Author: NES Group

Has your professional training kept you up to date with the skills you need as you progress through your career? You may have undertaken lots of training and be at the forefront of issues and developments within your area of expertise, but highly successful professionals must also possess ‘soft’ skills, which are becoming increasingly sought after within most professions.  
Many of us worry about whether we will have good jobs in the future. So how does this relate to you? Academic or technical abilities are not the sole means to higher-level opportunities for most people. To climb the ladder you need to be able to clearly and concisely share your professional expertise with your.
If you are failing to recognise the growing importance of soft skills you could be missing out on excellent opportunities, so identify which skills you have by considering what you do well and how you approach certain situations and problems. 

 What attributes are regarded as ‘soft’ skills? 

Soft skills can often seem so basic they are overlooked, but employers are increasingly searching for more than a qualification: 

 Interpersonal skills:  

These include the ability to lead, motivate and delegate. They are important at every level of organisational responsibility and should always be evident. Being the best in a particular area is not always enough to succeed unless you can combine this with the ability to convince others that what you are doing is important.
Consider a time when you utilised your interpersonal skills to effectively communicate your ideas to others and obtained their agreement, or when you developed a relationship with a co-worker that you disliked in order to succeed for your company.

Team working:  

There are two issues a team must consider as a group. Firstly, and most commonly addressed is the task at hand and problems that might be involved in completing it. The second and most overlooked consideration is the process of the teamwork itself and what procedures will ensure the group works cohesively. By acknowledging both of these issues you will be able to clarify group objectives and enhance your team working capabilities.
Lack of evidence that you can work effectively as part of a team is a sure-fire way to eliminate you from the recruitment process. You can demonstrate your team-working skills by recalling, for example, a successful project that you were a part of, what your role within it was and why the project was a success. 

Communication skills:  

The ability to communicate ideas to others effectively is an absolutely essential requirement for many hiring managers.
Speaking clearly and coherently will allow effective verbal communication with others. Bear in mind that how you speak is more influential to the person that you are communicating with than what you actually say, so think about your body language and tone of voice when you are talking. The ability to present comprehensive written ideas will enable you to put forward professional documentation of your thoughts and is a highly regarded skill. 
Communication is a two-way process so listening is therefore an essential aspect. Listening is more than just hearing what is being said. Effective listening encourages others to listen to you and respond to what you say. If communication skills are an area that you feel you could improve on, set about identifying ways in which you could develop them. 

How do I identify my soft skills? 

Think about which soft skills you use in your current job – what would your manager say were your strengths? These personal traits make you unique. Maybe you never miss a deadline or perhaps you have a great attitude. Ask friends, family or colleagues to write down your good and not-so-good traits and have a look at consistencies in their responses. 
Look into the skills and experiences that would be required in the type of job you are seeking. You can do this by contacting a recruitment consultancy that places people in the particular role you are interested in and asking what the fundamental requirements of this role are.

Transferable skills 

If you are looking to apply for jobs that are a bit different from your previous roles, you may be put off because you feel you have no previous relevant experience. While in the strictest sense it could be true you have no exact experience, there may be aspects of the role you have done in the past, but in a different context. Skills you have learnt and developed in one situation that could be used in a different situation are referred to as ‘transferable skills’. Having identified these skills, you can see which would apply to the job you are considering - transferable skills can demonstrate more experience than you might think.

 Providing evidence of your skills 

The demonstration of your key skills should be something that you do through your CV initially, then follow on throughout the interviewing process and should then be ongoing through your working career.  
Demonstrate your strengths by finding an example of when you used a certain skill. Think about the what’s, when’s, why’s and how’s of every situation and this should help to communicate your selling points and enhance your credibility.  

