The past year has been another historic chapter for businesses globally, full of notable moments. At the outset of 2022, the year was about recovering from a turbulent 24 months of the pandemic. For those that faired ok, the challenge of finding, and then retaining top talent has remained fierce. Then there’s the skill gap — or “fundamental mismatch” — between the abilities required to fill vacant positions and prospective employees’ skills.
We’ve seen people switching jobs and industries, moving from traditional to non-traditional roles. We have seen people retiring early, starting their own businesses, or going on sabbatical. Employees continue to crave meaningful connections and interactions — not just transactions — with their colleagues and their manager. They want to feel part of a shared identity.
The year has been a wonderful opportunity for Moir Group to review and deepen our commitment to our identity, purpose, and values, both as a team and as a community.
In this article, we have identified the top five reflections that have defined our year and why we are hopeful about 2023.
1. Celebrating 15 years in business
Writer Annie Dillard famously said, “How we spend our days is, of course, how we spend our lives.” For many of us, a large portion of our days is spent at work; in fact, the average person will spend one third of their life at work — that’s 90,000 hours over a lifetime (Gettysburg College). We think it’s safe to say that your job will have a huge impact on the quality of your life.
For the past 15 years, we have been putting our purpose, ‘satisfying job, fulfilling life’ at the core of everything that we do. “This has allowed us to build strong and lasting relationships with our candidates, who then become our clients and candidates again,” said Director, Stephen Moir. “I am incredibly proud and grateful for the many people who have been on this journey with us. To our team, past and present, we could not have done it without your hard work and dedication.”
2. Focus on Environmental Social and Governance (ESG)
Following the 2019/2020 bush fires, we were approached with many ESG regulations. From that point on, we have made ESG a frontrunning concern. Like Moir Group, businesses are recognising the societal need for a deepened commitment to climate action. They recognise the many opportunities to reimagine their values, practices, and behaviours to thrive in the present and to safeguard the future. We explored the many opportunities presented by having a well-crafted ESG strategy. We learnt a strategy will not only leverage your competitive edge, but demonstrate your climate-conscious behaviour. It will show your dedication to stakeholder wellness and crystalise your governance needs and priorities.
In March, Paul Dobson, the Deloitte Asia Pacific Partner in the Climate and Sustainability Practice, joined us for an event called Elevation of ESG into the CFO Suite. Paul revealed that most executives believe that the world is at a tipping point for responding to climate change. In fact, 95% of companies reported to already be impacted by climate change. Compared to global opinions, Australia is 12% more concerned about climate change, and 67% of Australian companies predict that climate change will impact their overall strategy in the future. Moir Group was also recognised as a Climate Active organisation for our enduring efforts to reduce emissions on our journey to carbon negative.
“The Climate Active initiative has a carbon neutral certification process, which is one of the most rigorous in the world,” said Stephen. “I’m very passionate about ESG and our community can have a positive and powerful influence in the finance world.”
3. Prioritising value alignment
Our understanding and commitment to cultural fit and value alignment only grew this past year. Studies have shown that companies that hire for value alignment far succeed those that hire for skills. In an environment where an employee feels psychologically safe, they will likely take risks, contribute holistically, and ask the right questions at the right time. When there is alignment between the candidate and the organisation, both can grow in the same direction. “Many opportunities await psychologically safe organisations ready to embrace change and lead differently in 2023,” added Stephen.
4. Managing a soft economic landing
We hosted a webinar in October with special guest Paul Bloxham, Chief Economist for Australia, New Zealand, and Global Commodities at HSBC, called Navigating a narrow pathway — Can we manage a softy landing? As the global economy recovers from the pandemic, people are returning to their old spending habits. With lockdowns lifted in many parts of the world, spending is on the rise. Inflation rates are high due to increased demand, while supply is disrupted; shipping, manufacturing and labour market cannot keep up. The continuous strengthening of the US dollar, the uncertainty of manufacturing in China, and the ongoing war in Ukraine contribute to the negative outlook of the global economy.
However, the Australian economic experience is different in many ways. Understanding the local context is key to navigating this narrow pathway, particularly when it comes to employment, housing prices and the 2022-2023 Federal Budget. “There is cause to be optimistic about the Australian economy,” said Stephen. “Australia performed and remained relatively unscathed during global financial crises in the early 2000’s. The country has the right institutions and opportunities in place to manage a soft landing.”
5. The evolving role of the CFO
In May, we held an event with Michael Ebeid AM called Skills for success: How to be a truly effective CFO in changing times. We know today that finance is the backbone of organisations, and CFO leaders can influence culture and investment decisions. A truly effective CFO will be across digital literacy, company culture, diversity and taking risks.
If the CFO is only driving KPIs based on shareholder value and bottom-line improvement, it says these investments are the company culture. If your company culture is not where you want it to be, Michael recommends forming a culture team. Their goal should be to actively discuss and work on a very clear vision of company culture. “The CFO has an increasingly important and evolving leadership role to play, one that has had to adapt post COVID,” said Stephen. In fact, since the pandemic, the CFO and the finance function have become more centrally positioned to drive the direction of ESG, both now and into the future.
Hopes for 2023
“I’m very hopeful about the year ahead for several reasons,” Stephen shared. “The Australian economy is looking stronger, and leaders are leading with more empathy. People’s renumeration is climbing and companies are embracing flexible working. It also excites me to see diversity and unconscious bias discussions becoming more prominent, including the impact of our voice. The year ahead is looking rife with opportunity.”
Final Thought
What are your hopes for 2023? Are you looking to move into your next finance role? Contact our team today.