EMPLOYING PART TIME MEMBERS OF STAFF

The role of Mentorship in Finance & Accountancy: How to find and be a mentor

I suspect Mentoring has always been around but the last decade or so has seen it rise to considerable prominence...Its value is probably greater now than it was throughout our history, or at least modern history.I have been exposed to mentoring and mentorship from every angle having proactively sought out my own mentors in the past and in time taken on the role of mentor to others. In my dual roles as a partner within The CFO Partnership and a board director of Sharp Consultancy for over a quarter of a century I have experienced it through osmosis and experience. Mentoring is something very close to my heart.Hopefully in this article I can explain why you should seek out a mentor for yourself, why your skills could make you a great mentor for others, how much satisfaction you might gain from mentoring others and one or two points on what makes a great mentor. Mentoring in Finance:Whilst mentoring can be beneficial in every type of employment and indeed, every walk of life, I believe it has particular relevance in the accountancy and finance sector.Accountants need to develop their management and leadership skills as they progress just like anyone else. They need to develop their self-knowledge and self-awareness like anyone else. They are, however, more exposed to issues regarding ethics and integrity than many other roles/industries. There can be and often is pressure for the results to be better than they are, perhaps to secure further lending or investment, please the boss, even keep their job. More than a few accountants have found themselves at His Majesty’s pleasure having done something they wouldn’t normally have done but have been pressured into. The finance leader (usually Finance Director or CFO) is the key sounding board for the owners/stakeholders; they are often the conscience of the owners. They probably need the ability to say ‘no’ more than other board members – and say yes and encourage. Whilst not responsible for operations, marketing, HR, IT (sometimes they are) and so on they transcend all those areas. They make a mistake – everything can go South very quickly.It is in part for the above reasons that the value of a mentor, someone who can be an independent sounding board, can question you and listen to you, offer opinions and advice is invaluable.Frequently a mentor helps you reach your decision and gives you the confidence to fulfil your plan. They help set challenges into perspective. They ask questions you haven’t thought of and allow you to see things through another person’s experiences. They are calming influencers and confidence builders. As a younger man early in my career I was told the best way of developing fast was to be a sponge, to absorb the greatest attributes of those around me and above me; to become an amalgamation of the best traits of those people. The challenge in accountancy and finance is you can easily find yourself at a relatively young (and hence relatively inexperienced) age in a fairly senior role with perhaps only one or two more senior finance people above you. Even if they are good, it is a very shallow talent pool to learn from. A mentor therefore can help you ‘mentally mature’, hone your decision making, cope with daily stresses, deal with difficult situations, improve as a manager or leader, manage upwards, improve your profile and credibility and build your own personal brand – in effect be the best version of yourself.However, it is worth noting what a mentor is NOT. They are not there to tell you what to do. They are not there to make decisions for you. They are not there to do your job for you. If that is what you are looking for then a mentor is not the solution.Why I became a Mentor:It was a very easy decision for me. By nature, I love helping others (it’s why I’ve loved recruitment for nearly 30 years) and I benefitted so much from formal and informal mentors myself.As an aside, a formal mentor is someone who takes responsibility for mentoring you. Informal mentors are people you surround yourself with who you know you can learn so much from just by being associated with them. There are dozens if not hundreds of people I would class as informal mentors to me; people who probably believe that I have helped them and probably don’t realise just how much they have helped me. Osmosis again!Mentoring someone is surprisingly two-way. You are there to benefit them, but you often benefit from the dynamic yourself. Mentees frequently inspire you to think differently in the same way you hope to inspire them. If you like helping people, then few things are as satisfying as being a mentor. When your mentee has a huge challenge and they are lost at sea, helping them find their way of navigating those choppy waters is one of the most satisfying things you can do. They feel fulfilled. You feel fulfilled.Finding a Mentor:It would be very difficult to try and find a random person to be your mentor. Chances are it will be someone you know well enough to admire and respect. Possibly a colleague, a customer, a supplier, a relative or a friend.You probably need to know them in advance to be sure you’d feel comfortable opening up to them; and be sure they would operate in the strictest of confidence.My first mentor was one of my customers. He was (is) a chartered accountant and at the time had been a partner in private equity for many years. He was inspirational, knowledgeable, vastly experienced in business and because of his private equity experience, had dealt with every size and type of business and every type of management team. I was very nervous asking him, but I plucked up the courage and was surprised by how flattered and delighted he was to be asked.Pick a mentor who might have enjoyed the career and experiences that you hope to achieve yourself. Luckily in finance it’s likely that you have already been exposed to such people.Identify who you’d want and simply ask them in a manner that shows how much you respect them. Give them a very easy way out so they don’t feel trapped in to agreeing ‘I know how very busy you are so there’s absolutely no problem at all if you haven’t got the time or for that matter, if being a mentor just doesn’t appeal to you’.How to be a good mentor:I suspect this is the one area I am least qualified to speak with authority on. I hope I’m a decent mentor, but would I be told if I wasn’t?There are some very sensible things that you can do or avoid doing though:Do ask what they want to get out of the meetingsDo ask what they don’t want to cover Do ask lots of questions; questions where the mentee presents the potential answers.Do explore reasoning; ‘Why’ is not an aggressive questionDo give ideas if requested toDo listenDon’t tellDon’t do it for themDo agree what actions they want to deliver before the next meeting (if that’s something they want you to do)Don’t berate them if they haven’t done what they said they were going to do – you aren’t their managerDon’t be emotional. Be factual. The regularity of the meetings is entirely up to the mentee. I always liked 1 hour every 2-3 months but that’s me. Final Thoughts:Finance is a multifaceted, technical, regulated and challenging discipline. It has huge risks if mistakes are made and can have more ethical/integrity dilemmas than many jobs. Having a mentor in finance can therefore have huge benefits.From a career development perspective, they can make all the difference. Therefore:Decide on what kind of support and advice you would like.Decide what you are trying to achieve in your business and your career.Figure out what kind of prson might have the experience that would be valuable.Do you know anyone like that?Don’t be shy, ask them. Ask them the way I mentioned earlier, and they’ll be flattered (and more likely to say yes).A dog may be for life, but a Mentor doesn’t have to be. If it isn’t working (they all lose their benefit over time) move on to another.Consider doing the same for someone else and mentoring them.

