Publications Mail Agreement No: 40069584 Please return undeliverable copies to Suite 1055 Two Bentall Centre, 555 Burrard St., Box 269, Vancouver, BC, V7X 1M8
Spring 2008
Certified Management Accountants • British Columbia
Talent Crisis
or Energy
Crisis?
Meeting the needs
of the future
workforce
Moving
Beyond the
Status Quo
Rise to the top.
Opportunities in Corporate Finance
At TELUS, our values drive what we do and how we do it, and that’s why our team members are so successful
in the marketplace.
We have exciting opportunities for finance professionals who are enthusiastic about working with an organization
that delivers solutions that will change the future.
Put your passion into action and join our dynamic team. We’re just as excited about tomorrow as you are.
Visit telus.com/careers to apply online and find out more about these opportunities.
| in this issue
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in this issue
CMA Spotlight
9 | Working
Today
What’s important to a Millennial, Gen X and
Baby Boomer as they manage their careers?
News and Notes
In Numbers
10 | InInquisitive
Quotes |Study
12 | How
to Network Like a Pro Online
A summary of online social networking sites
Opinion
14 | Notes
from the Desk of Minister Rick Thorpe
An update on the 2008 BC Budget
Time for Common Accounting Standards
Why International Financial Reporting Standards (IFRS)
Management View
19 | Meeting
the Needs
of the Millennials
32 |
High School Case Competition
Burnaby North Secondary students place
first and second
35 |
Chapter Profile:
Central Interior/Peace Chapter
21 |
Embracing Change and Initiating Opportunity
How TELUS is attracting new finance
and accounting graduates
23 |
Talent Crisis or Energy Crisis?
How you can lead with energy
25 |
28 |
decisions?
CMA News
31 | Diary
of a CMA in Training
Managing the millennial workforce
Accounting Scope
Pivot Tables
15 | ‘Un-pivoting’
Too much info? Try a pivot table
18 |
Strategy Report
Beyond the Status Quo
29 | WMoving
hy is it so hard to make strategic
Understanding Cultural
Differences in Immigrant Employees
Foreign Professionals – a Solution to Your Hiring Needs?
Four things to consider before hiring a foreign qualified professional
C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
in this issue
|
Letter from the Editor
Certified Management Accountants • British Columbia
executive board
Chair Mehb Jessa, CMA
Past Chair Fred Zdan, CMA, FCMA
First Vice Chair Mia Maki, CMA, FCMA
Welcome to the Spring 2008 issue of Update magazine.
This issue addresses a common discussion amongst our
members – how to attract and retain talent within an
employee driven workforce. It also focuses on some
of the challenges we are all facing in addressing the
needs of the incoming workforce – The Millennials or
Generation Y. These young, bright, aggressive individuals are the influx of talent replacing the vacuum caused
by the baby boomers exiting the workforce…either
through part time or full time retirement. We’ve interviewed CMAs and students in
each of the target markets, Millennials/Generation Y (born 1978 – 1999*), Generation
X (born 1965 – 1977*) and Baby Boomers (born 1946 – 1964*). Each demographic
explains their needs and expectations from companies they work, or plan to work for.
Also in this issue we share some best practices– which we hope will provide some
insight into adapting to those challenges…and ultimately growing your business.
Second Vice Chair Donalda MacDonald, CMA
It must be spring. Our 2nd annual CMA Members conference is fast approaching. This year it will be taking place in Richmond, B.C. and will be a two day CPLD
conference focusing on the competencies of the CMA designation. The speakers line
up proves to be not only entertaining - “Murder Mystery”, but also educational to all
members across this province. We hope you will be able to attend…and look forward
to meeting you on May 27th and 28th.
executive staff
With this issue I would also like to welcome a new member to our Update
task force, and a new member of the society – Tiana Mah. Tiana joined us as the
Communications Specialist for the CMA BC Society and brings with her a vast experience in marketing/communications. I know she will be a great asset to the team.
Know of any outstanding CMAs? In this issue we are announcing the nomination
process for the 2008 CMA Brand Ambassador of the Year. If you know of a CMA
that goes above and beyond to support their designation and is a true ambassador
– please send through their names and background to myself at Vinetta@cmabc.com
for consideration of the nomination task force.
We hope you enjoy reading this issue, and we welcome your comments.
Vinetta Peek, CMA (Hon.)
Vice President, Marketing & Communications
vinetta@cmabc.com
Treasurer Kelvin Stretch, CMA, FCMA
Secretary Colin Bennett, CMA, FCMA
directors at large
Michael Brown, CMA
Jeff Champion, CMA
Meryle Corbett, CMA
David W. De Git, CMA
Graham S. Fane, CMA, FCMA
Mark Kennedy, CMA
Stephen Lee, CMA
Ron Matthews, CMA
Jim Olsen, CMA
Lyndon Peterson, CMA
Shelagh Stromberg, CMA – Yukon
President and CEO
Colin Bennett, CMA, FCMA
Vice President, Accreditation Programs
Irwin DeVries
Vice President, Operations
Rick Lightheart, CMA, FCMA
Vice President, Marketing & Communications
Vinetta Peek, CMA (Hon.)
update staff
Editor Vice President, Marketing & Communications
Vinetta Peek, CMA (Hon.)
Associate Editor
Communications Specialist
Tiana Mah
Advertising
Choice Media
Graphic Design
Profile Design Group Inc.
Update Editorial Task Force:
Don Nilson, CMA, FCMA, Doris Good, CMA, David Andru, CMA, Roy Quinones, CMA, Geoff Bryant, Kwantlen University College
(CMA in Training)
A Note to Readers
Have an article you want to share with Update? Contact Tiana Mah,
Communications Specialist at tiana@cmabc.com
Want to advertise in the next issue of Update? Contact Chris Livingstone
at 604.684.2961 or chrislivingstone@choicemedia.ca.
*Wikipedia
Update is published four times a year by the Certified
Management Accountants Society of British Columbia and
is mailed to 4000 CMAs, 1000 CMA students, and industry
partners throughout the province. Opinions expressed are
not necessarily endorsed by CMA British Columbia.
Editorial and Business Office
Suite 1055 Two Bentall Centre, 555 Burrard St., Box 269
Vancouver, BC, V7X 1M8
Phone: 604.687.5891 • Toll-free: 1.800.663.9646
Fax: 604.687.6688
Email: cmabc@cmabc.com
Website: www.cmabc.com
We welcome your feedback.
Copyright CMA British Columbia 2007.
Publications Mail Agreement No: 40069584
Please return undeliverable copies to address above.
|
e d i t o r’s
note
C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
Message from Your President & Chair
In our last issue of Update, we advised our members
primarily focused on education and continued proof the Provincial Board of Directors meeting on
fessional learning for our members; we look forward
February 25th. At this meeting society staff presented
to seeing you there. We will also be visiting four of
an environmental scan, focused on our key perour chapters with the Executive Tour at the end of
formance issues including: competitive challenges,
April. We’ll be in Cranbrook on April 28th, Castlegar
achievements and future plans within marketing
on April 29th, Kelowna on April 30th and Kamloops
and communications initiatives, program updates,
on May 1st. We look forward to seeing many of our
and provincial growth. The perspective was taken
members at these events.
from barriers and opportuniWe also want to provide
ties we faced in the challenge
another
reminder that nomi“...the average growth
for improved results - both
nations are now open for the
those controlled by CMA
of new CMA’s in BC has CMA Canada Fellowships
Canada and those more
(FCMA). You can review
within our provincial control.
improved by 80% in recent the details and criteria on
It was noted that the average
our web site. The deadline
growth of new CMA’s in
to submit your nominayears
and
our
average
net
BC has improved by 80% in
tions to the BC Committee
recent years and our average
is March 15th though the
rate
of
growth
has
been
net rate of growth has been
committee may accept a few
the 2nd highest among
the 2nd highest among late submissions.
the major CMA provincial
Finally, in closing this
partners. Yet, we feel much
the major CMA provincial issue’s message—we want to
more can be done and we will
congratulate Bob Strachan,
continue to focus on growth
partners.”
CMA , FCMA for being
as our highest priority
appointed Vice Chair of the
among all of our approved
CMA
Canada
Board
of
Directors
effective September
performance measures. We continue to build our
2008.
Bob
will
become
the
first
two
year term Chair
unique profile and market awareness through a
of
the
national
board,
under
the
new
governance
new branding campaign – nationally and provinmodel,
in
September
2009.
Bob
was
the
President
cially, continue to focus on recruitment across the
of
our
British
Columbia
Board
for
two
years
from
province, continue to emphasize quality in all our
2001-2003.
accreditation programs and meet the needs of our
members, students and staff.
We look forward to meeting you on our Executive
Tour
and our upcoming Provincial Conference.
Along with the board meeting, the remainder
of February was a busy one for the society. Colin
Bennett and Vinetta Peek were invited by Rick
Thorpe, CMA, FCMA, Minister of Small Business
and Revenue to attend the Throne Speech in
Victoria. This was followed a few weeks later by the
government’s annual budget lock up where Colin
and Vinetta were joined by board chair, Mehb Jessa.
Our media release on the government’s budget can
be viewed on our website.
Looking ahead, on April 3rd, we are holding
our Vancouver and area Executive Tour event, in
conjunction with the Vancouver Chapter at the
Hyatt Hotel. This event is focused on celebrating
and recognizing our Lower Mainland members who
reached at least 25 years as CMA’s in 2007 as this
event was deferred from an earlier date. The 2008
Executive Tour event for Vancouver members will
be on May 28th immediately following the Members
Conference being held on May 27th and 28th in
Richmond. The annual Members Conference is
Colin Bennett, CMA, FCMA
President and CEO
Direct: 604.484.7002 or
1.800.663.9646 ext. 7002
Mehb Jessa, CMA
Chair
Email: chair@cmabc.com
C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
mes s a g e f r o m y o u r
pr e s i d e n t & c h a i r
|
2008
CMA Members Conference
May 27th and 28th, 2008
Best Western Richmond Hotel
& Convention Centre
Richmond, BC
Sharpen your skills
The conference will also provide 2 days of
CPLD offerings (15 CPLD credits) focused
on the CMA Competency Map:
• Issues in Strategy
• Leadership & Group Dynamics
• Recruiting & Retaining Employees
• Issues in Risk Management & Leadership
• Managing Performance
• Strategic Decision Making
• The softer side of internal controls
•Charting the future of accounting,
finance and audit professions
This year we have lined up a number of exceptional speakers, including:
Vaughn Palmer
Political Columnist
Jamie Graham
Vancouver Police Chief, Ret.
Kyle MacDonald
“One Red Paperclip”
Two ways to register:
Online: www.cmabc.com
Mail: CMABC
Suite 1055, Two Bentall Centre
555 Burrard Street, Box 269, Vancouver, BC V7X 1M8
Shane Holland, CMA, MBA
VANOC/2010 Olympics
Working Today
CMA
Spotlight
What’s important to a Millennial, Gen X and Baby Boomer as they manage their careers?
Update magazine interviewed three individuals within these target markets and asked them
to enlighten us.
Update Magazine recently caught up
with Shveta Mohan, CMA’s Student
Campus Representative at UBC, Nicole
Beach, CMA, CHRP, Manager, Human
Resources at British Columbia Investment
Management Corporation and Stuart
Mah, CMA, Financial Analyst, Rates and
Finance at BC Utilities Commission to ask
what key drivers are motivating their generation in the workplace.
Update Magazine: What do you think
employees in the same professional and
life stages, as yourself, are looking for
in a career today?
Stuart: My family life comes first and an
employer that recognizes this is essential
to me. At this stage of my life, I have the
growing desire to enhance my quality of
life, keep fit, and be cognizant to minimizing work-related stress. I also have a level
of comfort that I can now achieve future
growth at work on my own terms.
