quinnallan

Why smart finance leaders are staffing up, not pushing through this EOFY

Wed, 20 May 2026 02:12:15 GMT

For accounting and finance teams, the end of financial year is simply part of the job. Unfortunately, that doesn’t make it any less relentless. Reporting deadlines, year-end journals, audit preparation, reconciliations, budget planning for the year ahead, all lands at once, on top of the day-to-day work that doesn’t stop just because the calendar is demanding.

Although most finance teams get through it, there is often an unexpected hidden cost that shows up months later. Finance professionals rarely resign in the thick of the EOFY rush because they’re too busy, and there’s a certain solidarity in surviving a high-pressure period alongside colleagues. However, when the dust settles in July, something shifts. People come up for air, reflect on the past few months, and start making decisions.

It’s no coincidence that August and September are consistently among the busiest months for finance and accounting recruitment. A significant portion of that activity comes from professionals who endured a difficult EOFY and decided, once it was over, that they weren’t willing to do it again.

For employers, this creates a painful irony. The effort your team puts in during your most critical financial period can become the very reason they start looking elsewhere once it’s done.

A CFO at a mid-sized organisation recently faced a situation many finance leaders will recognise. As EOFY approached, her team was strong and experienced but already operating at capacity. The additional demands of the period were coming regardless: increased workloads, all while business-as-usual continued to run.

At this point, she had two choices: to either push the team harder as she had done in the past, and risk burning them out, or bring in interim support to absorb part of the load.

She chose the latter and worked with one of our specialist contract recruiters to hire a Senior Financial Accountant on a three-month contract. This person had a strong technical reporting background, experience with audit liaison, and the confidence to take ownership of balance sheet integrity from day one. Within a week, that contractor was on-site and taking full responsibility for reconciliations, preparing the audit schedule, handling complex year-end journals, and supporting the Finance Manager with reporting packs.

Rather than being stretched beyond their limits, this allowed the permanent team to focus on the work that required their company knowledge. Deadlines were still demanding, but they were not overwhelmed. Unlike previous years when the organisation hadn’t hired contractors, that post-EOFY period no one resigned.

The hesitation around contractor costs is understandable, but it often rests on an incomplete comparison. Replacing a mid-level finance professional, when you factor in agency fees, interview time, onboarding, and the ramp-up period before someone reaches full productivity, carries a cost that most leaders significantly underestimate. Furthermore, that figure doesn’t include the company knowledge that leaves when someone resigns, or the additional pressure that gets redistributed onto the colleagues who remain.

Finance leaders who’ve been through this cycle more than once often arrive at the same realisation. For years they’d likely attributed post-EOFY turnover to market conditions, only to eventually recognise that the workload their teams were absorbing each year was a significant part of the problem. When they shift their approach and begin bringing in contractors to cover peak demand, their permanent headcount usually stabilises in a way it hadn’t before.

Beyond practical capacity relief, there is another benefit that tends to be underestimated. When leadership plans ahead for a known pressure point and invests in support, it sends a clear message to the permanent team. It shows that overwhelm and burnout are not viewed as an unavoidable cost of doing business and that their workload concerns have been heard. That message builds trust, which is a vital component of retaining staff.

Making this approach work is not complicated, but it does require foresight. Identifying which functions will be most strained and when allows you to engage a recruiter early and secure the right person for the role rather than the quickest available one.

For most finance teams, the greatest relief during EOFY comes from senior financial accountants with strong technical and audit capability, management accountants who can absorb reporting and variance analysis, and payroll or compliance specialists in the final quarter.

Finance leaders who staff up proactively for EOFY tend to find that the investment pays for itself, not just in output, but in the stability of the team once it’s over.

The accounting and finance professionals most likely to leave after a difficult EOFY are often your best ones because they know their value and that they have options. If they’ve spent three months running at an unsustainable pace without any visible support from leadership, they’ll use the quiet of July to explore what else is out there.

Bringing in contractors doesn’t eliminate the pressure of EOFY, but having the right people in place, right when you need them, demonstrates that you’ve taken that pressure seriously. For a lot of people, that’s enough to make them want to stay.

Quinn Allan has a specialist team dedicated to delivery temporary resourcing solutions to finance teams across Melbourne and Brisbane. Contact us today to find out how we can support your business this EOFY period.

Rapid response, exceptional talent: procurement support delivered in 24 hours

Thu, 14 May 2026 00:04:20 GMT

Solution

A global mining and resources company urgently needed senior procurement contractors to manage increasing workloads and accelerate sourcing initiatives during a period of organisational change.

Business Scenario

Quinn Allan partnered closely with the client to understand their urgent needs and challenges. Within 48 hours, we delivered a curated shortlist of senior procurement professionals ready to start immediately. The client praised the quality of candidates, noting that every shortlisted professional could have been hired if multiple roles were available.

Strategic project resource design and recruitment

Wed, 13 May 2026 23:48:06 GMT

Internationally renowned research institute looking to scale.

Solution

In 2025 we worked in collaboration with a newly appointed Transformation Lead to design a project resource framework and settle on the scale and timing of resources.

Thereafter we recruited a range of talented project resources including process and business analysis as well as change management to build the foundations of a successful PMO.

Business Scenario

Advisory-led HR recruitment

Wed, 13 May 2026 23:39:40 GMT

A national, established and respected brand in engineering, design and construction engaged us in an advisory capacity to assess a hire the firm had made 18 months prior. The individual was underperforming and failing to elevate team capability and culture to the required standard.

Solution

We provided current market insights to the company on what higher-level capability and experience should look like, sharing examples of successful transformational projects that gave the company confidence to take decisive action.

We were subsequently retained to identify suitable talent, we advocated in the market for professionals with the strategic and operational skills needed to drive meaningful uplift in People and Culture, resulting in a successful placement.

Business Scenario

Event: Enabling psychological safety with Karen Gately

Tue, 12 May 2026 23:51:34 GMT

Quinn Allan's network of Melbourne-based Senior Finance Leaders recently came together over breakfast for an insightful session with leadership and human performance expert Karen Gately of Corporate Dojo.

The focus of the session was psychological safety and its growing importance in today’s workplace from both a wellbeing and legal perspective. With organisations facing increasing expectations around employee wellbeing, the discussion highlighted why creating safe, supportive environments is no longer optional, but essential.

With her energetic and engaging style, Karen shared a range of practical examples of psychosocial risks that can impact both individuals and organisations. She explored common workplace challenges such as high workloads, unclear expectations, poor communication, and ineffective leadership behaviours, all of which can contribute to stress, disengagement, and reduced performance if left unaddressed.

A key theme throughout the session was the importance of emotional intelligence in leadership. Karen emphasised the role of self-awareness, empathy, and communication in building trust and fostering high-performing teams. In particular, she highlighted the need for leaders to strike the right balance between accountability and empathy, setting clear expectations while also supporting their people to succeed. The session also reinforced the critical role of communication, particularly during times of change or uncertainty. Transparent, honest conversations were identified as a key driver of trust, engagement, and resilience within teams.

It was a fantastic and thought-provoking session, giving attendees practical insights into how they can make meaningful, positive change within their own organisations to better support their teams and drive performance.

