Even when faced with uncertainty, aspects of life and work can be designed to support balance and facilitate open communication. Best and Brightest Programs of the National Association for Business Resources presents "Maintaining Balance and Open Communication (During Uncertain Times)." Our COO, Kerry Wekelo, shares the six tried-and-true principles we use to create and maintain a thriving culture at Actualize.
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Kunle Aladewolu, Manager, Capital Markets & Treasury at Actualize Consulting
Skilled and certified treasury professionals who have attained their qualifications through a recognised body are increasingly in demand for their particular knowledge set and ability to navigate through the critical financial, liquidity and risk management decisions facing organisations regularly. Part and parcel of a certified treasury qualification, aside from the rigorous examination of the student’s industry knowledge, are a raft of benefits which further enhance the proposition for attaining a certification, including the following:
See the full post below. https://treasurytoday.com/treasury-talent/careers/education-for-all-ttqa Darin Hollingsworth, the host of Working Gratitude Podcast - Odonata Coaching & Consulting and Kerry Wekelo, discuss using gratitude as a shifter in all situations and how gratitude can defuse workplace conflict. Listen in on the links below and stay tuned for Kerry’s soon to be released book, Gratitude Infusion detailing how we use gratitude at Actualize to create a thriving culture.
Souncloud: https://lnkd.in/enxtW6R Spotify: https://spoti.fi/2VtEvfE ApplePodcasts:https://apple.co/2TjYzMz Business Continuity Plan For Treasury - Best in Class With extended periods of remote working, many companies are happy they have a business continuity plan (BCP) in place. But a full BCP needs to cover much more than planning for remote working. Here is a suggested approach to build a full BCP for Treasury by Paul Baram, Director. As we adjust to extended periods of remote working, clients are realizing how effort previously expended in creating a business continuity plan (BCP) is paying back in spades. Good for them. And it’s true having a plan in place to accommodate the loss of access to the main office is one of the critical considerations in formulating an effective BCP plan. A full BCP plan needs to cover much more than planning for remote working. Starting to build out a BCP can be daunting, so we present an approach to defining what a BCP plan should cover for a specific company and how to evaluate and prioritise mitigations and recovery from those events, should they occur. Initial Assessment: A good starting point is to document the process flow of all the mission-critical activities of the Treasury function along with the frequency of action. If a company makes its payment run on a Thursday only, then an outage on a Tuesday is a much smaller issue than a Thursday. Secondly, gathering together a list of all relevant artefacts is another initial point of collation. Here we define an artefact both as documents, document libraries, any current BCP plans, communication plans, and contacts as well as physical items such as the relevant systems being used to include banking portals, general ledgers, and the TMS (Treasury Management System). Scenario Planning: One tip in devising a scenario plan is to be clear about the coverage that a BCP is aimed for. I recall a BCP planning session early in my career whilst living in Japan. We had a long debate over whether planning for the “big earthquake hitting Tokyo” was a sensible scenario or not. The company had a backup location several miles outside of Tokyo, but if an earthquake occurred, would it not be better to have that location 100 miles away. I do not recall where that ended…. Avoid getting too specific in the nature of the scenario but do include the current status. It is not necessary to list out multiple scenarios of how the main office became unavailable; it’s enough to state one scenario where the office is unavailable. The recommendation is to utilise a grid approach to gather the scenarios. Firstly, the scenarios themselves generally fit into for 4 main categories, as shown below, along with a few samples for illustration. Figure 1: Scenario List BCP Action Plan: Once the assessment and scenarios have been defined you can start to formulate a BCP action plan. The scenarios should be reviewed and signed off with stakeholders. At this point, you can formulate an actual BCP action plan. One can think of the cost of implementing a BCP plan akin to an insurance premium. An interesting analogy since business continuity insurance does exist as an offering. However, Global Pandemics are a small print item that are typically not covered. Continuing the insurance analogy, we are generally comfortable understanding that the higher the level of coverage, the more the cost. In BCP terms, one way to think about this is to understand the relationship between Cost of Prevention versus Cost of Recovery. Research has shown that this relationship is not typically linear at the short end of the timeline. Figure 2: Cost of Prevention vs Recovery time Thinking about Cost of Recovery itself, one can appreciate that the ability to recover critical systems within minutes requires a significant investment that could be mitigated through other means. For example, making payments through the banking portal as the mitigation to the main Treasury Management System for payment generation is unavailable. To that end, we recommend action plans be articulated for 3 separate time buckets. · Short term (0-72 hours) - Think of this as the short-term emergency plan. · Medium term (3-30 days) - With items such as payment cycles, management reporting typically falling into monthly cycles and approach to outage over this length requires a different mindset and approach. · Long term (30+ days) - And finally then, the long-term plan requires an adjustment to a new normal. Figure 3. Sample Action Plan For each scenario agreed, an action plan is drawn up. The action plan should define a specific response and address implications to both personnel and infrastructure. The individual action plans can then be formulated into a project plan for action (including costings) and presented for funding and implementation. Again, understanding the costs for each scenario individually and collectively is key for stakeholders. There are typically some low cost, quick to implement activities that can be actioned immediately.