Shveta: Students are looking for careers
that match their interests and are challenging. I think we all hope to find jobs
that offer variety, and allow us to keep
motivated. We hope to learn new skills
and acquire knowledge that we can take
with us in the future.
Nicole: For me, I would say challenging
work, clear opportunities for advancement,
mentoring, and a good compensation and
benefits package. I also believe that people
increasingly value some job flexibility that
allows for more time away from work.
Update Magazine: Has what you’re
looking for in a career changed since
five or ten years ago?
Nicole: For me personally, I’m rediscovering the benefits of being mentored by
a great leader. I’d say this is a return to
one of the key elements I looked for in
a job ten years ago. I’m also increasingly
particular about who I work for, where
Millennial
Shveta Mohan
Gen X
Nicole Beach, CMA
Baby Boomer
Stuart Mah, CMA
I work and how well I’m compensated
because I know I have a great deal to offer
an employer – especially in terms of experience, education and credentials.
Update Magazine: How about five
years from now, Stuart and Nicole,
do you think what you’re looking for
now will change?
Stuart: When I first entered the workforce
I was focused on proving my competence
and climbing the proverbial “ladder of
success”. Despite my confidence in my
abilities, achieving my dream job was
constrained until I attained my professional accounting designation four years
ago. Today, my ideal job now leans toward
an employer’s support towards work/life
balance.
Nicole: Five years from now, my career
expectations will likely be similar; however,
I expect to be in a more senior position and
continuing to seek out mentorship, while
also developing others. Time away from
work for family, travel, volunteering and
personal interests is becoming increasingly
important to me. I suspect that the opportunity and support for time-off will be even
more important five years from now.
Update Magazine: How about you Shveta
– has what you’re looking for in a career
changed since you’ve been in school?
Shveta: I think I’m more aware of the
importance of finding the right fit with a
company, and making sure that its values
match those of my own. I look for jobs that
offer me variety, and that motivate me to
excel. My future with a company and the
growth opportunities available to me as
an employee - I’m looking for companies
with good training programs, and that
support any additional education I wish
to pursue.
Stuart: I expect my career path to remain
on track but to be always facing and
adapting to change. Careers and responsibilities are subject to change and constantly
evolving. Adaptation is essential for both
personal and business success.
Update Magazine: I know that you’re just
starting your career, Shveta, but what
do you think you’ll be looking for in your
career five to seven years from now?
Shveta: Finding a job with career stability.
With my CMA designation, I hope to find
a job that offers me the flexibility to apply
my skills in different ways.
C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
CMA
spotlight
|
Working Today [cont’d]
Update Magazine: What trends and challenges are you seeing in your workplace
with retaining employees?
Nicole: I’d say the workforce is increasingly mobile because employees and job
seekers have more options today. I think
that employers need to meet the needs of
today’s workforce which is more culturally diverse and multi-generational. For
most people, it’s not all about the money.
It’s more often about being challenged,
supported, rewarded and feeling recognized and valued. If these needs are being
met, retention is less of an issue.
Stuart: Work/life balance is bantered
about in many companies in hopes to
attract and retain employees. I am happy
that my workplace “walks the talk”.
Employers should take advantage of
using such strategies towards promoting
greater staff happiness and productivity. I
find that many of my long-time colleagues
are beginning to consider the trade-offs of
being able to apply their acquired skills and
experience in a less intense work environment while at the same time being able to
focus on family or social responsibilities.
Update Magazine: Do you think long
term loyalty to a company is a thing of
the past?
Shveta: I disagree. At the start of your
career, one may not place much importance on looking for a long term employer
since you’re finishing school and trying to
find the right company that matches your
goals and interests. However, once you find
that company, I believe that it’s important
to stay with them and establish a sense of
loyalty, as it will most likely result in opportunities for you to grow internally. As
well, by working your way up, you will be
able to perform better in higher positions
since you have worked at different levels
of the company.
Nicole: I don’t think employees are any
more or less loyal, but I would say that
employees and job seekers have more
options – particularly in today’s job market.
And employers need to be conscious of
that. I think that loyalty is sometimes
confused with “engagement”. Just because
an employee has a long career of service
with one employer doesn’t mean that
they’re engaged or highly productive or
happy with their job. And in these cases,
long term loyalty has little benefit to the
employer. Employees may change jobs or
employers for a variety of personal reasons
– many of which have nothing to do with
a lack of desire to be a long-term, loyal
employee.
Stuart: I agree with that statement today’s generation entering the workforce
realize the limitations of being reliant
on an employer. This foresight may have
developed by observing the rise and fall
of established businesses due to volatile
markets and/or economic conditions, or
perhaps, from witnessing their parents
being “trapped” in their jobs. The majority
In Quotes:
“Social networking sites are the reality television of the
Internet. The content is relatively inexpensive for publishers to produce, and social networking is not a fad that
will disappear. If anything, it will become more ingrained
in mainstream sites, just as reality TV programming has
become ubiquitous in network programming.”
Jon Gibs, Senior Director of Media,
Nielsen Net Ratings
of young people today are not prepared to
make life-long or long-term commitments
to companies. They are wise to prepare
themselves with strong education credentials, and to market their strengths and
attributes accordingly.
Update Magazine: On a final note,
Shveta, can you give us an idea on what
it’s like recruiting on campus? Are there
certain employers that “all” students
want to work for?
Shveta: I would say that almost every accounting student hopes to be hired by one
of the big four accounting firms; however,
for students such as myself who are interested in pursuing managerial positions in
industry, there is no specific employer that
“every” students wants to work for.
Update Magazine: What advice would
you give potential employers on how to
attract students’ attention?
Shveta: I think students place a lot of
importance on finding a job that caters
to their interests. Employers can attract
students’ attention by holding networking events so we can learn more about
the company and what it offers. This also
gives us an informal opportunity to meet
and network with various employees at
the company.
All views and opinions expressed are those
of the individual and are not reflective of the
individuals’ employers.
“Mark Zuckerberg, a student at Harvard, had the
idea in the winter of 2004. He started off with
the idea of creating a universal online database
for college students with social-networking
functionality.He revamped the idea of the original
college facebooks-the books of bad freshman-year
ID photos and boring information-by putting them
online and giving students the control over the
information they wanted to share with others.”
Chris Hughes, Co-founder of Facebook
“The ‘stuff’ teens do online is very different from what adults
do, and is very limited – socializing, music and gaming.”
Steve Mossop, President of Market Research Canada West, Ipsos-Reid
10 | n&ewn ost e s
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In Numbers:
Types of Websites
Visited by
Teens & Adults
At least a few times a week
Teens
Adults
Base:
Online Teens (12-17 yrs) n=1,272
Online Adults n= 1,041
Ipsos Reid Interactive Report 2007
Online social networks
Music
Inquisiti ve S tud y :
54
16
Gaming
54
25
Educational
32
22
Websites made by friends/family
22
12
Sports
Movies
11
11
News
10
Technology
6
News
& Notes
28
17
Photo websites
Advice websites
59
36
19
19
18
51
16
10
So Many Generations, So Little Space
For the first time in modern history, there are four distinct
generations of employees in the workplace. A Kodak moment?
Actually, it’s a headache, say managers faced with understanding
and juggling the different needs of each generation. But taking
time to learn about these different needs will help you boost
employee satisfaction, reduce turnover, and anticipate clashes
before they happen, says Barbara Bauer, a senior sales consultant
for Omnia Group (www.omniagroup.com). Here’s a look at each
generation currently in the workplace and Bauer’s suggestions
for managing them:
Generation Y (born 1978 – 1989; 22.5 percent of the workforce).
A lot of older managers complain about this generation,
saying they constantly need praise and feedback and can’t
just be left to get the job done. But consider their upbringing,
says Bauer: these were kids on the go. They spent much of
their formative years running from one activity to another. They
are the first generation to receive “participation” trophies,
which is why they tend to want pats on the back for showing
up. To manage them, give them the feedback they crave. Be a
mentor and a coach to them. Add to computer-based training
contests with prizes, games, and other fun activities and they
will be enthusiastic participants. Finally, if you can let them
work on a team or a shared project and prove to you that they
are capable, they will value that opportunity. On average, Gen
Y workers change jobs around eight times in their first five
years of employment. If they stick with you for three years,
they are content with their career path, training, technology,
etc., and they’re yours.
Generation X (born 1965 – 1977; 29.5 percent of the workforce).
This group is highly sought after because they have a good
amount of work and life experience and they’re pretty independent people. They were the first generation to seek
work-life balance, deciding the traditional way of doing things,
such as devoting a lifetime to a company and working long,
stressful hours, wasn’t what they wanted. To manage them,
let them have their own ideas, but hold them accountable.
Don’t completely ignore them, but you can pretend you’re not
managing them and they will appreciate it. Share success
stories, but acknowledge that yours isn’t the only path to
success. Finally, don’t change the rules on them – i.e., your
sales compensation plan or territory division – without letting
them participate in making those changes or they’ll resist and
be frustrated by them.
Baby Boomers (born 1946 – 1964; 41.5 percent of the workforce).
This is a more traditional group than Gen X or Gen Y. They
worked their way up the ladder and initially they disliked the
follow-on generations because those workers came in asking
a lot of questions: Why do you do it this way? Why is this set
up like this? Why don’t you telecommute? After their initial resentment, however, Boomers realized these questions made
sense and change was okay to consider.
This group is reinventing the word “retirement.” They’re
looking for ways to stay active in your organization on a parttime basis. Ask them to help you find ways for them to share
and capture their knowledge; chances are, they already have
some ideas. Boomers want a partnership and want to be
treated as their age would indicate. But they also want the
same freedoms and benefits as the Gen X and Gen Y workers
without having to ask for them. They feel their longevity and
loyalty should be rewarded. Since this group comprises more
than 40 percent of the workforce, the fears about a mass
exodus are real, but that exodus hasn’t really started yet,
says Bauer. Before it does, figure out how you can partner
with your best Boomers in semi-retirement.
Traditionalists (born before 1946; 6.5 percent of the workforce).
This group was brought into the workforce with a lot of paper
filled in on real typewriters, so they’ve seen a lot of changes
over the decades. They rely on the true, tested way of doing
things. They aren’t totally resistant to change, but the established policies and procedures make a lot of sense to them.
Managing them is straightforward: do it lightly, if at all. Give
them as much advance notice of change as possible. And
keep in mind that their biggest hot-button is flexibility: the
more flexible you can be with their hours, the more likely you
are to keep them coming back to work.
Reprinted with permission by SellingPower.com, copyright 2008.
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n ew s
& notes
| 11
How To Network
Like A Pro
Online
By Lisa LaMoa
Some adages have earned their distinction – like the one that says
it’s not what you know but who you know that counts.
linkedin.com
apsense.com
getanagram.com
twitter.com
plaxo.com
Fact is, skill and grit only get you so far. “Networking
is not even a question of ‘Should I?’ It’s a lifeblood,”
says Susan RoAne, author of How to Work a Room.
“As an entrepreneur, if you don’t have a network, you
will keep reinventing the wheel.”
Networking has taken on a whole new meaning
in the Internet age. Keeping up with the competition
demands cultivating contacts at warp speed, and that
means working your shtick online.
There are plenty of tools
– many of them free – and
more are on the way. All
help you stay connected to
people you know and spark
relationships with those you
don’t – including customers,
suppliers , par tners and
advisers. If you aren’t using
these services already, sign up
as soon as you finish reading
this article. If you’re no
stranger to online networking,
check out some of the more
advanced services.
