When I joined the Profitmaster family in 2019 as the Executive Assistant to our esteemed leader, Richard, I had no inkling of just how enriching this experience would be. Working in such close proximity to an exceptional visionary leader has been an honor and a privilege beyond measure. Richard’s guidance, unwavering support, and commitment to excellence have been instrumental in my development, and I am forever grateful for the trust he has placed in me.

As my role expanded to include the position of Client Experience Officer, I gained a deeper understanding and appreciation for the needs of our valued clients. This dual responsibility allowed me to work in seamless synergy with our truly remarkable team of dedicated professionals. Their expertise, collaborative spirit, and relentless pursuit of excellence have been a constant source of inspiration.

Together, we have navigated challenges, celebrated triumphs, and consistently delivered exceptional service to our clients. The camaraderie and support we share as a team have been the driving force behind our achievements, pushing us to new heights of success.

As I look towards the future, I am filled with excitement and optimism for what lies ahead. With our combined efforts, shared vision, and relentless pursuit of excellence, I am confident that we will continue to achieve remarkable things and deliver unparalleled service to our valued clients.

To our clients, thank you for your trust and for allowing us to be a part of your journey. We are truly honored and humbled by the opportunity to serve you.

And to the incredible Profitmaster team, thank you for your unwavering support, guidance, and friendship throughout these incredible five years. I am truly honored to be a part of this exceptional organization, and I look forward to many more years of growth, success, and lasting memories together.

Among the popular outsourcing destinations, the Philippines has emerged as a hub for accounting outsourced services. However, choosing a reputable outsourcing partner is a critical decision that demands careful consideration. 

Here are my Top Eight “best practice” strategies for accountants when selecting a reliable outsourcing partner in the Philippines.

1. Assess Existing Accounting Experience:

One of the foremost factors to consider is the outsourcing partner’s expertise and experience in accounting and accounting-related services, ideally in Australia. Look for partners with a proven track record in providing accounting solutions to accounting firms. Evaluate their experience, client testimonials, and case studies to gain insights into their capabilities and approach.

2. Check the Quality of Talent and Workforce:

The quality of talent is the cornerstone of any successful outsourcing engagement. Investigate the provider’s recruitment and training processes inside the Philippines. Consider their commitment to ongoing training, professional development, and certifications for their staff. Like Australian accountants, Filipinos are looking for career development and opportunity. A motivated, well-trained, and knowledgeable offshore workforce ensures quality in the team, less rework and longevity of employment.

3. Look into the Provider’s Technological Capabilities:

In the digital age, technology plays a pivotal role in accounting processes. Ensure your prospective outsourcing partner employs up-to-date accounting software, security protocols, and data protection measures. Inquire about their approach to data security, disaster recovery, and business continuity planning. The outsourcing provider should be committed to the information security standards established in ISO27001.

4. Consider Scalability and Flexibility:

The business needs of Australian accounting firms change quickly. We have seen this with the talent shortage that has emerged during and since the pandemic. Your accounting outsourcing partner should be well-equipped and adaptable. Choose a partner with a scalable model that can accommodate the fluctuating demands of growth and contraction. Flexibility in terms of the service offerings and engagement model is essential to align with your specific needs.

5. Observe Cultural Compatibility and Communication Standards:

Effective communication is paramount in any outsourcing relationship, and especially in professional services firms. Assess the outsourcing partner’s ability to provide staff with high levels of English proficiency. This should be expected in the Philippines. Also, consider cultural compatibility and time zone alignment to ensure smooth collaboration and accessibility.

6. Review Regulatory Compliance and Ethics:

Compliance with international accounting standards and regulations is non-negotiable. A provider’s commitment to compliance and ethics comes from their background and their experience Thoroughly evaluate the outsourcing partner’s commitment to the Accounting Professional and Ethical Standards Board and compliance with other industry standards. A good place to start will be the provider’s understanding and adherence to APES GN 30 “Outsourced Services”.

7. Check Client References and Reputation:

Request client references to gain insights into the outsourcing provider’s performance, reliability, and responsiveness. Online reviews, testimonials, and personal references from other clients are all indicative of the partner’s reputation and standing in the market.

