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June 2024: Hard Conversations

By Business Consulting, Human Resources


Stephanie Ford is a director of Warren Whitney and is responsible for Business Development. Stephanie has more than 20 years of diverse client experience, including manufacturers, financial services, distributors, professional services, real estate, and nonprofits.

Written by: Stephanie Ford

Communication is a necessity. Addressing performance issues within your team, negotiating with clients, and resolving conflicts – all of these aspects of your business require specific and sometimes delicate conversations. Sensitive conversations can become emotional, which is why business leaders must master the art of navigating them to foster a workplace culture of collaboration and respect. If we avoid having these types of conversations, we risk costly misunderstandings, strained relationships, and missed opportunities.

Knowing how to manage these personal exchanges is the key to ensuring everyone walks away feeling heard. Kerry Patterson, co-author of Crucial Conversations, says, “They are make-or-break moments that can either propel us toward the kind of life we want to live or send us down a path we don’t want to go.”  Here are essential steps to take when preparing for a hard conversation.

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May 2024: Qualities of a Successful Board Chair

By Business Consulting, Human Resources


 

 

Board Development, BoardSource Certified Governance Trainer

Written by: Katherine Whitney

With July just around the corner, many nonprofit boards are getting ready for the changing of the guard. Officers are wrapping up their terms, and new board members are preparing to assume their duties. Having a strong and engaged board is often a sign of a strong organization, and having a strong Board Chair is the key to maintaining the forward momentum of the Board.

What are characteristics of a great Board Chair? There are many things that go into the “special sauce” of an outstanding Board Chair. The following represent skills and attributes that are at the core.

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April 2024: Nonprofit Compensation Report

By Business Consulting, Human Resources


Written By: Esther Nand

Moving Toward Equity Report, a compensation, benefits, & work culture report for RVA nonprofits

OVERVIEW

Following the pandemic, nonprofits experienced recruiting and retention challenges. As a result of this new set of challenges, a group of eight nonprofit leaders in the RVA community joined forces to create the Central Virginia Nonprofit Compensation and Benefits Task Force. The three goals of this task force were to:

  1. Educate RVA nonprofit employers on how their pay, benefits, and practices position them in their local market.
  2. Provide quality data that helps make impactful board presentations and to educate funders.
  3. Enable nonprofit employers to better recruit and retain employees by making strategic changes to their pay, benefits, and work culture.

To achieve these goals, the task force conducted a compensation survey designed to help nonprofit leaders determine if their pay, recruitment, retention, and work culture strategies meet market demand.

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March 2024: Essential Employee Retention Strategies

By Business Consulting, Human Resources


 

Eric Wann - Director of Human Resources

Written by Eric Wann

ESSENTIAL EMPLOYEE RECRUITING STRATEGIES- prioritize well-being, a sense of purpose, & employee growth

In 2024, organizations continue to face challenges to attract and retain top talent. These increasing challenges are in part due to a highly competitive landscape for specialized skills, a demographic shift in the workforce (baby boomers are retiring, and Gen Z is filling their roles), and the reshaping of workforce dynamics where the mindset has shifted from “living to work” to “working to live.”    

These driving forces place greater importance on the critical nature of businesses to evaluate their retention strategies to foster engagement, happiness, and eagerness to stay. Implementing strategies that align with the evolving needs and expectations is essential. This article outlines key areas to consider when developing (or reevaluating) your retention program. 

1. Develop an agile leadership team 

Leadership styles in 2024 need to be agile, adaptive, and empathetic. Leaders who actively listen, respond to their team’s evolving needs, and provide support and guidance are critical to employee satisfaction and retention. Achieving this may require an investment in leadership and management training and coaching. Better managers = Happier employees = Greater engagement. 

2. Be transparent  

Open and transparent communication is essential for building trust within an organization and between managers and employees. Keep employees informed about company goals, challenges, and successes to ensure that employees feel valued and a part of the greater mission. 

3. Show your employees they are valued 

Organizations must create a workplace where each employee feels seen, heard, and valued as an individual. This quote from Pamela Stroko of Oracle Corporation perfectly captures this sentiment, “People want to know that they matter, and they want to be treated as people. That’s the new talent contract.”   

 4. Invest in professional development 

Employees value employers who invest in their growth. Continuous learning and development are key retention drivers. Implement personalized training programs, mentorship initiatives, and upskilling opportunities to ensure employees feel invested in and have a clear path for career growth.  