Developing new skills 

Having identified certain skills that you need to improve and develop to match job criteria, you should then develop a plan, identifying your goal and the steps needed to achieve it. Keep the steps small and manageable and put them in a timeframe, defining how you will know when you have reached your goal to measure your success. 
Finally, continue to challenge new soft skill sets. Research tells us that continual learning keeps our brains active and therefore our minds healthy. Few jobs exist that do not require learning new skills regularly and everyone can improve certain areas of their soft skills capabilities.

Article Source: http://www.articlesbase.com/careers-articles/identifying-and-selling-your-soft-skills-320584.html

About the Author:

www.nes.co.uk  

NES is a leading global technical recruitment business providing professionally qualified contract staff to blue chip clients across the world in the oil and gas, infrastructure, rail, power and IT sectors. Founded in 1978, a committed workforce has facilitated the company's success and continues to ensure that NES experiences ongoing growth in terms of customers, geography and sector.

Ernie S. Humphrey, CTP | afponline.org

As part of the planning process for the AFP Retail Treasury Forum, we interviewed senior financial professionals from Zappos.com, Big Five Sports, IKEA and other companies. These interviews and other conversations over the last year have revealed a wardrobe of three essential garments that can help retailers successfully manage treasury operations through a wide range of business weather conditions.

For all-weather gear, think of a windbreaker, a parka and a convertible coat. For all-weather success in finance, think of solid operations, adaptability, and the ability to recognize an opportunity.

WINDBREAKER = SOLID OPERATIONS

AFP: What internal programs or processes that you had in place prior to second quarter of 2008 (or even before the beginning of deteriorating economic conditions in the fall of 2007) have helped your business become somewhat insulated to changing business conditions?

Daniel Simmons, Director of Treasury and Risk Management for Zappos.com: Our company has always been very nimble and quick to respond to changes in the market. We grew 20% plus in 2008, and I would attribute it to our focus on customer service. Each day roughly 70% of our sales are from repeat customers. It is those customers and word of mouth that continue to fuel the growth of our company and have helped us to thrive during this tough economic time.

John Robinson, Treasurer for IKEA's United States operations, also stressed the importance of the customer experience. Programs designed to adapt and improve the customer experience at IKEA have proven valuable throughout the economic downturn. Robinson also discussed a focus on vendor relationship reviews as providing value at IKEA. Across IKEA there has been a broad review of what services are used, and how those services are used, these include operations, insurance, and treasury (including credit cards and bank fees). A focus not just on price, but also on utilization, has helped find benefits and savings.

Tom Robershaw, Assistant Treasurer for Big Five Sporting Goods: We undertook a complete review of the fees we paid on all treasury and insurance services beginning in 2007, including depository fees, credit card processing fees, insurance brokerage fees and third-party claims administrator fees. The net result was almost $2 million/year in savings.

We began a more detailed approach to balance sheet forecasting in 2007, with particular focus on inventories per store and our credit facility's availability. This helped us to better manage our merchandise purchases and remain compliant with our credit facility's availability threshold. We believe there are still significant refinements that we can make in this area. Lastly, the company implemented an upgraded time keeping / payroll management system, which allows our store operations department to better manage scheduling.

Another senior financial professional: If you maintain honest, open, two-way communication and help them understand your business, what impacts it, how you react -- when crisis mode hits they will be there for you. Our customer-focused strategy has proved to be very effective in up or in down markets, providing products that they want, at a competitive price, with helpful associates and a few unexpected items along the way.

PARKA WITH A ZIP-OUT LINING = ADAPTABILITY

AFP: What are the most important new initiatives or programs that you have initiated in response to the economic crisis over the past twelve months?

Senior financial professional: Again, taking advantage of liquidity when it is available. When capital markets are open at a reasonable price, take advantage of them. Trying to put together a plan to survive the worst possible scenario (i.e. funding/liquidity) before it happens and constantly evaluating new sources of liquidity.

Simmons: We took steps to reduce oper-ating expense during 2008 which have set us up with the appropriate cost structure to generate significant cash flow during 2009.