Event: Building through cycles with Jack Hutchinson

Thu, 30 Apr 2026 00:14:41 GMT

Quinn Allan's Brisbane team were delighted to host a fantastic turnout of senior finance leaders for our latest breakfast event.

We were fortunate to welcome Jack Hutchinson from Hutchinson Builders (“Hutchies”), who shared the story behind the company’s growth as a proud multi-generational business. His presentation centred on the theme of building through cycles, offering valuable insights into how Hutchies has successfully navigated periods of economic volatility over many years.

Drawing on both organisational and personal experience, Jack provided a unique perspective on leadership within a long-standing family business. He spoke candidly about his own journey as a Director, and how he has continued to evolve into a steward of the business, maintaining a close connection to market conditions while helping guide the organisation forward through changing environments.

A key part of the discussion focused on the future outlook for Queensland, particularly in the lead-up to the Brisbane 2032 Olympics. Jack shared his views on the opportunities and challenges this presents,

highlighting the importance of being increasingly selective in the projects the business undertakes. With demand for housing and large-scale construction at an all-time high, he also spoke about how Hutchies is responding to ongoing workforce shortages and capacity constraints across the industry.

The session provided attendees with valuable, real-world insights into leadership, resilience, and strategic decision-making in a dynamic economic landscape. It was a highly engaging discussion that prompted reflection on how organisations can adapt, stay disciplined, and continue to grow through both upturns and downturns.

Building a strong procurement team on a tight budget

Wed, 29 Apr 2026 18:28:29 GMT

Leading Victorian health services organisation requiring two permanent procurement hires following team changes and additional headcount, with budget constraints impacting access to experienced talent.

Solution

Within 10 business days of being briefed, we leveraged our networks alongside a targeted search process to identify high-quality procurement professionals. Both roles were successfully placed, strengthening the team while meeting budget and timing requirements. The client noted that we “delivered exceptional candidates within our budget and timelines” and described the process as “seamless.”

Business Scenario

Legal recruitment support during a critical team transition

Mon, 27 Apr 2026 04:00:18 GMT

National mid-tier law firm facing the sudden departure of its Brisbane-based IT/IP team, including two Partners, a Special Counsel and two Associates, creating immediate capability gaps and significant commercial risk.

Solution

We were engaged urgently and immediately activated our network, supported by a targeted market mapping exercise to identify leading IT/IP talent across Brisbane.

In the short term, we secured a senior lawyer to join the firm on a contract basis, ensuring continuity and stabilising the team. In parallel, we proactively approached key Partner-level talent in the market, managing a streamlined interview and selection process.

Within a matter of weeks, we presented a curated shortlist, progressed a preferred candidate through to offer and successfully appointed a Partner, who joined the firm shortly thereafter, bringing a Senior Associate with them.

Business Scenario

Specialist finance recruitment for an infrastructure construction business

Mon, 27 Apr 2026 03:45:50 GMT

Major infrastructure construction company requiring targeted finance capability across both interim and permanent roles, including newly created and hard-to-fill positions.

Solution

We first partnered with the business in December 2023, supporting the finance team with an interim contractor during the year-end period. This was followed by the successful placement of a Tax Manager in a newly created standalone role based in Melbourne, with reporting lines into South Africa.

Our partnership has continued to evolve, including the placement of an additional contractor who was subsequently converted to a permanent employee and sponsored, alongside two further permanent hires across Financial Analysis and Systems. We were also engaged to deliver on a Systems Analyst role that had previously been taken to market without success, completing the assignment within three weeks.

All engagements have been delivered on a retained basis, reflecting the strength of the ongoing relationship and trust built with the business.

Business Scenario

Contract finance recruitment for an ASX-listed airline

Mon, 27 Apr 2026 03:23:32 GMT

National ASX-listed airline operating in a dynamic and evolving environment, requiring flexibility across a large and complex finance function.

Solution

We have supported the airline by placing a range of interim finance professionals across their workforce. Through a long-standing, trusted relationship, we have developed a strong understanding of the experience, fit and cultural alignment required to support the business through change.

Our approach has enabled the organisation to maintain continuity and agility during periods of transformation, with each engagement aligned to both operational requirements and the broader culture of the business.

Business Scenario

Scaling finance teams for a leading property developer

Mon, 27 Apr 2026 03:19:58 GMT

Privately owned property developer experiencing sustained growth, expanding into one of Victoria’s largest operators, with increasing complexity across commercial and residential projects.

Solution

Since 2019, we have partnered closely to scale their finance function from approximately six to 30 people (as of 2025). This has included hiring across the full finance spectrum, from accounts payable through to financial control, as well as supporting feasibility analysis and financial modelling for major developments.

We have also helped establish dedicated tax and treasury functions, including leadership roles with direct reports. All engagements have been delivered on a retained basis, alongside the placement of interim resources to support periods of rapid growth and, more recently, a finance and technology transformation.

Business Scenario

Event: Executive wellbeing with NIIM

Thu, 19 Mar 2026 04:05:52 GMT

Quinn Allan recently partnered with the National Institute of Integrative Medicine (NIIM) in Hawthorn to host a breakfast event for HR professionals and senior leaders from across our network.

The session was led by Integrative Psychologist Peter Webb, who presented NIIM’s Executive Health Check , a comprehensive and proactive health assessment tailored specifically for executives.

The discussion highlighted that stress is a significant and often underestimated challenge for executives, with the potential to impact performance and manifest in both mental and physical health issues. Attendees also explored how these challenges can go undetected, particularly where routine screenings may not capture underlying factors.

Further insights shared during the session noted that executives can experience hidden health risks, including cardiovascular issues, metabolic imbalances, gut dysfunction and poor sleep, which may not be immediately visible but can affect overall wellbeing and performance over time.

The session also covered the role of wellbeing programs in supporting leaders at both an individual and organisational level. This includes helping executives better manage stress, assess their health more holistically, and identify potential risks early to minimise impact on performance and retention.

Thank you to Peter Webb and the team at NIIM for hosting the event, and to those who attended and contributed to the discussion.

For organisations exploring staff wellbeing initiatives, information about the NIIM Executive Health Check can be found here .

Quinn Allan runs a number of networking events throughout the year, so if you are keen to attend a future session, register your interest.

Event: Trump one year on, & recalibration of the Australian economy with Dr Matthew Peter

Thu, 19 Mar 2026 00:44:01 GMT

Quinn Allan’s Brisbane team recently hosted the latest CFO Thought Leaders breakfast, bringing together senior finance leaders for a timely and insightful discussion on global geopolitics and economic risk.

For this event we were pleased to welcome back Dr Matthew Peter, Chief Economist at QIC, one year on from his previous session. Matthew led a thought-provoking conversation focused on the Iran conflict and its potential implications for the Australian economy.

Setting the scene, Matthew began by outlining the broader global context, with particular attention on the Strait of Hormuz, a critical trade corridor through which a significant proportion of global oil and LNG supply passes. He explained how disruption to this route represents a major energy supply shock, with the potential to drive volatility across oil, gas, and wider commodity markets.

The discussion then turned to Australia’s unique position. While higher global energy prices can provide a boost to export revenues, particularly through LNG contracts, the Australian economy remains highly reliant on oil imports and holds relatively low fuel reserves. This creates

vulnerability to rising costs, particularly through fuel and transport, which can flow through supply chains and impact both businesses and households.