5. Prioritize employee well-being 

Employee well-being is paramount. Go beyond traditional benefits to actively support holistic health. Embrace mental health programs, flexible work arrangements, and wellness resources as a means to contribute to a workplace culture that values your employee’s happiness. 

6. Embrace a flexible work model 

Remote and hybrid work has become the norm– the traditional 9-to-5 office model has been reshaped. To retain top talent, companies must offer flexibility in work arrangements such as remote workdays like “work from home Friday’s” or flexible workdays on holidays or special occasions. Establish clear policies and guidelines governing flexible work arrangements to ensure consistency, fairness, and transparency. Communicate these policies effectively. Being flexible builds trust between you and your employees to deliver results independently.

7. Engage in social responsibility initiatives to foster a sense of purpose 

Employees seek purpose beyond a paycheck. Companies that actively engage in social responsibility initiatives and clearly articulate their broader impact on society attract and retain talent seeking a purpose in their work. 

 8. Refresh your performance review process 

As remote and hybrid work become the norm, the traditional review process needs to be reevaluated. Modified versions must be embraced to proactively create a more relevant process to respond to this evolving dynamic. To learn more about this topic, read Warren Whitney’s article on Refreshing your Performance Reviews. 

 9. Acknowledge and reward your employees 

Regularly acknowledging and rewarding employees for their contributions will foster a positive work environment. Personalized recognition through public praise or tailored incentives reinforces the value that each employee brings to the organization — recognition like this can greatly impact job satisfaction and employee loyalty. 

 10. Integrate advanced technology 

Embrace cutting-edge technologies that enhance the employee experience. Staying current with your technology boosts productivity and demonstrates a commitment to innovation and efficiency. 

In conclusion 

As we navigate the ever-evolving workforce landscape, retention strategies revolve around creating an environment that prioritizes trust, well-being, growth, recognition, and a sense of purpose. Organizations that proactively address these elements will retain their top talent and position themselves as employers of choice in an increasingly competitive job market. By investing in their people, companies can build a workforce that is not just content but genuinely enthusiastic about contributing to the organization’s success for the long term. 

*** 

Warren Whitney’s HR team works with business leaders to strategically evaluate your best path forward. Our work includes strategic direction, in-depth compensation and benefits analysis, organizational structure and planning, performance management, and more. If you have any questions or seek further clarification, please call us at 804.282.9566 or email Stephanie Ford at sford@warrenwhitney.com. We do not charge for the initial call. We want to learn more about your business needs. 

MAKING POTENTIAL HAPPEN 

February 2024: Proactive Strategies for Year-End Financial Readiness

By Business Consulting, Finance & Accounting


Lea Rasmussen - Finance & Accounting Director

Written by Lea Rasmussen

Proactive Strategies for Year-End Financial Readiness- prepare NOW for a seamless 2024 close

As many finance and accounting professionals are taking a breather after completing their year-end close in December, this pause allows us to reflect on how to make this process smoother for this year’s 2024 year-end close. Whether your fiscal year ends on December 31st, June 30th, or any other date, preparing for a seamless close requires a proactive approach to financial readiness. Successfully navigating the year-end challenge hinges on meticulous planning and consistent execution. The key lies in proactive strategies, such as regular monthly and quarterly assessments, to transform this annual task into a streamlined process. This article shares actionable steps that, when consistently applied, pave the way for a stress-free and well-prepared year-end close.

Monthly Tasks:

  • Reconcile your bank accounts. The significance of monitoring cash and cash flow cannot be overstated. Cash is a pivotal asset in financial management. Pay attention to 60-90 day outstanding checks; follow up with vendors to address discrepancies.
  • Perform a thorough review of the balance sheet and profit & loss statement while the information is fresh.
  • Compare actual results with the budget and the previous year to pinpoint any unusual variances.
  • Reconcile balance sheet accounts; this is crucial to minimize the need for year-end corrections and provide stakeholders with accurate monthly financial information.
  • Conduct a detailed review of Accounts Payable and confirm all the invoices are current.
  • Determine whether new vendors will potentially need a 1099-NEC or 1099-MISC form by carefully reviewing the W-9 form and ensuring the proper selections are made in the accounting software.
  • Analyze the Accounts Receivable Aging Report and take appropriate action based on the status of outstanding balances.
  • Review all general ledger activities for classification errors, accuracy, and completeness.
  • Safeguard financial records by creating copies of all capital purchases, consolidating them either in a capital expense line item on the P&L or categorizing them under fixed assets on the balance sheet.