8. Consider Cost-effectiveness vs. Value:

While cost is a significant consideration, focus on value rather than just the lowest price. A BPO partner that offers a balance between quality services and competitive pricing will be more beneficial to the accounting firm in the long run.

Richard Croaker is an Australian Chartered Accountant who has developed a professional team of accountants, bookkeepers, financial planning staff and finance broking staff in the Philippines. The company operates in Clark, Pampanga with around 100 staff, many of whom are graduates from top-level universities in the Philippines and are licensed members of the Philippines Institute of CPAs. His Philippines firm services Australian companies exclusively. With more than 30 years’ experience in professional practice working with Australia’s largest accounting firms, he has been the Founder and Chief Executive of the international business of Profitmaster Global Outsourcing for the past 9 years.

Australian accounting and professional services firms are constantly seeking innovative strategies to optimise operations and foster growth. Two of the major inhibitors for growth across accounting firms are the difficulty in finding talent, especially at the intermediate and senior levels, and the problem of ever-increasing costs.

Here is a Profitmaster success story of one of our clients, an Australian accounting firm of two partners with six onshore staff who worked with us to harness the benefits of outsourcing to the Philippines. It is just one example highlighting how we have been able to collaborate with an Australian firm to make a significant strategic move, making an immediate contribution to their growth and profitability.

The Challenge

The Melbourne-based accounting firm, let’s call them “Koala and Co”, faces the familiar challenges of increasing overhead costs and a growing demand for client services. As the firm expands its client base, the need for efficient task management and streamlined operations has become more and more apparent to the partners. They also had a need for two intermediate accountants to complement their onshore team. They had been advertising and head hunting for local talent for some time and found that hiring locally is not only costly, but finding skilled professionals is becoming increasingly challenging.

The Solution: Outsourcing to Profitmaster Global Outsourcing

Recognising the potential of outsourcing, Koala and Co contacted us to explore the skilled labour market in the Philippines. Initially, it was the country’s reputation for proficient English speakers, cost-effective labour, and time zone closely aligned with Australia that piqued their interest. The partners identified Profitmaster as a reputable outsourcing partner in the Philippines and engaged us to establish a dedicated offshore team.

From the outset, Profitmaster assisted the partners to develop their offshoring strategy, outsourcing action plan, amendments to workflow programs and formulation of induction and training programs. This work included a plan to evaluate candidates on their use of Australian accounting platforms, firm compliance with APESB², ATO portal and tax return preparation.

What happened …..

Cost Efficiency: By outsourcing tasks such as bookkeeping, data entry, tax return preparation and ASIC related tasks to the offshore team, onshore resources became available for core onshore functions and business expansion initiatives.

Access to Skilled Talent: The most notable aspect of our engagement with Koala was their ability to access candidates through our in-house HR team’s Recruitbank of bookkeepers, accountants, and administration staff. The staff selected by Koala were two intermediate accountants with 2 years Australian experience. They are university accounting graduates and members of the Philippine Institute of Certified Public Accountants (PICPA). This has boosted the firm’s service quality and efficiency across the team, both onshore and offshore. Staff were onboarded to the client less than 7 weeks after the commencement of the recruitment process.

Seamless Communication: Koala also found the English proficiency of their Filipino staff ensured smooth communication and collaboration between the onshore and offshore teams, eliminating language barriers, and enhancing teamwork. This has proved to be a core strength of Profitmaster’s talent bank located in Pampanga, including the Clark airbase which was formerly used by the US air force.

Time Zone Synergy: It was important for Koala that the staff would be working inside a secure office facility and would be working the same hours as their Australian staff. The favorable time zone overlaps between Australia and the Philippines means that Profitmaster staff are effectively working a 9 to 5 workday alongside their Australian colleagues. This has enabled real-time communication and swift project coordination. Client services are uninterrupted, bolstering Koala’s client satisfaction.

Scalability and Focus: The Koala team started with two offshore staff. We are currently recruiting another staff member, this time at the bookkeeper level. With many of the tasks typically performed by onshore accountants now being done in the Profitmaster office in the Philippines, the workflow of the Koala team’s onshore staff is being reorganised to accelerate firm growth through greater client engagement and providing more advisory and consulting work to their clients. This in turn has also improved employee contentment with their work and their career growth plans.