To provide further context, Matthew outlined a range of potential scenarios: from a more benign outcome where disruptions are short-lived; to more prolonged or severe scenarios where higher energy prices drive sustained inflation and place upward pressure on interest rates. These scenarios highlighted the importance of inflation expectations and the role they play in shaping economic resilience.

The session sparked a highly engaged discussion among attendees, reinforcing the value of scenario planning and forward-looking thinking in navigating an increasingly complex and uncertain global environment.

Event: Building an AI-enabled workforce with Rochelle Carland

Thu, 12 Mar 2026 11:51:25 GMT

Last Thursday, Quinn Allan had the pleasure of hosting its HR in Legal networking breakfast, an event attended by HR professionals working in Melbourne-based law firms.

Our presenter on the day was highly experienced Chief People Officer, Rochelle Carland, a credentialled AI specialist with a keen focus on HR’s strategic responsibilities in leading AI transformation in organisations.

Rochelle led the group in a discussion around a topic that is high on every HR agenda: HR’s role in building an AI-enabled workforce. She brought her vast knowledge and real-world perspective to what proved to be a remarkably engaging conversation amongst attendees.

Three clear themes emerged from the morning’s discussion:

AI adoption is shifting from tools to transformation
Organisations are moving well beyond experimentation, with the focus now on redesigning work, roles, and business models around AI-enabled ways of working.

HR must lead the workforce transition
The role of HR is to translate AI capability into workforce capability, building AI fluency, developing uniquely human skills and ensuring that genuine value is created from AI use.

Trust, culture, and organisational design are the real levers of success
AI transformation depends on cultural readiness, responsible governance, and redesigning organisations for effective human and AI collaboration.

Of particular note throughout the event was the calibre of shared experience in the room, despite the relative newness of this technology. It was clear that the legal community is not sitting on its laurels when it comes to AI, with genuine depth and progressiveness of thinking already evident. As Rochelle noted, we are still only at the beginning, yet within our HR in Legal network, transformation is already well underway.

The team at Quinn Allan is truly grateful to Rochelle for hosting this fantastic session for our HR in Legal network, and thanks all those who participated.

For any organisation requiring expert advice or consulting in navigating the redesign of culture, capability, and human-AI collaboration, we highly recommend getting in touch with Rochelle Carland .

Quinn Allan runs a number of networking events throughout the year, so if you are keen to attend a future session, register your interest.

Legal recruitment: AI versus the human touch

Wed, 28 Jan 2026 12:17:12 GMT

The legal industry is no stranger to disruption. From AI-powered research tools to automated document review, technology has reshaped how lawyers work. It’s no surprise then, that recruitment is undergoing its own transformation. Platforms promising algorithmic matching, automated screening, and data-driven hiring are gaining traction.

Yet, when it comes to placing lawyers – professionals whose success hinges on trust, judgment, technical knowledge and cultural alignment – the debate between tech-driven recruitment and the traditional agency model becomes far more nuanced.

The Promise of AI-Driven Legal Recruitment

Technology-based recruitment platforms offer undeniable advantages. AI can sift through thousands of CVs in seconds, identifying candidates who meet predefined criteria with speed and scale that no human recruiter could match. Algorithms analyse patterns in career history, skills, and even writing style to predict potential fit. Automated systems also promise to reduce the financial overhead associated with manual sourcing and screening.

For high-volume hiring or roles with straightforward requirements, these tools can be incredibly effective. However, the legal profession is rarely straightforward, so is lightning-fast recruitment really necessary or the correct approach in this industry? Experience shows that clients usually ask for the right person, not the fastest outcome.

The Hidden Costs of Technology-First Recruitment

This isn’t the first time technology organisations have tried to disrupt the recruitment market, promising dramatic improvement in “speed to hire” and direct access to thousands of CVs. Yet the reality is more complex than the marketing materials suggest.

Most legal recruitment technology providers appear to offer what amounts to an industry-specific version of LinkedIn. This access comes at a cost and requires a human to give it instructions and interpret the data. These humans, mainly Talent Acquisition (TA) Consultants, then go through the manual process of contacting candidates anyway.

Here we encounter several problems: an upfront cost with no guarantee of return, an AI-generated long list of potential candidates that may or may not have the correct technical skills, and further financial investment to pay for the TA Consultant, again, with no guarantee of success.

What Technology Cannot Measure

Lawyers are not interchangeable units of labour. A technically brilliant solicitor who thrives in a fast-paced, entrepreneurial boutique may struggle in a conservative, hierarchical global firm, and vice versa. These nuances are impossible for algorithms to capture.

AI can evaluate what a candidate has, within the bounds of a CV, but it cannot possibly understand who they are as a person. Technology can only interpret what it reads, so if one writes the right things about oneself, it can be fooled. Furthermore, with an increasing number of candidates using AI to write their job applications, we find ourselves in an almost perfect cyclical storm.

A CV doesn’t reveal how a candidate handles pressure, collaborates with colleagues, or navigates interpersonal dynamics. Soft skills like empathy, communication style, and professional maturity are critical in legal practice but notoriously hard to quantify. Even bias can creep in, as algorithms are only as objective as the data they’re trained on. Without human oversight (a human in the loop), tech-driven recruitment can unintentionally reinforce existing inequities, meaning we still need human influence to give AI guardrails, adding to the cost.

In a profession built on relationships, deep knowledge, and trust, relying solely on technology risks reducing candidates to data points.

Why Cultural Fit Matters More in Law

Cultural fit cannot be measured by data. Recruitment is a professional service but also a very personal service about humans, and humans are individuals with their own personality, drivers and desires.

Cultural fit isn’t about hiring people who all look or think the same. It’s about ensuring that a lawyer’s working style, communication preferences, and professional ethos align with the firm’s environment.

Law firms are ecosystems. Their success depends on collaboration, shared values, and trust. A single misaligned hire, especially at senior levels, can create friction, destabilise teams, or drive attrition.

The Agency Advantage: Knowing the Person Behind the CV

A seasoned legal recruiter brings something no algorithm can replicate: human insight.

Traditional agents (at least the good ones) invest time in understanding candidates as people. They meet them, talk to them, challenge them, and get a feel for their motivations and values. This depth of understanding allows recruiters to make placements that go way beyond skills matching.

A recruiter can sense whether a candidate is driven by partnership prospects, work-life balance, intellectual challenge, or team culture. Body language, tone, and rapport reveal far more than a digital profile ever could. Recruiters often work with candidates over years, witnessing their growth and career evolution. Because recruiters also know their client firms personally, they can identify subtle cultural alignments that technology simply cannot detect.

This human-centred approach often results in placements that last longer, perform better, and strengthen the firm’s culture rather than disrupt it.

The Best Approach: Technology as a Tool, Not a Replacement

The debate isn’t really about choosing between AI and traditional recruitment. It’s about recognising their strengths and limitations. Technology excels at efficiency. Humans excel at understanding people. The most effective legal recruitment strategies blend both: using technology to streamline processes while relying on experienced recruiters to make the final decisions.