As business networks go, LinkedIn trumps
the competition. Formed in 2001, the free service
now boasts 12.5 million users,
. . . Say you’re looking for including bigwigs at places like
Wal-Mart, Apple and Merck.
accounting services. Just In the handful of minutes
it takes to fill out a simple
type “accountant” into profile (name, job description,
contact information), LinkedIn
LinkedIn and up will pop can expand your Rolodex by
thousands of names – making
a list of contacts with the it just about the hottest happy
hour around.
word “accountant” in their
Example: Say you’re looking
for accounting services. Just
personal profile.
type “accountant” into LinkedIn
and up will pop a list of contacts
with
the
word
“accountant”
in their personal profile.
Online networking tools include the networks
Depending
on
how
much
access that person has
themselves – basically, webs of millions of people
agreed
to
grant
other
members
of the network, you
who are just a few clicks away from receiving an
may
be
able
to
contact
her
directly
or – if you’re not
electronic message from anyone within the network
such
a
close
“friend”
–simply
send
a message via
– and the nifty little software applications that help
LinkedIn.
Call
it
e-mail
with
a
buffer.
to maintain and update those networks.
The most recognizable online networks are
Facebook and News Corp.’s MySpace. Both are mainly
aimed at the under-24 set, and neither is particularly designed as a business tool, though Facebook is
trying to make a charge.
12 |
n ew s
& notes
“There has been a lot of discussion about
Facebook adding business profiles,” says Austin
Hill, a serial Internet entrepreneur and founder of
Brudder Ventures, an angel investment firm. “The
context allows for very different things. Facebook is
a fun place, but I would feel awkward writing a large
business proposal [in Facebook].”
“At my startup, there was one vendor at which
we were trying to get access to one specific department, and it was impossible to find anyone who
could help us,” recalls Hill, who boasts more than
500 contacts on LinkedIn. “It was a large company
C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
and we just kept getting the run around. So we went
on LinkedIn and started sending senior members of
the company questions. Within two days we were in
contact with the right group, with the right introduction and we were able to start doing business with
them very quickly.”
LinkedIn’s latest feature is the “Answers” section,
which allows members to lob questions to their entire
network; users also can tag the questions based on a
particular topic. Those who answer rack up “expert”
points, and responses from the most highly revered
experts are featured on the “Answers” homepage.
Yet another benefit of LinkedIn: Each person on
the network gets his own Web address (or URL),
making him searchable by Google and Yahoo!, so
long as he includes his name in the URL.
If you run a home-based business and want to
connect with millions of others like you, check out
APsense.com. Launched three months ago, APsense
now has a modest 13,000 users but is growing at
roughly 100 users per day. Like LinkedIn, APsense
lets users maintain personal profiles, and also offers
access to common interest groups and a slew of
business blogs.
One cool feature – called the “Hot or Not
exchange” – gives members a chance to post full-page
profiles of their businesses, including descriptions of
products, customer testimonials and contact information. While you can’t pay for such prime digital
real estate (the featured businesses are chosen by
algorithm), you can increase your odds by voting for
other businesses that show up on the page. The more
times you vote (“hot” or “not”), the greater your odds
of being featured.
Third Horizontal BMM Valuations.Page 1
12/18/07
Then there are the nifty little applications that
help you maintain those networks. One of these,
Plaxo, now with some 15 million users, recognizes
any changes to the contact information of any Plaxo
member and automatically updates that data in, say,
your Microsoft Outlook contact list. Plaxo’s free
service also includes birthday alerts and electronic
cards. And for the height of convenience, Plaxo’s
Pulse service – launched this week – will aggregate
all of your online social networks and send out an
information “feed” that captures any new activity all
on one page.
A nice complement to Plaxo is Anagram (found
at GetAnagram.com). Instead of having to enter
contact information into an e-mail program, this
service will pull contact names and numbers right
from the Web, your desktop or e-mail signatures
and plunk them into the correct fields in an Outlook
database or Palm personal digital assistant. The
newest version of the software even gins up a digital
map for a given address in your contact list. (Word
of caution: The software is still a tad buggy.)
Finally, there’s Twitter, a service that allows you
to blast a two-sentence message via e-mail or text
to all of your Twitter contacts. (Call it a mini-blog.)
Like Pulse, Twitter comes in newsfeed form. If it
sounds like a waste of time, some entrepreneurs
swear by it. “I’ve used it for ad-hoc business meetings
in cities when I’m traveling for a meeting,” says entrepreneur Hill. “People come up to me at conferences
all the time and ask me about things that I put on
my feed.”
Lisa LaMoa – Reprinted by Permission of FORBES.com
© 2008 Forbes.com LLC
2:19:46 PM
News
& Notes
Notes from the Desk of
Minister Rick Thorpe, CMA, FCMA
Opinion
This week, our government released Balanced Budget
2008 – a big, bold and visionary financial foundation
to position British Columbia as an international
leader, both from the perspective of our economy
and climate action.
Minister of Small
Business and Revenue
Minister Responsible for
Regulatory Reform
Our budget is committed to both environmental sustainability and the ongoing growth of British
Columbia’s thriving economy. Our strong economy
is what allows for our government’s significant investments in vital public services such as health
care, education, early learning, public safety and
climate action.
Balanced Budget 2008 introduced a range of new
measures to address climate change and encourage
economic investment – the most notable being the
provincial carbon tax. This levy is the first of its kind
in North America and is, as upcoming legislation will
solidify, 100 per cent revenue neutral. Individuals
and businesses will benefit as tax cuts and credits
equal government revenues.
Speaking of tax cuts, personal income taxes will
be reduced 2 per cent in 2008 and 5 per cent in 2009.
Minister Rick Thorpe, CMA, FCMA and CMA BC’s
Vinetta Peek, CMA (Hon.) and Colin Bennett, CMA,
FCMA at the BC Throne speech.
By 2009, British Columbians will have the lowest
personal income taxes in Canada on incomes up
to $111,000. Also in 2008, the small business tax
rate will drop to 3.5 per cent from 4.5 per cent, with
further reductions planned to 2.5 per cent by 2011,
saving small business $255 million. As this year’s
throne speech stated, “Small business remains the
most confident in Canada. It is the job engine that
continues to see British Columbia leading the nation
in job creation.”
This year’s throne speech is big, bold and
visionary. Again, the power of our strong economy
allows our government to commit to continued
improvements in health care, children’s services,
climate action and education. Plans include a ban
on trans fats in food prepared in schools and restaurants, a ban on smoking in cars with children
present, an expansion of health worker authority,
launching 316 additional StrongStart BC centres by
2010, and moving forward on the sustainability of
our health system.
As British Columbia continues to lead the nation
in economic prosperity, we face unprecedented opportunity to act as environmental stewards and
commit to sustainable public services benefiting
all British Columbians. As always, I welcome your
comments and questions as we proceed with the
rollout of these exciting plans before us.
For full details of Balanced Budget 2008, please
visit www.bcbudget.gov.bc.ca/2008.
Regards,
ick Thorpe
R
Minister of Small Business and Revenue and
Minister Responsible for Regulatory Reform
14 |
opinion
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‘Un-pivoting’ Pivot Tables
Accounting
Scope
Too Much Info? Too Many Questions?
Try a Pivot Table
By Roy Quinones, CMA
What’s a Pivot Table?
A pivot table is a powerful function available in MSExcel. It allows you to summarize a collection of raw
data to create numerous reports, including various
matrix tables, charts and graphs. It may sound intimidating and complicated, but pivot tables are
simple to use. All that is required are three things – a
set of raw data, some useful column headings and
information requirements from the end user(s).
Using Pivot Tables
As a financial analyst and daily MS-Excel user, I
am often inundated with all sorts of information requests. Some of my favourites include the
following:
“Can you give me a breakdown of sales dollars
and volumes by location?”
“Why is there such a large variance?
“Can you make me a report by tomorrow
morning?”
I think this stems from the belief that employees
who use MS-Excel know everything required to
create reports on a whim. In fact, that is not the case.
According to John Walkenbach, author of Excel
2003 Formulas, “it’s a safe bet that only about ten
percent of Excel users really understand how to get
the most out of worksheet formulas.”
While the inability to use every possible spreadsheet formula may not be required to complete the
task, providing information that is useful to the end
user is more important. Add to that the difficulty
of sifting through limitless amounts of data and the
task becomes even more onerous. In fact, it isn’t so
much finding the right answer to the question being
asked – it’s more answering the bigger question of
“Can I create a report that allows the user(s) to understand it?” A pivot table can help you answer this
question – and here’s why:
Have Some Perspective
At all levels of an organization, different people
will use the same information for different
purposes. I asked one of my colleagues about
the usefulness of pivot tables at his work. He said
“We have approximately 75 projects happening at
any given time and each project manager requires
a monthly report that outlines the detailed costs
of the project(s) that they are responsible for. On
the other hand, the project delivery team requires
a much more summarized report of all current
projects. Rather than creating multiple reports
which can lead to inconsistent information, I can
use a pivot table to create these two reports from
the same data source. The pivot table allows me
to provide both high-level and detailed reports,
depending upon the users needs.”
Express Information, Not Data
A list of data, in itself, is not very useful from
which to base a decision, nor is it very appealing
to look at. With a pivot table, you have an option
to display information in either chart or graph
format, and in a variety of ways. This variety is
achieved by using the ability to “drag and drop”
field headings to create a matrix of information,
or change the look of your graph. This is useful if
you want to rearrange the same data to discover
trends and evaluate differences.
Be Dynamic
Once you’ve created a pivot table, there’s no need
to continuously re-create them. Pivot tables are
sourced from a data range you specify. Therefore,
once data within the sourced data range is
updated, you can refresh the pivot table to reflect
the latest values. This is a great way for accumulating month-to-date or year-to-date data, and a
time saver when creating daily reports.
Maintain Your Balance
Pivot tables are a great way to reconcile, whether
it be invoices, accounts, or projects. My colleague
puts it this way. “I see invoices as debits and when
they get expensed, I see the matching credits.
However, when there are hundreds of invoices,
and multiple credits to match to one debit, a
pivot table makes a big difference. The tables I use
reflects the net value of each invoice by month. If
the net value is zero, I’m fine – it’s when the net
value is something other than zero that an investigation is required.”
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“Un-pivoting” [cont’d]
Creating a Simple Pivot Table
Here’s an example of a fictitious company.
Currently, there are five products in market
(A to E) sold by six different salespeople
to four different regions. Over the past
six months, total product sales have been
declining, and an explanation is requested.
Here is a screen capture of the data needed
to identify the issue.
While the data in itself is
not useful, re-organizing the
data using a pivot table would
be most helpful. Go to the Data
Menu and select “Pivot Table
or Pivot Chart Report”. Just
follow the steps to creating the
table (keep in mind that there
should be column headings in
the first row).
In the pivot table below, we
see a breakdown of Unit Sales
by Month for each Region.
“Drag and Drop”
Month, Unit Sales
and Region to create
the pivot table shown.
The east region had the greatest decline in Unit Sales over the last three months.
Now let’s try to isolate trends. A great feature of pivot tables is the ability to group
together similar data by highlighting the rows or columns you would like. In this case,
let’s group April to June, and July to September and label these Quarter 1 and Quarter 2
– this will allow us to compare the change in Total East Region Unit Sales by quarter.
Additionally, we can reflect total sales by each Salesperson.
Accounting
Scope
While all salespeople experienced a decline in sales, it appears that Hiro’s sales
declined the most. Let’s graph this to make it easier to understand. Right click on the
pivot table, and select “Pivot Chart”. Maybe this chart will motive them:
eNews
Looking for CPLD events?
Additional Resources
The example provided is only a glimpse of what pivot tables can do for you. The best
way is to try them out, and work with the functions to achieve your desired result. As a
reference, there are many books and guides written including “The Excel 2003 Bible” by
John Walkenbach or “Excel 2007 Data Analysis for Dummies” by Stephen L. Nelson. If
you’re looking for instructional courses, there are many places to receive this training,
including courses offered by UBC Continuing Studies, or private companies such as
Nexient Learning and Rapid Computer Training.
