IFRS TEACHING SYMPOSIUM

Transcription

1 IFRS TEACHING SYMPOSIUM October 25th, 2011 Centro de Convenções Sul América Rio de Janeiro Presented by: Alexandre de Botton

2 Key questions for discussion 1 What are changes in the market for talent with the introduction of IFRS? 2 What changes in the set of competencies that are being required for the new finance executive? 3 What is expected of the Senior Finance professional of the future? 2

3 1. What are the changes in the talent market post IFRS IFRS 3

4 1. What are the changes in the talent market post IFRS IFRS is a Price of Admission requirement on all major position specifications for Manager and Executive type financial positions Clients will pay premium for the ready now candidate As a new global standard, it will require constant communication with what other companies are doing in interpreting the new standards (and that has an implication on the type of individuals that are more likely to succeed) 4

5 Key questions for discussion 1 What are changes in the market for talent with the introduction of IFRS? 2 What changes in the set of competencies that are being required for the new finance executive? 3 What is expected of the Senior Finance professional of the future? 5

6 2-Career Phases: Critical competencies associated with Job Performance Executive Action Orientation Perseverance Manager Individual Contributor Action Orientation Boss Relationships Customer Focus Decision Quality Informing Intellectual Horsepower Learning of the Fly Peer Relationships Drive for Results Time Mgmt. 6 Boss Relationships Confort around higher mgmt. Customer Focus Functional Technical Skills Leraning on the Fly Listening Peer Relationships Planning Drive for Results Total Work Systems

7 2. New Competencies by cluster type 7

8 Key questions for discussion 1 What are changes in the market for talent with the introduction of IFRS? 2 What changes in the set of competencies that are being required for the new finance executive? 3 What is expected of the Senior Finance professional of the future? 8

9 3. Unstable economic environment is shifting the focus and profile of a senior finance professional Unstable macroeconomic environment Short cycles of stability/ instability Growth and Stability Global crisis Inflation and higher government intervention in the economy Higher availability of domestic funding: short term + BNDES Focus on costing, price formation and cash flow management Highly fluctuation asset prices, open economy, international crisis Selective windows of opportunity for accessing the external market Focus is on risk management and cost control (Opex) Globalization,financial innovation, consolidation, lower liquidity, low price volatility Access to global financial markets (debt and equity) as well as structured financing Focus on M&A, Capex, capital structure, treasury center, Investor relations, going global Back-to-basics: cash flow management, working capital management, cost control Opportunity: M&A, portfolio revision, counter cyclical investments (R&D, talent) Cost and capital structure,value based management, capital markets and valuation Tactical Internal Specialist Technique 9 Strategic External Generalist Relationship

10 3. The rightleadership characteristics is critical at times where quick reaction is needed Our Research suggest that functional and technical abilities are important but they are notthe factors that distinguish between superior and average performance Circa 50% of the executive s performance come from his/her intrinsic leadership charachteristics Leadership Charachteristics Technical and Functional Skills Motivation / Experience 10

11 Conclusion: Deep Knowledge of IFRS is a requisite for technical skills associated with almost all senior finance positions It is a particularly important skill to be acquired for the early stages of career(individual contributor) Introduction of IFRS brings with it a need for more interpretational related competencies As career progresses, competencies needs shift towards Organizational Positioning, Personal and interpersonal skills and Making Complex Decisions type competencies 11

12 Thank You 12 12