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Saturday, June 17, 2017

Why I disrupted my Role and you should do the same


 

Written by Lance Rubin, CEO and Founder of Model Citizn.

BACKGROUND

12 months ago I became the CFO of a Fintech startup called Banjo, whilst launching my own financial modelling consultancy firm Model Citizn.

It was a perfect match. Banjo only needed a few days a week, sometimes all week, sometimes once a week and I was starting a new business from scratch so had no idea what demands would be made on my time.

However, as my clients grew even a fully dedicated single day a week with Banjo became a challenge for me whilst I was needing to support multiple clients on an adhoc basis.

Being available for my clients at the drop of a hat is every client’s dream consultant but having a permanent part time role was making that dream somewhat unrealistic. Not being able to flex my time was a challenge.

I had both client demands and CFO responsibilities which I needed to deliver on.

WHY DID I MAKE 75% OF MY OWN ROLE REDUNDANT?

I really had no other option but to disrupt my own role and automate my tasks from 2–3 days a week to 2–3 days a month.

I simply couldn’t (and didn’t want to) step away from the CFO duties (which included cashflow modelling, credit modelling and reporting, valuations and assisting on debt and equity raising). I was determined to make my business a success whilst building a portfolio career and growing clients.

Banjo was the best place for me to experiment and it worked like a dream for both of us.

I realised by disrupting my own role it gave me the opportunity to tell the story to clients and help others who were afraid of exploring it.

Being part of the transformation is a learning opportunity which can help you and others do more interesting work whilst creating more value for your employer and most importantly yourself.

Whether we like it or not robots are going to have a profound impact on all key finance processes, posing a threat to those that don’t embrace it, but creating many opportunities for those that do. For example the key finance reconciliation/control processes (e.g bank recons) and basic/standardised management and financial reporting, which is largely still manually performed today. This is driving a big demand for automation skills for key finance processes (hence the rise in demand for financial modelling) and more valued advice in relation to accounting matters and future business performance and less focus on the preparation of historical results.

RELEVANCE FOR THOSE IN FULL TIME JOBS.

At this point you’re probably wondering how this post is relevant to someone in a full-time role.

It’s very relevant. The journey of automation and disruption throws up new opportunities that simple aren’t evident or intuitive in your current role. The natural reaction is to perceive it as a threat, when it’s actually an opportunity (assuming you are willing to adapt).

If you think that your role isn’t going to be impacted, read the 13 future trends that will shape business and society, then perhaps you need to stay closer to reality. Having worked in the corporate world for close to 20 years it’s easy to lose track of what’s really happening outside the 4 walls of a skyscraper.

WHAT TECHNOLOGY WAS I USING?

Given the strategic and highly-customised nature of my CFO role at Banjo, Microsoft Excel provided the most powerful and flexible solution, but very time intensive. I had researched a number of technology applications for automation but nothing is quite like an Excel based content management system in Modano.

Excel is still one of the largest software packages used in the world due to its powerful flexibility. This means as business conditions, laws and your strategy changes so can your Excel model.

Modano (an Excel Add-In) is enabling people to share content, automate financial modelling and systemising spreadsheet processes, as it did for me.

Banjo was one of the first fintechs in Australia to implement Modano’s dynamic rolling (actuals updated each month) 3-way financial modelling and content management technology for Excel.

The deliverables where not straight forward including cashflow modelling (fund/trust and management company), valuations, debt covenant reporting and board reporting including break-even analysis, all completed in a couple of days after each month end cycle.

Implementing this type of technology, amongst other automated processes, is the essence of the tech in fintech and why traditional business models are under threat. This can flow onto job losses as those traditional businesses must maintain cash and preserve profits.

WHY SHOULD YOU DO IT TO YOURSELF?

Most importantly it’s better to be part of the journey than merely a passenger to the process.

There is a major risk for passengers / employees desperately holding onto the security of full time jobs.

Security and full-time employment doesn’t exist, in case you missed the newsflash. Traditional businesses faced with disruption and falling revenue have no option but to reduce cost.

