Canadian CFOs on the Move – week ended July 16, 2010

Precision Drilling Corporation (TSX: PD) announced the appointment of Robert McNally as Executive Vice President and Chief Financial Officer. Doug Strong, currently Chief Financial Officer of Precision, will become President, Completion and Production Services.

Absolute Software Corp. (TSX: ABT) announced that Rob Chase is moving from his position as chief financial officer of the company to take on the role of chief operating officer. Joining Absolute is Errol Olsen, who has been appointed CFO. Mr. Olsen joins Absolute from Inetco Systems, where he has served as CFO since 2008. He has previously held senior finance roles at Explorer Software, Pivotal Corp. and Infowave Software.

MetalCORP Limited (TSX-V: MTC) announced that Mr. Sam Garofalo, H.B. Comm., CA, CMA, will be joining MetalCORP as the Chief Financial Officer, to replace Michael Thompson who has tendered his resignation from the Company to take effect after a reasonable transition period. Mr. Garofalo is currently the CFO for Rockex Limited, a privately-owned developing mining company, and is a Professor of Accounting at Confederation College in Thunder Bay. He has worked as an auditor with Ernst & Young, Chartered Accountants, and served as CFO for several private companies.

Vecima Networks Inc. (TSX: VCM) announced the appointment of Mr. John Hanna to Chief Financial Officer and the appointment of Vecima's former CFO, Mr. Mike Barry, to President of YourLink, Vecima's wholly owned wireless internet service provision company. Previously, Mr. Hanna was an executive at iFire Technology, where he was VP Finance & Administration.

The Churchill Corporation (TSX: CUQ) announced that following the acquisition of Seacliff Construction Corp, Mr. Daryl Sands is the Executive Vice President Finance & CFO.

ZENN Motor Company Inc. (TSX-V: ZNN) announced the appointment of Larry A. Goldberg as Chief Financial Officer. Mr. Goldberg succeeds Lawrence Schreiner who served as ZMC's CFO from 2006 and who steps down on July 30, 2010. Mr. Goldberg previously held the positions of Executive Vice-President and CFO of Pinetree Capital Ltd. as well as CFO of Mega Uranium Ltd., both TSX-listed companies.

Postmedia Network Inc., which purchased the newspaper assets of CanWest, announced a number of executive appointments in the newly formed company, including the appointment of Doug Lamb as Chief Financial Officer and Executive Vice President.

Sterling Resources Ltd. (TSX-V: SLG) announced the appointment of David Blewden to the position of Chief Financial Officer (CFO), replacing Ian Hornby-Smith who is retiring but will remain in a supporting capacity in order to ensure a smooth transition.

Redzone Resources Limited (TSX: REZ) announced the appointment of Ms. Pauline Pasetka to the non-board position of Chief Financial Officer. Ms. Pasetka replaces Redzone's former CFO Peter Miller. Ms. Pasetka was formerly a Director of Brett Resources Inc., a mineral exploration company, until its recent acquisition by Osisko Mining Corporation. Prior to this, Ms. Pasetka has held positions as Chief Financial Officer or Controller of mining companies listed on the TSX Exchange and AIM of the London Stock Exchange.

Cirrus Energy Corporation (TSX-V: CYR) announced the resignation of Ms. Pamela Orr, Chief Financial Officer.

ERA Carbon Offsets Ltd., (TSX-V: ESR), announced that Mr. Jeff Calvert has been appointed Chief Financial Officer of the company. Mr. Herrick Lau has resigned as CFO effective July 15, 2010.

Estrella International Energy Services Ltd. (TSX-V: EEN) announced that Bryan Kornegay will resign effective August 15th as a director and the Chief Financial Officer, and that Christian Bauwens will be appointed a director of the company and the Chief Financial Officer effective August 15th concurrent with the resignation of Mr. Kornegay.

If you have news about CFO’s on the move, or any comments on this feature, please email us.

Canadian CFO’s on the Move – week ended July 9, 2010

Excellon Resources Inc. (TSX: EXN) announced the appointment of Robert Whittall to the position of CFO of Excellon Resources Inc. Mr. Whittal has worked most recently with Volta Resources Inc. as Chief Financial Officer where he was also a founder and director. He has also held senior financial management positions with TVX Gold Inc., as Vice President, Finance and Rio Algom Limited and Anvil Range Mining over the course of his career.

Stonegate Agricom Ltd. (TSX: ST) announced the appointment of Germaine Coombs as Vice President and Chief Financial Officer, effective September 1, 2010. Ms. Coombs replaces William E. Jupp, who has resigned as Chief Financial Officer. Ms. Coombs was most recently the Corporate Controller of FNX Mining Company Inc., and previously held increasingly senior accounting roles in operations and corporate finance with the Iron Ore Company of Canada, a Rio Tinto company.

