Connect with us

Latest News

Outsourced CFO Philadelphia

Published

on

Outsourced CFO Philadelphia

For 35+ years, we’ve been the on-demand Outsourced CFO for Philadelphia business owners, and we’re damn good at what we do, on average we increase businesses revenue by 40.1% ($2.3M) and profits by 954.9% ($1.8M) over 3 years.

Responsible for the financial sustainability, transparency, and reliability of a company’s accounts, the outsourced CFO is an expert in finance and management who oversees all financial functions.

A true partner and adviser to the manager, the outsourced CFO is responsible for the company’s competitiveness, as well as risk prevention.

The Chief Financial Officer is therefore truly a creator of value and is responsible for risk prevention. Very few companies have an administrative and financial department, for lack of resources. And yet, most SMEs need the accounting expertise of a Financial Director to optimize their management because he will take a fresh look at the situation of a company.

Today, more and more managers are calling on an outsourced CFO for one-off assignments. A reliable and efficient solution that allows you to stay on track with your priorities.

The missions of the outsourced CFO

The role and missions of the outsourced Finance Director are broad and multiple:

·        Risk management

·        Fusions acquisitions

·        Internal control

·        Accounting services

·        Guide companies in their strategic choices

·        Development of reports and reporting to track company finances

·        Co-piloting of the company

·        Anticipation of finances and development strategy of a company

The benefits of an outsourced CFO

However, the benefits of hiring an outsourced CFO can help take your business to the next level. Some of the benefits of hiring an outsourced CFO are as follows:

  1. Profitable

Hiring an in-house CFO doesn’t mean you’ll only pay their salary. Many new businesses don’t realize that along with salary, they must pay benefits and taxes. In addition, they must also offer an annual promotion.

All of this sums up and adds to the cost of having an in-house CFO. This cost is often out of the budget of many small business owners. Outside CFOs, on the other hand, are more profitable. You only have to pay for the services you need.

  • Time-saving

With a single resource responsible for handling finances, you save the CEO and everyone else the time they would otherwise spend on accounting. An outsourced CFO takes on the responsibility of handling the finances so they can focus on their specialties.

  • Experience

A business owner, CEO, or internal employee may not always have the financial aptitude required of a CFO. An outsourced CFO has this experience, which is gained through years of working with various companies.

In addition to that, they have access to information that is not generally available to companies. This helps when setting goals and comparing growth to industry benchmarks.

  • Unbiased views

Internal employees and business owners have a bias towards the company and can sometimes lose objectivity when making important decisions. Since outsourced CFOs are independent contractors, they are more objective in their decisions.

Because of these benefits, many companies are now in favor of using the services of outsourced CFOs. If you decide your organization can benefit from an outsourced CFO, be sure to do your research and look at their industry experience before hiring them. Also, make sure they get along with leadership and understand your business goals. This will make achieving those goals much easier.

Hire an outsourced CFO! The benefits that outsourced CFOs provide, along with their ability to provide valuable skills and knowledge, help an organization achieve both short- and long-term goals, starting right now. The main services that an outsourced CFO can provide to an organization can help propel the company towards growth and help make strategic financial decisions. His analysis of company finances provides actionable insights that the CEO and

Latest News

Great Resignation: How to beat Great Resignation with Employee Experience

Published

on

Great Resignation: How to beat Great Resignation with Employee Experience

Great Resignation

The world was forever changed in late 2019 when the Coronavirus made its appearance. Countries shut down. Streets were empty. Companies held as best they could or were forced to close their doors. Many would believe that such an event would lead to employees wanting to hold on to their jobs. Typically, large numbers of resignations signify a good economy and abundant availability of jobs allowing people to follow passions instead of necessity.

Post-COVID employee experience is much different.

For two years, and some a bit more, people were forced to spend time alone, realigning the importance of human interaction, well-being, and happiness. This drive for more personal fulfilment, satisfaction, and growth stemmed The Great Resignation.

No longer were employees basing staying with jobs out of need or comfortability. Now they look for work-homelife balance, greater satisfaction and better employee experiences, or they will leave. So how do companies face this? How do they increase employee retention and improve employee engagement?

The secret is in employee experience.

Holistic Employee Experience

There are, of course, no quick fixes for the Great Resignation, small wins can motivate and drive longer-term goals for your organization. The Great Resignation—and COVID by extension—taught many employees that life meant so much more. That the daily grind working in offices with long commutes, stress, lack of rest or relaxation, and the hustle of strenuous work weeks while normal was not conducive to happiness and mental well-being.

But this shift can be used as a blueprint for better employee experience!

Companies who work on being human-centric in ideals, strategies, and decision-making can improve greatly their chances of stemming mass exodus. Post-covid employee experience is now the new golden standard, and it looks at taking a more comprehensive and holistic view of experiences.

