The local effects of today’s economy

Not surprisingly, discussions related to the current economy surfaced at every FEWnet meeting this month. Topics ranged from companies becoming more cautious and shifting their focus, to risk management and cost containment, to more specific reactions to the slowdown including layoffs, furloughs, and reductions in benefits. Group members agreed that people who count themselves lucky to still have a job are feeling the effects of taking on additional work. Despite the current economic landscape, many companies represented in FEWnet continue to be strategic and are investing in areas such as advertising, system upgrades, and employee surveys. We certainly have not reached the end of our economic conversations, so look for additional insight in upcoming issues of Just Dessert!

Taking time to care for yourself

The stress of today’s economic conditions impacts our health in a variety of ways, manifesting itself in the form of illness, sleepless nights, and just plain edginess. FEWnet members agreed that we must take care of ourselves before we can effectively take care of business. On the heels of the New Year, many members have committed to regaining or maintaining their health in 2009. Here are just of few of the ways they plan to do it:

• Exercise. Not only does it strengthen our cardiovascular health, but it’s a great stress reliever too. Kick-boxing, self-defense, Pilates, and yoga are just a few of the ways we are removing the burden of stress this month.
• A day at the spa. Cheaper than a weekend getaway and let’s face it, sometimes much more relaxing, this is something that many of our small group members have on their radar.
• Nutrition. Yes, fruits and veggies are still in!
• Visit the doctor. Set your doctor’s appointment and stick to it – you’ll be glad you did.

International Financial Reporting Standards update

FEWnet groups discussed IFRS and the preparedness of their companies. New trends show that nearly half of all companies are not preparing for the conversion, as CFO’s cope with the global financial crisis. A recent KPMG and American Accounting Association study found that 30 percent of accounting professors believe students graduating in 2011 will be the first to have a substantial amount of IFRS education – a lapse that could result in problems in the coming years. In the midst of the current state of the economy, many admitted that decisions around IFRS will likely be delayed. However, public accounting firms have started educating their clients about things that will need to be considered as they move toward IFRS compliance.

Training and development initiatives that don’t break the bank

Even with tight budgets, you can still continue to grow and develop the skills of your team. Many companies are leveraging e-learning opportunities, as there are a variety of classes and training sessions offered online that are free or at low cost for employers. Trade associations are also a great way to not only connect with likeminded professionals, but share knowledge, develop skills, and participate in workshops. Others have tapped into their own “resident experts” to lead in-house training sessions for all employees over brown bag lunches. Small group members this quarter agree that continuing to grow and develop as professionals is still important, whether the budget is there or not.

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