International Minerals Corporation (TSX: IMZ, Swiss: IMZ) announced that Mr. Eric Edwards has resigned from his position as Chief Financial Officer (“CFO”) in order to pursue other business opportunities. In the interim, IMZ’s Controller, Mr. Scott Weger, will be acting in the role of CFO.

Greystar Resources Ltd. (TSX:GSL, AIM:GSL) announced the appointment of David Newbold as Chief Financial Officer (CFO) of the Company effective August, 2010. David spent eleven years (1995-2006) at Placer Dome Inc. where he held positions of increasing responsibility including Senior Vice President, Commercial; Senior Vice President Strategy, Placer Dome America; President & CEO, Zaldivar Copper Mine; and Senior Vice President and CFO, Placer Dome Latin America. Prior to Placer Dome David spent several years at Outokumpu holding various finance positions.

Innovative Wireline Solutions Inc. (TSX-V: ALH) announced that Cameron Bawol has replaced Ray Charron as Vice President, Finance and Chief Financial Officer.

Trueclaim Exploration Inc. (TSX-V: TRM) announced that it has hired Mr. Stephen Holmes, CA as the Company's Chief Financial Officer.

Pinetree Capital Ltd. (TSX: PNP) announced that Larry Goldberg, the Company's Executive Vice President and Chief Financial Officer, has resigned effective August 15, 2010 to pursue other business interests. Gerry Feldman, C.A., Pinetree's Vice President, Corporate Development, will assume the role of Chief Financial Officer upon Mr. Goldberg's departure.

Mega Uranium Ltd. (TSX:MGA) announces that Larry Goldberg, the Company's Chief Financial Officer, has resigned effective August 15, 2010 to pursue other business interests. While the Company undertakes a search for Mr. Goldberg's replacement, Gerry Feldman, C.A., will assume the role of Chief Financial Officer upon Mr. Goldberg's departure. Mr. Feldman is currently Chief Financial Officer of Brownstone Ventures Inc. and is a senior officer and director of other TSX and TSX Venture Exchange-listed issuers.

If you have news about CFO’s on the move, or any comments on this feature, please email us.

Is Facebook a Career Killer?

Social media is the phenomenon of recent times. The top 3 social media sites of today - Facebook, LinkedIn and Twitter - each have their own unique features which make people come back to them again and again.

The upside of social media sites is that they allow you to connect and create community, and these sites can be very effective, if used properly, to foster and solidify relationships in the real world.

The downside of social media is that people might end up knowing much more about you then you would want them to.

In my opinion, Facebook is the most dangerous Web 2.0 site for the professional and executive. There are many ways Facebook can be detrimental to your career. One example of how it can do this is through the Games functionality.

How is that? Well, do you REALLY want to let the world know that you play Farmville or that you are very into Horoscopes? We all have our outlets for fun - and that's fine. But you need to keep in mind that others can see in real time exactly when you reached another level on Farmville. Your current (and future) employer, clients, and employees may see this activity - and it can have a negative impact on your career. Needless to say, participating in this kind of activity during working hours, even if you are officially out of the office, only makes the situation worse. Perception is reality, how much more so in virtual reality.

One solution is for professionals and executives to create a Games profile on Facebook. This way you can enjoy your favorite Facebook games without letting the professional world know what level they just reached in the online mafia.

Games are one example of how Facebook can be a Career Killer. Be careful out there.

Keep an eye out for our upcoming posts on how other social media sites affect your career.

Spring Cleaning!

I apologize to my fans (Hi Mom!) for not sharing my thoughts over the past few weeks. I was too busy Spring Cleaning.

I didn't think you'd believe me.

However, Spring Cleaning is a great concept. For some, this is just theoretical.

With spring in the air, I recommend you clean these two important things.

1) Clean up your Personal Work Space.

Whether you have a cubicle, desk, or a corner office (which I hope to have one day soon), organizing those papers by either filing or recycling will do you a world of good, and reduce that feeling of "I'm Overwhelmed".

Try it. You'll like it.

But if your boss sees all that space around you and thinks you have room for more projects, please don't shoot the messenger.

2) Clean up your Work Team.

If you are working in any supervisory capacity, it's time to look at the team that reports to you and say "Are these the best people to work with me and help me deliver for what I am responsible for?". If you cannot say "Yes" without delay, it's a good time to think about what your team should look like, and go out and find them.

Spring is a time that many employees are considering change, and you could be their next new long-term employer.

Follow my advice, and not only will your work area be less cluttered, you'll have time to enjoy the weather outside.

Having difficulty hiring? Try this.

People I speak with in business continue to complain to me about the difficulty of hiring appropriate people for their business. If they are looking for accounting & finance help, I am more than happy to help them, considering that this is the business CFO2Grow is in.

When companies find it difficult to hire, they need to look at sources that are a little different, while still giving them the solution they need. This solution can apply to many industries needing employees in Canada.

