 Your new post is loading...
Approaches to HR planning has changed significantly, and they will continue to do so. Amongst the many impacts Covid-19 has had, it’s proved that remote working is not only possible for the banking sector, but that in the right circumstances it can be more productive than traditional working models. This will create significant demand amongst the talent market for a continuation, and has of course forced businesses to change their approaches to how they think about things like the geographies in which they recruit from and how they retain top talent.
Struggling to identify top talent? Highly talented staff are like gold dust. So in the high pressure world of finance and banking, we know that your organisation will be keen to find them, nurture their potential, and keep them with you through dedicated development programmes and heightened access to opportunities. But how do you identify your high potential talent in a robust, evidential and non-biased way in the first place?
Read the full article at: internationalbanker.com
The role of hospital and health system CFO has changed in recent years. CFOs are now change agents within their organizations and are deeply embedded in the day-to-day operations of the business. Speaking on a panel called "The Evolving Role of the CFO" at the Becker's Hospital Review 8th Annual CEO + CFO Roundtable in November, a panel of health system CFOs and finance leaders from across the country discussed how the finance chief role has changed and expanded. The five panelists were: - Jeanette Wojtalewicz, senior vice president of Omaha, Neb.-based CHI Health
- Nicholas Mendyka, vice president of system finance operations at Minneapolis-based Allina Health
- Doug Welday, CFO of Evanston, Ill.-based NorthShore University HealthSystem
- Kris Zimmer, CFO of St. Louis-based SSM Health
- Mike Browning, CFO of Columbus-based OhioHealth
Here are three takeaways from the discussion: 1. CFOs are strategic leaders. The panelists noted that younger CFOs — those in their early 30s — come to the role with a fresh viewpoint. They are strategic and drive performance across the organization. Though CFOs who have been in the role for a decade or two may have a more traditional viewpoint, they're adapting to the role of the modern CFO and embracing their more strategic position. 2. CFOs need different skills than in the past. The CFO role has expanded beyond traditional finance and accounting, and the skills CFOs need have changed too. When recruiting new members to their teams, the CFOs on the panel said they look for candidates with natural curiosity, data visualization skills and natural leadership abilities. 3. Clinician-finance partnerships are important. New payment models link quality of care to reimbursement, making it vital for CFOs and their teams to develop an understanding of the clinical side of the business. This has caused some health system CFOs to change their approach to training. The panelists said they try to help their teams develop an understanding of each department and learn how clinical and finance are connected.
Editor's note: This article is one in a series on how to answer some of the toughest job interview questions. Read about how to answer the prompt, "Tell me about yourself" here. When you're trying to put your best foot forward in an interview, answering the dreaded question "What is your greatest weakness?" can feel like a step in the wrong direction. "Candidates mess this question up the most," said Tom Gimbel, founder and CEO of LaSalle Network, a staffing and recruiting firm that specializes in accounting and finance staffing and recruiting services. "They say, 'I'm a perfectionist' or 'I care too much about work.' They try to turn a positive into a weakness to look good, but that's not helpful." Instead, use this question to deliver information that helps the interviewer get to know you better — warts and all. We asked human resources experts for their insights on handling the weakness question, and they offered advice on how to address the question and come away unscathed. What the hiring manager wants to learn By asking this question, "the interviewer is likely interested in hearing about your personality traits," said Sarah McEneaney, U.S. digital talent leader for PwC. "This answer can give potential employers quite a bit of insight into your level of self-awareness and commitment to professional growth." The question also reveals potential obstacles the candidate might bring to the position, said Sue Arth, a San Diego-based career consultant who coaches people in the accounting field. She said the interviewer is really looking for answers to these questions: - Are you self-aware?
- Can you accept feedback and do something about it?
- Are you flexible? Can you adapt to new situations and people?
- Do you have good judgment and problem-solving skills?
Good strategies for answering the question The most important way to answer the question is to be honest, Gimbel said. "Share a mistake you've made," he suggested. "For example, you could say, 'I used to take criticism personally, but I've been working on this with my manager.'" This type of answer is best because it presents a real weakness as well as a plan on how you're working to overcome it, Gimbel said. "The recruiter really wants to know what you're doing to fix the weakness," he said. Don't merely mention the weakness but also "add plenty of context and a specific example or story of how this trait impacts your professional life," said McEneaney. "Explain how you have grown and learned from your weaknesses, and emphasize that you are open to new experiences and feedback." Arth offered this example of a good answer: "I get anxious when I am given a new project to work on, especially if the objective is not clearly defined or it is something I haven't done before. In the past, I found it is better for me to write out my plan of action and any questions I have, and then verify this with the project manager. That way, I have a better understanding of the project, and it eases my anxiety to be prepared before I start something new."