And the result …….

Working with Profitmaster has been a transformative experience for Koala and Co.

Koala has increase their accounting professional staff by two intermediate accountants who are registered CPA’s in the Philippines. They have reduced their wages cost by AUD$38,000¹.

Outsourcing has had a significant impact on the firm’s partners, staff, and clients. By leveraging the advantages of cost-efficiency, skilled talent, constructive collaboration and streamlined operations, Koala has positioned themselves for greater success in the increasingly competitive accounting services sector. Koala stands as a testament to how strategic outsourcing can unlock growth opportunities and empower other firms interesting in exploring the Philippines’ outsourcing opportunity.

[1. Based on Business Services Graduate in Melbourne, 3+ years’ experience – Hays Salary Guide FY 2/23]

[2. Australian Professional & Ethical Standards Board, specifically APES GN 30 Outsourced Services, 2021]

They are two different things, although closely related.

The Difference Between Efficiency and Productivity

Efficiency is about producing the same output using fewer resources, while productivity is producing more output using the same amount of resources. 

• Efficiency is about working smarter while productivity is working harder. 
• The first is about quality, the other is about quantity.
• Efficiency is about saving money. Productivity is about making the most of it.

Why Efficiency and Productivity Are Important

Business organisations generally aim to spend less and produce more. We want to control costs and get the bang for the buck, value for money.

Example

Let’s say, in a given period, ABC Company produces 120 units while XYZ Corporation produces 100 units of the same product. 

In the process, ABC spends $120 while XYZ spends $50. 

So while ABC produced more, XYZ spent less. 

ABC inputted $1 for every unit, while XYZ spent $0.50 per unit. Therefore, XYZ is the winner in productivity.

If both companies will sell their products at $1.50, ABC will earn $60 while XYZ will earn $100 – a difference of $40.

Now, let’s say that the reason why XYZ only spent $0.50 is that it used inferior materials. That would mean their products are actually of lower quality. 

That means either of two things: first, XYZ could not possibly sell its products at the same price as ABC’s, or second, XYZ could have more rejects or returns. 

You may argue that XYZ can still earn more than ABC. Yes, maybe for a month or two, but in the long run, XYZ’s reputation will be affected and customers can start ordering ABC’s higher-quality products instead. 

In such a case, ABC will become more efficient than XYZ.

How to Achieve Maximum Efficiency and Productivity

Here are a few tips on what companies can do to become more efficient and productive at the same time.

1. Get feedback

Listen to your employees. Conduct simple surveys. Check-in with your teams at least once a week. Utilise meetings to hear from the people in the trenches. 

Their inputs are essential since they are the ones in close contact with how things are done daily. They may have ideas on how to save costs or increase productivity.

In the process, you might also identify people who can become your team leaders soon.

1. Train people

Invest in your human resources. Train them in new approaches and techniques in doing their jobs. 

Encourage them to sign up for short, practical courses within their fields. Allow them to join professional associations and network with their peers.

You can also create a mentoring program where new staff will be guided and taught by more experienced ones.

Support every opportunity for learning and knowledge enhancement. It will not only lead to more efficiency and better productivity but can also boost your employee morale.

1. Improve processes

Keep up to date with modern techniques and approaches. Look for and use tools and apps that can immediately save time or money.

Automate where possible. Maximise the use of technology, from the simplest to the most complex.

Some companies have learned to outsource some of their business processes and found that this has improved their efficiency and productivity.

Outsourcing and offshoring

Profitmaster is an expert in outsourced work and offshore employment. It has helped companies save on cost, hire offshore more efficiently, and also improve productivity by guiding them in outsourcing. 

If you would like to know how you can benefit from this too, send a message now and step on the road to maximising efficiency and productivity.

• The customer is always right… even when they are wrong.
• The customer is always right… until they are wrong.
• The customer is not always right.

