Big Stay’ is testament to the volatility of the economy – which has had a severe dent on business and employee confidence.

“On the one side we are seeing a month-on-month decline in the number of new permanent job roles – underpinned by risk averse organizations trying to be cost conscious. And on the other side – employees are choosing to stay put, and in the process sacrificing better pay, progression, and skills development that they could gain elsewhere, in the belief that they may be more ‘secure.’

“Economic growth is underpinned by labor movement – organizations need fresh perspectives in order to remain competitive, and employees need movement in order to not remain stagnant or pigeonhole themselves. Statistically professionals who move jobs more often will earn more over their working life than someone who has chosen to stay put.

“A prolonged trend of ‘The Big Stay’ will be counterproductive for Canada’s economy.”

Shift in Priorities

An overwhelming 80% of Canadians state that they would now prioritize job security over pay – with over a quarter (27%) admitting that this was not something that ‘crossed their mind’ before, but does now.

In fact, 74% of Canadian employers stated that prospective employees now bring up the topic of ‘job security’ during the hiring process - with 53% stating that this has been a more recent occurrence in 2024.

When asked further on renewed priorities, two thirds of professionals (65%) state that the state of the economy plays a ‘significant role’ in their decision on whether to move roles – with inflation (40%), unemployment rates (21%), and GDP growth (4%) being primary considerations.

Martin adds: “There is clearly a lot playing on the minds of professionals at the moment – even if a company can promise job security, the unstable economic environment is casting some serious doubts over any important life and/or career changes.”

Companies Struggle to Attract

82% of hiring managers stated that they have noticed an increase in prospective employees declining job offers in 2024 – with the large majority (52%) stating that this is down to salary or culture fit, followed by concerns around job security (16%) or company stability (14%).

As a result, 67% of companies have stated that they have made changes to their recruitment strategies in order to address concerns prospective employees may have over job security – these include; sharing growth plans (52%), and being upfront about company performance (11%).

Just 4% have stated that they are more open about industry challenges – with many companies worried this may deter professionals from joining them.

When it comes to the financial health and long-term company plans, organizations are increasingly taking a more transparent approach – a third claim that they are now very transparent (34%), followed by somewhat transparent (24%) and slightly transparent (15%).

Over a quarter (27%) state that they are not at all transparent about financial health of the company during the recruitment process.

Martin adds: “It’s a tricky one for employers to know whether some details about an organization may deter professionals from accepting a job offer. However, from my experience, when a company is fully transparent about their financial position or industry barriers – this only helps to ensure that the ‘right fit’ accepts the job and is frankly ‘up for the challenge.’

About Robert Walters

With more than 4,200 people in 31 countries, Robert Walters Group delivers recruitment consultancy, staffing, recruitment process outsourcing and managed services across the globe. From traditional recruitment and staffing to end-to-end talent management, our consultants are experts at matching highly skilled people to permanent, contract and interim roles across all professional disciplines, including: Accountancy & Finance, Banking & Financial Services, Engineering, Human Resources, Information Technology, Legal, Sales & Marketing, Secretarial & Support, Supply Chain & Procurement. www.robertwaltersgroup.com

For media enquiries contact:

Georgia Peglar

Senior Marketing Executive

Robert Walters

E: georgia.peglar@robertwalters.com

Launching The Velocity of Risk: Marsh’s 2024 Global Technology Risk Study

Understand how the reset in the technology industry with global economic challenges is shifting perspectives on risk management in our latest edition of Marsh’s global technology industry risk study: The velocity of risk. In an era where technology evolves at breakneck speed, The Velocity of Risk offers a crucial deep dive into the accelerating challenges and opportunities facing risk managers today.

With insights gathered from over 200 tech companies across 16 countries, this study is your compass in the storm of economic uncertainties, regulatory complexities, and the transformative impact of Artificial Intelligence (AI). Highlights of the study explore issues and topics such as:

Increasing catastrophic technology risks – especially ransomware attacks.
How catastrophic risks are being discussed at technology companies.
Respondents’ dissatisfaction with current insurance solutions for addressing key risks.
Increasing insurance costs for technology companies.
Steps technology companies are taking to the tough insurance market.
Risk categories of greatest concern to businesses

Download the full report for a deeper dive into the global technology industry risks, covering key themes like:

Data security, regulatory compliance, and AI-related risks are emerging as top risk concerns, and the complexity and pace of change have heightened concerns across all risks
The emergence of AI and its rapid adopting – 81% of companies surveyed leveraging this in some form – bring with it concerns about AI design failures and usage errors
Companies are exploring alternative risk programs by increasing retentions and considering new insurers to optimize risk management strategies in a cost-effective manner

Click here to download: https://www.marsh.com/ca/en/industries/technology/insights/tech-risk-study/tech-risk-study-report-download.html

How Finance and Accounting Leaders Can Maximize the Potential of a Multigenerational Workforce

Finance and Accounting leaders who view their multigenerational workforce as a source of competitive advantage have the right outlook. Of course, it can be challenging to create a cohesive and productive work environment when you have four or even five different generations working in your organization. But harnessing the strengths of each group can create significant upside for your business — and help position your department for future success.

There are several compelling benefits that come with having a multigenerational team, for example improved retention. Taking the time to understand what motivates all your employees to perform at their best is vital to holding on to top talent. When employees feel valued and understood, regardless of their age or level of professional experience, they are more likely to be engaged and loyal.

Here are some other advantages:

Access to diverse perspectives that help drive innovation: A workforce composed of multiple generations offers a rich diversity of thoughts and opinions ready to be tapped. Seasoned employees bring decades of experience and deep industry knowledge, while up-and-coming professionals can introduce fresh ideas and new approaches. This blend of perspectives can lead to more creative problem-solving and innovation.
Greater ability to build well-rounded teams ready to tackle diverse challenges: Each generation of workers possesses distinct skill sets that can deepen your team’s readiness to pursue new opportunities and adapt to change. Baby boomers and Generation X employees, for example, often have strong leadership skills and a thorough understanding of business processes. And millennials and Generation Z tend to be particularly adept at using the latest technology and digital tools, which can help you to modernize your firm’s operations.
Mentorship and knowledge transfer: The coexistence of multiple generations in the workplace provides a natural environment for mentorship. Experienced team members can share their wisdom and insights with colleagues just starting to forge their career path. And less traditional arrangements, like reverse and peer-to-peer mentoring, can help create a more inclusive learning environment for everyone who is keen to learn and grow professionally. Making the point to deploy generationally diverse teams on projects can help to foster organic knowledge sharing, too.

Strategies to create a high-performing multigenerational workforce

You can take several approaches to maximize the potential of a multigenerational workforce. Encouraging cross-generational collaboration through mentoring arrangements and the creation of diverse project teams was already mentioned. Here are three more strategies to consider:

1. Offer flexible work policies

Robert Half’s Demand for Skilled Talent report notes that a common cause of turnover in today’s workforce is employees’ desire for flexible work options. As such, leading employers recognize that hybrid work arrangements can help them retain top performers and attract skilled candidates.

Offering these and other arrangements, like the ability to work flexible hours, can help you address the various needs of your employees across generations.

2. Provide continuous training and development

Prioritize efforts to foster a culture of continuous learning and create generationally inclusive programs that cater to employees’ diverse learning preferences. In addition to mentorship programs, you could offer access to learning options such as in-person workshops and online courses, including those that can help everyone ramp up with new technology like generative AI.

Be sure to regularly assess and adapt your learning programs to meet your employees’ evolving needs and career stages, leveraging feedback from staff members across all age groups. This can help promote employee engagement. And when you take the time to understand what your workers want, you can create meaningful career pathways for them and more confidently develop succession plans.

3. Maintain effective communication channels

Each employee is unique and acknowledging that can help you be more successful at managing a multigenerational workforce. It’s good practice to adapt your management style to suit the strengths, personality, and aspirations of each individual employee. That said, you’ll still need to take generational preferences and expectations into consideration, especially when it comes to communication.

For example, you may find that your employees in the baby boomer set have no issue hopping on a video call when needed, but they might prefer to have face-to-face meetings or phone calls. Your Gen X employees, meanwhile, might favor email communication. And your team members from Generation Z might be avid users of instant messaging apps.

Your challenge as a leader is to be ready to communicate effectively through all channels your staff members use at work. As for your overall approach, strive to be clear, concise and adaptable in your messaging, encourage open dialogue, and actively solicit and listen to feedback from your team. This will help ensure that employees from every generation in your workplace feel heard and valued.

With thoughtful and inclusive policies, programs and approaches, you can realize benefits from a generationally diverse workforce that far outweigh the challenges of managing such a team.

Canadian business leaders embrace risks of AI, citing competitive advantage

Canadian business leaders have seen significant productivity gains with the use of generative AI, and they are willing to accept more risk to jump ahead of the competition, according to a new report from IBM.