While finance professionals aren’t traditionally associated with the customer experience, in some organisations, such as insurance companies, they are playing a crucial role in this area. When you consider that the finance department tends to be the final step in the buying process, it becomes less surprising that they are as vital to the customer experience as the sales department. Consequently, ensuring they provide a good level of customer service is essential to encourage repeat custom, particularly as it costs companies six to seven times less to retain a customer than to acquire a new one. With research from PwC finding that almost a third (32%) of customers will stop doing business with a brand after just one bad experience, businesses need to make offering an improved level of service a priority. Here are three ways finance teams can help their organisation provide elevated customer experiences: Customer segmentation Anything that makes things easier for customers will ultimately improve their experience and this is something finance departments can do through the use of customer segmentation. Although its use is more commonly associated with improving the credit control processes, it can also be instrumental in enhancing the customer experience. As finance departments are primarily focused on receiving payment for invoices, tailoring services to customer needs and doing everything possible to enable them to pay on time are a must. Therefore, the more the finance team knows about the customer, the better. This information can be used to adopt a personal approach based on identified needs and requirements. For example, it’s possible to find out how customers want to be contacted, whether that’s via email, phone or perhaps even WhatsApp, and how they like to pay. This data can also be used to group customers into segments and create corresponding workflows which determine how the business interacts with individuals, for instance.By segmenting customers, the finance team can build a better understanding of them and therefore better meet their needs,maintain satisfaction and build a close, long-term relationship with them. Streamline processes Additionally, to improve the customer experience, it is pivotal that finance departments remove friction from and streamline the payment process. The most effective way to achieve this is by offering better digital capabilities and more varied payment options, such as via direct debit or by sending a link to a payment platform. Additionally, more finance departments are adopting technology which allows them to automate repetitive processes that until now have been done manually. As a direct result of this, more time can be spent providing better customer service and focusing more closely on the higher value accounts or those experiencing financial difficulties.
|
A career in finance isn't all about money, though it starts there. For the business graduate, earning a degree is just the beginning. What's left is to take a closer look at the available career options and then to measure which industry sectors have the greatest need for new professionals. It's also important to consider your own interests and strengths as you discern the type of work that you'd enjoy and at which you would excel. The Financial Services Industry The financial services industry is multifaceted, offering a variety of positions that cater to different skills and interests, along with sub-industries that encompass niche opportunities. Researching the possibilities in financial services will help you to land the job that has is most compatible with your interests and skills. The same is true for professionals who are seeking a career change and who want to give a new sector a shot. The sectors below represent some of the more common career paths in the financial services industry.
Read the full article at: www.investopedia.com
The list of possible careers is an incredibly large one. To those trying to decide on a path for the rest of their life, it may seem to be an endless list. So many possibilities and a variety of specialties within each career path. There are many decisions to make when it comes to choosing a career for yourself. However, if you have already chosen a path to take, you are now in the position of needing information on how to achieve your goals. One excellent career choice is that of a CPA. If you are interested in becoming a CPA or have already decided that this is the career for you, it is time to begin the process to achieve this. If you are not entirely certain, you still need to take steps to determine whether or not this is the best path for you and your life. This is exactly the type of information that you will find here. Details about what steps need to be taken to become a CPA, tips on deciding if this is what you want to do, and what all being a CPA entails. Before making a decision, you must first have all the information about what exactly a CPA is and what they do. This particular acronym stands for Certified Public Accountant. The goal is to assist clients in planning and reaching their financial goals. an accountant of this status has the option of working with individuals, small businesses, large corporations, organizations or any size, or all of the above. The most common areas of work are corporations, non-profits, organizations, government offices, and other similar companies. The first step is determining if you truly want to be a CPA. While no one can make this decision for you, there are a few tips that can help you make your decision. The first tip is incredibly simple, research. Rest assured that research is your new best friend. First on the list of things to research is information about average salary, demand in your area (or the area in which you intend to work), and the exact requirements for your state. We will be talking about general requirements that must be completed regardless of what region you are in, but there are some that vary by state. During this stage of your research, you will be learning vital information about exactly what you will be getting yourself into if you choose this particular path. The more you research about what it is really like to be a CPA, the more you will understand, not only about the job but about