This isn’t going to change, just see the CEDA research (which is already almost 2 years old at the time of writing this). More than 5 million Australian jobs will be gone in 10–15 years. Whilst this isn’t going to happen overnight the change has already started.

Can you think of what will happen if someone got rid of 75% of the work you did today (as I did to myself), what will you do? Rather than waiting to face that fact, act now.

There will be 3 million truck drivers in the US displaced by driverless trucks, like Uber which completed its maiden delivery of beers.

The tighter full time employees shut their eyes, the safer they think they might be. This is not only flawed but the rate of change (in the real world) is accelerating and time is running out on missed opportunities that are right in front of you today.

If this hasn’t convinced you let’s summarise the pros and cons of actively driving disruption in the work place.

PROS / CONS (IF YOU’RE STILL NOT CONVINCED)

Pro

  1. There is an opportunity to influence and guide the automation process so that you can use it as a proof point in your career, making you more marketable.
  2. You have the opportunity to be a leader within your organisation to drive change and thereby increase your chances of retaining full time employment (if you want it).
  3. “Free” practical training on the latest tech solutions in the market by being part of the pilot/project team.
  4. Might open up new career opportunities or business ideas. This was certainly the case for me. The software company might actually approach you for help if you do a great job. Alternatively, you could help a range of clients achieve similar efficiency as their VCFO.
  5. If you are bored with your current role it’s an easy sell without telling your boss you hate your job.

Con

  1. You are living in the delusional state of comfort that a full time job won’t change and is secure. I was certainly caught in this for a number of years.
  2. The average tenor in roles has dropped significantly. If you don’t change someone will do it for you exposing you to the harsh reality of unemployment with no plan. It’s not a matter of if this will happen, but when.
  3. When it does come time to change jobs or careers you would have missed out on learning new skills. Others that haven’t missed the opportunity and who might also be applying for the same jobs you are , will be clearly favoured.

The workplace is changing in many different facets, if you don’t change with it you will be left out in the cold needing to change anyway, but without a job. Think now and act.

PRACTICAL STEPS YOU CAN TAKE TODAY TO GO ON THE JOURNEY.

If you are working on a spreadsheet-based processes (which is still a very large proportion of corporate tasks) then you should consider the following:

  1. Is your spreadsheet easy to navigate and understand? Is there a process document or some sort of structure to the logic? If no, then suggest you work on that first. Resisting tidying up the complexity in your spreadsheet isn’t going to save you from disruption. I already use technology that helps decipher spreadsheet content and even the most complex formulas without talking to someone. I have previously extracted business logic from 26 bespoke spreadsheets of a large multinational company without talking to any of the spreadsheet creators. It’s only a matter of time until someone does the same to your spreadsheet based process. Handing over your spreadsheet process creates capacity for you to learn new skills like financial modelling for dynamic decision making.
  2. Do you follow some sort of spreadsheet standard or compliance like consistent formulas horizontally and no random hardcoded numbers in formulas. If not take a look at Best Practice Spreadsheet Modeling Standards.
  3. Do you know if you have any errors in your spreadsheet? Have you created error trapping or prevention with flags and alerts or data validation? We all make errors, it is just a question of how many and how big the impact might be, not if they exist.
  4. Is your spreadsheet being used on a regular basis to absorb new and updated information? Is this easy to follow and replicate via form controls like dropdown boxes and in cell data validation lists? Can it be broken down into a simple copy and paste process? If it’s well-structured almost all spreadsheet processes can come down to just a copy and paste process which is a very short step away from complete automation.
  5. Once it’s been left to a simple copy and paste process then using Macros written or recorded you are there. You also now have the opportunity to look at a range of other RPA (robotic process automation) software. Modano still remains the best automation software for rolling integrated 3 way models in Excel.

Don’t be afraid to take that initial step yourself. It’s far scarier and it will knock you far greater when someone throws you overboard or under the bus.

Grab a lifejacket today whilst there are still some left hanging in front of you, there ain’t enough to go around for everyone.