AI can process CVs faster than any human and identify keyword matches, but it cannot sit across from someone and understand their career aspirations. It cannot gauge whether they’ll thrive in your firm’s particular culture. It cannot build the trust that turns a placement into a long-term success story.

When you’re hiring lawyers, professionals whose work depends on discernment, judgment, and interpersonal skills, doesn’t it make sense to use a recruitment process that values those same qualities?

If you’re looking to strengthen your legal team, our highly experienced consultants are available to discuss your hiring needs and provide tailored recruitment support for your business. Contact us to find out more.

Quinn Allan launches benefits program for staff & contractors

Wed, 26 Nov 2025 12:35:33 GMT

Search and selection firm, Quinn Allan has launched a new employee benefits program that will be rolled out to all current and future members of their team. Significantly, the arrangement has also been extended to all contracting professionals that they place in interim positions with clients. This important initiative reflects the company’s efforts both to be recognised as an employer of choice and to stand by their mission to change the perception of the recruitment industry.

As part of the program, Quinn Allan staff and professionals contracting through their firm will now enjoy exclusive access to a range of corporate discounts with leading brands, covering travel, accommodation, energy, insurance, childcare, fitness, and more.

“This isn’t just a token gesture” said Managing Partner and Founder, James Hyndman. “It’s a comprehensive program designed to address the real-life needs of working professionals.

“Whether you are looking to contract through us or are one of our own team, it’s important that we demonstrate our appreciation of the contribution you make and the commitment you show to our business. This benefits scheme is our way of saying ‘thank you.’”

The Value of Employee Benefits

The launch of the program aligns with research conducted last year by Origin 360 EV and Deloitte Australia that surveyed over 1,500 employees and HR representatives across multiple industries. It found that remuneration and benefits are a key driver of employee retention, with 72 percent of employees choosing to stay with their current employer based on these factors alone.

Perhaps most revealing is that 78 percent of employees said they feel valued by their employer simply when offered a range of benefits that align with their lifestyle, even if they don’t actively use them. The mere presence of thoughtful benefits demonstrates respect and investment in people’s wellbeing.

The Client Advantage

By extending these benefits to their contractors, Quinn Allan is acknowledging the importance of retaining high calibre talent to meet the needs to their clients. While this program clearly benefits these interim professionals, the company’s clients stand to gain significantly as well.

The benefits program enables the firm to attract an even larger network of high-quality talent to meet client business needs. In a competitive market where top interim professionals have choices, comprehensive benefits become a powerful differentiator.

Interim staff who feel supported and valued in their positions are more likely to perform better in their roles, driving superior outcomes for the businesses that hire them. When professionals know they’re working through a recruitment company that invests in their wellbeing, they bring greater commitment and energy to their work. They are also likely to remain in the role for the duration of the project: a critical factor in ensuring continuity and successful outcomes.

Furthermore, for the businesses that engage Quinn Allan, there’s the additional benefit of knowing you are partnering with a firm that genuinely looks after its interim staff. This in turn reflects positively on your reputation in the market. It demonstrates a people-first culture that extends beyond your permanent workforce.

A Genuine Commitment To People

Quinn Allan’s decision to launch this benefits program is a clear demonstration of their commitment to changing the perception of the recruitment industry. In an era where the competition for top talent is fierce, Quinn Allan’s benefits program offers a decisive edge to everyone involved: better talent attraction and retention, enhanced performance across the board, and a strengthened employer brand that reflects a genuine commitment to their people.

Quinn Allan’s Benefits Program is available now to all their employees and active contractors. For further information or to discuss how your business can benefit from our interim staffing solutions contact our office on (03)8373 3400 or email contracting@quinnallan.com.au .

One recruiter or many: what’s best for finding the right talent?

Mon, 29 Sep 2025 12:39:46 GMT

As recruiters, we are often asked: “Why should we engage you exclusively when we could work with multiple agencies and expand our reach?”

At first glance, it sounds logical: more recruiters should mean access to more talent, right? Actually, this is one of the most common misconceptions in recruitment. In most cases, the opposite is true.

Engaging a single recruiter on an exclusive basis generally delivers a deeper search, stronger engagement with talent, and ultimately a better hire. Here’s why…

Understanding the Requirement

With an exclusive arrangement, your recruiter can take a deeper dive into understanding your business and specific hiring needs, building a true partnership rather than a transactional relationship. The process will be more thorough and consultative, guided by a clear project plan and agreed timeline. This collaborative approach ensures greater engagement at every stage and ultimately leads to a stronger hiring outcome.

Effort & Resources

When a role is entrusted exclusively to one agency, the team can commit their full energy and resources to the search. They know their work will be recognised, which drives greater focus, stronger candidate engagement, and a better overall result.

By contrast, when multiple agencies are competing, the uncertainty of reward discourages full investment. Effort is spread thin, resources are held back, and the quality of the outcome is inevitably compromised.

Quality

With an exclusive arrangement, your recruiter can take the time to thoroughly understand your brief and focus on delivering a carefully vetted shortlist of high-quality professionals for you to consider. Instead of rushing to be first to present a shortlist, the priority is on accuracy, alignment, and fit, ensuring the talent you meet is the best possible match for your role and organisation.

Shared Accountability

With an exclusive arrangement, the recruiter is fully accountable for delivering results. If they don’t find the right candidate, they are held to account, creating a true partnership built on responsibility and commitment.

Market Exploration

When recruiters are competing against other agencies, the time pressure means they tend to only focus on active job seekers, limiting the talent pool. Exclusive assignments allow for more thorough market exploration, including reaching out to passive candidates who aren’t necessarily actively looking for work, but are often the highest-calibre talent.

Candidate Engagement

Candidates respond more positively when a single agency manages a role. Time and care are taken by the consultant to support and communicate with them through each stage of the process. As a result, there is greater candidate buy-in and commitment, increasing the likelihood of successful placements.

Brand Advocacy

When a recruiter is engaged exclusively, they will act as an advocate for your brand. They will take the time to know your company inside out, understanding its culture and values and ensuring all messaging in the market is delivered positively and consistently.

Consistency in Approach

Exclusivity with a single recruitment agency ensures a uniform, structured approach to the market. Every candidate is assessed against the same criteria, providing you with a high-quality, consistent shortlist that is easier to assess.

Enhanced Confidentiality

With only one agency dedicated to the talent search, sensitive information and candidate identities are protected more effectively. This is particularly important when dealing with executive level positions.

Efficiency and Ease

Exclusive engagements streamline the process and save valuable time. Instead of juggling multiple consultants, comparing overlapping shortlists, and sifting through an array of candidates, you work with one dedicated partner who manages everything end-to-end.

Partnering with a recruitment agency is a critical step in securing the right talent for your team. While it may be tempting to engage multiple agencies, experience shows this approach is often counterproductive. Exclusive recruitment arrangements consistently deliver stronger outcomes for all parties. Candidates benefit from a clear and consistent experience, while employers gain confidence that their brand is represented accurately and their assignment is being managed with focus and diligence to achieve the best possible result.

In conversation with: Damian Zahra | Chief People Officer | Bunnings

Tue, 20 May 2025 01:30:40 GMT

At Bunnings, we’re focused on building an engaged and productive team that delivers great outcomes for our customers.