yourself as well. This is a crucial point in the process of making a decision. The second step is to study then take and pass the uniform CPA exam. This is a long, in-depth examination that is necessary to be certified as a public accountant. The exam takes sixteen hours to complete and it is entirely computer-based testing scenario. There are four distinct parts to the exam The first is Auditing and Attestation (AUD). The second is Business Environment and Concept (BEC). The third is Financial Accounting and Concepts (FAR), Financial Accounting and Reporting (FAR). The final section is Regulation (REG). This exam is designed to assess the entry-level skills of the potential public accountant. This exam must be successfully completed to become a public accountant; however, there is no such thing as a national CPA license. This means that if you get a license in one state and later move to another state, you will have to get recertified under the regulations of that state. There are a few other requirements. Some states require an ethics exam to be taken before you can become licensed. Other requirements including experience and other testing is determined based off of the state you are planning to practice within. So many requirements differ from one state to the next. This is where more research is a necessity. Search engines are a fantastic lifeline when it comes to determining what the requirements are for your region. It is generally best to stick to general search terms such as “CPA licensing requirements in *insert state here*”. Before you can challenge the uniform CPA exam, you must have the opportunity to learn the information that you will need to pass the exam. Many states require licensing applicants to have at least one hundred and fifty (150) credit hours from an accredited college. You do not have to have a masters degree, but you do need to have a good education base. This can be in a myriad of educations courses. It is recommended to have at least some education in the realm of business as well as that of accounting. Many people wonder if there is a difference between an accountant and a certified public accountant. This is a somewhat difficult question to address because the answer can be thought of as both yes and no. Consider that all CPAs are accountants, but not all accountants are CPAs. The main differences are time invested and education. Because of this, it is best to decide if this is what you want early on so as to get a jump on the courses and credit hours that you will need.
The finance industry is an exciting global industry that is constantly advancing and expanding. There are so many reasons why you would want to join such an exciting and powerful job sector. Not only are the possibilities endless when it comes to career paths but for destinations too. Companies are expanding to new exciting areas of the world and with this expansion, comes a high demand for finance professionals. By pursuing a career in finance, you are opening the door to thousands of exciting opportunities, including places that you may not have considered moving to. If you are looking for a job in this exciting sector, it’s time to start your searching for a career in finance today! 1. It’s a dynamic industry The finance sector is one of the most forward-thinking industries in the world. It's an industry that is undergoing constant change and growth. Thanks to the introduction of new markets, new laws and legislation, new technology, and a more globalised finance market, the industry is moving into a newer, more exciting direction. Thanks to these exciting changes, finance jobs require more technical skills and the hunt for these dynamic & tech-savvy candidates is bigger than ever before. 2. It’s exciting, challenging & fast-paced The finance industry runs at an exhilarating pace and as a finance candidate, it’s important that you enjoy keeping up to the faster pace of work. Lots of people who work in the finance industry enjoy the many challenges that they face on a daily basis. Almost every finance job requires problem-solving skills and some of your day-to-day tasks may involve fixing complex problems for large or small companies. If you are someone who thrives from this type of activity in a fast-paced environment, a career in finance is the one for you!
As uncomfortable as it might make you feel, money really does make the world go around. Our lives are often influenced by what happens within the financial world, whether directly or indirectly, so it’s not surprising so many graduates decide they want to be more involved by working within the finance industry. According to the United States Department of Labor’s Bureau of Labor Statistics, roles in the finance industry are expected to grow by 10 percent by 2026. This growth is faster than the average for all occupations, adding about 773,800 new jobs. A growing economy, globalization, and a complex tax and regulatory environment are expected to continue to lead to strong demand for employees in the finance sector. But before you make a name for yourself in the finance world, you need to get recruited. How financial recruitment differs The recruitment industry faces different demands dependent on individual sectors. As the financial market is constantly evolving, companies need to surreptitiously hire employees with clearly-defined skills in accordance with stringent regulations. Some of the requirements in financial recruitment include: - Financial employees must be vetted according to stringent guidelines
- Rigid regulations can make it hard for firms to recruit top talent
- Market drives the demand for specialist and clearly-defined skills
Find out how Barclays recruiters find the best MBA students here. The interview You've made it to the interview stage, and now it’s time for you to turn your prospective employee status into a job offer. When the interview comes to an end, it’s important to show finance recruiters how you stand out from the crowd. - Show you’re an attractive candidate
During your interview, it won’t go amiss letting the interviewer know you’re in demand. Show the interviewer you understand the company’s strategic terrain and are able to provide insight and understanding of their competitors’ plans and how to react accordingly.
|