In fact, nearly two-thirds (64%) of Canadian CEOs believe that gaining competitive advantage depends on having the most advanced generative AI capabilities. That’s higher than the global average of 59%.

As organizations transition from experimentation to implementing generative AI, the potential business impact is enormous. No surprise then, that more than one in three Canadian business leaders (35%) are using AI to drive efficiency and cost savings, significantly higher than the global average of 26%.

Besides productivity gains, generative AI is also contributing to the creation of new jobs – while exposing the growing tech skills gap.

In this high-stakes environment, CEOs must strike the right balance between caution and courage—while moving faster than ever before.

How AI is transforming the workforce

As generative AI continues to shake up how work is done, CEOs are rethinking how skills, experience, and job roles relate to each other to make the most of their talent investment. While 59% of surveyed Canadian CEOs say their teams have the skills and knowledge to incorporate generative AI, more than half of companies (52%) are hiring for generative AI-related roles that didn’t exist last year.

It's unlikely the task of finding quality talent will get easier anytime soon, as 58% of Canadian CEOs say they are already struggling to fill key technology roles. Overall, CEOs say 35% of their workforce will require retraining and reskilling over the next three years – up from just 6% in 2021.

The augmented workforce of the future promises to create more value than people or machines can deliver alone, but CEOs must identify the people doing tomorrow’s jobs today and tap their experience to define how work should be done in the future.

Demystifying generative AI for employees

Although business leaders consistently say AI technology will support human employees — not replace them – employees need help to fully understand that generative AI does not threaten their jobs but instead offers advantages across a wide range of roles in the workplace.

Once they appreciate how this technology can make their jobs easier—and more rewarding—organizations could see a major uptick in adoption.

Investing in training can help ensure that each employee across every department understands how generative AI can be applied to their specific contexts, both today and in the future.

Emphasizing hands-on experience, encouraging experimentation, and fostering a culture of continuous learning will be key in making generative AI an integral part of everyone's toolkit and driving collective innovation and productivity.

Facing the six realities that impede success

There are six realities CEOs must address— from people challenges to operations hurdles to data and technology limitations—to edge out the competition in the age of generative AI.

Your team isn’t as strong as you think. You can’t plug tomorrow’s team into yesterday’s operating model. It’s time to take a fresh look at your talent, identify skills gaps, and determine how to fill that gap.
The customer isn’t always right. Customers don’t always know what they’ll want tomorrow. That’s why product and service innovation is cited as the top priority for CEOs for the next three years.
Sentimentality is a weakness when expertise is in short supply. Striking the right mix between familiar faces and fresh ideas will be crucial as CEOs push their teams to innovate.
Sparring partners make the best leaders. Over the next three years, CEOs will lean on CFOs, COOs and CTOs to make pivotal decisions. Breaking down barriers between IT and the business with a clear focus on business value will help restructure the C-suite for success.
People hate progress. 64% of CEOs surveyed say succeeding with AI will depend more on people’s adoption than the technology itself. Finding the pain points that create employee pushback on generative AI adoption will help improve what’s not working.
Tech shortcuts are a dead end. To build a resilient enterprise, CEOs need to prioritize the tech investments that will support long-term business strategies. They must set specific timeframes for mission-critical upgrades and ensure generative AI use cases are aligned with the enterprise vision.

Balancing risk with reward

We are in a defining moment. To gain an edge with generative AI, forward-thinking CFOs and other business leaders are focusing on building the capabilities that will let them pivot quickly as priorities change.

Generative AI has the potential to shake up the way the business works, driving unprecedented productivity and revealing new avenues for growth. If organizations remain agile and willing to take risks, they can jump at new opportunities as they appear. Getting there requires assessing their organization’s tech-readiness, market position, and skills and capabilities gaps.

By facing the realities that are holding them back, business leaders can unlock the generative AI opportunity – driving growth and success in a future defined by disruption and change.

LEARN MORE. Read the newly released IBV CEO Study 2024: 6 hard truths CEOs must face

Fire safety awareness and prevention for businesses

Fire safety is a critical aspect of ensuring the well-being of employees, customers, and the overall continuity of business operations. Investing in fire safety preparation, education, and prevention is a small price to pay compared to the potential losses that fires can cause. By implementing effective fire safety measures, businesses can significantly reduce the risk of fire incidents and minimize potential damage.