Quarterly Tasks:

  • Reconcile your wages paid to the 941 Employer’s tax form to confirm that all taxable wages paid are accurately reflected on the 941.  If adjustments are needed, they can be corrected before the annual W-2 Wage and Tax Statements are filed for employees.
  • Approve and file board and committee minutes required for annual audits.
  • Review the status of your debt covenants during this period to ensure compliance.

Annual Tasks:

  • Assess payroll adjustments required for inclusion for employee’s W-2, covering additional taxable income.
  • Verify federal identification numbers for vendors receiving 1099’s and review changes in reporting requirements.
  • Schedule an annual inventory count– outline and disseminate procedures for a seamless process.
  • Review your fixed asset listing for any items disposed of during the year.
  • If undergoing an external audit, proactively request a document checklist from the firm ahead of fieldwork.

Ongoing Tasks:

  • Routinely assess and enhance internal control procedures to safeguard the integrity of financial data year-round.
  • Foster continuous training for accounting staff, ensuring they stay abreast of industry trends, changes in accounting standards, and optimal use of accounting software. Ongoing education enhances process efficiency.
  • Emphasize regular communication with stakeholders, including auditors, bankers, and investors. Keeping everyone informed throughout the year minimizes surprises and builds trust.
  • Share practical advice for crafting a realistic and adaptable budget. A well-structured budget serves as a performance benchmark, helping to identify and resolve variances.
  • Recommend benchmarking against industry peers to pinpoint areas for improvement. Understanding how your financial performance compares to industry standards guides strategic decision-making.
  • Advocate for scenario planning, particularly in uncertain economic climates. Evaluating different scenarios empowers informed decision-making and facilitates adjustments to financial strategies.

Conclusion:

The proactive strategies shared in this article will not only streamline the year-end process but also position your business for continued growth and prosperity in the ever-evolving financial landscape. The journey of year-end financial planning can be transformed into a proactive and manageable one. Here’s to a successful financial year ahead!

**

Our accounting and finance professionals offer an efficient and effective solution to financial management. We work on an ongoing, part-time, fractional basis to provide a cost-effective way to supplement your finance function and build for the future. To learn how Warren Whitney can support your business, contact Stephanie Ford at sford@warrenwhitney.com or 804.282.9566. We do not charge for the initial call. We want to learn about your business needs.

MAKING POTENTIAL HAPPEN.

2024 Innovative Recruiting Strategies

By Business Consulting, Human Resources


Director of Human Resources

Written by Beth Williams

2024 Innovative Recruiting Strategies- attract the right talent for your organization

“Previously, people were typically looking for work if they were out of work or unhappy with their job. Now, there is an ‘always on’ perspective.” Dan Shapero HR Magazine

Your Workplace Looking Forward

In the dynamic landscape of human resources and recruiting, embracing innovative strategies is essential to attract and retain top talent in 2024. Job seekers are empowered to make informed decisions with access to so much information through company reviews, salary benchmarks, and a deep understanding of the job market landscape. To stand out in this competitive environment, recruiters must be authentic, transparent and put thought and effort into marketing their organization. The points below provide a summary of what is needed to develop a comprehensive recruiting strategy to help you get noticed when recruiting. The key is to embrace change, innovate, and align your recruiting strategies with the evolving expectations.

  1. Recruit with a marketing mindset

Actively communicate why someone would want to work and grow their career with you. Know your Employee Value Proposition (EVP) and incorporate it with the company brand in the job description. Provide an inward view of working at your company by showcasing your culture, values, and employee experiences on social media platforms along with fresh and engaging content. Brand image heavily influences how candidates perceive your company. Lastly, keep an eye on employee review sites to make sure you are being represented favorably and/or addressing any negative comments– happy employees attract top talent organically!

  1. Prioritize Diversity, Equity, Inclusion and Accessibility

Diversity is fundamental to attracting top talent. Commit to creating an inclusive workplace where diverse voices are valued. Promoting your commitment to equality reinforces a culture that nurtures inclusion. Make sure you are accessible by having accessible facilities, the ability to adapt technology when needed, and programs that guarantee equal opportunities for individuals with disabilities.

  1. Emphasize Purpose and Impact

Today’s candidates seek more than just a job; they want a sense of purpose and contribution. Highlight your organization’s mission, values, social impact, and how each role contributes to your goals and success.