Robershaw: Over the last 12 months freight costs have been a particular focus, driven in part by the high diesel prices experienced last year. We have begun an effort to control more inbound freight (shipments from vendors) internally, to gain efficiencies economies of scale. We have also completely re-examined the ways in which we ship goods to our stores.

IKEA's Robinson again pointed towards controlling and even just influencing cost as the focus of initiatives that have been undertaken at IKEA and again noted the successful adaptability of the customer service as an area providing value to the organization.

CONVERTIBLE COAT = ABILITY TO SEIZE AN OPPORTUNITY

As the business climate heats up, the sleeves can be removed, and when the rain comes a hidden hood can be revealed to provider shelter.
AFP: What are key areas of opportunity for your treasury department over the next 6-12 months?
Simmons: We will continue to work closely with our bank group. As our apparel and handbag businesses continue to grow we will look to add these and other categories to our borrowing base. Working closely with our vendor partners will continue to be strong focus for us as well.

Senior financial professional: Further consolidating service providers and leveraging existing processes and relationships and applying our best practices to other parts of the organization.

Robershaw: We are researching purchasing cards as a way to generate rebates and reduce small-dollar checks. We are also examining our check guarantee program and check deposit procedures to see if there are any possible cost savings or efficiencies Senior financial professional: We have a very small department, so we are already pretty efficient. We are implementing a couple of changes that will further streamline payments and result in less keying and less manual balancing.

Retail financial professionals will continue to face severe swings in the business climate. Those who have a solid operational foundation, who adapt well to change, and who have the courage to identify opportunities should be able to weather any condition thrown at them.

To learn more about how retail financial professionals adapt successfully, attend the Retail Treasury Forum in New York City from April 29 - May 1. Contact Ernie Humphrey with questions at EHumphrey@afponline.org.

Elizabeth Johns | afponline.org

It isn't yet possible to run a finance department from an iPhone, but a number of new applications hint at that future possibility.

Apple's iTunes site (www.itunes.com) now lists thousands of applications for the iPhone and iTouch handheld devices, a handful of mobile banking apps, and others of interest to financial professionals. Not long ago, some of this functionality would have required serious desktop machinery.

Suffice it to say that developers ought to be thinking of mobile solutions for financial professionals. SAP announced last month that it would be developing some corporate apps for the device. A recent AFP query on this yielded absolute radio silence from all the big banks, so, who knows, perhaps a few banks are, too.

Here are some apps that I like:

Bloomberg - One of the most useful apps in existence, this mini Bloomberg box has financial news and data in a familiar presentation.

Wall Street Journal - Just released, this application provides high quality financial and other business information, similar to the WSJ online site. This beautiful app remains free as of this writing.

Spreadsheet - Works like the best spreadsheets, with complex formula capability. With a widget that is nicer than similar desktop software, and big input fields, I was able to recreate the spreadsheet I use to calculate this magazine's profit margin, for example.

Currency XP - Over 30 currencies, updated with data from the ECB, and a calculator. It’s a little more useful than the multitude of real time currency converters on iTunes.

FastFigures Finance - Very easy-to-use financial calculators for cash flow, time value of money, YTM, profit margins, break even points, various statistical scenarios, etc.

USA Economy - Major currencies, major markets, gold, oil, and other economic indicators, some analytics.

LinkedIn - Monitor your business connection updates.

Concise Oxford English Dictionary & Thesaurus - Just like the multi-volume set on my bookshelf, only it doesn't weigh fifty pounds.

Godiva - Retail therapy and quick access to Godiva chocolate best sellers. Send a business gift or reward yourself.

RSS Reader - Receive AFP articles! See the RSS Reader icon on afponline.org to learn how.

IIA (The Institute of Internal Auditors) I theiia.org

Regardless of industry or sector, product or service, or whether an organization is well-established or a young start-up, today’s businesses all around the world are consumed with concern about their sustainability. And rightfully so, as a lack of concern under current circumstances would be, at best, naïve, negligent, and extremely unwise of those at the top.

