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Talent scarcity: A top threat to business growth in the CEE region July 23, 2018
Talent scarcity: A top threat to business growth in the CEE region

For countries within Central and Eastern Europe (CEE), finding the right talent is an even greater worry.

When you ask business leaders across the globe what’s high on their agenda, chances are recruiting and retaining top talent is on the list. For countries within Central and Eastern Europe (CEE), finding the right talent is an even greater worry. Economic growth in this region is outperforming the EU average and businesses are growing fast. At HLB’s recent CEE regional meeting in Budapest, talent scarcity was identified as a top threat to business growth. We took a snapshot survey among finance and accounting graduates from Poland, the regions largest economy, in an attempt to better understand the views and expectations of young talent entering the CEE labour market. What are the take-aways for business leaders? What can businesses do to attract graduates and young professionals?

Promote a good work-life balance

When it comes to recruiting Millennials and Gen Z talent, businesses need to understand how important work-life balance is to this group. Our snapshot survey showed that 65% of graduates are aiming for a good balance between their personal and professional lives compared to only 17% for whom a high income is their main objective. Through building trust with your workforce and allowing for flexibility in time and space, you don’t just become more attractive as an employer, it is also the type of behaviour that drives innovation for your business. Just think about it for a moment. I’ve you are a business owner or part of the leadership team, does your brain just log-off when it’s 5 o’clock and you physically remove yourself from the office? It doesn’t! Same goes for highly engaged individuals working for you. It doesn’t matter where they physically are or what time of day it is, ideas to grow value for your business can spark anywhere. Don’t be afraid of allowing your people more flexibility.

Invest in tech to recruit tech talent

It seems like such a cliché thing to say, but young talent cares about the technology available to do their job. To them - and perhaps to all generations nowadays - it seems bizarre that their own personal devices (smart phones, tablets, voice assistants, you name it) are lightyears ahead of the corporate devices you’re using in the office. Often consumers apps have more UX design, functionality and capability than some commonly used, pricy enterprise software. If you want to recruit digital talent, invest in your technology.

Work on your employer branding

What is the reputation of your company from an employee’s perspective? Your employer brand describes your reputation as an employer, and its value proposition to your employees, as opposed to your more general corporate brand reputation and value proposition to customers. When we asked the question ‘when it comes to the reputation of a future employer, what is most important?’ 65% of students responded ‘friendly & respectful environment’ opposed to 13% who answered ‘authority & prestige’. Businesses that are most successful recruiting top talent are those who understand the value of employer branding.

Offer a competitive base salary

Just a friendly work environment that promotes work-life balance is not enough. There is more demand for top talent than there is supply. And in today’s globalised world, you’re competing with global employers who are happy to invest in talent mobility and drain talent from the region to other parts of the world. You can’t expect to recruit the best talent, if you’re not offering the right price. However, going back to my previous point, Millennials and Gen Z do take a good employer brand and friendly work environment into consideration when choosing an employer. It’s a package deal.

In short, overcoming the talent scarcity challenges in CEE is not easy. The corporate culture and tech element of the workplace, together with compensation and the basic needs or working conditions influence young CEE professional’s decision-making when choosing the right company to work for. These elements will separate the winners from the losers in CEE’s competitions for top talent. Does your organisation have a plan in place to implement these elements in your people strategy.

Enjoying the hot European summer? Here’s why farmers are hoping for rain! July 17, 2018
Enjoying the hot European summer? Here’s why farmers are hoping for rain!

 Europe is not the only market where the agricultural sector is under pressure.

While most of us are enjoying the long, hot summer all cross Europe, the hot weather may cause dark clouds to form over the agricultural sector and leave supermarket shelves empty in autumn. So far there is no reason to panic just yet, as last year’s harvest was fruitful and there is a good stock leftover. However, we are expecting the arable crops to yield less this year. In the coming months it will become clear what the proceeds will do to market prices.

Some important corn fields in Europe are suffering from long term drought, with continued warm weather forecasts for the coming days. Concerning messages about the drought are coming from all key grain regions across the continent. Even the main European wheat suppliers, mainly France and Germany, are expecting to harvest less this year. 

Europe is not the only market where the agricultural sector is under pressure. The trade war between China and the US pulled the price for soybeans down last week and thus took the whole grain market into its trap. Wheat prices temporarily were low, but there were sufficient reasons to justify a higher wheat price. Last week, the stock markets resumed their upward trend after new reports of a disappointing yields. In Russia, the persistent drought is damaging crops. Western European suppliers are also fearing the yields will be considerably lower than previously expected. Take the wheat fields in Germany for example. While at first it seemed that mainly the fields in the north and east of Germany suffered severely from the heath, now expectations for the whole of Germany have been adjusted downwards. In addition to the yield of wheat, the yield of rye is also keeping farmers up at night. Even in France, the region that has so far stayed clear of issues, the forecast is that less product will be harvested this year. 

In the course of next week, the wheat harvest in Europe will gradually start; more than two weeks earlier than usual. Then it will become clear what the actual effect of the long, hot summer has been on the crops. If all goes well, we should see the market return back to normal. But if further alarming reports continue to spread, the Matif could go through the roof and surpass the €200 mark.

 

Author: Jan Coppens, HLB Netherlands

 

 

 

Italian legislator puts a stop to cash salary payments June 29, 2018
Italian legislator puts a stop to cash salary payments

From 1 July 2018, Italian government introduces the Budget Law 2018

From 1 July 2018, the Italian government introduces the Budget Law 2018 which puts limitations on the forms of payment of employee salaries. It will no longer be possible to pay employees in cash.

The purpose of this new law is to prevent fraud and malpractices. Payments to employees or continuous collaboration contracts (i.e.“collaborazioni coordinate e continuative”) can only be made via traceable methods, such as bank transfer, electronic payment instruments or cash payment at the bank counter with a special payment order on treasury account.

While excluding that the signature placed by an employee on the payslip constitutes proof of payment of the remuneration, paragraph 912 defines the scope of application of the law, which will affect the following cases:

- Employment relationships referred to in article 2094 Civil Code;

- Working relationships originated from coordinated and continuous collaboration relationships;

- Employment contracts established in any form by cooperatives with their members. 

The employment relationships established with Public Administrations and those relating to family and domestic services are excluded. In case of violation, an employer can be fined between €1,000 - €5,000. Advanced cash payments on wages can be fined as well.

It is important for any business with employees based in Italy to take note of this new law coming into effect next week to avoid fines. We believe this absolute novelty in the Italian legislative scenery undoubtedly represents a simplification in the relationship between employer and employee.

 

Author: Marco Gragnoli and Luca Insabato, Studio Taxlex