Stay tuned for the rest of the 3-part series of posts to find out about more about the opportunities you can explore.

Follow up posts will explore some of the opportunities in more detail.

Alternatively, reach out to Model Citizn to explore how we can help you automate, streamline and leverage some of the latest technologies.

We also offer training and workshops to help support your staff to develop these skills.

Subscribe on our website to keep in touch.

 


What are your 3 must read books ?

Courtesy of Kimberly King 

Website http://kimberlyking.org 

Here's a list of the 3 books Stanford is asking incoming freshman to read over the summer. 

What would your list of "The Three Books" be (either for incoming freshmen, or in general)?​




Beyond The future of work - towards 2050

Join us as a guest at the next BBg forum to be part of this conversation


 

Responses 


Lee Patrick


Hopefully it will be an integrated approach that ensures the government and the people of Australia begin to support Australian made. If we have little production, manufacture, agriculture, aquaculture,  Australian based retail etc. , no amount of skills adaptability and sociability is going to help. Personally I don't see future proofing a career as a possibility at this point - would love to attend the talk today.  Go well Bernard.


Ivan Kaye response - Lee , if these manufacturing jobs can be automated, wouldn't it be more productive for a human to be adding value to another human , or learning , or doing something that he or she was passionate about? 


I believe there will be many roles that are yet to be defined that people will be able to do to become productive. 



Olivia Pennie

Without a white board to scribble on, here's how we look at it @ BEcoME.

The skills needed to thrive in a constantly changing world of work will constantly evolve.  


Some of the skills will change rapidly and become redundant very quickly e.g. specific technical skills related to one role.  Some of the skills will be more portable, relevant to more roles and slower to change as they are the enterprising skills that allow people to work well in many of todays (and as far as we can see) tomorrow's environments e.g. collaboration, creativity, critical thinking.  (See FYA New Work Mindset Report for great detailed analysis).


Adaptability, self knowledge and the skills to navigate a life of learning and course adjustments sit above all of these and help you direct your own path.  


We focus specifically and explicitly on this.


The complication and confusion comes, (I think) because adaptability and a design thinking approach are also a core part of STEAM when it's done right.  

Absolutely agree that if STEM is delivered as teaching all kids to code then it falls way short of what they're going to need.  


Reply to Olivia 

Olivia Pennie (née Hall) Bernard Salt AM Some delineation or definition might help here:


1. ‘Fact-based’ skills – many with an empirical base – that are learned in the classroom, lecture theatre and by exam: generically >‘hard’<. STEM is a relatively easy example to illustrate, but e.g. languages, literacy and numeracy should feature.


2. ‘Personal tool kit’ >soft attributes< such as sociability, adaptability or resilience that are more shaped by experience, peer groups, mentor influence, etc. and can’t generally be formally studied.  


Just a non-white board shared thought bubble 



Jason Furness


Adaptability and sociability become much less important really quickly if the power system fails, the sewage system ceases to exist, office buildings and houses are structurally unsafe. STEM is essential to a societies continued existence.


I believe that STEM and skills are critically important for people to "learn" - however , the focus at school and an undergrad in my view , is the ability to "learn to learn" . 


Ivan Kaye comment - Stem and task related skills - much of which will be augmented or indeed replaced by machines - are still key, but maybe the best place to learn these skills is "on the job" or "in the role". 


Heather Mcgowan and Chris Shipley presented at our first "conversation" on "beyond the future of work - beyond 2050" and they pointed out the need to change the paradigm of our learning system.


Before the way we lived and worked was 

Learn - do (in a job ) - Produce - Retire

And a human would ideally have 1 job all his or her life.


Nowadays the average Australian Millennial will have 14 jobs over his or her lifetime - and they will need to be upskilled throughout their work life. 


The model needs to change to


Learn to learn - learn/work - produce - learn/work/produce - produce x 14 


I believe a key foundation to the future of work is Vocational Education (VET) 


And "Jobs" should be replaced by "Roles"


Over the next 6 months - we are having a series of conversations on the future of work - and the importance of HR personnel to "lead" the future 


Let me know if you want to be part of the conversation and I will send you an invite to our forum. 