So how do businesses ensure they are on the right path? Where do they begin their journey to sustainability? To whom do they turn for guidance? Where do they look for assurance that their policies and procedures are effective and are being followed as expected?

And considering today’s global economic crisis, is sustainability even something that can be ensured?
As the global guidance-setting body and recognized authority of the internal audit profession, The Institute of Internal Auditors (IIA) advocates for the implementation of good business practices, based on ethical principles; responsible and attentive oversight; effective enterprise risk management; and strong systems of internal control, carefully designed to mitigate the risks.
The IIA believes that — for the sake of sustainability and the interests of all stakeholders — organizations and their oversight bodies should have a balanced approach to three critical concepts: governance, risk management, and internal controls. Regrettably, a casual examination of recent frauds and corporate downfalls will reveal that, in each instance, one or more of these concepts failed to perform adequately. Hence, sustainability was sacrificed. 

Governance

Organizational governance is absolutely critical to sustainability. In short, governance is a combination of processes and structures implemented by the board to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives.
The four cornerstones of effective governance are the board of directors, executive management, the internal auditors, and the external auditors. Though independent of one another, these cornerstones all play a critical role in ensuring good governance through healthy interaction and “interdependence.”
According to Corporate Governance Codes and Principles – Australia, a company should:

• Lay solid foundations for management and oversight.
• Structure the board to add value.
• Promote ethical and responsible decision-making.
• Safeguard integrity in financial reporting.
• Make timely and balanced disclosure.
• Respect the rights of shareholders.
• Recognize and manage risk.
• Encourage enhanced performance.
• Remunerate fairly and responsibly.
• Recognize the legitimate interests of stakeholders.

NOTE: For an update and expanded information on this list, visit www.ecgi.org.
An important part of the board’s governance role is its responsibility to provide oversight for the internal audit activity. In partnership with The IIA, the Canadian Institute of Chartered Accountants suggests questions directors should ask about internal auditing.

Risk Management

In today’s business arena, the effective management of risk involves much more than keeping a keen eye on the books. A broad range of risks must be addressed to ensure sustainability of an organization’s good reputation, financial standing, operational success, compliance with laws and regulations, strategic effectiveness, security and safety, production quality, and ability to prevent and detect fraud. Because too little attention to any of these risks can bring an organization to its knees, organizations are recognizing the importance of taking a holistic approach to risk management.
COSO ² defines enterprise risk management, or ERM, as a process, effected by an entity’s board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.

ERM comprises aligning risk appetite and strategy, enhancing risk response decisions, educing operational surprises and losses, identifying and managing multiple and cross-enterprise risks, seizing opportunities, and improving deployment of capital. This is, indeed, a tall order for any organization, as it is an ongoing process that involves people at every level of the enterprise. This portfolio perspective of risk is designed to identify and manage potential risks within the organization’s risk appetite. The internal auditors’ role is to assess and monitor those risks.

Internal Control

According to The IIA, internal control is any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved. Management plans, organizes, and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved.

The control environment comprises the attitude and actions of the board and management regarding the significance of control within the organization. It provides the discipline and structure for achieving the system of internal control’s primary objectives. The control environment includes such concepts as organizational integrity and ethical values, management's philosophy and operating style, organizational structure, assignment of authority and responsibility, human resource policies and practices, and competence of personnel. The control processes are the policies, procedures, and activities that are part of a control framework, designed to ensure that risks are contained within the risk tolerances established by the risk management process.
Just as they assess and monitor risks, the internal auditors are charged with ensuring that the controls in place are adequate to mitigate those risks. They do not “manage risk” or implement internal controls, as that is management’s role. They do, however, provide assurance to management and the board as to the effectiveness of the controls that are in place.

