Make them shine A guide to talent managers in Deloitte Consulting
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Contents Introduction Being a talent manager Expectations to you as a talent manager What you can expect from others A note on confidentiality Being of value to your talents Understanding motivation Building on strengths Generating trust Adapting your style Being of value to the business Actively engaging in the service line leadership Developing your talent manager skill set The global leadership framework Deloitte Consulting talent manager training References
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Introduction
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Introduction We are a people business that lives by our consul tants’ brain power and creativity. To reach our ambi tious strategic goals and maximise our impact, we are dependent on unfolding their potential. That unfolding requires you. As a talent manager you are the leader that talents look to for guidance on matters concerning career development, performance and well-being. They also look to you as a role model. As part of the Deloitte Consulting leadership you therefore play an important role with a significant responsibility to build and sup
port high-performers that thrive. Not only trough the words you say but also through the behaviour you display. With this guide we wish to give you insight into what the role requires, what responsibilities you are ex pected to fulfil and how your leadership role intersects with the other leadership roles in the business. We hope that it gives you a clear perspective on how to succeed as a talent manager. Deloitte Consulting Management
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Being a talent manager
What is expected of you as a talent manager? You are part of the Deloitte Consulting leadership and hold the important role of accelerating the performance, development and well-being of the talents assigned to you. Here you can gain more insight into what it takes and what your mandate is. General expectations • You are the leader closest to the talents and should have a sense of their performance, development and well-being at all times. • You establish and maintain a trust-based and confidential relationship with your talents. • Based on your talents’ needs, you and your talents establish a mutual agreement on meeting frequency and ways of working. • You take active part in the leadership of Deloitte Consulting by escalating, consulting and informing other leaders of issues related to your talents when necessary and appropriate (see more on page 15). Especially, you have a close and ongoing dialogue with your service line leader about your talents. • You take the full responsibility for finding good solutions to the issues and challenges the talents cannot solve themselves. On issues where other leaders need to get involved and where you do not have the authority to make decisions yourself, you make sure to bring the right leaders on board and drive the decision-making process forward in order that a conclusion is reached within an acceptable time frame.
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Specific career cycle expectations Career planning: Setting direction • You match expectations with your service line leader about the service line strategy and how it should be reflected in the career goals for the talents. • You explore the talents and passion of your talents and advise on how to best combine those motivations with the service line strategy and operational tar gets. • You encourage your talents to be ambitious, set stretch targets and have a steep learning curve. • You advise and offer guidance on relevant development and training oppor tunities. • You look into what interesting projects, assignments and roles that may be relevant for your talents within service line/industry. • You review and approve the final career plans. • You do not make promises of promotions or specific year-end ratings.
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Mid-year: Half-way status • You make a due diligence and have an overview of performance in relation to the agreed goals and expectations.
Year-end: Evaluation • You make a due diligence and have an overview of performance in relation to the agreed goals and expectations.
• You provide development-oriented feedback and guide your talents on focus, goals and plans for the remaining part of the year.
• You fill in a slide on your talents summarising the performance they have displayed and the feed back they have received throughout the year. The slide will include your recommendation for a yearend grade.
• You involve your service line leader if there are specific developmental points or challenges to be aware of. • You ensure that the talents have realistic perspec tives on their performance to date. • You do not make promises of promotions or year-end rankings.
• You participate in and contribute to the service line year-end meetings. • You support the leadership’s final decision on yearend grade and go/no go for promotion. • You meet with your talents and give feedback on their performance the past year and discuss focus areas for future development. The conclusions of that conversation should feed into the career plan ning session in August.
In between the formal touchpoints • You make sure to have a good sense of your ta lents’ performance, development and well-being. • You make your service line leader aware of the career goals and development needs of your ta lents in order that they may be considered in the staffing process. • You coach and advise the talents on project-re lated challenges. • You follow up on project performance with your talents and your talents’ project managers. If the re are issues, you involve the service line leader. • You are first point of contact internally for all matters relating to your talents.
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The career cycle Career planning session August
CP
Growing and learning through project work Evaluated by EPR
Growing and learning through project work Evaluated by EPR
YE
Year-end review and feedback April-June
MY EPR
Growing and learning through project work Evaluated by EPR
Formal mid-year check-in December-January
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Your mandate As talent manager you refer to your service line leader and can decide on issues for your talents that are related to the terms of employment described in Deloitte’s personnel policy, e.g. vacation, maternity/ paternity leave, sick leave, etc. You do not have decision-making authority on any other aspects of the terms of employment of your talents. That means that you cannot make hire/fire decisions, initiate performance improvement plans, ap prove promotions or decide on staffing and year-end rankings. Such decisions are the responsibility of your service line leader.
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However, you do contribute to and participate in the processes related to them. You will manage most, if not all, direct communication with your talents on is sues related to those topics. When doing so you have an obligation to be loyal to the leadership decisions made. That means backing them up and defending them even in cases where you may not agree with them one hundred per cent.