Reid Moule 


Agreed.  So if we teach how to be resilient and how to adapt as a part of teaching computational thinking, because this is the basis of STEM or STEAM, then we are also teaching the process that can be regarded as the scientific method because it is a series of steps to evaluate an outcome.  The scientific method is a process (hypothesis, method/materials, data, discussion, conclusion) in the same way that the Engineering cycle is a process and the Design Cycle is a process.


Dr John Blakemore


Bernard, we need both. You can't intelligently communicate with a mathematician if you can't be logical and understand maths


Dr Nick Somolov


Barnard, I have limited social skills and have been considered by many to be "Scottish" in my conduct - read in it what you like. But I resolved that future of the employment is in owning your own business particularly by STEM people otherwise they become "battery chickens" of science and are "culled" by age 35 as I experienced in CSIRO. My company  is now producing one and only high quality fibre worsted comb in Australian history. Future of work is in Scottish FU CSIRO or large gov orgs (exclude defense  orgs ) that exploit science and engineering people ( making future career an MBA option )  - most engineers & scientist  ( one and the same ) should operate as  "law partnership" in a consultancy on all levels - that is the Future.  Even the most average engineer and scientist understands a company bottom line  but most MBA's find it hard to understand the science behind new products or software... let the MBA fight over our crumbs.  Let the scientist and engineers create the world of tomorrow on their terms. 


Reid Moule 


It has always been these skills.  I can remember wondering why someone with these skills and no degree was higher in the ladder in a government department. than another who was much more qualified...and...the answers is...


Steve Southon


Agree Bernard Salt AM and think personal resilience will also play a big part as working environments change around us


Luke Marshall


Stay 'relevant'...whatever that takes


John Bradshaw


 We all have a lot to learn, but one conclusion is abundantly clear:  in a time of rapid technological and social change, we need to innovate to promote inclusive economic growth that helps everyone move forward.  This requires a shared responsibility among those in government, across the private sector, and by individuals themselves.


New technologies like 3D design modelling and simulation,  virtual and augmented reality assembly and training devices, new services like metrology and laser scanning and new tools ,robotic processes and new outward facing soft skills in language, foreign culture, and social media all undoubtedly help individuals develop new abilities and connectivity with new jobs in design /manufacturing and sustainment. 


Unfortunately our governments collectively have failed to articulate and demonstrate to date that the innovation agenda and the business and research models of our research institutes and universities are in any way inclusive ones.    

Promotion of the STEM agenda in Australia is instead focused around University education when in fact over 30% of STEM education is actually delivered in vocational training  for Trade Apprenticeships and Technician ships, 




Friday, June 16, 2017

These are the 25 most attractive employers on earth, according to LinkedIn


 

Job seekers around the world agree on one thing: Google's parent company, Alphabet, seems like an awfully appealing place to work. 

The tech giant places first on LinkedIn's 2017 Top Companies Global List, which highlights the 25 companies whose teams employees everywhere would most like to join. It also reigned atop LinkedIn's ranking of the most attractive employers in the U.S.

To determine this list, LinkedIn's data team analyzed billions of searches by the site's more than 500 million members, considering views of and applications to job postings, engagement with the company on LinkedIn and the number of employees that stay with the company for at least one year.

LinkedIn did not consider itself, or its parent company, Microsoft, for this list.

As usual, a number of tech industry headliners claim spots in the ranking, but the list also represents a broad range of companies from industries including professional services and consumer goods.

Read on for the 25 most attractive employers around the world: 

25. GE

UK GENERAL ELECTRIC
Simon Dawson/Bloomberg | Getty Images

Number of global employees:  350,000

GE offers eight different leadership programs, which provide recent college graduates training in areas ranging from engineering to human resources. Roughly a quarter of the company's current senior management completed one of GE's leadership programs

24. Adobe

ADOBE HEADQUARTERS
Chip Chipman/Bloomberg | Getty Images

Number of global employees: 15,000

Adobe offers job titles as creative as its products, including Principal Artist-in-Residence, People Scientist and Vice President of Creativity. The company emphasizes that to be successful, employees should have a "learn-it-all" attitude.