Subscribe to CMA British
Columbia’s E-News to get up
to date CPLD opportunities
emailed to you monthly.
Email: info@cmabc.com.
Roy Quinones, CMA, is a Financial Analyst at Powerex Corporation. Roy is a also a member
of the CMA Update Editorial Taskforce.
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Time for common
accounting standards
Accounting
Scope
By Paul Cherry
Canada is about to
join a growing worldwide
migration to common
financial reporting
standards. In an evergrowing global economy,
it is important that we
keep in step.
International Financial Reporting
Standards (IFRS) will soon become the
basis of reporting for public companies in
Canada, replacing Canada’s own Generally
Accepted Accounting Principles (GAAP.)
The Canadian Accounting Standards Board
announced this change in January, 2006,
after two years of extensive consultation
and public discussions across this country.
The decision has been welcomed, both here
and abroad, as serving the best interests of
Canadian business and investors alike. The
proposed changeover date is 2011. The
strategy is supported by a well-developed,
comprehensive implementation plan (see
www.acsbcanada.org) which has been
open for public comment for two years.
Why change? Because Canada cannot
stand in isolation from the growing acceptance of a common financial reporting
language. Capital markets have gone global
and Canada accounts for less than 4% of
the global capital markets. If every country
speaks a different accounting language,
investors have difficulty comparing
companies and investors ultimately bear
the costs of translation. A global accounting language is the best solution for both
public companies and investors. Many participants in the Canadian capital markets
were becoming increasingly uncomfortable with Canadian standards that were
neither one thing nor the other – that is,
neither IFRS nor U.S. GAAP, but a mix
of both.
18 | as cc oc po eu n t i n g
Why IFRS? With businesses increasingly making decisions in a global context,
the move to IFRS will place Canada on the
same reporting playing field as more than
100 other countries, including the United
Kingdom and other European Union
nations, as well as Australia. Japan, China,
India, Brazil, South Korea and Israel, to
name a few, are in the process of converging with IFRS.
Even the United States is signalling an
interest in IFRS. Late last year, the U.S.
Securities and Exchange Commission
(SEC) decided to accept IFRS from foreign
private issuers on an equal footing with
U.S. GAAP. This means that Canadian
companies reporting using IFRS will
no longer be required to reconcile their
financial statements to U.S. GAAP – a significant cost saving. In addition, there is a
formal agreement and work program to
converge U.S. GAAP and IFRS and significant progress has already been made. Most
recently, the United States is considering
whether to adopt IFRS for its domestic
issuers. Canada’s implementation plan for
changing over to IFRS has been praised
south of the border for its high quality.
Here in Canada, it is recognized that
the transition to IFRS poses an enormous
challenge, but is manageable if companies
start to prepare now. Extensive training
and education is already underway and
will intensify. Considerable information
is already available on the Accounting
Standards Board Web site and is constantly
being updated. Board staff meets regularly
with stakeholders to ensure that appropriate steps are being taken.
Long-term benefits outweigh any
short-term challenges. IFRS will provide
more opportunities for Canadian businesses and investors in Canadian businesses
by reducing the cost of capital, increasing
access to international capital markets and
reducing costs by eliminating the need for
reconciliations.
IFRS has been evaluated by the
International Organization of Securities
Commissions, including the SEC. The
consensus is that the standards are comprehensive, robust and capable of consistent
interpretation and application. The balance
of informed opinion worldwide, including
the United States and Canada, is that IFRS
strikes the appropriate balance between
fundamental principles and more specific
implementation guidance.
IFRS is already being used in most of
the world’s major capital markets. Other
countries have made the transition to IFRS,
often in less time and facing greater challenges than Canada, and public companies,
analysts and investors have coped well. The
result has generally been greater clarity
with no discernible disruption of the
capital markets. IFRS will provide a sound
basis for high quality, clear and consistent
reporting that serves investors’ needs in
Canada.
The Canadian Securities
Administrators are expected to publish
proposals dealing with related issues such
as allowing voluntary adoption of IFRS
before 2011 and whether U.S. GAAP can
be used instead of Canadian GAAP. They
also are expected to publish draft guidance
for disclosure in Management’s Discussion
and Analysis of the significance of the
impending changeover to IFRS.
Changing the basis of financial
reporting for public companies has both
costs and benefits. These have been
carefully considered. Adopting IFRS will
serve Canadians well in the global economy
of the 21st century.
Paul Cherry is chairman of the Canadian
Accounting Standards Board.
Material reprinted with the express permission of:
“National Post Company”, a CanWest Partnership.
C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
Meeting the Needs
of Millennials
By Robert Half International
Management
View
Employers trying to determine
what appeals to ‘Gen Y’ workers
will find that good a management style
goes a long way toward motivation
and retention.
Today’s employers face the challenge of managing a
multigenerational workforce consisting of four demographic groups, each with its own definition of
a satisfying professional life. Particularly perplexing
to many employers are the newcomers – sometimes
called Generation Y or the Millennials, born
between 1979 and 1999, who are the children of
the baby boomers. They are sometimes perceived as
“high-maintenance,” easily bored, and having a sense
of entitlement and unreasonable expectations.
However, according to a new study by Robert
Half International and Yahoo! HotJobs, What
Millennial Workers Want: How to Attract and Retain
Gen Y Employees, the beliefs many employers have
developed about Gen Y members’ approach and
attitude toward work may be largely inaccurate. The
truth is that they are highly motivated workers, and
much of what they expect from employers is in line
with what leading companies already are offering
to recruit and retain top talent from any generation
– good health and retirement benefits, generous
vacation time, a flexible work schedule, opportunities for growth and professional advancement, and,
of course, a competitive salary.
However, the study does reveal notable differences in Millenials’ expectations about their professional
life, compared to those of previous generations.
First, they view their career track on an accelerated
timeline: About 50 per cent of Gen Y workers believe
they should have to spend no more than two years
proving themselves in entry-level positions. And as
for pay and perks, they want employers to put as
much as possible on the table from day one. This is
because many Millennials, who have grown up in
the Digital Age, are accustomed to “instant results”
and are less enticed than previous generations by
the promise of a bonus or pay raise some time in the
future. Given that 33 per cent of Gen Y workers cite
financial security as their top career concern, the
more traditional wait-and-see offer has much less
appeal than a competitive compensation package
provided up front.
Motivating Millennials through good
management
Gen Y professionals directly connect having a highquality relationship with their manager to their level
of job satisfaction, according to the study from Robert
Half and Yahoo! HotJobs. In fact, those surveyed
ranked “working with a manager I can respect and
learn from” as the most important aspect of their
work environment. Millennials expect and are not
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Millennials [cont’d]
self-conscious about seeking guidance from their
supervisors; thirty-five per cent of those surveyed
say they want to communicate with their boss several
times a day.
Tips for managing Millennials
The study points out that being a good manager to
Generation Y means being a good manager – period.
Essentially, an involved and attentive manager is likely
to get the most from Gen Y workers. Following are
some suggested techniques for bringing out the best
performance from your Millennial staff members:
•Conduct ‘spot reviews’ – Even if your company
schedules annual evaluations for all employees,
don’t wait until then to talk with Gen Y workers
about their performance. Instead, give “spot
reviews” after important tasks or projects have
been completed. Highlight positive achievements,
explain (constructively) where improvements can
be made and explain how the employee’s work
benefits the organization. Be sure to meet as soon
as possible; Millennials will be eager for your input
and may misinterpret a lengthy delay in feedback
as a signal they did not perform to your expectations or that their contributions are not valued by
the company.
•Keep the lines of communication open – When
asked to describe their “dream boss,” respondents
listed “approachable” among ideal attributes. As a
manager, it is important to make yourself available
to Gen Y employees and exercise an open-door
policy. Remember, these workers are used to a
world ruled by e-mail and instant messaging; they
expect instantaneous communication. So, make it
clear that they can always come to you for advice
or to offer ideas. However, keep in mind that while
these workers prefer a manager who is friendly and
easy to talk to, they aren’t looking for a buddy. They
expect their managers to be professional, decisive
and fair.
•Be
a sincere straight-shooter – In short,
Millennials want their managers to speak with
them openly, honestly and respectfully. If managers
do not speak candidly with Gen Y employees, over
time, they run the risk of permanently damaging
the relationship. A pattern of poor communication
by a supervisor could spur a Millennial to walk out
the door.
Investing in tomorrow’s workforce
Millennial workers want and need to be challenged.
As a result, employers must keep offering them new
opportunities. Twenty-three per cent of the Gen Y
professionals surveyed said they are most concerned
about finding fulfillment on the job. If they don’t find
it, there is a good chance they’ll just move on to the
next employer. And, given that nearly 75 per cent of
the Millennials polled expect to return to school to
earn another degree at some point, managers should
stay attuned to their educational aspirations and
support their goals, as appropriate. A well-trained
workforce only benefits the company.
Because Millennials noted they find mentor relationships valuable, companies also should take
advantage of the current four-generation dynamic in
their workforce and find ways to facilitate knowledge
transfer by pairing less-seasoned employees with
veteran professionals.
Savvy employers will recognize the techniques
recommended for managing Millennial workers also
could become part of an overall retention strategy for
their organization that helps to keep all employees
– regardless of their generation – working to their
potential and feeling valued.
This article is provided by Robert Half Finance &
Accounting. For more information about Robert Half
Finance & Accounting, please contact Kim Conroy,
CMA, kim.conroy@roberthalf.com or 604.688.7572
Robert Half International’s David King, Executive
Vice-President will be presenting Charting the
Future of Accounting, Finance & Audit Professionals
at the CMA Members Conference on May 28, 2008.
Embracing change
and initiating opportunity:
Management
View
How TELUS is attracting new finance
and accounting graduates
By Matt Murray
Listening to student presentations at UBC. Front row: Nelson Kwan,
Matt Murray and Jeff Kroeker, CMA, FCMA, Sauder School
of Business Lecturer.
Telus representatives Nelson Kwan, SVP & Corporate Controller and
Matt Murray, Financial Analyst, Candidate in the CMA Program.
People in the millennials generation, born between
1978 and 1999, are generally eager people who want
to play a significant role in an organization sooner
rather than later. They are highly engaged, enjoy
change and seek opportunities to explore challenges
and make a difference. It takes a unique recruitment
campaign to pique their interest. Often, candidates
are attracted to an organization through fellow millennials who convince them that the organization is
a great place to work.
Through its Finance Management Development
Program (FMDP) TELUS is working to attract millennials right out of university, with a long-term
goal of developing the next generation of finance
leaders. The program meets the needs of the
millennial generation by providing a range of opportunities, meaningful responsibilities and exposure to
senior leadership. It is a perfect fit not only for new
graduates, but also for new CMA candidates.
Our future friendly program
TELUS’ FMDP is a three-year rotational program
designed to provide broad exposure to new university graduates in finance and accounting, and build a
strong foundation for a successful career in finance.
The program is supported by Robert McFarlane,
TELUS executive vice-president and CFO, as well as
two senior vice-presidents – one of whom is a past
FMDP graduate.
New graduates are partnered with senior finance
mentors and given the opportunity to select three
annual rotations through financial disciplines
ranging from corporate accounting to
investor relations. During each rotation
they are treated as regular management
professionals, gaining experience as
members of cross-functional teams
or as project leads.
For CMA candidates the
program provides an excellent
blend of operational and management experiences, as they are often
called upon to make key strategic recommendations. The FMDP shows how
versatile CMAs are as they add value to all
areas of the finance team.
The range of available rotations allows a candidate
to chart a path that touches on each of the six CMA
functional competencies while continuing to develop
the four enabling competencies. As an example,
a candidate may work as an analyst working in an
internal audit rotation and be directly involved in
TELUS’ risk management and governance functions.
