Human Resources should be every company’s ‘killer app’

Jack Welsh, the former GE Chief Executive, stated that Human Resources should be every company’s ‘killer app’. What could possibly be more important than who gets hired, developed, promoted or moved out the door? After all business is a game, and as with all games, the team who puts the best people on the field and gets them playing together, wins. It’s that simple!

There is plenty of room at the table for ideas and input

Benefits in Kind and PAYE

Employers are obligated to collect tax on Benefits in Kind (BIK) through the PAYE system. However, this can be an onerous and problematic responsibility for employers. This brochure outlines the key rules for employers when it comes to BIK.

The mood of self-congratulation in Berlin over the balanced budget makes any easing of fiscal policy seem unlikely, even though the German economy is expected to slow this year.

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13% Increase in Corporate Insolvencies in Q1 2015

Examinerships remain at disappointingly low levels and lag behind international peers. Motor industry sees significant decrease in corporate insolvencies. 

The total number of insolvencies in Ireland in the first quarter of 2015 rose by 13% compared to the previous quarter, according to statistics released today and published by http://www.insolvencyjournal.ie/. Corporate insolvencies in Q1 2015 totalled 250. This represents a 17% decrease on the same period in 2014, but a 13% increase when compared to Q4 2014. Continue reading

Airbnb landlords facing potential tax liability

People using Airbnb to rent rooms to holidaymakers have been warned that the Revenue Commissioners could start trawling through properties available on the website to make sure tax is being paid.

People using Airbnb to rent rooms to holidaymakers have been warned that the Revenue Commissioners could start trawling through properties available on the website to make sure tax is being paid 

About 4,500 properties in Ireland – from castles to caravans – are available to rent on Airbnb, the website that enables people to rent rooms and entire properties to travellers from around the world on a short-stay basis. Continue reading

3 ways to improve the quality of management information

Management information is in need of an overhaul, according to a finance benchmark survey. Just 40% of the 216 organisations polled considered the information provided by their finance function to be insightful.

3 ways to improve the quality of management information

The poll results suggest that smaller firms are deriving more benefit from this type of information. Forty-eight per cent of companies with revenues of less than £100m ($154 million) regard management information as insightful, compared with just 35% of those with higher revenue. Continue reading

Capitalise on opportunity to get lucky

But that last, intangible piece of the formula has always been tricky.

“He just had a run of bad luck,” explains away an excusable business failure, while the opposite expression serves as backhanded compliment from a jealous competitor.

The deal to buy Ontario-based Affinity will help FD expand its software and consulting services within the Internet of Things.

This concept of luck is outdated, however, according to David McRaney, author of the ‘You are not so Smart’ books, pictured below.

“We have predefined luck in our culture as some sort of fairy dust: a magical, ethereal, non-rational thing. But that is a pre-scientific understanding of luck that no longer applies,” he said.

Over the past decade, some observers have begun to understand luck not as a random, uncontrollable phenomenon but more as a behaviour that happy, successful people employ, whether consciously or subconsciously.

The update comes courtesy of British psychologist Richard Wiseman, who studies lucky and unlucky people as part of his research as a professor of the public understanding of psychology at the University of Hertfordshire.

His goal is to isolate the traits that lucky people possess and demystify them so that everyone can emulate them.

So what exactly is luck – and how does it apply to entrepreneurs?

People who consider themselves lucky have a way of dealing with chaos and complexity that unlucky people do not, Mr Wiseman said.

And chaos and complexity are two things in abundance in any start-up business.

Lucky people, he pointed out, are particularly good at noticing and capitalising on opportunities as they arise. They act on gut feelings and hunches, but only after honing their intuition. Unlucky sorts, by contrast, tend to be narrowly focused and goal-oriented. If there are new opportunities that arise while they’re pursuing something else, they’re more likely to ignore them than to jump on them.

This ability to change gears, revamp business plans, and ditch ideas that aren’t working out is something that successful chief executive officers have described repeatedly over the years.

Nearly every mature business owner has a story or two about how an original idea had to be revised or scrapped along the road to finding one that works.

But rather than despairing or freezing when one model is proven wrong, these individuals quickly recalibrate and redirect their efforts.

Another trait of the lucky, persistence, has long been associated with entrepreneurial success. There are people who do things over and over again, and even if they fail 200 times, they keep going forward.

The ability to scramble over a heap of past failures on the road to success may be the biggest luck factor of all.

The real-life numbers behind populist tax rates

A key part of Sinn Féin’s plans is to raise taxes on people earning over €100,000

According to Revenue, there will be 129,919 people earning over €100,000 this year.  Photograph: Joe St LegerAccording to Revenue, there will be 129,919 people earning over €100,000 this year.Populist politicians get away with murder when talking about their spending and tax promises; as soon as we get into details most people have tuned out. This is quite understandable: use and abuse of dry statistics means that facts rarely inform this debate. Continue reading

Irish Organisations Still Unprepared for Inevitable Cyber Attacks

Worrying lack of preparation can leave Irish companies exposed to online criminals

Irish tech firm to train 44,000 UN workers in cybersecurity

  • Half (50%) of Irish organisations have no real-time insight on cyber risks, lacking the agility, budget and skills to combat rising cybercrime
  • Almost half (47%) of Irish organisations believe it unlikely they would detect a sophisticated cyber attack
  • Organisations need to maintain a constant state of readiness to respond to cyber attacks and anticipate where new threats may arise Continue reading