Be mindful of security. A disaster scenario should not be an excuse to drop security policies and principles. If multi-factor authentication is being used to access a TMS, it should still be available in said scenario. Test, Refine and Retest: Using today’s working environment as a potential wake up call, you ideally don’t want to wait for an actual disaster to strike before knowing the BCPs are appropriate. The plans must be tested on a regular basis, with results documented and output reviewed for opportunities to enhance the plan. Clearly, it’s no fun for the individuals to schedule an outage at 4:30 pm on the Friday of Month End, but perhaps at a minimum that scenario could be enacted around a conference table. If a remote site is available, consider scheduling a day to have the teamwork at the location. This would provide tangible feedback on working space, quality of networks, accessibility to required documents, data, etc. One outcome of good testing will be the identification of the weakest link of the plan which can then be mitigated and retested. Additionally, whenever a significant change hits an organisation, for instance a change of TMS vendor, business acquisition, or key personnel changes occur, this should trigger a review and update to the plan as appropriate. It’s Good to Talk: Finally, we must recognise that communication in the event of BCP is paramount. Having a centralized contact list along with a chain of communication structure is a must. It’s tempting to think that with work email and our smartphones this information exists in some form already. However, thinking about where this information is held in the event of the scenarios above is vital to a speedy recovery. Privacy concerns must be considered, but if the loss of work email is a scenario to cover, then personal email addresses should be included. It’s also important to produce an external contact list for those groups treasury regularly interacts with, relationship bankers, TMS systems contacts, etc. Preparing for the future starts today with a strong BCP plan fit for purpose for your individual company’s criteria. Please contact us for additional planning tips, review of templates and plans, and how to get started. If you would like to download this article in PDF format and share it with your team, please visit https://www.actualizeconsulting.com/uploads/1/6/8/0/16806736/2020-business-continuity-actualize.pdf Kerry Wekelo, COO, Actualize Consulting As we spend time in isolation, we may feel a deeper need for connection. Although we may not physically be near our loved ones, they are only a phone call, Zoom, or Skype away. I challenge you to use this time to draw closer to those you don’t know as well. It can just be through conversation or perhaps you’d like to make it a project. For example, before my grandmother passed away, I interviewed her and created a book of her life. This is now one of my most treasured possessions and I am encouraging my kids to do the same for their grandparents. If you don’t feel comfortable reaching out to those you don’t know as well, you can even start with your immediate family. At dinner with my kids, we are using my Zendoway cubes along with conversation starter cards to engage more. The silver lining throughout this period of isolation is the extra time to focus on what matters. Who can you get to know better? Share ideas on how to connect below. Paul Baram, Director, Actualize Consulting
Today marks 2 years since I joined Actualize Consulting. Coincidentally, we just hired our latest full-time team-mate (Kunle Aladewolu). As we were going through our onboarding process, I was struck again by how strong the culture we’ve built across our organisation is. Aside, in the spirit of show, don’t tell, our COO Kerry Wekelo literally wrote the book on it titled Culture Infusion. But trying to figure out if a new recruit is right for our culture, whilst important, is only part of what makes up a good consultant and thus the right person for us. I have noticed that a successful consultant has certain ingredients. Aside: I was recently watching a cooking program on TV and followed a recipe for a really easy chocolate cake. Equal parts (lets go with 4oz or 100g) of hazelnuts, dark chocolate, soft unsalted butter, flour, semi-skimmed milk, and sugar. Get a food processor going and blitz the hazelnuts till fine. Then, in order, add the chocolate, butter, flour (+ a pinch of salt), milk and finally sugar. It should be a light fluffy batter. Whack that into a non-stick baking pan that sizes such that the batter is about 2-3cm deep. Then into an oven at 180°C/350°F and bake for 25 minutes. It should come out something like a cake/brownie. It’s really good…. Back to the recipe for a consultant. For my math brain, it comes out as competency squared + curiosity + culture. Functional competency for the role itself is paramount. Fortunately, that’s easy to test for with some well-constructed questions. But how well those questions are answered and how much further into the subject matter the conversation goes is what gives insight into how someone thinks about what we do. I like to imagine a spreadsheet with columns representing all the functional areas and rows indicating