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EOFY – trivia, observations and reflections

I’ve just finished an interview with an accountant… (insert your joke or comment of choice)… for a Financial Controller role. Actually it’s a great opportunity with a small private investment company.

I generally start an interview with an easy general question like, “How’s work?” In this case the response was, “Flat-out! I’m super busy because of EOFY (End of Financial Year).” Makes sense and I’m sure there are thousands of accountants around Australia who are saying the same thing.

According to that font of all modern wisdom, Wikipedia, Australia is one of only a small list of countries that use 1 July to 30 June as the financial year. Others include New Zealand, Japan and Egypt. In comparison the US use 1 January to 31 December and the UK is more unusual, being 1 April to 31 March for government. UK businesses can choose any 12 month period.

Given that much of Australian law and business practices have British origins, you might expect that we would have a similar EOFY. Some sources suggest that our reverse seasons compared to the Northern Hemisphere mean more Australians are on holiday in January and at work in the winter months. I’m not a Mythbuster, so I’ll just say that is plausible.

In my patch of the recruitment world, financial services, three out of four major Australian banks have changed to 30 September as their EOFY. Most other financial services organisations that I work with ie. industry superannuation funds, fund managers, smaller banks, investment consultants and private wealth managers, use 30 June as EOFY.

What I’ve seen in the last few months is lots of strategic planning for next financial year and establishment of budgets. Generally I’d say recruitment intentions are quite positive.

For many of us EOFY is a busy time, trying to complete work. Now is a chance for a quick spot of reflection and strategy refinement: What worked, what didn’t and how can we improve?

OK reflection done, there’s calls to be made!

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Posted in Slade Executive, The world @work

Managing funds with a social conscience

We’ve got the sun. We’ve got the space. With renewables fast becoming big business abroad, it’s obvious that the industry has huge potential here in Australia.

It’s great when you see a local company taking on the challenge. Recently one of my clients, a boutique infrastructure fund manager, was preparing to launch a fund focusing on investment in solar energy. Their initial fund raising target was $25 million, and with the prospect of subsequent equity to be raised at a later date, aimed to raise a total of $75 million. According to the fund manager, when fully invested, we would be talking $100 million. Those are considerable dollars in anyone’s book.

The fund expects to drive the expansion of the solar market by creating employment, supporting Australia’s only panel manufacturer and will produce associated social benefits, such as displacing diesel within remote indigenous communities. In terms of environmental benefits, the project will abate approximately 260,000 tonnes of CO2 annually, equivalent to powering almost 50,000 homes per annum.

The fund was looking for an executive to raise funds from the High Net Worth investor market, but only required support on a part-time basis. They engaged me through Slade Executive to recruit an experienced BDM. The position had the dual appeal of flexibility for a business development professional who was looking for something different from the usual fare in managed funds distribution.

The successful candidate (an outstanding individual, highly experienced in the sector) has a young family and was attracted to the role by the opportunity to make a difference to the environment, not only for the future benefit of their children. They were also comfortable with taking some financial risk (the role is heavily performance based), but most importantly, the candidate believed in the goals of the fund.

While I’m not about taking credit for someone else’s hard work, my candidate has done a fantastic job. In fact they raised $100 million straight-up and the fund has now been closed. Sometimes we recruiters cop a bit of flak for the odd rogue in our midst who has left their social conscience at the door. Ditto the finance industry. So it’s a nice feeling when the stars align and everyone benefits while making a contribution to better the world we live in.

What socially responsible commercial projects have you been involved with?  How has working with an innovative partner in the corporate sector changed your Point of View?

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Posted in Slade Executive, The world @work

Would you want to work part-time if you could?

A client recently asked me to find a Senior BDM for their boutique funds management business. Nothing unusual about that; however, my client only required someone on a part-time basis, three days per week (or equivalent). They were more than happy to provide flexible work hours to accommodate responsibility for kids or a carer’s needs, for example.

There are plenty of people who want flexibility too. Yet, working through the long list of BDM contacts that I have, I was surprised to find very few of the candidates who were ideally suited were seeking a part-time role. The most common responses to my approach were: “That sounds interesting, do you think it could lead to a full-time role for the right candidate?” or “I would love to work part-time, but I can’t afford to take a pay cut.”

From an executive point of view, part-time workers aren’t traditionally associated with highly remunerated roles. Yet, as reported in The Huffington Post last year, a growing number of executives are actively seeking the flexibility of a part-time role, while busting the myth that a top level job can only be accomplished successfully on a full-time basis. As Management Today Deputy Editor Andrew Saunders says, “there are very few jobs – no matter how senior or client-facing – which cannot be done on a part-time basis.”

Similarly, working flexibly shouldn’t be associated with a loss in productivity. Simon Allport is a Managing Partner at Ernst & Young who chose a flexible work model to spend time more time with his family. “At EY, we find offering flexibility makes for a happier, more engaged and more productive team,” he says.

Whilst part-time employment is ideal for many, economic or other realities can still make it unviable for some. In my experience contract roles are often extended beyond their initial term, and working part-time often does lead to a permanent position. Candidates who have that extra level of flexibility can use the opportunity to network within an organisation to further their aspirations.

As it turns out the successful candidate was someone within my network who I have known for many years. Her children are now school age and the part-time role was a perfect fit.

Are flexible working arrangements a perfect fit for you?

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Posted in Slade Executive, The world @work