We’re fortunate to have a strong reputation as a desirable place to work – every year, we receive more than 100,000 job applications. However, we don’t take anything for granted. We work hard to maintain a compelling team member value proposition, and to make Bunnings a great place to work. We currently employ over 55,000 team members across Australia and New Zealand. Eighty percent of our team are permanent, which is

uncommon in the retail sector

We always encourage our people to put down roots and grow with us. Our retention rates are among the highest in the retail sector – and that for me is the key indicator of a positive culture. We have over 2,800 team members who’ve been with us for more than 20 years. I can give you all the buzzwords in the world, but the reality is, if our team members stay with us for long periods of time, it demonstrates the positive working environment we have created.

We believe that listening and responding to team feedback is an important contributor to our high retention rates. Our leadership team is also made up of incredibly passionate people who love everything about Bunnings, and that passion really filters throughout the broader business.

A genuinely diverse workforce

Our workforce is also very diverse, which is another reason why it’s a great place to work. Fifty percent of our workforce is female, and 30 percent are aged over 50. We have a lot of former teachers, nurses, first aid responders. Our team ranges in age from 15 to those in their nineties. It’s truly a multi-generational workforce and that is something we take a lot of pride in.

We’ve known for a long time that our older team members play an important part in creating a great place to work. Part of that is embracing the wisdom they bring. Older people offer so much life experience, industry knowledge and trade experience. We know our customers love it. It’s also terrific for our organisational culture when our older team members become great mentors for a lot of our younger ones.

What we’ve found is that a lot of people don’t necessarily want to retire. They want to maintain connections with their community and work in a team environment. We have over 350 sites across Australia and New Zealand, and so many of our team members work in their local communities. This is often a real source of pride, and I think it resonates well with the public too.

This year actually marks the 30th anniversary of our very first warehouse in Sunshine, Victoria. When the warehouse went up, it was all geared towards creating a great home improvement offer. That focus has evolved over time and today we’re committed to offering customers the widest range, lowest prices and best experience – and that drives everything we do. Bunnings has become a bit of an Aussie cultural institution. I think this has happened quite naturally over 30 years of putting customers and community first.

The concept of supporting community through the sausage sizzle has long been an important part of the business. We don’t use tricky marketing ploys or anything like that. It has just come from natural interest in the community. So many of us have belonged to a school or club or kindergarten who has put on a sausage sizzle – including me. I’ve had a go working in the sausage sizzle tent.

A long-term partnership with Quinn Allan

My relationship with Quinn Allan actually predates my time at Bunnings – where I began working five years ago. It goes back 15 years, from when I was part of the professional services sector. Quinn Allan founder and managing partner James Hyndman has helped me with a number of talent searches over the years.

James has his finger on the pulse and really makes an effort to understand our business and emerging themes in the sector. Candidates are well briefed, and we are always impressed with the level of candidate care. Quinn Allan are highly reputable, reliable and customer-focused, which has made working with them really productive.

In conversation with: Rob Goudswaard | Board Director | Revolut Australia

Sun, 18 May 2025 03:05:34 GMT

Rob Goudswaard FAICD is the chair of the advisory board for Revolut Australia, chair of the board of Cornerstone Healthcare Property Fund, and mentors a variety of CEOs. In this article, Rob weighs up how different Australian businesses are approaching the most pressing risks in the corporate landscape today.

Exploring risk in Australia’s corporate landscape

With forty years’ experience in banking and five as a director, many financial services organisations have asked me to go in and review their business operations. My frame of reference is my background in economics, with a deep understanding of corporate governance and risk.

Almost without exception, the board has called on me because they are dissatisfied with an operational matter. They may feel that something is not moving as quickly as they would like it to, or they wonder whether the organisation will still be around in five years’ time if it keeps doing more of the same. I look for inefficiencies and ways to sharpen up processes.

When I report back, I will highlight aspects of the business that need to change. Or it may be that everything is being done correctly – and if that’s the case, the board will be happy to hear it because they now have what you might call ‘independent validation’.

A lot on the line

Tailor the response to risk

A fruitful relationship

I’ve had a close association with Quinn Allan for many years, and in particular with its managing partner and founder James Hyndmann and partner Gavin McDonald. When I first became a non-executive director and I was considering different board roles, I had an existing network that was wonderful, but I didn’t know many other directors. Quinn Allan were really helpful during that time. I would have a conversation with James or Gavin, and they would introduce me to someone I didn’t know or wouldn’t have thought of, and then connect us. They have also been a valuable sounding board when I’ve been mulling industry-specific issues.

I have also found that they value long-term professional relationships. Often you only hear from recruiters if they have a job to fill. With Quinn Allan, they see the person and they remember that person for a long time. There may not be an exact fit at that moment, but you will hear from them again down the track. James and Gavin are both approachable, responsive and provide consistently excellent service.

I believe it is important to develop a risk management framework that is appropriate for your specific business. The type of risks most relevant to a bank may be quite different from a startup. Every organization has a different risk appetite as well.

From an HR point of view, the biggest risks are occupational health and safety, including workplace culture and bullying. For example, if a business has a turnover rate of 20% (which is the equivalent of one in five employees leaving every year), a board must consider why they’re leaving. Is there bullying? Perhaps high turnover rates are normal for the industry, such as at call centres, where people typically only work for a few months.

However, if the business usually has a 10% turnover rate and it suddenly jumps to 20%, you need to ask some questions about what’s going on. Is the business still looking after its people correctly, or is there something that’s changed in the environment that is causing people to leave? Perhaps there is a new strategy in place, which means that a lot of new people are coming in, in which case you might expect to have a higher than average number of people leaving.

Most board members know how critical it is for them to fulfil their director duties by meeting compliance requirements. Under Australian law, a director can now be held personally liable in some circumstances for the company’s debts and regulatory action can be taken against them. It is incredibly important to manage risk.

The most common types of risk are operating risk and compliance risk, along with market risk and geopolitical risk. Frankly, you can spend your whole life thinking about all the different types of risks. In my experience, there is a spectrum of approaches to risk. Sometimes the concept of risk is too complex or abstract for a director; it seems completely theoretical and therefore a bit ho-hum. Or it may seem like there is no solution. Take cyber risks, for example. It is impossible to ever completely eliminate the risk of a data breach, no matter how much time and money is invested into guarding against it. But you can’t just throw your hands up in the air, of course. It can be helpful to determine your cybersecurity maturity levels to see where your organization stands in comparison with others.

A topical risk right now is Environmental, Social and Governance (ESG). Everyone is talking about it, and there are really diverse approaches to it. Some companies have dedicated a huge number of personnel to focus on it and have developed all these beautiful processes. The question is whether it is slowing down the rest of the business. At the other end of the spectrum is when the leadership team of a company is like, ‘Sorry? What is ESG?’

In conversation with: Rob Smith| Partner | McGrathNicol

Fri, 18 Apr 2025 03:20:12 GMT

Rob Smith is a restructuring partner at McGrathNicol and an expert in restructuring, turnaround and insolvency. He shares his insights on the high demand for turnaround expertise and why timing is everything.

Back from the brink

Insolvency rates in Australia are currently at record highs. There have been more insolvencies this year to date than there were during the 2008 Global Financial Crisis. Economic conditions have become tougher, consumer discretionary spending remains under pressure and corporate balance sheets are still carrying legacy COVID liabilities, leading to a very busy restructuring and insolvency market.