depth of knowledge. If I picture their knowledge as a T (broad knowledge across most areas and real depth in at least a few), then I think we’re onto something. Consulting competency comes next. Can the person communicate articulately, both in written and verbal form? Time management skills and multi-tasking become ever more important with the work we do. Curiosity, for me at least, is the secret sauce. My own view is that we never stop learning and every project we participate in provides a learning opportunity. I see enormous curiosity to learn and a desire to develop at the heart of everyone in my team. And last but not least, trying to understand what makes people tick outside of work, how they treat themselves and others is really, really important to us. Which neatly brings me back to the culture at Actualize. In these times, I’m grateful for the positive energy, gratitude and support that we are all providing each other as we continue to deliver for our clients and take care of ourselves. So, an insight into what we look for and chocolate cake. What more do you need….? 6 TIPS TO EASE THE TRANSITION FROM COLLEGE TO FULL-TIME EMPLOYMENT
Madeline Yaskowski, Senior Consultant, Actualize Consutling I can't imagine how hard it is for seniors this year who had their plans cut short due to COVID-19. Life transitions are rarely easy, and when you throw a pandemic into the mix, it can be taxing on your mental health. While I can’t relate to having my senior year end abruptly, I do remember feeling bombarded with so many “endings” when I graduated. I was saying goodbye to the town I had grown to love over the past four years, the campus I used to walk across everyday going to my classes, and my friends who lived less than a half-block away. I was even saying goodbye to my parents, who - in a strange twist of fate - were moving away from home as I moved back. I truly felt like any sense of normality was being pulled out from under me. Although navigating this feeling was hard, it was comforting for me to know that many recent college grads feel the same way. Adrian Mendieta, fellow Virginia Tech Alum and Senior Consultant at Actualize, felt a similar fish-out-of-water experience. After a conversation with him, I’ve compiled a few of our tips to help the class of 2020 soften the growing pains of this transition from college to a full-time job. 1. Focus on Gratitude: I was so focused on what I would no longer have that I couldn’t remember all that I did have. I was extremely lucky to have accepted a full-time offer from Actualize, who I had interned for two years leading up to my official start date. I was lucky to have a boss that encouraged me to take the summer off before starting, a place to live, extended family nearby, and so much more. As I began to focus on gratitude, it became clear to me that I needed to reframe this event in my life; it wasn’t an ending. It was a new chapter. 2. Ease into Your Schedule: Prior to his start date, Adrian shifted his schedule around his working hours. “I was used to having 2-3 classes per day and spending the rest of my time either doing work or studying,” he noted. “I needed to adjust my schedule around my new job.” He set his rhythm by waking up earlier and hitting the gym after or before core working hours. 3. Find a mentor: For both of us, having someone who was familiar with the tasks of our job was extremely helpful. When you’re new, there can be a major overload of information. It’s important to remember that everyone was new at some point! Find someone you can reach out to for help if you need it and don’t be ashamed for not understanding fresh material. 4. Set Goals: Just because you are out of school doesn’t mean that the learning stops. Challenge yourself to grow. “Begin writing down a list of specific, measurable and attainable goals that you would like to accomplish within the 1 – 2 months of starting work,” says Adrian. “You can track your progress and look back at all you’ve learned – it’s a good morale booster to see how far you’ve come.” 5. Take Breaks: In today’s culture, we value success above happiness. We think that we must always be hustling in order to achieve. Although it may sound counterintuitive, sometimes being unproductive is the most productive thing you can do. If you have vacation time, don’t be afraid to use it – you’ve earned it! You can come back to work more refreshed and less likely to burn out. 6. Have Hobbies Outside of Work: The workday should not last forever – protect your work/life balance by having hobbies that aren’t your 9-5. “Set time aside each day for activities that you enjoy – like exercising, spending time with family or catching up on your latest show,” says Adrian. Recent college grads, how have you adjusted to full-time employment? What tips and tricks do you have for class of 2020 graduates? When we had to reschedule our much-anticipated annual retreat due to the pandemic, our COO, Kerry Wekelo decided to find new, virtual ways to show our people appreciation by creating gratitude videos for all of our team members. This video expresses thanks to Actualize Consulting Principals, Chad Wekelo, CPA, CFA and Matt Seu. See how we are counterbalancing the pandemic with gratitude.