The answer is near the end of this article but, for now, suffice it to say that nobody is always right. Customers and clients are never always right, BUT…

Businesses want clients to feel they are right

Client expectations can range from the simplest to the simply impossible. There are times when expectations are valid, but sometimes they are unrealistic. When faced with the latter, the immediate options are: (a) plainly tell them it is not within the company’s power to fulfill the expectation, or (b) try to fulfill the expectation as best as one can.

The problem with the first is you risk losing that client. To some businesses, that is all well and good riddance, but that still means one less client. With the second option, the company could try everything in its power and yet still come up short in the eyes of the client – begging the question, was it worth it?

In whatever case, sometimes the goal is not in responding to a client’s issue to a T, but in keeping the client satisfied with the response or action taken. Often, a client wants assurance that somebody is taking care of their needs.

What are the proven ways of managing client expectations?

Remember that client expectations are not within the company’s control – but the response is. Even when the client is not right, never make them feel they are wrong. That is where effective client expectations management comes in.

Here are several effective practices used by various businesses to manage client expectations.

Be client-centric

Managing client expectations starts with creating a fantastic experience for them. Put your client front and centre. Let them know this and make sure to let them feel it as well, not just in word but also in deed.

Whether they are wrong or right, clients bring companies their revenues. This is why companies try their best to make clients feel satisfied even when they are not right.

Know every client

It is really not just knowing your clients but understanding them in every way. This is different from understanding your market and more about knowing each client. Find out where they are coming from in every instance. Answer questions such as:

• What does this client need?
• What does the client want?
• How has a particular client interacted with the company in the past?

A company that understands its clients will be able to anticipate their questions and concerns.

Communicate clearly

Be crystal clear and perfectly honest about what the company can and cannot do, will and will never do, right from the start, even before they sign up with the company.

Effective communication will avoid frustration for both the company and the client. It can also prevent unpleasant experiences.

Always relate positively

Exert efforts to build and maintain positive relationships with all clients. When a client feels only positive emotions when dealing with a company, they will trust the company with their business. This will also make it easier for the company to achieve client satisfaction.

Also, avoid directly contradicting clients even when they are not right. Instead of saying, “That’s wrong,” one can say, “What I’m hearing is so-and-so is not working for you. Can you tell us more about it?” Let the client explain, then shift to explaining how other aspects of the issue are also at play.

Understand the entire issue

Avoid getting boxed in with stereotypes. Every client is unique and every issue is unique. When speaking with clients, actively listen and never assume they have exactly the same issue as another client with a similar concern.

Listening is also a way to let a client know that the company sincerely wants to understand them. Take in every detail. Ask questions to clarify when needed.

Discuss solutions

Be upfront. Clients do not like feeling left in the dark and not knowing what is happening behind the scenes. Openly discuss solutions with them.

Let clients understand how complex a problem can be. This will help eliminate unrealistic expectations.

Train client-facing team members to become highly knowledgeable about client concerns and the company’s available solutions.

Have a realistic timeline

Nobody likes waiting, but worse than waiting is being given a turnaround time that is later not met. Provide clients with a timeline that is realistic both to the company and to the client. Businesses may control customer service expectations by explicitly expressing how long each given activity will take, to the best of their knowledge, from the time the client reaches out until the resolution is complete.

Give regular updates

Providing updates at each stage of the resolution process is much appreciated by clients. This is also a simple but effective way of managing expectations. Again, people would like to know what is going on rather than just waiting and not knowing what to expect.

What are the post-pandemic trends in managing client expectations?

Clients today are looking for more efficient service. Doing business has transformed as much as new technologies have accelerated the way everything is done.

People now have more access to information and influencer opinions. Social media has made mass communications instant. E-commerce and B2B are now more agile than ever.

Companies are now operating in fast-paced work environments. Those who are not able to keep up will surely get left behind in the dust. What can companies do to more effectively manage client expectations in today’s world?

Know your clients “personally” and accurately

It is no longer enough to know and understand clients. With the use of data management and analytics, companies are better able to have access to every client’s records. There is no excuse, for example, for not being aware of how a client had interacted with a staff member who may happen to be unavailable the next time the client makes a follow-up. Having a client repeat an issue every time they speak with someone else in the company creates a negative and frustrating impact on them.