A perfect storm

There is a reckoning occurring in the aftermath of the COVID-19 pandemic. During the pandemic, Australian businesses were heavily protected by generous government support and an easing of insolvent trading regulations. As a result, insolvencies reached historical lows in 2020 and 2021.

SOS from business

Light at the end of the tunnel

One of the benefits of my close association with Quinn Allan is the fantastic network of CFOs it possesses. It has enabled me to work within that network and to meet lots of high performing professionals – and I hope I have returned the favour by connecting them with my network.

I have always found that Quinn Allan invests in its business relationships. This includes corporate relationships, partner opportunities with firms like ours and with its key clients. It is a long-term, mutually fulfilling approach. Often with recruiters, the relationship can feel very transactional: they place someone in a role and then quickly move on. That is not how business is done with Quinn Allan. They invest in relationships for the long-term and look at ways to bring value to those relationships

A consequence of the increase in financial distress has been a need for more turnaround professionals. We have seen an increasing number of talented professionals coming to work in the restructuring and insolvency industry, often from disciplines such as audit and business consulting.

Restructuring and insolvency is often an extremely challenging and emotional time for everyone involved. It requires a high calibre professional to navigate it with business owners, employees, creditors and other stakeholders. Insolvency often comes with significant personal implications impacting on family relationships and all those who have been relying on the business. It often comes with job losses, a loss of equity value and a loss to creditors and suppliers. It can be a very difficult environment, but if managed well, there may be better outcomes for stakeholders than alternatives.

Long-term relationship building

Australia’s insolvency and bankruptcy regime is designed to fulsomely ,transparently and objectively deal with an insolvent situation, which allows for an investigation into any wrongdoing or poor behaviour that’s transpired prior to that insolvency. It offers a process of rehabilitation for a company or a bankrupt person to have another go in business. It’s not supposed to be an overly punitive regime. It offers the chance for rehabilitation in the future.

A key problem we see is that turnaround consultants and key stakeholders are often engaged too late. What could have been a business turnaround ends up being an insolvency. The reality is that the more runway a business has to deal with financial stress and engage in turnaround initiatives, the more options it has for a better outcome.

Every business is different, but if you find yourself in a situation of financial stress, then you want to be proactively dealing with all the elements as early as possible. Unfortunately, I’ve seen many businesses start to engage with key stakeholders or consultants only weeks from running out of cash. Ideally, turnaround experts are engaged more than three to six months before a key liquidity crisis. The availability of time allows far more tools to respond.

However, it is fairly common for business owners to try to handle everything themselves. This is understandable, but can be a mistake. ‘A problem shared is a problem halved’ is true in a situation of financial stress.

Importantly, the ATO also provided relief from proactive debt collection during that period, which has led to ongoing large amounts owed to the ATO. The amount of debt collectively owed to the ATO by businesses tripled since the start of the pandemic. Many businesses have since found themselves with significant ATO debts and limited capacity to make those repayments.

Another trend we have observed is a reduction in liquidity available to the startup sector. There has been substantial and welcome growth in venture and early life capital being made available to startups over the last ten years. This has led to significant global success stories in Australian technology, health and medical startups who have been able to access funding more easily in a maturing startup industry.

With the rise of startup capital, we have seen increased business emphasis on growing scale and revenue as quickly as possible, with businesses encouraged to spend money quickly to rapidly grow. The aim has been to generate rapid growth, raise further capital and then use scale as a bridge to increased business valuations and financial sustainability. However, with the liquidity tide flowing out in recent years, startups have become financially vulnerable. In this environment, it has been essential for many businesses to quickly pivot to cash preservation, cost cutting and to deprioritise growth in the short term.

In today’s challenging trading conditions, we have seen that a lack of focus on profit and cash is risky. Too often, businesses invest heavily in revenue, fixed overheads and capital, and pivot to cash flow preservation too late.

Other economic conditions have contributed materially to the increase in insolvencies, including input cost inflation, labour availability and lethargic commercial and residential property values.

Quinn Allan opens Brisbane office

Mon, 12 Feb 2024 12:46:12 GMT

Quinn Allan, an Australian Specialist Recruitment firm has opened a new Queensland-based office in Brisbane following a rise in demand for permanent and temporary staff in several sectors, primarily for accounting and finance departments across a variety of industries, as well as technology, HR, and specialist energy markets.

According to the Australian Financial Review; organisations such as ANZ have indicated that attracting and retaining talent is going to be a key focus for this year. There is a significant lack of qualified staff available amid a sector-wide shortage in the Australian labour market, inhibiting growth in the private and public sector.

Recruitment firms such as Quinn Allan are experiencing increased demand for their specialist recruitment services in the current climate. Using their established connections and network with current, active and passive potential candidates, they have been able to find qualified and experienced people, who are not accessible through traditional job search platforms.

Mark Hetherington, Managing Partner of the new Queensland-based Quinn Allan office has first-hand experience with the current challenges. “We have seen candidate shortages over the last couple of years in SEQ, in turn, driving salary inflation and businesses have found that hiring has been harder and more competitive”.

Quinn Allan was an obvious choice for Mark when opening a new office in Brisbane, with its approach on changing the perception of the recruitment industry. “Quinn Allan represents a business that really cares about the profession, and the people they work with, both internally and externally. That’s the real attraction point and it is genuinely exciting for us to be able to bring that into the Queensland market.”

James Hyndman, Managing Partner of Quinn Allan said he is excited about the launch of the Brisbane office which is a crucial next step in executing on the company’s growth plans. “Brisbane was a natural progression for us with a very capable team on the ground there and the Brisbane market has some parallels with Melbourne being particularly relationship driven”.

How to build your finance “dream team”

Thu, 25 May 2023 13:28:32 GMT

Is your organisation in serious need of a finance dream team? Finance is changing, becoming more tied to tech, Big Data analysis, and automation. Sadly, while exciting new talent is arriving on the scene, there is a significant gap between finance teams that are fully conversant in the latest technological advances and what organisations desperately need.

Step one: technology

The right people can deliver radically superior results, and keep you operating at maximum returns. How do you identify the best people to create a strong finance department? A blend of financial and tech savvy is key, and you don’t just need people – you need tools.

According to a recent Deloitte survey, artificial intelligence (AI) for finance is what frontrunners who succeed have committed to. There are three main areas you need to look at and invest in before assembling your finance dream team.

Machine learning (ML)

Seventy per cent of all financial services respondents were using machine learning, for one or more of the following functions:

Predicting cash-flow events.
Proactively advising customers on spending and saving habits.
Building advanced credit models.
Detecting fraud by spotting patterns in transactional data.

Natural language processing (NLP)

Sixty per cent of all financial services respondents were using NLP, for one or more of the following functions:
Reading documents and identifying errors in information verification or user identification.

Improving the underwriting process.
Understanding customer queries via voice.

Deep learning

More than half of all financial services respondents said they were using deep learning, for one or more of the following functions:

Reading claims documents and ranking them for prioritised attention.
Building user dashboards for simple and intuitive data analytics.
Developing innovative trading and investment strategies.