  1. Personalize the Candidate’s Experience

Each candidate is unique, and a personalized experience matters. Tailor your recruitment process to resonate with the individual. Personalize your communication and feedback to develop a candidate-centric approach. Be timely in your responses and transparent about the recruiting process by sharing the anticipated timeline and what is to be expected. This effort reinforces your commitment to a workplace culture that prioritizes employees. When possible, final candidates include an office tour, team meeting and personal interview.

  1. Promote a Flexible Work Culture

Our workplace dynamics have been reshaped. Remote work, flexible schedules, and hybrid models have become the norm. Embrace flexibility in work arrangements to attract top talent seeking a better life-work balance. Clearly define how your organization supports this culture.

  1. Clearly define the job, compensation, and benefits

Clarity in job descriptions, compensation, and benefits is pivotal for effective hiring. It ensures that candidates understand the role’s demands and what they can expect regarding rewards. Transparent communication about compensation and benefits attracts the right talent and fosters a positive employer-employee relationship. It also helps keep you legally compliant, preventing misunderstandings and a satisfied and motivated workforce.

  1. Leverage Technology for Efficiency

In 2024, technology continues to play a pivotal role in recruiting. Utilize HRIS and ATS tools for candidate sourcing, screening, and communication. Embracing technology tools will help streamline processes, allowing HR teams to focus on engaging and communicating with candidates throughout the process.

  1. Offer Learning and Growth Opportunities

Top talent seeks continuous career growth and development. Highlight opportunities for learning, upskilling, and career advancement within your organization. Show how you invest in employee development for long-term growth. If possible, provide customized career development opportunities for the specific role you are recruiting for. An example would be tailored continuing education opportunities for accountants, HR professionals, salespeople, etc.

  1. Create a Positive Candidate-to-Employee Transition

The candidate’s journey doesn’t end with a job offer. Ensure a seamless transition from candidate to employee. A well-structured onboarding process sets the tone for a positive employee experience and reinforces your company’s culture and work environment. This effort isn’t a one-day task; it’s the first step in integrating the new hire into all facets of your company and successful team members.

  1. Establish a Supportive Work Environment

Cultivate a supportive work environment that values well-being, mental health, and life-work harmony. Offer wellness programs, support networks, and programs that prioritize employee health and happiness- professionally and personally.

  1. Continuously Evaluate and Adapt

Recruitment strategies evolve, and what works today might need adjustments tomorrow. Continuously gather feedback, analyze recruitment metrics, and adapt your strategy to remain agile and competitive in attracting and retaining talent.

Conclusion

In 2024, HR recruiting requires a shift in perspective that embraces purpose, flexibility, inclusivity, and technological advancements. With these strategies, HR professionals and hiring managers can position their organizations as attractive destinations for top talent while nurturing a work environment that encourages retention and growth.

***

Warren Whitney’s HR team works with business leaders to strategically evaluate your best path forward. Our work includes strategy consulting, HR Assessments, fractional consulting, in-depth compensation and benefits analysis, organizational structure and planning, as well as talent management. If you have any questions or seek further clarification, please call us at 804.282.9566 or email Stephanie Ford at sford@warrenwhitney.com. We do not charge for the initial call. We want to learn more about your business needs.

MAKING POTENTIAL HAPPEN

 

December 2023: The Keys to Great Financial Management (Part III)

By Business Consulting, Finance & Accounting


Helen Dow-Finance and Accounting Director

Written by Helen Dow

Part III: Evaluating and Strengthening Processes

Rules of the Road

This is the third and final installment to the series Keys to Great Financial Management.  Part I was Identifying Key Financial Drivers. Part II was Establishing a Financial Management Roadmap.  Each of these sections can stand on their own, but I encourage you to read them to gain a comprehensive perspective.

The third part covers the rules of the road- internal controls and execution broken down into three sections: Separation of Duties, Key Controls, and Transparency. While I do not want to over simplify a complex situation, my hope is this will help with the evaluation to strengthen your internal processes.

Separation of Duties

The first is what we hear so much of … separation of duties. You may not have had this explained to you this way before, but it is about separating the role of authorization, execution, and reconciliation.

It is often separated by person, but not always. Think of the role of the person or the function of the action. For instance, the board may authorize a budget, or a CEO authorizes a contract, or a manager authorizes a purchase.

Authorization is the approval to initiate a purchase, spend, contract or simply the rules around transacting (for example, the rules and protocols around issuing credit to a customer).

Execution is the action(s) that is required to complete that authorization. Often, we think of payments … it could be a credit application, or submission of payroll.