Respond faster

Speed has never been a better equaliser than today. Clients expect faster response times and turnarounds. This is where the terms nimble and agile come into play. Fortunately, new technologies are allowing businesses to let AI and chatbots take over under certain conditions.

Set up 24/7 self-service options

Take advantage of available automation tools so clients can opt to find answers on their own. FAQ pages, chatbots, ticketing systems, or even interactive voice response (IVR) systems can spell the difference between keeping or losing a client.

Provide more channels

One reason clients expect quicker responses is the availability of different communication channels. It used to be just email, which now seems to have taken a backseat to ticketing systems and faster channels like chats, social media, and messaging apps.

Be careful, however, to be consistent across all those channels when handling a client concern. Clients should receive the same quality of service whatever the platform. Remember also that clients see all of those channels under one brand, not as separate entities.

Be mobile-friendly

Among the different channels, perhaps the most important thing to realise is that people nowadays tend to use those that are on mobile. Make sure you have at least one mobile-friendly channel and expect clients to be always on business mode even when they are on the road, while travelling abroad, or even when on vacation.

Be one step ahead

Be proactive. Stay at least one step ahead of the client and the competition. We cannot overemhasise the need to understand your client and anticipate their needs. A business that is one step ahead of the client is two steps ahead of the competition.

Build a caring culture

Beyond being client-centred, steer the whole organisation toward a culture of caring about what clients care about. When such a culture is established and well-ingrained across the entire company, putting the customer first becomes second nature. It will also result in sincerity in desiring to provide satisfaction even when dealing with a difficult client.

Get better and better

There is no one-size fits all approach to client expectation management. Just as every client is unique, every business is also one of a kind. Methods that worked in the past may no longer work today, and strategies that are effective now might not be as effective next year. It is therefore important to always keep updating and enhancing policies and processes for handling client expectations.

Which is true?

We promised to answer this at the start of the article: Which of the versions below is closest to the truth?

• The customer is always right… even when they are wrong.
• The customer is always right… until they are wrong.
• The customer is not always right.

Our answer: The client is not always right, but a company must still do everything within its means to provide client satisfaction, though never at the expense of having to bend over backward. Even when a client becomes dissatisfied with the company’s response to their expectation, never burn bridges and leave the door open for a past client to return.

How we can help

Profitmaster cares about the firms that come to us in the same way that they care about their clients. Do you want to know more about how we can help you handle your clients and their expectations? Send us a message today.

These terms were not used in the business world 10 or 15 years ago as much as they are today.

People were forced to work remotely, accelerating the shift to a global team setup. A SocArXiv paper shows that:

• 80% of global corporate remote work policies adopted virtual and hybrid forms of work collaboration by June 2020; and
• For 64% of organisations, remote working has become a permanent change.

TeamBuilding cites that remote job openings on LinkedIn more than tripled between 2020 and 2021.

Global business teams are here to stay. Business organisations must learn to manage them better and maximize their potential.

Challenges brought by global teams

According to FinancesOnline, working with a geographically dispersed team brings with it the following advantages:

• Increased productivity
• Better efficiency
• Reduced operational cost
• Better access to talent
• Higher degree of collaboration
• Elevated employee morale
• Lower employee turnover
• Decreased absenteeism
• Global perspectives
• More diversity
• More flexibility
• More creativity

Alongside those benefits come the following challenges:

• Language barriers/possibility of miscommunication
• Higher potential of misunderstanding
• Loneliness / Lack of social interaction
• Distractions in the home office
• Different time zones
• Lack of opportunities for motivation
• Lack of participation
• Sense of disconnection
• Cultural differences
• Cybersecurity
• Heavier IT workload

What can companies do to turn those challenges into opportunities for business growth?

How to manage a global business team better

Companies that want to thrive must learn to adjust to the challenges of global teams. Here are crucial insights on how to effectively manage a global workforce.

Sam Silverman, Managing Partner at EB5 Affiliate Network:

“To avoid misunderstandings that can lead to costly mistakes, clearly set out project objectives and deliverables from the outset. Don’t be tempted to micromanage the hours your team members keep; as long as they deliver the work by the due date and to the standard required, leave the rest up to them.”