For a second rotation, the analyst may select the
corporate reporting department where they would
be responsible for financial reporting, as well as
financial and performance management. For the
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Embracing change
[cont’d]
third and final rotation, a stint in the corporate
strategy department would provide good exposure
to the strategic management or performance measurement functions of the organization.
The team environment at TELUS provides continuous opportunities to develop competencies in
communication, professionalism, problem solving
and leadership.
Finding new leaders
As the demands of new university graduates change,
so do recruitment strategies. During on-campus
events, TELUS regularly interacts with students
who are torn between designations, often looking
for an alternative to the public articling experience.
These future graduates are seeking dynamic roles
in which they can continue to learn and grow while
taking pride in coming to work every day. They are
searching for broad and meaningful responsibilities
and want to contribute to an organization’s success.
TELUS tailors its programs to students with an
interest in any of the professional designations. In
fact, at this time there are FMDP analysts completing CMAs, CGAs and CFAs. Just this year TELUS
has started a new program designed for CA students.
Yet the majority of interest comes from students
pursuing their CMA. As of February 2008 TELUS
has 16 analysts in the FMDP and nine are in various
stages of the Strategic Leadership Program (SLP).
They choose TELUS in part because of the direct
impact the rotational experience will have in their
attaining a CMA.
They also choose TELUS because of its differentiated recruitment strategies. Instead of waiting for
the students to apply, TELUS is continuously looking
for ways that it can reach out to students. This year
TELUS launched such recruitment initiatives as a
TELUS Open House and a revamped approach to
interviews. At the TELUS Open House students
were invited to visit the office for an afternoon to
meet with current FMDP analysts and get a glimpse
of what the jobs really look like.
TELUS has found that students are more interested in the shape of their role tomorrow than five
to 10 years from now. In its new approach to interviews, TELUS partners senior finance leaders with
new FMDP analysts – usually young alumni of the
candidate’s university – to provide the candidates with direct access to the experience of
a current program participant. Overall, this
has been a tremendous success, as TELUS’
new hires say they chose the company in part
because of the enthusiasm their fellow millennials showed for the FMDP.
22 |
management
v i ew
A financial analyst’s experience at
TELUS: Words from Matt Murray
I chose the CMA path because of my interest in
corporate strategy and “the big picture.” The other
accounting designations never appealed to me and
I chose the CMA over a high school ambition to
attain an MBA – a route that continues to be an
option for the future. My interest in the CMA started
with the recommendation of a UBC professor and
I firmly believe that a personal recommendation is
the strongest form of marketing an organization can
have. It should come as no surprise, then, that I chose
TELUS based on the recommendations of another.
A key reason why I chose TELUS was the FMDP’s
great fit with my CMA ambitions. Throughout the
interview process I was assured I would be fully
supported throughout SLP, including a partnership
with my mentor to ensure my responsibilities met
all of the CMA work experience requirements. A
second reason was the personal treatment I was
given by the recruitment team. They paid attention
to my interests, outlined how they wanted me to add
value to the organization immediately and made me
feel like more than “just another number.” I continue
to feel I am a valued member of the TELUS team.
My combined experiences in the FMDP and
SLP have been a perfect match. I’ve applied many
of the SLP concepts I’ve learned in my job, and my
newfound knowledge has opened doors to new
opportunities at TELUS. For example, last year I
was asked to become involved in recruitment for
the FMDP. I was encouraged to be creative in my
approach and was fully supported in an initiative to
design a TELUS business case for UBC students in
an effort to bring more awareness to our program.
This encouragement and openness to new ideas
is a testament to the core TELUS values of having
the courage to innovate and a passion for growth.
These organizational values are continually keeping
me engaged as a TELUS team member.
Millennials need a customized recruitment
campaign and an assurance that there are enough
opportunities for them to make an impact on an
organization. Once they have been recruited, do
everything you can to give them challenging assignments that are aligned with their interests, and there’s
a good chance you’ll retain these future leaders.
Matt Murray, Candidate
in the CMA Program
Financial Analyst, TELUS
Finance Management
Development Program (FMDP)
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Talent Crisis or Energy Crisis?
Management
View
By Russell Hunter
A booming economy and rapid
growth are usually welcome
opportunities for businesses.
But when these trends collide with other
demographic and marketplace shifts,
unique challenges occur:
•a growing need for talent, but fewer
skilled individuals to meet the need
•l arge
segments of the workforce
beginning to retire
•changing expectations of emerging
leaders regarding work/life balance
•rapid shifts in consumer needs and
market competition
•shorter business cycles and organizations setting ever more aggressive
annual objectives.
Bottom line? leaders in BC are being
asked to do more, with less, in an increasingly shorter time frame, despite rapidly
changing environments.
How are leaders addressing
this?
Organizations seeking a sustainable competitive advantage are beginning to focus
more attention to the issue of capacity development vs. competency development
alone. A simple formula to express this
concept looks like this:
Sustainable = Competency
Performance
Capacity
For example, an individual may develop
skills to be more coach-like in conversations with his team, but the degree to
which they actually perform that competency is largely a matter of their physical,
mental and emotional capacity at any given
moment.
Conventional wisdom holds that if you
find talented people and equip them with
the right skills for the challenge at hand,
they will perform at their best. In our experience that often isn’t so. Energy is the key
factor that makes it possible to fully ignite
talent and skill.
Building and maintaining
capacity requires focus on
how we manage energy.
At the Human Performance Institute we
define energy as simply our capacity to do
work. Human beings are complex energy
systems. To perform at our best, we must
skillfully manage four interconnected
aspects of our energy – physical, mental,
emotional and spiritual (core values and
sense of purpose).
All four dynamics are critical, none
is sufficient by itself and each profoundly
influences the others. Subtract any one
from the equation and our capacity to fully
ignite our leadership competencies, talent
and skill is diminished, much the way an
engine sputters when one of its cylinders
misfires.
In high growth organizations human
energy is often consumed at unprecedented levels – with little or no regard for the
supply side of the equation.
Lessons from
world class athletes
World-class athletes used to believe that
they only improved performance through
hard work. Wake up, train from dawn
until dusk, sleep, and begin again. Does
this sound familiar? It’s the attitude that
today’s average business professional has
developed.
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Talent Crisis [cont’d]
But top athletes understand that while
the stress part of training is important,
recovery is equally critical. Stress is the
stimulus for growth; recovery is when
growth actually occurs. If we get limited
recovery, we get little or no growth.
When I express this concept at
corporate speaking engagements, heads
nod and there is a flurry of note-taking.
Why? As straight forward as this seems,
the average leader gets caught up in trying
to meet growing demands. Recovering in
small ways, and often, is the key to resilience today.
Tennis players illustrate the concept of
recovery in the moment well. At the worldclass level, heart rates can get as high as
200 beats per minute during a point. These
athletes have 25 seconds to recover and
prepare for the next point.
Tennis players learn that there
are four levels of recovery:
•Physically, they relax the muscles of
their hands, neck, arms and chest and
exhale longer than they inhale.
•Emotionally, they disengage from any
disappointment over excessive enthusiasm of the previous point.
entally, they shift their focus away
•M
from the previous point or concerns
about the potential outcome of the
match, to a neutral stimulus such as
the strings of their racquet, and what
they need to execute next.
•Spiritually, they reconnect to what
matters most during tough moments
– why they are on that court.
!
Brand Ambassador
Nominations
Do you know a CMA we
should know about? Email
Vinetta at vinetta@cmabc.
com to nominate a CMA
brand ambassador.
When they get all of these mechanisms working, they can achieve incredible
recovery in seconds. Everything they do
can be accomplished by business leaders.
How valuable would it be for you to
recapture energy in small time intervals
during your workday? What would the
quality of your mental and emotional look
like between 3-5pm if you began to strategically engage and disengage periodically
throughout the day?
If energy is so important,
why haven’t we paid more
attention to it before?
One of the reasons energy is largely ignored
is that it isn’t measured and tracked in organizations. Generating data to objectively
examine the impact of energy in an organization is often the first step to deciding
how to best address it. A metric can then
be developed as a leading indicator for the
performance and retention levels in an
organization. Examples of several energy
management assessment tools are available
at www.hpinstitute.ca.
University of Michigan’s Ross School
of Business is leading the way by providing
assessments and targeted energy management development for each of their MBA
candidates before they enter the workforce.
We hope to see similar shifts in Canada
soon.
Is this a wellness issue or a
leadership issue?
Another reason capacity and resilience
is often overlooked is how we frame the
issue. Is it a wellness issue or a leadership
issue?
When it is framed as a wellness issue
organizations usually focus on providing
stress management, health promotion,
and policies to support flexible work environments. Although these measures can
be helpful, more often than not,
these initiatives run counter to
the organizational culture (“the
way things are really done around
here”) – which is largely driven by
leaders modeling and reinforcing what they feel is important
through actions rather than
words.
themselves when it comes to increasing
their energy capacity and managing their
energy on a day-to-day basis.
On-site wellness centers are a good
example of this. Despite all the evidence
documenting their benefits on health, engagement and productivity (and ultimately,
the organization’s bottom line), they often
go massively underused because:
•employees fear that using the facilities
during working hours suggests a lack
of commitment to the company, and
using them after work suggests you’re
neglecting your family
•leaders fear being interrupted about
work related issues while they’re
training, or they simply believe
sweating in front of their direct reports
reduces their stature.
These stories we tell ourselves
determine how we choose to manage our
energy - not the wellness initiatives themselves. This comes down to a personal
leadership issue.
Leading with Energy
The road to performance, results, and
retention in today’s shifting business
landscape starts with seeing the energy
crisis for what it is and tackling it head on.
Regardless of our role in an organization, we are stewards of its collective
energy. Leading with energy begins by
managing and modeling our own energy
first.
Successful leaders then recruit, direct,
channel, renew, focus and invest energy
from all of the individuals they lead in
the service of their corporate vision and
mission. This alignment unleashes the individual talent, skills and experience of a
team and the resilience to weather change
initiatives and ambitious goals.
To be effective, leaders must
lead the way by walking the talk
24 | mv i aewn a g e m e n t
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Russell Hunter is the
National Director of the
Human Performance
Institute Canada and
principal with Tekara
Organizational Effectiveness.
Understanding
Cultural Differences
in Immigrant Employees
Management
View
By Sarah Penfold
Finding and retaining good employees is a difficult
undertaking with the current labour shortage, and
the problem is predicted to become more challenging as we feel the full effect of the baby boomer
generation retiring from the labour pool. One
solution to help businesses acquire quality workers
is to hire new immigrants. Many immigrants come
to Canada well educated, well credentialed and with
great skills and experience.
Immigration makes up a significant amount of
BC’s population growth. In the third quarter of 2006,
immigration represented 73% of BC’s net population growth. According to BC’s Multicultural and
Immigration Branch, 44% of working age immigrants have professional or management level skills,
and an additional 17% have technical and clerical
skills.
While thousands of educated and skilled
immigrant workers are available to work in BC,
one of their biggest challenges is creating that
all-important first impression with prospective
employers. Cultural differences of the immigrant
candidate may be unknown to the interviewer, hence
misunderstood, and vice versa. The information in
this article will identify common areas of misunderstanding from regions with high immigration rates
to Canada.
There are three challenges commonly identified
by immigrants with regard to their entry into the
Canadian workforce:
1. Lack of
Canadian work
experience
Work experience from
other countries is frequently seen as less valuable
by Canadian employers.
More often than not, this
is a misconception on the part of employers that
prevents them from hiring a quality employee. Keep
your mind open about the value of different experiences and cultures, especially when you consider
that business is happening in a global arena now.