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There are approximate 8.4 million part time workers in the UK. For businesses of all sizes there are a huge range of advantages to employing members of staff on a part time basis – but there are also several challenges which must be taken into consideration.

Advantages and disadvantages to employing part time members of staff:

Keeping costs down. Employing somebody on a part time basis can be an effective way to reduce staff costs in roles where there isn’t necessarily a need for someone on a full time basis.

Attracting the best talent. Having the option of part time work can help both with recruitment and staff retention; part time work can be attractive to parents with young families or those approaching the later years in their careers and are looking to reduce their hours. These people can offer a wealth of skills and experience and offering flexible and/or family friendly working arrangements can lead to improvements in staff retention.

Flexibility. Part time employees can enable a company to ensure that it has the right number of people in the right roles during times when business demands are greater. Roles and working hours can be determined around a variety of scenarios and may be fixed with an individual working fewer hours each day or working set days or alternatively a part time employee may work shifts which could vary on a week to week basis. There are also options around employing members of staff on term-time contacts or on a job share basis.

Staff morale and productivity. It’s not just part time employees themselves who can benefit; they can alleviate the pressure of workloads on full time members of staff – particularly if a business is relying upon overtime to keep up with demand – and therefore help reduce stress and combat low levels of staff morale in the workplace.

Additional costs. Part time workers can impact on costs and businesses need to consider that employing individuals on a part time basis can lead to additional expense – for example with benefits and training.

Recruiting part time employees:

As an employer, you will need to determine whether a particular role would be suited to a part time working arrangement. To do this you will need to take into account:

Objectives and outcomes. Establish what you want the employee to achieve and consider what time is needed to do each aspect of the role. Also think about the particular skills and personal attributes that will be needed and include these in a detailed specification.

Working hours. Think about whether there are elements of the job which have to be done on certain days or at certain times – this will help you understand how much flexibility there is in the hours you would require the successful candidate to work. Also consider whether the role is to be created on a part time only or job share basis.

Recruitment process and interviews. Make the process as convenient to those looking to work part time as possible to attract the best candidates; part time opportunities can open up the recruitment pool to applicants who may not have considered the position if it was on a full time basis. Try and schedule interviews at times which suit the part time hours being offered i.e. on the relevant days.

Managing part time employees:

It is important to consider how part time employees will fit into your existing team structure and to also give thought to how you will effectively communicate and manage those who are not working full time hours.

Communications. You must make sure that all part time workers receive all staff communications; you may need to contact them by phone, email or text message if they are not at work on a day when you make an important announcement or send out a message for the first time. For staff meetings and company briefings, try to find a time when all team members will be available or if this is not possible, hold additional sessions which will give every employee an opportunity to attend.

Flexibility. Establish whether your part time workers can work additional hours on major projects or attend meetings which fall outside their normal working hours. Are they happy to be contacted by you on days that they are not at work?

Training. Part time employees should have access to the same training courses which you offer to full time members of the team; consider if you need to make adjustments to how these are delivered i.e. inclusion of home study time and condensing particular elements of the course.

Employing part time members of staff:

Part time workers must be treated equally to comparable full-time employees who work for the same company and perform similar roles under the same type of employment contract. This includes:

Salary / rates of pay
Access to occupational pension scheme
Training, career development opportunities and consideration for promotion
Right to receive enhanced sick, maternity, paternity, adoption leave and pay as well as parental leave and dependents leave
Pro rata contractual benefits such as paid annual leave and staff discounts

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to speak to a member of our team about your recruitment needs.