Identifying where you can use ML, NLP, and deep learning is the starting point. From there, you can seek the right candidates to form the human side of your finance dream team.

Step two: people

In order to succeed, it is crucial to have an agile, competent team that is capable of integrating with the latest technology, and not averse to continually working to build new skills. As finance departments play an increasingly strategic role inside their organisations, and automation is entering the field, it’s vital to find candidates who can think beyond the spreadsheet.

Cultivate technical fluency in your teams by committing to a solid onboarding and training process, and providing each team member with the best tools possible. AI and ML are aids for their human counterparts, not replacements. Your finance dream team needs to be half human and half AI to keep you competitive.

Risk management

By integrating risk professionals into your company’s transformation processes, you introduce massive benefits for the long-term. Find people who can implement these tools for fraud detection, forecasting and prediction of cashflows and revenues, process automation and full-scale audits. By enhancing your employees’ talents with the capability to spot patterns in enormous data sets, you empower them to do their job twice as well.

How streaming analytics is the key to consumer behaviour

Thu, 25 May 2023 13:22:42 GMT

Any form of analytics is useful for generating consumer preferences. However, streaming analytics takes it one step further by dealing with real-time information from multiple sources. A company that learns to effectively harness this information, has the power to react to consumer behaviour immediately and encourage the actions they want.

The importance of real-time analytics in consumer behaviour

Perhaps the most discussed benefit of real-time analytics in consumer behaviour is the ability to react immediately and be constantly relevant. As soon as consumer interests or values change, you can adapt your marketing tactics or even the products you sell.

As a result, you’ve always got what customers want, are talking to their needs, and encouraging them to buy.

What streaming analytics adds to the picture

Combining multiple points of data

With such a variety of ways of gathering consumer data, organisations aren’t limited to what they can collect themselves. With the Internet of Things, data is being collected in various locations throughout the day. From mobile phones, to fridges, computers in cars and a plethora of other devices, there is no shortage of ways we can gather detailed information about the habits of consumers.

There is no shortage of ways we can gather detailed information.

Insurance companies, for example, buy data from the companies who sell vehicles as well as from businesses that track how the car is used. Not only can insurance companies tailor their policies according to real-time consumer behaviour, they can adapt their offer according to how the vehicle is used and likely risk.

This variety of data also makes historical forecasts more powerful, as they now contain information gathered from multiple sources.

Always building a picture

Data collection tells us what consumers are excited about, what they’re concerned about and what’s generally occupying the thoughts of thousands. Organisations are capitalising by using that data not only to tailor their campaigns in the moment, they’re also using it to build a picture and look ahead. With constant access to real-time analytics, these predictions are constantly updating and tweaking so that even companies that can’t react the same day, can ensure that what they plan for the next few weeks or months is right on point.

Adapting your marketing tactics

Real-time analytics means you can post on social media and encourage shares by being highly relevant. Be the first of your competitors to react to what consumers want, understanding the latest trends and using them today, not next quarter.

But streaming analytics allows you tailor your message even closer. Right down to the location of the consumer or the technology they’re using.

Send visitors offers or surprises according to their location and profile.

For example, by tracking where your users are through their mobile phones, you can send offers or notifications through to their device when they’re close by. Send a discount voucher for example, to get them into your store. Disney do something similar by giving resort users wristbands as a form of pre-payment. They send visitors offers or surprises according to their location and profile – keeping consumers happy and encouraging them to keep interacting with the brand.

Handling streaming analytics

One of drawbacks of trying to use streaming analytics to inform your marketing and sales tactics is having the infrastructure to make sense of the data. There’s no value in the data as a table of numbers. Information becomes valuable when it’s properly analysed and translated.

Today though, a number of software options are available for non-technical users, presenting useful insight that businesses can act on. These tools deal with large-scale data management and present advanced analysis.

Never stop enhancing resilient finance functions

Thu, 25 May 2023 13:11:56 GMT

Today’s business world is changing fast. Finance functions have to adapt like anybody else by ensuring they prepare for the risks that change can bring. However, McKinsey’s Value and Resilience report concludes that risk management has not kept up with business change. They say risk management is underdeveloped.

So, no matter how resilient you think your finance function is, how can you maintain their strength in an ever-changing landscape?

Stay on top of digital transformation

Don’t stop looking at how you can keep improving and adapting.

Most finance functions that are resilient to change have already kept up with digital transformation. But don’t stop looking at how you can keep improving and adapting.

Decision makers expect faster information and new ways of analysing the company health across integrated platforms. You might have the latest in financial software, but does it allow you to plot your data against other departments, such as the marketing team? This kind of integrated, collaborative approach to digital transformation is just one example of what it takes to keep moving forward.

Predict and expect regulatory changes

Finance rules and regulations change, as does best practice. Auditors expect finance functions to hit higher targets, work smarter and better protect their customer data all the time.

While your team may have hit today’s targets, you never know what kind of change is coming next. By analysing and sensing changes in the regulatory landscape, you can adapt your systems to reflect best practice well before it becomes regulation. This means you’re constantly adapting, rather than standing still until something changes, which involves a huge investment of both money and other resources.

Take a broad view of potential risks

For your finance function, risk comes from all angles. From political change and geographical circumstance, to compliance and many more – it doesn’t matter where the risk comes from, it can have significant impact if an organisation isn’t looking out for it.

In fact, the Australian Government’s Organisational Resilience report asserts that it’s accepting that not all risks can be identified and that risk is to be expected, that makes a team resilient in the first place. However, resilient functions should have an approach to business that means you have a greater chance of recovering from disruption when it does happen.

In practice, this means that finance functions must develop advanced approaches to identify what risks they may face and then develop plans to react and protect no matter the disruption. They must build a line of defence, knowing what resource they’ll turn to when change is needed.

Leaders must have the capability and experience to identify what risk is for their team.

Leaders must have the capability and experience to identify what risk is for their team, business and industry before it arrives. However, those at the centre of the day-to-day operations should also be aware of what’s happening, how they can better protect their practices.

The Australian Government describes resilient teams as “those which have developed their approaches to the management of risk to the point that they have an almost organic capacity to respond to, and even capitalise upon, change whenever it occurs.”

Will your finance function be ready when risk arrives?

Health Check: Do you know the signs of a high performing finance function?

The modern finance function does much more than maintain the numbers. With the right tools, finance functions spearhead strategic analysis for the whole business.

Compliance, funding, risk, growth and innovation – all key elements of a top finance team. With this health check you’ll know if your team has what it takes to succeed.

How’s your process complexity? Over time, finance function processes can evolve into unnecessarily complex structures. Utilise retrospectives to standardise and streamline these systems. 37% of high performing funcions are also investing in decision support tools.
Are you relying on legacy systems? Outdated legacy systems hold finance functions back. 53% of high performing teams have a deployment or expansion of ERP software in the next two years.
Does HR know what your goals are? 25% of finance functions believe reporting to other teams is the most difficult aspect of their role. Foster cross-departmental reporting, regular meetings and align both departments’ goals to keep the teams closer.
Are you neglecting talent management? 61&% of top performers deem talent management more important than other factors – compared to 44% industry-wide. Rework your recruitment, onboarding and exit processes to create a fluid and flexible finance unit.
Can managers communicate with the board? Only 49% of senior finance executives rate their capacity to communicate with their boards or managers. Like with HR, this relationship must be fostered over time through collaborative meetings and goals.