Another challenge is obtaining references from
other countries. There are a few things to consider
that can minimize this challenge. First, many supervisors in other countries speak English. Second,
ask the candidate to inform the reference ahead of
time so they are prepared for your call, especially
in light of time constraints that might exist due to
different time zones. Third, email references can be
beneficial to deal with awkward time zones and also
because language comprehension and exchange may
be better with reading and writing. Finally, consider
the value of volunteer experience if candidates don’t
have work experience. References from volunteer organizations would be able to speak to many qualities
that an employer looks for. Working with an agency
that services new immigrants can be a good source
of character references.
Programs are slowly being
implemented in other
countries to help immigrants become qualified
in their field before they
arrive in Canada. However, the process of transferring qualifications is not as smooth in reality as it is
often portrayed. If immigrants are coming from a
country in political turmoil or at war, documents may
have been destroyed, and there may not have been
enough time for a well planned transition. Think
about ways to support a well qualified employee by
2. Transferability
of foreign
qualifications
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Understanding
Cultural Differences
[cont’d]
giving them a different position with your company
while they are waiting for documents, qualifying
exams or credential evaluations to be completed.
3. Language
Barrier
In general, language comprehension and ability is much higher
than is portrayed or perceived
in an interview. There are a few things employers
can do to help decrease the stress of immigrant interviews and improve communication during the
interview:
•Make a sincere effort to learn and pronounce the
interviewee’s name.
•Check your pace and speak slowly and clearly if
necessary.
•Try not to use slang or ‘uncommon’ language like
acronyms or idioms.
•If possible and appropriate, use written or visual
aids to help comprehension.
•Give candidates permission to ask for clarification
or rephrasing of your questions.
•While humour can be a good tool to create ease
and comfort, be aware that sometimes the subtleties of humor may not be understood.
•Give people time after you ask a question to
process and formulate an answer.
•If your interviewer has an accent, this can create
even more challenges for someone newer to the
English language.
•Keep in mind that some languages have different
stress, intonation, and usage patterns that will
26 |
management
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affect the tone of someone speaking English as a
second language and which may make them seem
impolite, or convey the impression that they don’t
have as strong a command of the language as they
actually do.
It is important to understand that visible
minority does not equal new immigrant. Someone
who is a visible minority may very well be a 4th
generation Canadian with very little connection to
their ancestral culture. Depending on the applicant’s
background, training, education and previous work
experience, they may have already adapted to the
cultural differences in Canada. So, keep a focus on the
individual, and take cues from them in terms of their
comfort with patterns of communication, behaviour,
and content. When evaluating the responses and
behaviours of an immigrant candidate, consider the
following:
Self Promotion – In many regions all over the world,
humility is valued and it is against cultural norms
to speak highly of oneself. Compliments may be
brushed off and accomplishments downplayed.
Furthermore, being critical (even constructively)
might not be common. This could result in a poor
impression of the candidate by the interviewer,
who may expect to hear about career highlights,
or want a critical answer to a situational question.
There is a stronger focus on group harmony in
some parts of Asia (as opposed to the Western
focus on the individual and autonomy) that may
affect the tendency toward humility and ‘saving
face’ of others.
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Silence – In addition to needing time to interpret
questions and formulate responses in a second
language, members of some cultures prefer to
pause and think before answering questions. In
Canada, where silences in conversation are often
considered awkward, interviewees may be cut off
before having a chance to respond.
Directness – Speech in some cultures is more
general and indirect. Don’t cut a seemingly
indirect answer off. Often answers will get more
specific as the candidate’s comfort level increases.
Furthermore, a candidate may not elaborate or
volunteer information and may only answer the
specific question asked. Be aware of this and
encourage them to elaborate.
Time – In North America we are time-limited.
We feel we only have a finite amount of time in
which to get things done. In some other regions
of the world, time is more circular, renewable and
infinite. In ‘time-plentiful’ cultures, deadlines
and punctuality may not be adhered to as strictly.
While it is important that immigrants understand and adjust to Canadians’ concept of time
as it relates to job expectations, knowing that
different concepts of time exist, might help
employers to understand instead of react to
someone who is tardy for an interview. Keep in
mind that many immigrants are open to learning
to help them adapt to Canadian culture.
Interview Experience – For some candidates, the
job interview may be a totally new concept. Some
countries may not have job interviews as formally
or in the same sense that we do in Canada.
Furthermore, employers may not have the same
expectations for business attire. If someone had
to leave their country in a hurry, they may not
have had time to pack things like business clothes
if they had them. Additionally, people working
entry level jobs or taking language training
(instead of work) may not have the budget yet
for business attire.
Body Language – In the Middle East and some
parts of Asia, pointing at someone or waving
them over to you with upturned fingers is considered rude. It may also be offensive to shake
NAI Banner for CMA Update-2.pdf
3/19/08
9:03:14 PM
hands, or give and receive things using your left
hand. Use your right hand or both hands instead.
When receiving business cards, for example,
use your right, or both hands, look at the card,
and then put it away. In some Asian and Latin
American countries, personal space is not as big
a bubble as it is in Canada and in some countries
in South Asia, such as India, a side to side head
gesture is used commonly to imply agreement or
understanding rather than disagreement.
Greetings and Social Etiquette – It is fairly
common knowledge that a hand shake is the usual
way to greet people in North America. However,
it may not be known that a firm, brief handshake
is favoured. In fact, many Canadians don’t seem
to know this. In some parts of Africa a limp
handshake held for many minutes is common.
In some Middle Eastern and Asian countries, it
is considered polite to discuss social or family
matters before commencing the business discussion. Furthermore, it is fairly common to ask
questions about salary, marital status, etc. that
many Canadians would consider impolite. This
is so they know how to behave towards you, and
is not intended to be offensive.
If you would like to know more about accessing
the immigrant labour pool, please refer to the
following resources:
Mosaic – www.mosaicbc.com
Immigrant Services Society of BC
– www.issbc.org
S.U.C.C.E.S.S. – www.successbc.ca/eng
Hire Immigrants – www.hireimmigrants.ca
Sarah Penfold is an
associate Partner with Jouta
Performance Group. Jouta
Performance Group will be
presenting – Recruiting &
Retaining Employees – at
the 2008 CMA Members
Conference on May 27th.
Management
View
Foreign professionals
– a solution to your hiring needs?
Management
View
By George Douvelos
Like many employers, you may
be finding it difficult to recruit
and retain employees; especially professionally qualified
accountants. Is hiring a foreign
professional the solution?
Here are four thing s you should
consider before hiring a foreign qualified
professional.
1) Complete a Labour Market Opinion
– Canadian employers seeking to temporarily hire a foreign professional
usually need to obtain a labour market
opinion (LMO) from their Human
Resources and Social Development
Canada/Service Canada (HRSDC/
Service Canada) office, before a foreign
applicant can be issued a work visa.
There are, however, some exceptions,
for NAFTA applicants.
The LMO allows Canadian employers
to demonstrate that the position that
they are hiring for cannot be filled by
a Canadian candidate, thus the need
to hire internationally. The LMO will
describe the training, wages and labour
conditions of the position you are hiring
for to ensure that they are consistent
with current labour standards. As an
employer the LMO is also your opportunity to detail how hiring a foreign
professional will benefit the Canadian
economy, such as creating new jobs
or allowing for the transfer of skills or
knowledge.
Following the receipt of a positive
LMO an application is then made to
Citizenship and Immigration Canada
(CIC) to issue a work permit to a foreign
worker. The final decision on issuing a
work permit lies with CIC.
2) Cost deductions – Canadian employers
need to be aware that they are prohibited by British Columbia’s Employment
Standards Act and Regulations from
charging a fee to help a person find a
job, or making deductions from wages
for business costs, including the costs
of bringing a foreign professional to
Canada.
3) Terminating a work permit – An
employer cannot force a foreign professional to return to his/her country
of origin if the employer terminates an
employment contract before the work
permit expires, or if the professional
finds a job with another employer. CIC
may, however, review the foreign professional’s work permit and allow them
to stay in Canada, if there is a change of
conditions to his/her work permit.
cmabcjobs.com
Want to know how many people viewed the job that you posted in
the past day, week or month?
As an employer you can use the Reports feature to see job views or
employer description views on an hourly basis to a monthly basis. This is
just one of the many reporting functions of cmabcjobs.com.
Want to advertise your company to CMAs and CMA students?
Banner advertising is available on a monthly or yearly basis on both the
employer and the jobseeker areas of the website at very competitive
rates. cmabcjobs.com boasts roughly 35,000 banner ad impressions per
month. Contact team@cmabcjobs.com for more details.
28 | i s s u e t o p i c
4) B r i t i s h C o l u m b i a P r ov i n c i a l
Nominee Program – The Province of
British Columbia has implemented its
own provincial immigration program
called the British Columbia Provincial
Nominee Program (PNP). The PNP
allows employers to expedite the immigration process for certain professions,
however, they must demonstrate that
there is a need for the applicant in the
sector or geographical area where they
are searching for an employee.
The PNP allows employers to recruit,
screen and nominate prospective foreign
professionals who have the skills to fill
specific BC labour market demands and
contribute to BC’s industrial and economic
growth. This program is employer driven.
If the employer has a full-time permanent
job where there is a shortage of qualified
Canadians, the employer should consider
the PNP for the prospective applicant.
With increased globalization and
the adoption of International Financial
Reporting Standards (IFRS) hiring foreign
professional accountants is increasingly
an option that employers should consider
when faced with a labour shortage.
George Douvelos practises immigration law
and is a partner with the law firm Davison
Wiebe Douvelos LLP.
Key Tips for Employers
Want to send a response to everyone who applies letting them know
about next steps?
Use the Auto-Response function in the Employer Centre to create a
customized message that will automatically send a reply email to anyone
who applies for your posted job through cmabcjobs.com. An example
would be,”Thank you to everyone who submitted an application with
[Your Company]. We will contact all applicants within two weeks.”
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Moving Beyond the Status Quo
Strategy
Report
By David Gibbons
Why is it so hard to make
strategic decisions?
Most people like to think that they’re
above average decision makers. But this is
simply not true and the research out there
confirms it. This is because when it comes
to making decisions, particularly strategic
ones, the cards are stacked against us.
To examine some of the challenges in
strategic decision making, take the example
of Tom, the owner/manager of a sporting
goods store. One of Tom’s most important
decisions for his store is where to place
each product on the shelves. The result of
this decision will have a significant impact
on product sales so he wants to make sure
that he places his products throughout the
store in a way that optimizes the store’s
profitability. How might he approach this
strategic decision? Let’s explore some of
the traps awaiting Tom. These are noted
in “The Hidden Traps in Decision Making”,
a Harvard Business Review article by
Hammond et al.
Anchoring
When we anchor we place a disproportionate weight to one piece of information
we receive. We can anchor on initial data,
advice, estimates and impressions. These
anchors can affect future decisions. For
Tom, he might anchor to the advice that
he received from the former owner of the
sporting goods store. He advised Tom to
always place higher priced items such as
hockey pads in prime locations and lower
priced items in mediocre locations in the
store.
Going with the Status Quo
When we do nothing or take no action, we
may be falling into the status quo trap. In
Tom’s situation, he would be falling into
this trap if the hockey pads were always
stocked in the back of the store and he
chose to keep it that way because it seemed
like the first best option. Most of us forget
that when we choose to continue along the
same path, we have in fact made a decision.
As Hammond et al. point out, many of us
fall into this trap in an attempt to protect
ourselves from taking responsibility, and
opening ourselves to criticism and regret.
Seeking out Confirmatory
Evidence
This bias leads us to seek out information that supports our existing instinct. If
we have fallen into this trap, we also tend
to avoid collecting information that goes
against our point of view. Coming back to
Tom, his decision making may be blurred
by seeking out confirmatory evidence in
the following scenario: He is considering
placing college basketball team jerseys
in prime locations throughout the store
because he believes that doing so could
attract new customers to the store. Prior
to doing this he wants to check with others
to see if this is a good idea. The people that
he decides to call are in other sports stores
that he knows have had success with using
basketball jerseys for customer attraction.