For companies that need to hire, I recommend that they consider an additional source of qualified candidates: Hire from the United States.

While this sounds a little off the wall, listen to the reasons why you should consider hiring from the United States.

- The Canadian Dollar is at par, so you will be paying dollar for dollar.
- Americans are generally used to picking up and moving thousands of miles for the right career move.
- The American job market is getting soft, while Canada looks like it will ride out the downturn well.
- You can hire a professional from the United States with little problem, using the TN-1 Visa. Canadians have been going to the USA for years for opportunities under the NAFTA Visa. It's time we use labour mobility to our advantage.

While American labour (or is that labor) will not be able to fill all of your positions, if you have some serious hiring ahead of you, try it. You might like it.

Accounting for Overtime

From the beginning of time in Accounting, Overtime has been a requirement.

This weekend, KPMG advertised in major newspapers across Canada to inform their current and ex employees that they are offering them additional compensation for their Overtime. They are not doing this out of the goodness of their heart, but as a response to a class action suit launched by one of their former employees in 2007. (I'm curious as to how long it will take the other Big 4 in Canada to make the same offer.)

KPMG is being reactive rather than proactive, and I’m sure this will be a topic for discussion when it comes time to recruit staff, whether out of university or experienced staff, not only for KPMG, but all accounting firms, especially the Big 4.

Accounting firms have always had a reputation for requiring Overtime. Prospective Accounting graduates wanting to work at an accounting firm have always been aware of this requirement. So what’s changed?

It seems that Generation Y is not so interested in working too hard. And who could blame them? They don’t need to. Especially in Accounting, accountants with a few years of experience are in demand, and if they don’t like the conditions of their employer, they can find greener pastures elsewhere.

Accounting is a time sensitive business. Deadlines are always around the corner, and for work to get done in accounting, both at firms and at companies, overtime will be required. How companies manage the overtime they require their staff to work is how they will be rated by their employees, both current and prospective.

As I mentioned in a previous blog, Progressive companies are compensating their staff for the overtime worked, either in cash or in time off. For Generation Y employees, giving them flexibility will be helpful in keeping them motivated and retained.

Work Life Balance - No thanks, we're accountants

Work Life Balance is a significant issue today for all companies. Work Life Balance allows for increased retention and morale, and is an important sales pitch for hiring new recruits, especially Generation Y employees.

Can Work Life Balance be a reality in Financial Reporting Groups’ of companies?

Here are some issues going against Work Life Balance in Financial Reporting Groups’:

1) Month end. Quarter end. Year end.

Employees within a Financial Reporting Group face these deadlines and can basically forget vacations, weekend plans and family time. How can you have Work Life Balance in a Financial Reporting Group where you have these recurring deadlines?

2) Managers with old school training.

Many managers just assume that Work Life Balance is not an option within a Financial Reporting Group. They assume this because they were trained this way, just as their managers before them. Being a workaholic was a requirement for success in Financial Reporting Groups’ or in accounting firm (in many cases it still is). "Work smarter, not harder" is not a concept accepted by many FR professionals.

So what is the solution?

Hiring enough people to get the job done would be an appropriate solution. This is not a priority in many finance groups for many reasons. One reason is that Finance is not looked at as a value add group - it is managed as a cost group. (This topic specifically will be the subject of another blog).

Progressive companies are realizing that Work Life Balance is an issue that needs to be addressed. We are seeing companies that have implemented an overtime compensation policy in their Finance Group. This is an excellent tool to measure the real cost of deadline oriented work. Progressive Finance Managers measure the overtime as a way of compensating staff with flextime or additional vacation during off-peak periods. It is also an effective measure which allows for the necessity for hiring BEFORE your staff gets fed up and leaves you.

While Work Life Balance in a Financial Reporting Group may be difficult to achieve, for companies that care about their employees, it is possible. Where would you prefer to work?

Endangered Species

There is a profound shift happening in the North American workplace.

Employees are becoming an Endangered Species.

Just as Polar Bears in the Arctic are becoming endangered because the environment (weather) in the North is changing, so too are Employees facing similar issues because the environment (workplace) is changing.

The North American workplace, no matter the industry or specialization, faces one continuous constant – Change. Good Change or Bad Change. Growth or Consolidation. Technological change or Global competition. These changes seem to be here for good. The business world moves quickly, and the Labor force needs to adapt.

Generally, from my observation, employees change companies every 3 years (on average). This is because companies either cannot support longer term employees because of Change, or if they do, employees are looking for something “new and improved” as their job gets monotonous (code word for boring).

Companies that will succeed in this environment will need to start treating their employees not as assets they control, but as freelancers they need to continually invest in and work to retain.

Employees that will succeed in this new environment will need to start treating themselves as freelancers rather than employees, working to continually invest in themselves to add value to their employers (current or future).

Employees as we know them are becoming a thing of the past. How does this affect you?