A Sustainability Triad

Clearly, a blueprint for organizational sustainability cannot be boiled down to an article of this length. However, without good governance, effective risk management, and a strong system of internal control, sustainability is highly unlikely for the short-term and virtually unheard of for the long-term. And the internal auditors play critical roles throughout the process of all three, by assessing and evaluating, monitoring and reporting, and providing assurance. After all, their key role is to help ensure that organizational goals and objectives are met, and isn’t that what sustainability is all about?

Notes

• Should we have an internal audit activity?
• What should the internal auditors do and what should be the mandate of the activity?
• What is the relationship between the internal auditors and the audit committee?
• To whom do the internal auditors report administratively?
• How is the internal audit activity staffed?
• How does the internal audit activity obtain and maintain the expertise needed to conduct its assignments?
• Are the internal audit activities appropriately coordinated with the external audit activities?
• How is the internal audit plan developed and what does it cover?
• How are internal audit findings reported?
• How corporate managers are required to respond to internal audit findings and recommendations?
• What services do the internal auditors provide in connection with fraud?
• How is the effectiveness of the internal audit activity assessed?
• Does the internal audit activity have sufficient resources?
• Does the activity receive appropriate support from the CEO and senior management team?
• Does the organization have adequate internal controls over the major risks?
• Are there other matters that should be brought to the audit committee’s attention?
• Are there other ways in which the internal audit activity and the audit committee could support each other?
• Is the audit committee satisfied with the internal audit activity?

When fully explored and answered, these questions ensure that the board and its audit committee understand the importance of their oversight relationship with the internal auditors and the impact that oversight has on the organization’s governance.
For effective governance, The IIA believes the internal audit activity should have a dual reporting role to the audit committee of the board and to executive management. For additional information on reporting relationships and internal auditing’s role in corporate governance, visit www.theiia.org. 

²COSO

Comprising the American Accounting Association, the American Institute of Certified Public Accountants, Financial Executives International, the Institute of Management Accountants, and The Institute of Internal Auditors, the Committee of Sponsoring Organizations (COSO) is a voluntary private-sector organization. It is dedicated to guiding executive management and governance entities toward the establishment of more effective, efficient, and ethical business operations on a global basis. Recognized the world over for providing guidance on critical aspects of organizational governance, business ethics, internal control, enterprise risk management, fraud, and financial reporting, COSO sponsors and disseminates frameworks and guidance based on in-depth research, analysis, and best practices.

April 2, 2009 - Morgan International was awarded a Certificate of Appreciation at this year’s CFA Arabia Charter Ceremony in Riyadh, KSA for its support and sponsorship of the event as well as those that took place in Jeddah and Khobar.   

The event was held in honour of the individuals who obtained their charter and candidates who passed Levels I, II or III of the CFA® examination.

Morgan had the opportunity to remind the new charterholders and attendees about the many opportunities the CFA charter offers in its closing presentation.

Morgan Sponsors Beirut Arab University’s 1st Scientific Conference for the Faculty of Commerce

April 27, 2009 - Morgan International, in partnership with BAU’s Center of Consultation, sponsored BAU’s 1st Scientific Conference for the Faculty of Commerce in April, awarding 16 students with scholarships for the CPA (Certified Public Accountant), CMA (Certified Management Accountant) and CFA (Chartered Financial Analyst) programs for the Fall ’09 courses. After opening speeches from Prof. Amr Gallal Adwi, President of the Beirut Arab University, Prof. Dr. Nehale Farid Mostafa, BAU’s Dean of Commerce and Mr. Andre Naddy, Morgan International’s Operations Manager, five teams competed for the coveted scholarships by presenting up to date topics ranging from finance to accounting.

Morgan also attended and sponsored exhibitions throughout the region:

• The Saudi HR Summit in Jeddah (May 2-6, 2009)
• The Higher Education International Conference in Beirut (April 23-24, 2009)
• CBA College’s Career Day in Jeddah (April 22, 2009)
• King Fahad University of Petroleum & Minerals’ Annual Job Fair in Dammam (April 12-16, 2009)