By taking this action Tom is deliberately
searching for evidence that supports his
initial instinct.
Do any of these decision making traps
sound familiar to you? You are not alone,
and what’s worse is that there are still more
biases to fall victim to such as the recency,
overconfidence, framing, availability,
sunk cost and retrievability traps. With
all these biases out there it is no wonder
why strategic decision making can be so
difficult.
So what can you do to avoid falling into
these traps and make better decisions?
Awareness
Seeing a pot hole in the road ahead will help
us do a better job of avoiding it. The first
step in making better strategic decisions is
to be aware that we are all subject to these
biases. We must be self-reflective when
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Status Quo [cont’d]
making decisions. Ask yourself questions:
Am I weighing all the options fairly? Am I
asking the opinions of people with varying
perspectives or ones that support my initial
instinct?
Environmental Scanning
Another technique is to consistently scan
your environment for new alternatives to
the decisions you are making. Examine
what’s occurring in your industry and
others by attending conferences, joining
associations, reading trade journals and
conducting your own research. Research
suggests that those organizations that
engage in substantial environmental
scanning enjoy more success (Miller and
Friesen, 1997, Newgren et al., 1984). By
looking outwards managers can attempt
to mitigate many of the biases.
Demand Evidence
I n th e i r a r t i cl e “ Ev i d e n ce - B a s e d
Management”, Pfeffer and Sutton report
how managers are prone to make decisions
and rely on knowledge that in many cases
is obsolete and unproven. Essentially,
these managers are falling into many of
the traps identified by Hammond et al.
Pfeffer and Sutton recommend that to
avoid these traps managers ought to learn
from practitioners of evidence-based
medicine. Rather than relying solely on
tradition, past schooling and experience, a
growing number of physicians are looking
to proven research for answers. To make
good decisions, managers must do the
same—ground decisions in the latest and
best knowledge of what actually works.
If you demand evidence of yourself and
others when making decisions, you will
become more disciplined at evaluating alternatives and avoid many of the
decision making traps.
used consistently from decision to decision
so that a common vocabulary, transparency and understanding can be built around
decision making. This common understanding will also help to ensure decision
outcome success when it comes time to
implement.
The bottom line is that given all the
challenges managers face, managers must
be rigorous and disciplined when making
decisions. This is not an easy task, but by
following some of the recommendations
put forth here, managers will make better
decisions.
Use a Process
Use a decision making process
to step through a decision (and
around these traps). William
Altier recommends in “The
Thinking Managers Toolbox”
that it is through a process that
managers can avoid losing their
objectivity. The process must be
David Gibbons is a Senior
Consultant with The Refinery
Leadership Partners Inc.
David will be presenting
Strategic Decision Making
at the CMA Members
Conference on May 27th.
The FEI Vancouver Chapter would like to
invite CMA British Columbia members
to our Annual Golf Tournament.
FEI Canada is an influential, member driven
organization that facilitates the sharing of
knowledge and the formation of communities
of interest among financial leaders through
an engaged member network. The Vancouver
Chapter represents more than 270 senior financial
professionals in British Columbia.
You can join us for golf & dinner on May 14th,
as well as enjoy access to the national magazine,
BC newsletter, chapter meetings and national
breakfast series with our special CMA British
Columbia trial membership of $100.
Contact us at 604-681-0295 or fei@bcoffice.com.
To learn more about FEI visit www.feicanada.org.
FEI Vancouver Chapter Annual Golf Tournament • May 14th, 2008 - UBC Golf Course
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C M A U P D AT E | S P R I N G 2 0 0 8 | C e r t i f i e d M a n a g e m e n t A c c o u n t a n t s | B r i t i s h C o l u m b i a
Diary of a CMA in Training
Managing the millennial workforce of business professionals
CMA
By Geoff Bryant, Dip. Tech, BBA
This article
showcases some
characteristics of
my p e er g roup
(mid 20’s to early
30’s) the Millenials,
in university and
in the workforce
today, and provides
a perspective on
millennials in the future workforce – a
group of young industry ready professionals who are embarking on super charged
careers. As we know in today’s highly
competitive business environment, the
differentiating factor is the talent you have
within your organization – your people.
Our character traits
Top rated careers and companies
Goal and Achievement Centered. Many
Who “we” are
• Born as early as 1978 and as late as 1999.
•Have developed such names as “Generation
Positive and Confident. We were raised
No matter what your age, everyone has
different goals and interests when it comes
to an industry or an employer. More often
than not, my peer group would like to
be involved in a service based company,
as we believe that this is the wave of the
future. Service based companies exist in
every industry. If you’re an accountant, you
have the ability to establish a consulting
practice at home; the same can be said for
technology, marketing and many other industries. It is important for us to be a part
of a growing team that fosters learning and
recognizes achievement, while at the same
possessing strong leadership. However it
ultimately depends on what the individual
is looking for. Industry sectors are booming
one month, and down the next, so what we
find is important is finding something we
excel at, keeping our skill set up to date and
marketing ourselves like crazy.
Y,” the “Echo Boomers,” and “Millennials.”
•Consider ourselves a commodity in this
hot job market.
•More often than not, we are sociable,
optimistic, talented, incredibly focused,
well-educated, open-minded and achievement oriented.
•Exit university with our industry ready
skills, association and volunteer hours
by the hundreds, part time employment
experience and other accolades that differentiate us from the rest of the pack.
•Have high expectations from our
employers, but we will perform for them
given the opportunity.
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•Want to be apart of your winning team in
the battle for the best talent.
•Recently or are just about to enter the full
time workforce, that is, jobs we consider
career calibre.
•One of the first generations who have
grown up surrounded by digital media
as technology has always been at our
fingertips.
•Want to make everything more efficient
and effective through the use of technological advancements.
of us arrive on the first day of a new job
with a detailed list of goals that we want to
achieve in our position. We are constantly
thinking about how to achieve the next big
thing and where we can go.
Eager. I believe that we are optimistic yet
have a sense of practicality. We look into
the future and envision ourselves a part of
it in some form. We read and study about
the types of employers who really take
care of their employees in every aspect.
We expect a workplace that is challenging, creative, fun, involves team based
learning and offers a competitive financial
package.
with the belief that being self assured and
having a positive outlook, including selfesteem was of the utmost importance. We
value an environment of opinion sharing,
idea generation and teamwork.
All Encompassing. Most of us grew up in
team environments, and this continued
at university. We consider diversity an
everyday word and we are able to adapt to
a multitude of situations.
What we value in an employer
•To work in a strong cohesive, positive and
friendly working environment.
•To work on team based projects that
provide interaction and idea sharing.
•To work with successful, intelligent people
and with an exciting business model.
•The opportunity for growth, educational
development and advancement.
Long run versus short run
From in depth discussions with my peers,
we do not have a definitive answer on
whether we would stay with an employer
for 20+ years. The most important thing is
if an environment exists around learning,
growth, potential and new challenges,
as this is what we value. A turning point
for many of us is at the three to five year
mark. At this point, an evaluation must
be performed on the future growth of
the business and ourselves personally. If
earnings potential and advancement are
not on the radar, we likely will move on to
a new position with more responsibility,
more money and more flexibility.
•To have flexible schedules and working
Learning style and
communication
•Money is important, along with other
We adapt well to teams but also work effectively independently. Given a choice, we
prefer a mixture of both on a daily basis. We
prefer communication through technology
or face to face. Structure and organization
are key factors in our learning success and
development of aptitudes. Activity based
learning, learning from experiences and
exciting tools are motivating ways to keep
us on the ball.
environments (i.e. work/life balance).
compensation attributes.
•To be challenged and given the opportunity to develop new skills and knowledge.
•A company that provides direction,
organization and clear communication.
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CMA in Training [cont’d]
Effective workplace communication
that is positive, respectful, motivating and
goal focused, yet realistic will bring us
together as a group.
A personal perspective
The above thoughts and analysis represents a large percentage of the emerging
workforce that will be replacing the existing
baby boomer generation. For me personally, I share several of the perspectives
and views of my peer group. I want my
employer to engage in an equal partner-
ship with me. I want to be able to discuss
problems, talk out project ideas and make
things happen in an effective manner.
Advancement and potential in all facets is
extremely important, as this demonstrates
that I, as an employee, am valued.
I have now been working for the past
three months as a junior financial accountant and the transition from text book
accounting to work place accounting has
been phenomenal. I am actually putting to
use the basis of my accounting and finance
knowledge. The world of accounting and
finance is constantly changing and the days
of accountants being shuffled into the back
room with general ledger paper and a calculator – are thankfully gone. Accounting
is a diverse and exciting career option
with potential that is globally understood
and globally recognized. For myself, I am
continuing on the education and work
tasks that I have set out to accomplish in
order to secure full time employment for
September 2008. I am looking forward to
talking to various employers and finding
the best fit for me for the fall as I enter
the CMA – Strategic Leadership Program
(SLP).
High School Case Competition
The society held its second annual High
School Case Competition on Saturday,
February 16, 2008 at the downtown campus
of Simon Fraser University. Twenty-eight
students qualified for round two of the case
competition out of the nearly 200 grade 11
and 12 students from across the province
who participated in this year’s case competition. Burnaby North Secondary students
Tony Jin, Wayne Chen and Tommy Leung
won the competition and a shared $2,000
team scholarship. Ian Weng, Amy Tsai and
Steven Chen, also from Burnaby North
Secondary, placed second.
“We are very proud to be able to offer
High Schools students throughout BC the
opportunity to participate in a business
case competition, and help these young
leaders develop their strategic leadership
skills early in their careers” says Colin
Bennett, CMA, FCMA – President & CEO
of CMA British Columbia.
“We received a number of outstanding cases and CMA British Columbia
would like to recognize the following
schools that made it to round two of the
Judges at the CMA High School Case
Competition - Terry Woo, CMA,
Don Hincks, CMA, FCMA and Kelly
Lownsbrough, CMA.
MA
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case competition: Burnaby
North Secondary, Sir Winston
Churchill Secondary, Dr.
Charles Best Secondar y,
S e a q u a m S e c o n d a r y,
Richmond Secondary and
Houston Secondary” said
Bennett.
During the competition,
students put their strategic
management skills to the test
Colin Bennett, CMA, FCMA with the first placed
by analyzing a business case
Burnaby North Secondary students
Tony Jin, Wayne Chen and Tommy Leung.
about Facebook, and the social
network’s business decision
to remain privately owned or become a
publicly traded company. Each team had
to put together a strategic plan advising the
company’s fictional senior management on
the business opportunities and threats this
decision meant for the company.
The competition provided participating students with an understanding
of management challenges and issues.
“Learning about the real world applications
of strategy, management, and accounting
was very interesting,” said Tommy Leung
from the first placed Burnaby North
Secondary team. “Before this competition,
I’ve always thought that accounting was
just all numbers.”
“The CMA BC High School Case
Competition allows students to gain an understanding of what strategic management
is. It also gives students an opportunity to
work as a team in a demanding and creative
situation where they are able to gain an appreciation of a business leader’s role,” says
Mehb Jessa, CMA and Chair of the 20072008 Board of Directors. “The leadership
and innovation demonstrated by these
CMA BC team watching case presentations
– Front row: Colin Bennett, CMA, FCMA,
Vinetta Peek, CMA (Hon.) and Jessica
Minnie, second row: Shannon Thompson.
teams exemplifies the strategic thinking
that is the cornerstone of the CMA designation and the core competency of nearly
40,000 members worldwide.”
“I think this competition was an
extremely valuable learning experience. Teamwork was probably the most
crucial factor in this competition. Our
team was well balanced, compensating
for each other’s weakness - we could not
have gotten this far without teamwork”
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said Tony Jin from the first place team.