Tammy Perkins, Chief People Officer at Pacific Market International:

“Steward your international colleagues with the same care as your local team members. As part of your meeting prep, make sure you have the right greeting prepared for the right time of day, so you’re appropriately wishing your team good morning, afternoon, or evening. Kick off meetings by sharing positive news, success stories, or team recognition highlights, just as you would if your colleagues were sitting with you.”

Tsedal Neeley, professor and senior associate dean of faculty and research at Harvard Business School:

“Team members located far from the leader require frequent contact with him or her. A brief phone call or e‑mail can make all the difference in conveying that their contributions matter. For instance, one manager in Dallas, Texas, inherited a large group in India as part of an acquisition. He made it a point to involve those employees in important decisions, contact them frequently to discuss ongoing projects and thank them for good work. He even called team members personally to give them their birthdays off. His team appreciated his attention and became more cohesive as a result.”

Steve Smith, Managing Director at SIAS:

“I build trust by being honest and keeping my promises, and by expecting my team to do the same. I also ensure that my team feels connected and part of day-to-day business as usual at HQ in the UK, despite being based remotely – making sure the team feels that connection with the head office base of the business is critical. And, most importantly, I make the effort to get to know my team, professionally, their strengths, weaknesses, but also to get to know them as people, what drives them, what is important to them. I believe more than anything else leadership and business ultimately are about people – numbers matter, technology matters, efficiency matters – but they don’t matter nearly as much as people do.”

Kristen Castillo, Execution Director – Marketing Strategy at AbbVie:

“I have been on numerous conference calls at 2 or 3 in the morning. I think that’s one of the biggest things that you learn: to be very, very flexible when you’re working with global teams. And my family understands that…. [A]t the end of the day, it’s a real give-and-take, I feel, with the cultural differences, with the language differences. We get something from our colleagues who are overseas and they get something from us.”

Vikram Ahuja, serial entrepreneur and co-founder of Talent500:

“Managers must refrain from constantly bombarding their team members for updates and indulging in micromanagement. A simple solution is checking in regularly and using productivity-centric tools. Task managers like Jira can track tasks as they are finished with Jira and include them in performance results. These tools provide a “quick peek” at current progress and assist you in compiling all of your significant outcomes in one location.”

Chris Baker, Executive Vice President and Global Head of Parexel:

“You also have to understand that on a conference call, it’s really against certain cultures to speak up and speak against the idea. And so if you really want their opinion, you have to ask them in a different manner.”

Pedro Faria, Founder and Managing Partner at Kamaroopin:

“Surprisingly, people are people anywhere, and when you go back to the essential elements of a culture, everybody has a willingness to belong to a group. Everybody has this feeling of being on a mission or accomplishing something. And everybody has the overwhelming need of feeling safe, and making people safe goes a big way.”

Learn more about setting up a global team

Profitmaster can provide you with additional information about setting up a global team. If you would like to find out how your business will benefit from having an offshore workforce, contact us today.

Free Lunch

We believe that getting out of the office and spending time with coworkers is important, so we provide free lunch every day. This is an excellent way to promote staff teamwork and collaboration, as well as networking opportunities.

The benefits do not stop there: we hope that by encouraging our employees to eat together, they will use this time to discuss any issues or challenges they may be facing at work. This not only improves team communication, but it also contributes to a more comfortable environment in which people can express their feelings or concerns openly.

Free Shuttle Service

Another perk we offer our employees is free shuttle service which our employees can use to get to and from work.

The shuttle is available to all employees in any area of the company: whether they work on the production floor or in management, as long as they are Profitmaster employees, they can use this service! The same is true for times of day: whether it’s 8 a.m. on Monday morning or 7pm on a Friday night, the shuttle will pick them up.

Premium Private Health and Accidental Insurance Upon Employment

Profitmaster recognises that a healthy workforce is a productive workforce. We believe it is critical to prioritise our employees’ health and provide the resources to assist them in reaching their health and fitness goals.