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What you can expect from others A network of leaders to support you Although your talent manager is your closest leader, supporting your performance, development and well-being is not a one-person job. In practice, it is a collaboration between your service line leader, your project managers, your talent manager and you that will ensure the alignment and progress needed for success. The division of responsibility between leaders and talents Service line leader • I am responsible for having the high level view of business needs and requirements covering both recruiting, staffing and promo tions. • I am careful in my selection of talent managers. • I meet regularly with my talent managers both 1:1 and as a group around a set agenda. • My talent managers comply with the requirements I set and the decisions I make (also partners and directors). • I ensure that my talent managers always have a good sense of their talents and can tell me about their challenges and level of well-being. • My talent managers take responsibility and never drop the ball before the challenges of their talents have been resolved. • I take responsibility for ensuring that good talent manager behaviour is recognised and rewarded.
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Talent manager • I take responsibility for the performance, development and well-being of my talents. • I actively seek to shape roles and opportunities that support the career needs of my talents • I take ownership of ensuring their challenges are resolved and involve other stakeholders as appropriate. • I discuss the performance and challenges of my talents with their project managers on an ongoing basis. • I dare to take the difficult conversation with my talents. • I experience interest and expectations from my service line leader in terms of how I execute my role as a talent manager. • I respect my service line leader’s decisions and demands – also if I am a partner or a director.
Project manager • I discuss the performance, development, challenges and well-being of the people I have on my project with their talent managers on an ongoing basis. • I actively work to support the growth and development of the people on my project • If issues arise with a talent on a project, I immediately involve the talent manager as co-lead in finding a suitable solution.
Talent • I take responsibility for my career, performance, development and well-being. • I take initiative to discuss my career plan and my personal and professional development with my talent manager. • I take responsibility for ensuring that my talents and passions are integrated into both short-term and long-term plans. • I keep my talent manager updated in order that he/she always has a sense of where I am, in particular if I experience challen ges, e.g. by not being staffed or not thriving on a project.
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Knowing when to escalate, decide, consult or inform on issues To be successful and effective in your talent manager role, you will need to involve stakeholders in the right way. A key to doing that is understanding what type of responsi bility they generally have in the solving of talent issues. Below you see a chart you can use as a rule of thumb. Please note that although this division of responsibility is the most common one, there are exceptions. For example, in some cases the service line leader is both accountable and responsible, i.e. when deciding on a final year-end rating and new salary of for a talent and in a situation where a talent wants to change talent manager. In other cases the service line leader may just be the one consulted. That goes for the areas where you have decisionmaking authority, i.e. on matters concerning vacation, maternity/paternity leave, sick leave, etc
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Role
Responsibility
Service line leader
The accountable Is generally the one ultimately answerable for the correct and thorough completion of the deliverable or task and the one who delegates the work to those responsible. In other words, an accountable must sign off (approve) work that the responsible provides.
Talent manager
The responsible Is generally the one who does the work to achieve the task and the one who makes sure an appropriate solution is found for a given challenge.
Project manager
The consulted or informed If consulted, their opinions are sought, and there is a twoway communication. If informed, they are merely kept up to date on progress and only receive one-way communication.
Talent
The consulted or informed If consulted, their opinions are sought, and there is a twoway communication. If informed, they are merely kept up to date on progress and only receive one-way communication.
A note on confidentiality In order to have an impactful relationship between talent and talent manager, there needs to be a high level of trust and confidentiality. Therefore, you should consider your relationships with your talents as confidential relationships. That means that you do not pass on information to third parties without the accept of your talents.
Exceptions to that rule include circumstances where one or more of the below factors are evident: • The talent displays a behaviour that potentially can harm the Deloitte brand (i.e. unethical and/or criminal behaviour, inappropriate approach to clients, etc). • The talent, knowingly or unknowingly, is harming himself or herself (i.e. by keeping on working in spite of stress or serious sickness). • The talent deliberately harms relationships with colleagues by deliberately circumventing or overstepping Deloitte Consulting’s code of conduct for consultants.
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Being of value to your talents
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Understanding motivation Unlocking motivation in talents can have a huge impact on performance and wellbeing. As a talent manager it is key to understand the basic concept of motivation and reflect on what you can do to support high-quality motivation in your talents. The three main types of motivation The source of our motivation – why we do the things we do – has a significant impact on our well-being, per formance and persistence. Generally we distinguish between three types of motivation. • Intrinsic motivation Intrinsically motivated behaviours are those people do naturally and spontaneously when they feel free to follow their inner interests. People consider the activities as rewarding in themselves and therefore perform them without the need for external appro val or recognition. Intrinsic motivated behaviour is associated with a high and sustainable level of per formance, good mental health as well as excellent creativity and problem solving abilities.