Teammate Wayne Chen added that “The
CMA High School Case Competition was
challenging, but gave me a good opportunity to gain valuable experience. Time
management and teamwork were very
important in the stressful week leading up
to the competition date; presentation skills
and fast-thinking was also needed on the
day of the presentation. This whole experience has helped hone my public speaking
skills and boosted my confidence. I look
forward to entering more competitions in
the future.”
Members on the Move
Congratulations to these CMA British
Columbia members who have been
promoted or accepted a new career
opportunity:
Norsat International Inc. welcomes
Eugene G. Syho, CMA, as Chief
Financial Officer. Prior to joining
Norsat, Eugene was with Stylus Limited
Partnership, where he was the CFO
and Director of Finance.
Jeffrey Redmond, CMA, has recently
moved to BC from Leduc, AB and is
now the Secretary-Treasurer at School
District No. 20 (Kootenay-Columbia).
Before moving to BC Jeffrey was doing
management consulting with Robert Half
Management Consultants.
Joan Mar, CMA, has taken on the role
of Financial Services Manager with
WorkSafeBC. Joan previously was
the Human Resources Manager with
MacDonald Dettwiler & Associates.
Kim Conroy, CMA, is now with Robert
Half where she is a Recruiting Manger
responsible for recruiting designated
accountants and finance professionals to
permanent positions for businesses in the
Vancouver area. Kim was with ICBC as
a Financial Business Services Manager in
the Finance Division.
Pamela Lovegrove, CMA, has joined
the City of Parksville as Manager of
Budgets and Special projects. Pam
previously was the Manager of Finance
for the Developmental Disabilities
Resource Centre of Calgary.
Rick Lee, CMA, joins Saturn Minerals
Inc. as its Chief Financial Officer.
Have you recently moved to a new
company, or would like to welcome a new
CMA to your company? Submissions to
Members on the Move can be emailed to
Tiana Mah at tiana@cmabc.com.
CMA
New and Returning Members of
CMA British Columbia
Welcome to these CMAs who are new
members of CMA British Columbia:
Elizabeth Wagner, CMA, has recently
retired to Clearwater, BC but stays active
within the community as the treasurer
for the Clearwater and District Hospice
Society. Before retirement Elizabeth was
the Assistant Controller at the Hinton
Pulp Mill in Hinton, AB.
Demi (Dongmei) Li, CMA
Darryl Warner, CMA
John Sokolowski, CMA - Kelowna, BC
Linda Johnston, CMA - Vancouver, BC
Mark Powell, B.A., CFA, CMA
– Vancouver, BC
William Guest, CMA - Vancouver, BC
Our Members in Memoriam
We wish to extend our sympathies to the families and friends of the following members who have recently passed away:
Gim H. Huey, CMA, FCMA, Vancouver, BC
Gim received his RIA in October 1976 from BC. Prior
to retirement, Gim worked for Canada Chain and Forge
Company as Executive Vice-President and Treasurer.
Gim was actively involved with the CMA Society both
provincially and nationally. He was on the BC Board
of Directors from 1979 to 1982, served on the national
conference committee in 1982 and was a member of the
national ad hoc committee for Pacific Rim opportunities.
In addition to the CMA Society Gim was also involved with
many community organizations. He had been President of
the Chinese Benevolent Association of Canada, Chair of the Chinese Community CNIB
Fundraising initiative, as well as a member of the Vancouver General Hospital Board of
Trustees. Gim was also a member of the Board of Governors at BCIT where he also served
as chair of the audit committee.
In 1986 Gim was awarded the FCMA Designation in recognition of his successful career in
financial and management accounting, his commitment to CMA Canada and BC and his
ongoing business and community volunteer activities. In 2006 Gim was also honoured as
a Life Member. It is with great sadness that Gim passed away on December 25 just short
of his 73rd birthday. Gim is survived by his wife, his son and five daughters and sister. Gim
will be missed having been a valued member for 31 years.
Lionel John Walsh, CMA,
Delta, BC
Lionel received his RIA in August
1956 from Quebec. Prior to retirement in 1986 Lionel worked for the
Government of Canada as Chief,
Financial Systems & Services. Before
moving to BC, Lionel served on the
CMA Ottawa Chapter as Director of
Memberships, 1964/65 and Director
of Public Relations, 1965/66. It is
with great sadness that we were
notified that Lionel passed away
on December 7th at the age of 81.
If you’d like to send a note of
condolence to families and
friends of these members, contact
Rick Lightheart at 604.484.7004,
1.800.663.9646 ext. 7004, or
rlightheart@cmabc.com.
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Scholarships
The 2008 CMA British Columbia
Brand Ambassador Awards
CMA British Columbia is looking for this year’s CMA Brand Ambassador
and are asking all members if they know someone who…
•Everyone knows is a CMA – because they can’t stop talking about the
CMA difference!
• Is
a master ‘people connector’ and always knows about what’s
happening in industry, your local market and CMA British Columbia.
Okanagan Chapter Chair Kevin Blucke,
CMA, along with Michelle Nicholson,
Chair of the Business Administration
Department at Okanagan College
presents the Dick Lucas Memorial CMA
Scholarship to Helen Zhao for excellence
in Advanced Managerial Accounting. This
$1500 scholarship is towards a remission
of CMA fees.
• S eems to have an unlimited amount of time and energy as
they volunteer for CMA British Columbia, and other professional
and not-for-profit organizations.
“You can have a CMA or you can ‘BE A CMA’
and being a CMA is being someone that’s
‘out-there’ making a difference in everything
they do – in their career, working for the
CMA BC Society and by volunteering in their
communities.”
Kelvin Stretch, CMA, FCMA
2006 CMA Brand Ambassador
CMA British Columbia’s Vancouver Island
representative, Barbara Vanderlinden,
CMA, presents a CMA scholarship to
Kyla Fiddick for excellence in Advanced
Management Accounting at Camosun
College. This $1500 scholarship is towards
a remission of CMA fees.
!
Do you have an article to
share? A CMA we should
know about? News CMAs
should know? Email Tiana
at tiana@cmabc.com to
submit articles or ideas for
Update Magazine.
All Brand Ambassador Nominations must be received by the CMA British
Columbia Brand Ambassador Nominations Committee
by June 1, 2008.
For more information contact:
Vinetta Peek
1.800.663.9646 – ext. 7003
vinetta@cmabc.com.
Congratulations
CMA British Columbia wants to congratulate
Bob Strachan, CMA, FCMA on his recent nomination
to the CMA National Board of Directors. Starting
this September Bob will assume the role of Vice
Chair, followed by Chair for two years starting in
September 2009. Bob is a past chair of the BC CMA
Board of Directors. He is currently the Manager
of Accounting Services for the Capital Regional
District in Victoria.
CMA British Columbia would like
to congratulate the following members:
Carolyn Rogers, CMA, President and CEO of Hydroxyl Systems Inc. as being one of the
Business in Vancouver Magazine’s top 40 under 40.
Sherry Tryssenaar, candidate in the CMA program, CFO, Quest Air Technologies Inc.
as being one of the Business in Vancouver Magazine’s top 40 under 40.
Wanda Costuros, CMA, Director, BC Hydro and Director & Chair, Powerex as being
honoured as one of Business in Vancouver’s Influential Women in Business for 2008.
MA
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Chapter Profile:
Central Interior/Peace Chapter
CMA
Karen Roberts,
CMA – Chapter
Chair of the
Central Interior/
Peace Chapter.
CMA British Columbia Chapters are an
essential link in the Society’s relationship
with its members and the local community.
For each Chapter, an executive committee
of CMAs is responsible for organizing and
promoting activities to encourage member
involvement, networking and professional
development throughout the year.
To recognize the efforts of these committees and to learn about their upcoming
initiatives, Update Magazine spoke with
Karen Roberts, CMA – Chapter Chair of
the Central Interior/Peace Chapter.
Update Magazine will be profiling a local
Chapter in every subsequent issue.
Can you give us a brief description of
your role as a Chapter Chair?
I see my role as Chapter Chair as being
a bit of a spark plug – bringing new life
and new ideas. I also see it as encouraging people, especially new members and
students, to use their strengths and get
involved with the Chapter. We always need
to be recruiting new people with new ideas
to keep the Chapter fresh and invigorating
for all members.
What are your impressions of the level
of CMA brand awareness in the Central
Interior/Peace area? What are some of
the challenges you face?
While CMA is recognized in the Central
Interior, most people don’t understand
the differences between the designations.
Most people recognize CMAs as controllers or industry accountants, but not
necessarily as strategic business leaders.
Our biggest challenge is to inspire each
and every member to demonstrate the
difference that being a CMA makes and
to constantly promote the brand in the
larger centres, as well as the smaller towns.
We also face the challenge of educating
employers and business owners as to what
a CMA can do for them and how a CMA
can be a strategic partner in realizing their
businesses’ potential.
What are some of the upcoming Chapter
initiatives in 2008? What are you doing
in your market to support growth and
brand awareness?
This year we are focusing on providing
more member events, especially for new
members and students, and promoting
the CMA brand. We are planning a spring
CPLD event, our 2nd annual CMA Family
Fun Day and will be participating in the
career fairs at the University of Northern
British Columbia and the College of New
Caledonia. We are trying to balance
members’ learning, community service
and just plain old fun to let everyone
know that CMAs are more than a bunch
of “stuffy number crunchers”. To that end
we recently had a bowling night where we
played Bowling Bingo and Funky Bowling.
It was a great time and really afforded all
who participated a chance to get to know
each other and have lots of fun. We want
everyone to know that CMAs learn more,
give more and have more fun!
Why did you choose to become a CMA?
I chose to become a CMA because of its
broader focus in the Strategic Leadership
Program (SLP). I didn’t grow up wanting to
become a typical accountant and even when
I started university, accounting wasn’t my
first option. But that changed when I sat
down with one of my accounting instructors who was a CMA. He explained that
being a CMA was more than just working
the numbers that CMAs are trained to get
out of the accounting department and be
the executive, the director or the entrepreneur. He explained that a big part of the
training is learning to work with people,
and for people, through the team projects
and presentations.
Why did you choose to get involved with
the Society at a Chapter level? What do
you find to be the most challenging and
rewarding part of your experience thus
far?
to others. I have found that jumping into
the role of Chair to be extremely challenging, as well as extremely rewarding. It
was challenging as I was coming in as an
unknown entity and had to get to know the
other board members - earn their trust and
respect, while doing what I could to revitalize the Chapter. In the beginning it was a
daunting task, but now as I enter year two
as Chair I can focus on getting to know the
rest of the members and finding out what
they want from the Central Interior/Peace
Chapter.
Our biggest challenge is getting our
members together. We have members
spread out over several hundred miles
from Williams Lake to Fort Nelson and
from Prince Rupert to Valemount. This is
quite a distance and it takes some pretty
unique events to draw members to Prince
George.
What advice would you give to a postsecondary student with an interest in
pursuing a career in accounting or a
CMA designation?
The best advice I could give is to consider
what you envision doing in five to ten
years and determine what skills you will
need. Then decide what option gives you
the greatest opportunity to develop those
skills. I am confident that most students
would realize that the CMA designation
best prepares aspiring leaders, as CMA’s
strategic focus challenges you to look
beyond the accounting department and see
the bigger picture. CMAs understand how
the different aspects of an organization
works together to achieve an organization’s
vision. Being a CMA lets you choose from
many different options and you are not
locked into one role and one career path.
If you are interested in getting involved with
the Central Interior/Peace Chapter, please
contact Karen Roberts at 250.561.5105 or
kcr@shaw.ca.
I am involved in the Chapter because I
want to pass on my enthusiasm of being
a CMA and to promote what a CMA is
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