In How to Manage Stress and Fear in a Post-Pandemic Workplace, Mike Petrusky speaks to change management professional Cristina Herrera, Prosci and author of The Healthy Workplace Nudge Rex Miller about what the future workplace looks like in this article for iOFFICE, LP.
When we return to the workplace, it will be different in many ways—some that are obvious, and others that are much less visible. As author David Kessler said in a recent Harvard Business Review article, the disruption of our normal routines, loss of connection and fear about the future has led to feelings of “collective grief.” As workplace leaders, we have an opportunity to earn our employees' trust when we acknowledge the difficult emotions they are experiencing. In addition to keeping employees physically safe, we need to be mindful of the need for psychological safety. Managing fear and stress in the workplace is an ongoing focus in our recent webinars and interactive livestream events. Here are some of the best recommendations we’ve heard from top leaders. Prioritize Physical Safety While Encouraging Connection Eventually the coronavirus pandemic will subside. Before offices reopen, companies will need to make changes to keep employees safe. That will include taking proactive measures like spacing desks further apart, returning to work in shifts and limiting the number of people able to gather in conference rooms and common areas. Some of those changes may be temporary or situational, while others could be permanent. However, change management professional Cristina Herrera says physical distancing doesn’t mean we have to give up everything we’ve gained from a more collaborative workplace. “The shift to a more shared environment of spaces has come with really great benefits, in terms of fostering and nurturing the tribe mentality that we are all one,” she said. “My work desk isn’t where I’ve come here to be 100 percent of the time, but to build relationships and have opportunities for innovation. We need to make sure we don’t jump too drastically to the other side, but we do need to be mindful that people are going to come into the workplace with fear. We need to make them feel safe and secure. And we need to provide them with the opportunities to take care of their own safety.” Lead With Vulnerability As researcher and author Brené Brown has said, “vulnerability is the birthplace of innovation, creativity and change.” During crises, leaders deal with unfamiliar or uncomfortable decisions and increased uncertainty. It’s time to let go of the outdated notion that the boss is the person everyone expects to have all the answers. Now more than ever, leaders have to be transparent with employees, said Rex Miller, author and guest on our recent webinar about managing stress in the workplace. When leaders are more vulnerable about what they’re experiencing, employees will feel more comfortable expressing their own fears and concerns. “Share what you’re going through, what you think is happening now,” he said. “Share how you’re learning together. Invite other voices. Leaders have to be the first to express reality, to share what it’s really like for them.” Stress can be contagious, Miller said. As many as 85% of employees report high levels of stress, he added, and 75% of employers say stress is their No. 1 concern impacting productivity. While it can be constructive to admit you’re going through a challenging time, as a leader, you also need to manage your own stress so you can be better equipped to help employees. A few basic steps leaders can take to manage their own stress include:
Stress can compound when having to learn new ways of doing things, which is why Miller recommends trying to maintain a routine as much as possible. Consider Offering Additional Mental Health Services Many companies have expanded mental health benefits in the midst of the coronavirus pandemic. In fact, a recent survey by the National Alliance of Healthcare Purchaser Coalitions found 53% of employers are now offering additional programs. New benefits range from online counseling sessions at no cost to providing employees with access to mindfulness apps. Employers are also providing expanded health care benefits, additional leave and greater scheduling flexibility. Miller recommends hosting a company-wide meeting or webinar to ensure all employees understand what benefits are available to them. First, make sure they know what additional sick leave and extended family and medical leave they are entitled to—for example, under the new federal Families First Coronavirus Response Act (FFCRA) in the U.S. Next, explain any updates your organization has made to your benefits or sick leave policy, as well as any other services you are offering. Check In On Employees Frequently COVID-19 upended routines, disrupted social lives, and separated people from their workplaces. It is not yet clear when we will return to normalcy. Or what to expect when we do. Everyone’s situation is unique and can change dramatically from one day to the next. Whether your team continues to be distributed or you are returning to the workplace, it can be difficult to gauge how well your employees are handling their stress. “Before you just go in with what you need them to do, ask them how they’re doing,” said Kerry Wekelo, CEO of Actualize Consulting. “Ask them every day. Don’t just assume that they’re okay.” How can treasurers forced to work from home during the ongoing Covid-19 pandemic ensure they remain safe, secure and effective? In this Treasury Today podcast we explore the options in the company of Actualize Consulting’s Kerry Wekelo, COO, and Priscila Nagalli, Director, Treasury Practice Group.
Visit Treasury Today to listen to the podcast: https://treasurytoday.com/treasury-talks-podcast-series |
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