Consequences of inadequate safety measures

The failure to prioritize fire safety can have severe consequences for businesses, such as:

Injuries and loss of life: Neglecting fire safety measures puts employees and customers at risk of injuries or even fatalities. This can lead to legal liabilities, emotional distress, and reputational damage.
Legal penalties: Non-compliance with fire safety regulations can result in fines, closure orders, or legal action, leading to financial losses and damage to the business's reputation.
Property damage and loss: Fires can cause significant damage to property, equipment, and inventory, resulting in substantial financial losses.
Business interruption: Fire incidents can disrupt business operations, leading to temporary or permanent closure. This can result in revenue loss, layoffs, and negative impacts on employees and their families.

Employee education and preparation

Engaging your employees in conversations about fire safety helps to enhance awareness of fire hazards. This practice helps them become more adept at identifying risks within the workplace and taking appropriate measures to mitigate them, thereby reducing the overall fire risk. By providing employees with regular fire safety training sessions, you can help ensure they are aware of the latest regulations and best practices.

When educating your employees on workplace fire safety, provide them with a comprehensive fire prevention plan outlining their responsibilities in identifying combustible materials, recognizing existing fire hazards, and handling heat-producing equipment. Your fire prevention plan should include:

A list of all major fire hazards, proper handling and storage procedures for hazardous materials, potential ignition sources and their control, and the type of fire protection equipment necessary to control each major hazard.
Procedures to control accumulations of flammable and combustible waste materials.
Procedures for regular maintenance of safeguards installed on heat-producing equipment to prevent the accidental ignition of combustible materials.
The name or job title of employees responsible for maintaining equipment to prevent or control sources of ignition or fires.
The name or job title of employees responsible for the control of fuel source hazards.

In conjunction with the fire prevention plan, develop an emergency response team responsible for effectively guiding and ensuring the safety of others. It should comprise individuals properly trained in emergency procedures, fire safety, and evacuation plans. Equip each team member with a specific protocol to follow in the event of a fire emergency, so that they can possess a clear understanding of their respective roles and responsibilities in safely evacuating everyone involved — especially those individuals with disabilities or special needs.

Be sure that evacuation procedures are well-defined and communicated to all employees. Regular drills should be conducted to familiarize everyone with the evacuation routes and assembly points.

Key fire safety measures

To help ensure fire safety, businesses should have measures in place that are specially designed for your facility’s use case. Property risk engineers can help you conduct thorough fire risk assessments to identify potential hazards and recommend appropriate preventive and mitigating measures.

These recommendations often include:

Fire detection and alarm systems: Installing reliable fire detection and alarm systems, such as smoke detectors and fire alarms, is essential for early detection and timely evacuation.
Fire suppression systems: These active fire protection methods, such as sprinkler systems, are crucial for limiting the spread of fire, so that employees can evacuate safely.
Fire extinguishers: Placing fire extinguishers at strategic locations throughout the premises is vital. Employees should be trained on how to use them effectively.
Emergency lighting: Installing emergency lighting helps ensure visibility during power outages or low-light situations, aiding safe evacuation.
Fire safety signage: Clearly marked fire exits, escape routes, and assembly points with illuminated signs help guide individuals to safety.

Proper maintenance and regulatory management

Establishing and following a maintenance plan is vital for reducing your business’s fire exposure. While maintaining a clean and hazard-free workplace significantly reduces the risk of a workplace fire, ensuring your fire protection methods are in working order is crucial for limiting any damage. Businesses should also include taking steps to stay up to date with fire prevention regulations in their maintenance plan.

Typical housekeeping maintenance measures include:

Appropriate storage of chemicals
Immediate cleanup of chemical spills, oil, or other combustible materials
Ensuring hallways and fire exits are clear and unobstructed
Proper containment of trash
Ensuring sprinklers and extinguishers are unobstructed

To help ensure your fire protection equipment will function properly in a time of need, regular inspection, testing, and maintenance is required. Property risk engineers can help guide you in creating a maintenance plan appropriate for your facility. By consulting with them regularly, you can increase your confidence in the viability of your fire protection measures, and that your business is aware of and in compliance with the latest fire protection regulations.

Fire safety awareness and prevention are crucial for businesses to protect their employees, customers, and assets. By implementing effective fire safety measures, developing and following a maintenance plan, and educating their employees, businesses can minimize the risk of fire incidents and their potential consequences.

Contributors

Thank you to our contributors, FEI Canada's National Strategic Partners:

For questions or concerns, please contact the Editor.
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