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Our research project, led by experts from the University of Greenwich, Warwick Business School and Queen's University Belfast, examined the opportunities, challenges and best practices associated with different types of speak-up arrangements.

The findings gave rise to recommendations for developing, operating and overseeing effective speak-up arrangements.

Different voicing channels

Provide employees with a range of channels through which to voice their concerns. This increases accessibility and offer different solutions regarding independence and anonymity.

Also consider using an external independent advisor with whom employees can raise questions and seek advice under legal privilege.

An open mind

Be prepared to accept that concerns raised may not be a case of speak-up or whistle-blowing. Some of concerns may appear to be individual grievances or even trivial. However, they may help organisations recognise previously unidentified risks.

Recording concerns to analyse them

Design a speak-up back office to record concerns. Organisations can use the captured data to strengthen:

  • risk management
  • response processes such as investigation and intervention.

as well as to assess the effectiveness of whistle-blowing arrangements.

Staff in different functions – for example compliance, HR, internal audit – should liaise with each other to ensure concerns raised are properly followed up. There should be a

Recording and analysis of concerns raised through different speak-up channels should be managed centrally.

Respond well

Organisations should put robust response systems in place when encouraging employees to speak up, failing to do so may lead to negative consequences.

The responses need to be well organised, clearly mandated and adequately resourced. Organisations should not underestimate the complexity of the information flows.

Visibility of response matters to employees

Make responses visible where possible.  This can help increase trust in the effectiveness of the speak-up arrangement and in the organisation itself. It might be possible in some cases to involve the employee who raised the concern in developing a solution.

Emphasise continuously to managers at all levels their role in responding to concerns raised and ensure to restrict their discretion about whether/how to respond.

Communicating the outcome of investigations may not be straightforward, due to:

  • anonymity of those who voiced the concerns
  • legal issues about sharing information, including sanctions imposed.

Solution may be to create awareness by using an anonymised case story, clarification of rules about certain procedures and sharing statistical data.

Contribute to best practice

Consider participating in the development of a standard for the public reporting of data from speak-up arrangements.

Addressing the flaws

PBF processes are flawed with many enterprises continuing to invest in sub-optimal performance management processes.

Current Performance Reporting processes are flawed, with many enterprises continue to proceed with ‘information’ that is ineffective in the support of rapid and informed decision making.

Businesses can improve the range, maturity, dynamicity and depth of the profitability and cost analysis performed.  

 

How to improve

 

Planning budgeting and forecasting

o   Create the right culture and ways of working

o   Stop PBF activities from being disjointed and discrete;

o   Deploy effective and scalable technology solutions.

 

Performance reporting

o   Build the right data and governance foundation

o   Structure the delivery model for success

o   Empower Finance Professionals to collaborate with the business.

 

Profitability and cost analysis

o   Strengthen the quality and depth of insights

o   Design and build a model for efficiency

o   Optimise the organisation model. 

Addressing the flaws

PBF processes are flawed with many enterprises continuing to invest in sub-optimal performance management processes.

Current Performance Reporting processes are flawed, with many enterprises continue to proceed with ‘information’ that is ineffective in the support of rapid and informed decision making.

Businesses can improve the range, maturity, dynamicity and depth of the profitability and cost analysis performed.  

 

How to improve

 

Planning budgeting and forecasting

o   Create the right culture and ways of working

o   Stop PBF activities from being disjointed and discrete;

o   Deploy effective and scalable technology solutions.

 

Performance reporting

o   Build the right data and governance foundation

o   Structure the delivery model for success

o   Empower Finance Professionals to collaborate with the business.

 

Profitability and cost analysis

o   Strengthen the quality and depth of insights

o   Design and build a model for efficiency

o   Optimise the organisation model. 

Addressing the flaws

PBF processes are flawed with many enterprises continuing to invest in sub-optimal performance management processes.

Current Performance Reporting processes are flawed, with many enterprises continue to proceed with ‘information’ that is ineffective in the support of rapid and informed decision making.

Businesses can improve the range, maturity, dynamicity and depth of the profitability and cost analysis performed.  

 

How to improve

 

Planning budgeting and forecasting

o   Create the right culture and ways of working

o   Stop PBF activities from being disjointed and discrete;

o   Deploy effective and scalable technology solutions.

 

Performance reporting

o   Build the right data and governance foundation

o   Structure the delivery model for success

o   Empower Finance Professionals to collaborate with the business.

 

Profitability and cost analysis

o   Strengthen the quality and depth of insights

o   Design and build a model for efficiency

o   Optimise the organisation model. 

This article is an overview of this topic.
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