How can you be more holistic and how does it help?

  1. Think beyond probationary periods – Your employees are more important than the first 30, 60, or 90 days of employment, and yet many companies stop professional development and training after these dates. Normalize career growth, evaluations, employee 360 reports, and feedback loops to keep learning and advancement in the scope of your employees. While doing this, you’re also keeping your strategies and Key Performance Indicators—KPIs—fresh as you go.
  2. Communication is key – Talk to your employees about what they need, want, desire, and what their ambitions may be. Learn your people like you want them to learn your company. With transparent and open communication, you are engaging with your employees and creating an environment of consistency, openness, and inclusion—aspects employees’ desire.
  3. Employee-centric Corporate Culture – It may seem like the best idea is to center your company culture around the company’s values, vision, and strategies, but this is only half the battle. Integrating employee experience into the fabric of company culture ensures the company is as focused on their employees’ happiness as their own. It creates a bond to grow engagement, which has an effect on employee satisfaction and experience. As these rates increase, so to can employee retention numbers and customer experiences.
  4. Life and work-balance Erasure – Should your employees have to ask for more work-life balance? No, they shouldn’t. When built directly into work environments or expectations, it becomes something standard instead of something to be sought after. Examples of this could be:
    1. Flex hours
    1. Unlimited PTO
    1. Work-from-home or hybrid offerings
    1. Expanded benefits to include mental health and free resources
    1. Altered work hour schedules

Rise of Human Experience

Human Experience is a viewpoint that blends aspects of customer experience with employee experience, important in a post-COVID world. Instead of viewing them as separate entities entirely, companies can connect metrics and measurements of both to view a more comprehensive experience. Employees are customers—or potential ones—and as such, so too can customers become employees. With this view, it refocuses employee experiences in direct answer to the needs stemming The Great Resignation.

Ways you can use CX strategies within EX:

  1. Employee Journey Mapping – Like in customer experience, companies can work on mapping journeys for positions within the company overall, building in professional development and growth from the outset. They can then alter these journeys through personalization when an employee fills that role.
  2. Monitoring metrics – connect goals, milestones, and trajectories with metric directly linked to KPIs. Think employee net promoter score (eNPS), employee experience (EX), employee satisfaction (ESAT), and employee engagement (EE), for example, as they can correlate with operational success as well as customer success with your organization.
  3. View of employees – view your employees with the importance you view your customers. You cannot survive without either, and just as you court customer loyalty for more profitable relationships, so to can employee relations boost revenue, growth, and expansion.

Remote and Hybrid Work

One of the lasting effects of COVID was the desire to work from home or have the flexibility to. According to Gallup, nearly half of full-time working Americans—45%—are still working remotely.  White collar workers have even higher percentage, coming in at 70%. After the shutdown, many leaders were surprised to find employees still wanted to work remotely. The Pandemic exposed an internal need for conducive work environments and flexibility.

The office and all it entailed wasn’t as attractive as some leadership believed.

It was agile leadership who switched to maintaining remote or hybrid options who won out against competitors. Record job openings only further highlight how living is more important, and work can no longer be focused on only paying bills. Organizations who shift better with their employees retain talent better.

Remote work is not the only fix, but it does show how views of work’s place have vastly changed.

Act on Meaningful Feedback

Closing the loop between you and your employees is more important than ever before. Simply hearing them is not enough. Active, empathetic listening pair with actions on a consistent basis is the wining combination. Employees not only want to know they are heard but that their input is valued.

Regularly checking in with your employees, and not only attaching it to their performance, creates a culture of partnership.

Ways to gain meaningful feedback to inspire data-driven action:

  1. Employee 360 Review [LN1] [SP2] – not to be confused with an employee evaluation, the 360-degree review is a way for all employees to gain feedback from peers, subordinates, and managers to assist employee self-evaluation.
  2. Pulse checks – a powerful anonymous survey tool. Pulse checks are in between annual reviews and keep the feedback coming for HR initiatives, but it can also inform business strategies that are employee-focused as well.
  3. Surveys – From satisfaction to engagement, the best thing you can do is ask your employees. Working from assumptions can lead you down costly mistakes. By asking directly you can get their true opinions—think of using anonymity to influence candid responses.

Final Thoughts

The biggest takeaway from this is: employee experiences is an important part of operational success. The evolution of its importance and what it means cannot be discounted. Doing so can led to higher employee turnover rates and you won’t retain your best talent. As employee experience continues to change, the forward-thinking companies with innovative leadership will make it to the top.


 [LN1]Would it be okay to tag our template here?

Yes, we can [SP2]

Continue Reading

Trending