23. Schneider Electric

FRANCE SCHNEIDER
Marlene Awaad/Bloomberg | Getty Images

Number of global employees: 144,000

Headquartered in France, Schneider Electric wants to increase sharing of skills and knowledge among its employees. Schneider's Global International Mobility Center facilitated 400 employees moving to new countries to work for the company last year. 

22. EY

POLAND ECON
Piotr Malecki/Bloomberg | Getty Images

Number of global employees: 250,000

One of the accounting industry's "big four" firms, London-based EY currently has a quarter of a million employees, and expects its global headcount to reach 300,000 by 2020. In Germany, the country has introduced a refugee internship, offering four months of training to participants, who work with a mentor and are offered full-time employment following the program. 

21. Accenture

Accenture CEO Pierre Nanterme
Chris Ratcliffe/Bloomberg | Getty Images
Accenture CEO Pierre Nanterme

Number of global employees: 401,000

The global professional services firm offers 16 weeks of maternity leave and eight weeks of primary care leave. Further, Accenture provides free breast milk shipping for new mothers who travel as part of their role, or the option of as much as one year of local work following maternity leave. 

20. PepsiCo

RUSSIA X5 RETAIL
Andrey Rudakov/Bloomberg | Getty Images

Number of global employees: 264,000

PepsiCo brands like Lays, Gatorade and Tropicana are available in upwards of 200 countries around the world. Recently, the company has honed in on creating healthier products, increasing research and development spending 45 percent over the past six years

19. Deloitte

CANADA ECONOMY
Brent Lewin/Bloomberg | Getty Images

Number of global employees: 244,400

Employees of the auditor and consultancy have the opportunity to transfer to 150 countries where Deloitte has offices or teams — more than 6,000 employees took advantage of the option last year. The company's leadership training center, Deloitte University, has campuses in the U.S., Singapore, Belgium, France, India and Canada. 

18. IBM

89401809
David Ramos | Getty Images

Number of global employees: 380,000

IBM uses its own technology, Watson, to enable the hiring process and pair resumes with relevant open positions. 

17. Johnson & Johnson

J&J EARNS
Daniel Acker/Bloomberg | Getty Images

Number of global employees: 126,000

Johnson & Johnson is made up of 275 companies around the planet and has nearly 130,000 employees, but the company's decentralized structure means that each of its subsidiaries has the independence to develop strategies that best serve its market.

16. The Walt Disney Company

55375798MNC001_Disneyland
MN Chan | Getty Images

Number of global employees: 195,000

Disney employees get free passes for themselves and family members to the company's theme parks, and trainers on the Disney English team use stories and characters from the company's movies to teach English to children in China. 

15. Unilever

UNILEVER RAGU
Daniel Acker/Bloomberg | Getty Images

Number of global employees: 169,000

Got a taste for tea? The global consumer goods juggernaut employs a "Tea Expertise Director." The role entails leading employee tours through tea plantations and tasting more than 1,000 cups of the beverage each day. 

14. Siemens

94754269
Sean Gallup | Getty Images

Number of global employees: 350,000

Siemens has cracked the code on employee retention: According to LinkedIn data, Siemens workers stay with the company 8.6 years, longer than the average employee tenure of any other company on this list. 

13. Oracle

ORACLE OPENWORLD
David Paul Morris/Bloomberg | Getty Images

Number of global employees: 135,000

In August, Oracle broke ground on a public charter high school on the campus of its headquarters, and in the most recent fiscal year, the company reused or recycled 99.5 percent of the electronic waste it generated

12. Tesla

ABE TESLA
Bloomberg | Getty Images

Number of global employees: 30,000

Tesla is now the most valuable U.S.-based automaker, with a $62 billion market cap and nearly 2,500 jobs open around the world. The company isn't turning a profit yet, so employees miss out on a lot of the perks often associated with the tech industry. But there's hope: In an email to staff, CEO Elon Musk recently announced that free frozen yogurt and an "electric pod roller coaster" will soon be part of Tesla's office landscape. 