New employees will receive our premium private health and accidental insurance package as part of our competitive benefits package. Furthermore, we offer employees subsidised healthy food options, gym membership discounts, and access to our recreation area.

Free Uniform

It stands to reason that when employees are happy, they work harder. That’s why we’ve given them all free uniforms to wear while on the clock. When they have free access to clothes that make them feel good and look good, they are less stressed partly because they don’t have to worry about what to wear or how much money they will have to spend on clothing. They can simply concentrate on getting the job done while feeling and looking amazing as they do so!

HMO on the First Day of Employment

Because the health and wellbeing of our staff members is one of our top priorities, we have made it a point to provide a number of incentives to encourage them to maintain a healthy lifestyle while they are on the job. One of these benefits is the provision of an HMO plan on the very first day that they begin working with us.

Work Life Balance

At Profitmaster, we strive to create an environment that promotes wellness and a healthy work/life balance.

Making sure they have the opportunity to care for themselves outside of the office is a big part of that. This means they have access to the resources they require to maintain healthy eating habits, exercise routines, and valuable relaxation time.

But it isn’t just about what happens outside of work; we also ensure that our employees have a good work-life balance. Profitmaster wants everyone to feel like they have enough time for themselves without feeling overburdened or stressed about what needs to be done next.

Day Shift

We know that most people are sleep deprived because their jobs require them to work late at night or early in the morning. We also know that the average person spends approximately 90 minutes per day commuting to and from work, leaving little time for sleep.

• Profitmaster has taken steps to ensure the health of our employees by creating a work environment that promotes health and wellness throughout the day. For example, our office hours are only during the day shift so that our employees have enough time after work for rest and family time. This makes our employees feel better and happier when they arrive at work every day!
• We provide flexible scheduling options so that employees can take time off as needed without fear of losing their job or being penalised for missing work. This provides employees with peace of mind because they know they can always prioritise taking care of themselves before taking care of others (like their families).

Fixed Weekends Off

We give our employees fixed weekends off so they can spend time doing whatever they please like playing with their kids, going on a hike, or sitting by the pool. This policy keeps our employees happy by giving them more control over their lives outside of work and providing them much needed rest and relaxation after a week-long grind in the office.

Attendance Bonus

We believe in creating a workplace that is both enjoyable and rewarding for everyone, so we give our employees an attendance bonus if they haven’t missed a single day of work for a full month. It’s an excellent way to demonstrate how much we appreciate their hard work and dedication to show up every single day.

Take the next step in joining Profitmaster

Profitmaster is fully committed to maintaining our reputation as one of the best places to work. We are aware that a company’s success can be attributed in part to its emphasis on workplace wellness, which includes all of the above-mentioned perks. By putting our employees first, it’s no wonder that we’ve become a destination of choice for the best and brightest talents. Come and check out our open positions and accept all these amazing perks.

Impact of Communication on Management

At Profitmanster, we recognize the fact that management relies heavily on communication. To be successful, any type of business must have efficient processes and systems in place. Communication is essential for making those systems run smoothly.

Communication can be formal or informal, but the most effective method is holding regular meetings with staff members. This enables everyone to discuss issues face-to-face, as opposed to dealing with misunderstandings that arise when messages go unspoken or are misinterpreted by employees who are too busy to have follow-up conversations.

Effective communication also entails ensuring that everyone on the team has received clear instructions on how to do their job every day; this will keep things running smoothly while freeing up some time to focus on other aspects that are critical to the company’s success.

Communication—A Tool in Outsourcing

Outsourcing has become a popular practise for large corporations like Profitmaster that want to delegate various tasks to a different company—usually one located overseas. Communication is critical in outsourcing because it affects project success. For example, if there is poor communication between the client and the service provider, it may result in project delays or, worse, failure to deliver what was expected of them.

Communication is important because it allows clients and service providers to better understand each other’s needs and expectations. This way, both parties are clear on what is required to fulfil a project or role; whether it’s about an agreed-upon deadline or project specifications, effective communication prevents confusion from arising during communication processes like the ones mentioned above. If this is not done, it can lead to trouble because misunderstandings frequently occur when people do not know exactly what information needs to be shared with whom and when.