How did you go? Generally finance functions are exceptional strong in analysis and strategy delivery, providing crucial input into overall business direction. Yet collaboration and a focus on people remain a thematic weakness. A healthy, high performing finance function is one that has a plan for everyone it engages with. What’s yours?

Success in the cloud with modern applications

Thu, 25 May 2023 12:56:46 GMT

Achieving organisational goals in today’s fast-paced financial landscape means being able to effectively leverage innovative technology developed precisely to solve problems and improve the speed of resolution. For cloud success, leaders in the finance sector must both recognise the full range of benefits of moving away from on-premise. Failure to embrace cloud-based technology – including applications – increases the chances of stagnation while competitors adopt technology like blockchain and AI that sends them into the future. Keeping everything on-premise means continuing to deal with a rapidly obsolescing legacy system, instead of embracing the power of cloud-based applications.

Best practices to select and implement cloud apps

The key to a successful cloud deployment for finance rests with financial experts and IT professionals being able to work together to create compliant, effective systems that are secure and easy to use. The business objectives, skills, and role requirements implicit in the financial services sector drive the selection process when it comes to which apps are viable and which are too risky or clumsy to provide any meaningful benefit.

Finance application leaders seeking the best fit when it comes to cloud apps will do well to keep things simple: The more complex an app is, the more vulnerabilities it may have. Moving to the cloud should increase security, not diminish it.

Check to ensure that applications you are considering match the overall strategy and organisational structure.
Limit customisation and keep the implementation of systems as neutral as possible.
Understand that using cloud apps is tantamount to outsourcing, and perform due diligence to ensure end-to-end compliance is maintained.

When you select a partner for implementation, work alongside them to make the shift to cloud apps as seamless as possible. Many financial experts are extremely devoted to their current way of doing things, and you must be prepared to show them the advantages and benefits of making the switch. Avoid technical jargon and make change management rules as clear as possible.

Migrate in groups, team by team or department by department, with the least vital parts of your organisation going first. This will give you time to identify any issues and fix any problems before the full organisation-wide rollout. Train each team in the use of your new cloud-based apps, and listen to feedback. Some resistance to new ways of doing things is normal, but early groups provide test cases and allow you to present proof of benefit to later teams making the transition.

Cloud app adoption In finance, accountants are moving swiftly towards the implementation of cloud apps, citing security and functionality as key reasons for adoption. Cloud computing is also a major factor in modern investment management.

Once your new cloud applications are fully integrated, you can continue to enhance the benefits by evaluating organisational abilities and identifying new areas where technological investment can drive enhanced productivity. The results can provide benefits far beyond what a few simple applications can deliver.

The potential of augmented reality

Thu, 25 May 2023 12:49:35 GMT

At its core, augmented reality is an enhanced version of reality utilising overlay technology and a digital device. It may look and sound like science fiction on its face, but AR is very much in use today, across multiple industries.

Augmented reality uses overlays to create a different reality filtered through a lens. Virtual reality, by contrast, involves the complete disconnection from reality, as the user will be immersed in a completely alternate, synthetic environment through the use of technology like a headset. Mixed reality, as you might imagine, involves a mix of both VR and AR technology.

Augmented reality in the real world

We see augmented reality utilised in businesses all around the world. Take for example Thyssenkrupp, lift manufacturers whose products many of us ride each day. These lifts helped lead the industry in AR applications using Microsoft’s HoloLens. The AR tech enables tasks like lift maintenance to be observed by experts around the world in real time. Being able to see the exact piece of machinery and how it works through an overlay that shows how it should work is clearly a game changer.

But Thyssenkrupp wasn’t done there. It continued its work in AR by creating a step-by-step guide for stairlift engineers to use when customising accessibility lifts in people’s homes. Visualising the different aspects of a staircase allows the installation to fit the individual staircases directly without the need for costly and time-consuming renders.

Integration with existing tech

Even more so than VR or MR, the tech needed for AR is already at our fingertips. Take for example IKEA Place, the mobile app that allows users to “bring it home before you buy it.” With this service, customers can select a piece of furniture or room decor and “place” it in the space virtually using their phone’s camera and gauge if the item works for the size, shape or colour of the space, in addition to reviewing other aesthetic concerns. IKEA, meanwhile, know that it’s offering customers better perspective on the viability of a purchase.

Augmented reality is being utilised more and more as it becomes integrated with a wider range of existing technology. Whether used through a mobile phone app or through the headset of a HoloLens, the sky is truly the limit with AR.

The key financial data that will help form strategic recommendations

Sat, 25 Mar 2023 13:05:35 GMT

Too many companies make strategic decisions without any real data to back up assumptions. When planning strategy, businesses must look at financial data around their profits, cash flow and operational efficiencies. These key indicators help organisations to understand their performance to date, and design realistic growth plans.

What should your finance function be providing to the strategy team?

What financial data helps to form strategic recommendations?

Ernst & Young say that one of the three key functions of the finance team is to be effective in driving forward the business. This includes accurate reporting and strengthening decision making. While there are numerous reports that the strategic team may need, depending on the business and industry, there are some key areas to cover.

1) Profits

Profit margins determine how much your business makes after all associated expenses. Understanding what level of profit you have available allows your strategy team to see how much negative impact you can absorb – crucial if they’re thinking about taking calculated risks. It also allows you to drill down into which products don’t make enough profit, and perhaps focus your business efforts more wisely.

2) Operational efficiency

Your business likely has a lot of resources, but you’re not necessarily using them well. Operational efficiency analysis involves looking closely at areas of business like customer credit or inventory, to see how that’s affecting your ability to grow. For example, if you have a high number of your customers still owing you money, you probably need to tighten up your debt collection procedures while too much stock means you’re ordering incorrectly.

Having this type of data to hand allows your directors to design data-driven strategy improvements and understand how this could impact their investment capabilities.

3) Liquidity

No matter how many sales you achieve, you can’t make growth investments if you don’t have any cash available. Looking at the business’s liquidity allows the strategy team to understand what types of spending power they have available. If there isn’t enough cash to invest in the direction they want to take, they can look at what illiquid assets are stifling their ability to spend.

4) Revenues

Unveil which types of customers or products are making money.

Revenue growth and concentration are important figures to understand before making strategic decisions that may impact one or more of these areas. These types of statistics unveil which types of customers or products are making money, and which ones are affecting business performance. You can also determine whether certain types or groups of employees are contributing more to your bottom line, or which areas of revenue are growing versus slowing.

5) Capital efficiency and solvency

Relevant where investors and lenders are involved, they need to see how much return you’re generating and how highly you’re leveraged. Your strategy team can’t make any plans if they don’t understand how this aspect of your financial set up will be viewed by potential financiers.

Providing good financial data

When it comes to providing the best support to the strategic decision makers, Ernst and Young say that finance team must eliminate operational silos and look at their analytics, reporting and insights as an agile and collaborative unit. While all this information may be available, it’s not always easy to collate or present. It’s important that separate teams agree on the use of certain systems or software to improve the level of reporting they can provide, and therefore ensure strategic decision makers are dealing with meaningful data.