The third area of separation is that of reconciliation. This is validation that the execution was within authorization, such as bank reconciliation, or an account reconciliation. It can be financial statements and variance reporting. It could also be confirming that a payment was properly approved or if a spend was within budget.

In a perfect world these three would always be separate, but the reality is that for a number of reasons, this isn’t always feasible. Often it is because of the size of the organization. But it could also be due to the system or internal process.

If two are combined, you can see at the intersection of the Venn diagram, that there should be a review function added. For instance, if a manager has a credit card and is purchasing something, they are authorizing and executing payment. There should be a review by their manager. The CEO should have the CFO review their expense reports. Another common overlap is when an accounting manager is submitting payments and reconciling the bank account and preparing financials, there needs to be review steps inserted.

Key Controls

With any financial process there are key controls. Think of key controls a little different than separation of duties in that they are points where failure can happen. They enhance controls. For instance, opening the mail should be designated to a person independent of transactions or validating and controlling vendor changes should be done by someone outside of accounts payable.

Transparency

Lastly, I’ll mention transparency. This can be a challenge based on confidentiality and smaller organizations. Know and have cross training for all major job functions. Share everything you can and have shared goals.

Your Team

Just as with the pit crew, we are all aware of the importance of the team. Each has their part and when working together their abilities are limitless.

The team is watching many data points that roll up into a number on a report. With the right systems and streamlined processes, the organization can work together to create the least friction. For the team and your organization’s benefit, invest in supporting efficient and transparent processes.

Conclusion

In this series, we covered (1) identifying the drivers and the importance of dashboards,  (2) establishing and being disciplined when monitoring financial measures, and (3) setting up the controls and systems to allow your team to operate efficiently and effectively.  My hope is that you were able to find value, something new or even be reminded of the best structure to ensure great financial management.  I welcome any discussions or questions and feel free to contact me.

//

Helen Dow is a Director of Warren Whitney with more than 30 years of experience helping companies improve their financial performance and enhance all finance and accounting functions. She works with clients on overseeing financial analysis, improving operational efficiencies, and system implementation. Helen generally serves Warren Whitney’s clients in the role of Fractional CFO/Controller. To learn how Helen or our other consultants can support your business, contact Stephanie Ford at sford@warrenwhitney.com or 804.282.9566.

Making Potential Happen.

November 2023: The Keys to Great Financial Management (Part II)

By Business Consulting, Finance & Accounting


Helen Dow-Finance and Accounting Director

Written by Helen Dow

Part II: Establishing a Financial Management Roadmap

Roadmap

The best way to set your destination and to stay on course is with a roadmap. It is the foundational path of good financial management. Your job as a financial leader of your organization is to establish and set the discipline of its use with your team.

Below are six important tenets of financial management. To remember the tenets, use the mnemonic of vowels; AEIOU and sometimes Y.

  1. Authorize – establish financial measures
  2. Expect – set expectations and goals
  3. Instruct – teach your team what and why
  4. Observe – review results
  5. Understand – knowledge of variances and drivers
  6. Y-Axis – know your trends

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November 2023: The Keys to Great Financial Management (Part I)

By Business Consulting, Finance & Accounting


Helen Dow-Finance and Accounting Director

Written by Helen Dow

Part I: Identifying Key Financial Drivers

Summary

Good financial management is evidenced by identifying, giving attention to, and supporting the activities that drive success and achieve the goals of your business. To do this, you will need to know the performance drivers for your business, set and track progress on goals, include your partners, and get your team’s buy-in.

It includes building controls and systems to safeguard assets and increase efficiency. It’s about knowing the points to jump in and, sometimes more importantly, when not to.

This is about taking ownership of the financial management of your organization. You will need to lead the way. You must initiate, request, and insist on delivery. Like learning to drive, much attention needs to be given to the smallest of things. Once established, it is easier, and the focus can stay on the important parts of operation and navigation.

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September 2023: Refreshing Your Performance Reviews

By Business Consulting, Finance & Accounting


Refreshing Your Performance Reviews– nurture retention & engagement

Written by Tom Prest

Many organizations have significantly transformed performance reviews over the past three years. This change was driven by the recognition that traditional processes were flawed, a realization emphasized by the pandemic when many employees started working virtually. Additionally, our workforce is changing and becoming increasingly complex. These factors have prompted numerous organizations to discard performance reviews or introduce modified versions to proactively create a more relevant process to respond to this evolving dynamic.

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