Why Philippines?

We became aware that, in the event that we decided to outsource some of our work, we needed to have a quick and easy way to communicate with our local counterparts. Because of this, outsourcing to the Philippines was the best choice as the country has a high ranking when it comes to English comprehension and competence. It certainly comes as no surprise that the Philippines has quickly become the capital of the outsourcing industry in Southeast Asia.

Given that there are many talented Filipinos who have a strong command of the English language, both verbally and in writing, remote management becomes much less complicated. As previously stated, communication is an essential part of management because it allows us to lead our team members and ensure everyone is on the same page. Due to the distance, we sometimes have to work with them via video call or email. Communication keeps everyone on task and ensures that everything is completed on time. Such effectiveness in remote management is only possible when there is clear understanding by both sides, on both ends.

Communication and Culture Compatibility

Another factor that contributes to the success of Philippine outsourcing is the cultural compatibility that exists between Australian teams and their Filipino counterparts who are currently employed in the Philippines. A majority of Australians and Filipinos hold many of the same values, including kindness, consideration, honesty, and self-reliance. This allows our managers and supervisors to communicate effectively with Filipino students and employees because there tends to be a higher level of mutual trust.

The Role of Communication in Productivity and Efficiency

Communication is a critical component of our company’s productivity and efficiency. We understand that it plays such an important role because it allows us to resolve issues as they arise. It also enables us to delegate tasks more effectively, saving time that would otherwise be spent managing each individual employee.

Communication is important for efficiency because it allows our business to run smoothly and prevents problems from spreading throughout the organisation. Furthermore, communication enables employees to perform their duties without constant supervision from managers or other executives—which means less stress!

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The PSA explained that the primary driver for faster inflation was the higher annual growth rate in the index for food and non-alcoholic beverages, which was up from 7.4 percent in September to 9.4 percent in October 2022.

The report also highlighted higher price index increases in housing, water, electricity, gas and other fuels (7.4 percent), restaurants and accommodation services (5.7 percent), and other commodity groups.

High inflation rate in 2022 means higher staff pay in 2023

Speaking in a briefing held by the Office of the President in October, socioeconomic planning secretary Arsenio Balisacan noted, “Our analysis shows sustained increases in inflation in 2022 and 2023 will cause a slowdown in the economic growth.”

Inflation is expected to bring not just a slowdown in economic growth. Salaries are also projected to increase in the following year. According to advisory firm Willis Towers Watson (WTW), salaries in the Philippines will increase by 5.7 percent in 2023, citing findings from the WTW 2022 Salary Budget Planning Survey Report – Asia Pacific (July 2022 edition).

WTW’s Work & Rewards Leader (Philippines) Patrick Marquina noted that “compounding economic conditions and new ways of working are leading organizations to continually reassess their salary budgets to remain competitive.”

The Philippine situation is not unique. Workforce consulting company ECA International predicted that inflation will also cause salaries to increase in countries such as India, Vietnam, China, and Brazil.

How companies can prepare for salary increases

“With such a dynamic environment, it’s imperative for organizations not only to have a clear compensation strategy but also a keen understanding and appreciation of the factors that influence compensation growth,” Marquina advised.

WTW’s survey indicated that, for 2022, 52.5 percent of employers in the Philippines prepared salary increase budgets that were higher than projections. They cited the following reasons for doing this:

• Tighter labor market concerns,
• Cost management concerns (e.g., rising cost of supplies), and
• Employee expectations for higher pay increases due to inflation.

While salary increases can improve employee retention and attract higher-quality staff, some companies introduce incentives and non-monetary benefits to encourage workforce talent to stay or apply with them. Those benefits can be in the form of:

• Workplace flexibility
• Stronger emphasis on diversity, equity, and inclusion
• Sign-on bonuses and incentives
• Remote or hybrid work setups
• Improved employee experiences

For companies that need guidance

Readiness levels may differ for various companies with regard to the projected salary increases in 2023. If you need help in preparing for upcoming situations, Profitmaster can provide guidance, especially for companies that are considering outsourcing some business functions or hiring offshore employees. Message us today and we can discuss this with you, with no commitment required on your part.