11. Cisco

91921113
Justin Sullivan | Getty Images

Number of global employees: 73,000

Cisco employees receive five days off beyond their vacation time each year to devote to volunteering, an initiative that's clearly been a hit — last year, employees put in 227,000 volunteer hours. 

10. Dell Technologies

52777412RO002_Dell
Ralph Orlowski | Getty Images

Number of global employees: 145,000

Dell offers employees a great deal of flexibility, including working from home, adjustable hours and the option of bringing your dog to work. More than 40 percent of the company's hires are referred by current employees, a strong vote of confidence in Dell's organizational style. 

9. L'Oreal

FRANCE L'OREAL
Balint Porneczi/Bloomberg | Getty Images

Number of global employees: 83,000

L'Oreal has 36 brands in 140 countries and has a strong focus on those at the entry level: Roughly one third of the company's hires last year were recent graduates, and the cosmetics giant's current CEO started as an intern with the company in 1978.

8. LVMH

AUSTRALIA SYDNEY
Brendon Thorne/Bloomberg

Number of global employees: 135,000

Nearly three quarters of management positions at the iconic luxury brand — which spans sectors including fashion, perfume, cosmetics, jewelry and wine — are filled with internal candidates.

7. McKinsey & Company

McKinsey employees gathering during a lunch break
Source: McKinsey
McKinsey employees gathering during a lunch break

Number of global employees: 25,000

About 40 percent of McKinsey consultants take on at least one international assignment each year. The global consultancy offers employees the chance to take as much as 10 weeks off between projects.

6. Salesforce

Bloomberg | Getty Images

Number of global employees: 25,000

Salesforce continuously audits employee pay "to ensure equal compensation across gender, race and ethnicity," and recently introduced six months of parental leave for primary caregivers in the U.S. 

5. Apple

appleshop001
Zhang Peng | Getty Images

Number of global employees: 110,000

Apple offers employee stock grants to all its workers, including part-time and retail employees, and a little more than one-tenth of its retail workforce turns over each year, compared to 80 percent industry-wide. CEO Tim Cook has said that he plans on doubling Apple services like iTunes and Apple Pay over the next four years. 

4. Uber

AFP_MJ543
Anthony Wallace | Getty Images

Number of global employees: 12,000

The ride-hailing company has had its share of negative headlines lately, and CEO Travis Kalanick announced on Tuesday that he'd be taking a leave of absence. Still, though applications dipped slightly after ex-employee Susan Fowler's explosive blog post, year over year, views of postings and applications to open positions on LinkedIn are up 35 percent

3. Facebook

61950270
Justin Sullivan | Getty Images

Number of global employees: 17,000

Facebook boasts 1.9 billion active users every month and is constantly on the hunt for the talent to help it grow its reach. "When you enter our buildings," says CEO Mark Zuckerberg, "we want you to feel how much left there is to be done in our mission to connect the world."

2. Amazon

20150126181227_1437_IMG_3460.JPG_168808
Lisa Werner | Getty Images

Number of global employees: 341,400

"The everything store" collected three Oscar trophies for its programming, introduced Prime video in India and delivered a package in the U.K. via drone — all in the past year. "We take risks and make big bets," Amazon told LinkedIn, "and when we fail, we apply the lessons learned and keep moving."

1. Alphabet

Google Inc. APAC Headquarters, Singapore
Ore Huiying/Bloomberg | Getty Images
Google Inc. APAC Headquarters, Singapore

Number of global employees: 72,000

Google's parent company keeps employees engaged with cutting-edge opportunities: Upwards of 27,000 of the company's employees work in research and development, an area that Alphabet poured almost $14 million into last year. According to LinkedIn, it's "the opportunity and resources employees are given to tackle massive problems, stretching from creating self-driving cars to impeding extremism" that puts Alphabet on top.