• Extrinsic motivation Extrinsic motivation is a state where people’s behaviour is controlled by external contingencies. More specifically, they behave to attain a desired outcome, like a tangible award, or to avoid a threa tening punishment. Extrinsic motivation undermi nes intrinsic motivation and performance driven by extrinsic motivation is characterised by being less persistent. Hence, as soon as the reward or pu nishment is removed people will return to their usual behaviours. It is worth noting, that there are four subtypes of extrinsic motivation. The one most controlled by external contingencies, called exter nal regulation, is associated with low levels of per formance and well-being, and the one least con trolled by external contingencies, called integrated regulation, is associated with a level of performan ce and well-being close to the one we see in intrin sically motivated behaviour. 19
• Amotivation Amotivation is a state where people lack the inten tion to act. That state will typically occur if people fall short of a sense of efficacy and/or a sense of control with respect to a desired outcome. It stands in contrast to extrinsic and intrinsic motiva tion, which are both characterised by intentionality. The state of amotivation is associated with a series of negative outcomes, including depression, selfderogation and low performance.
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The three types of motivation are a continuum as shown in the model below. Amotivation
Instrinsic Motivation
Extrinsic Motivation
Regulatory style:
NonRegulation
External Regulation
Introjected Regulation
Identified Regulation
Integrated Regulation
Intrinsic Regulation
Source of motivation
Impersonal
External
Somewhat external
Somewhat internal
Internal
Internal
No intention
Compliance
Egoinvolvement
Valuing an activity
Congruence
Interest
Incompetence
External rewards or punishments
Endorsement of goals
Synthesis with self
Enjoyment
Approval from others
Motivation regulators:
Lack of control
Inherent satisfaction
Low perfomance
High perfomance
Low persistence
High persistence
Low level of well-being
High level of well-being
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Inspire high-quality motivation As a talent manager you can actively enhance the qua lity of motivation in your talents by consciously choosing how you lead. Comprehensive research shows that fulfilment of the three innate psychological needs, autonomy, competence and relatedness, is di rectly linked to the experience of intrinsic motivation. The higher the degree of fulfilment, the higher the quality of motivation. The degree to which any of those three psychological needs is unsupported or thwarted within a social context will have a robust detrimental impact on wellness in that setting.
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Autonomy … refers to our desire for self-directed and self-organi sed behaviour that we agree with and find congruent within ourselves. It leads to the experience of freedom and integration. When fully autonomous, our whole heart will be behind what we do. Leaders can support the fulfilment of that desire by giving talents as much space as possible to influence their own goals and define their own approaches to task solving and by praising their initiatives and new ideas. A lot is accomplished by telling them what you want done and giving them the choice to decide how they want to do it.
Fulfilment of the needs autonomy, competence and relatedness is directly tied to the experience of intrinsic motivation. The higher the degree of fulfilment, the higher the quality of motivation. 23
Competence … refers to our desire to have an effect on our environ ment and to reach valued outcomes within it. It is the need for feeling a sense of mastery of things that is important to us.
Relatedness … refers to our desire to feel cared for and connected to others and to have a sense of belonging. It is also about feeling that you matter, which is enforced by both giving and receiving.
As a leader you can support the fulfilment of that desire by exploring what your talents are passionate about, what skills they can leverage to make an impact and help them set appropriately challenging goals. The goals will help facilitate the development of new or stronger capabilities they are passionate about and thereby increase their potential for impact.
As a leader you can support the fulfilment of that desire by genuinely showing interest in your talents, caring about their well-being, acknowledging the con tributions they make and investing something of your self in the relationships.
Relatedness
Autonomy
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Competence
Building on strengths Identifying the strengths of your talents and finding ways to leverage and build upon them can be a powerful accelerator for growth and performance. Research documents a high correlation between the use of strengths in a work setting and the experience of positive states like satisfaction, meaningfulness, wellbeing and engagement. Studies have furthermore shown that the use of strengths leads to increased job performance. The link between strength use and performance can be explained by three psycho logical processes, which are activated through the use of strengths: concentration, subjective vitality and harmonious passion. Where concentration and subjective vita lity affect performance directly, harmonious passion works as an amplifier of the two other states. That means that when you are harmoniously passionate about the acti vity at hand, you will become even more concentrated and feel even more alive and thereby do an even better job. The connections are illustrated in the model below.
Harmonious Harmonious passion passion
Work Work performance performance
Concentration
Strength An already existing capacity for a particular way of feeling, thinking or behaving, which is experienced as authentic and vitalising to the individual and enables optimal functioning, development and performance. Concentration A feeling of being intensely focused on what you are doing in this present moment. Subjective vitality The conscious experience of possessing energy and the feeling of being alive.
Subjective vitality
Strength use
Definitions
Harmonious passion A strong tendency towards an activity that you like and find important and invest considerable time and energy in and that you internalise. 25
When using your strengths, your work is infused with passion, energy and concentration.
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Uncover your talents’ strengths As a talent manager you can coach your talents to a greater realisation of their strengths by asking them to share situations where they have experienced particu larly high levels of concentration, subjective vitality and
harmonious passion. You can also ask your talents to take the free online character strengths test (https://www.viacharacter.org/survey/account/ register) and let the results guide a further explorati on of their signature strengths.
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Generating trust Trust is a prerequisite for gaining followership, and hence the level of trust you manage to generate with your talents will be highly indicative of your success as a leader. There is no shortcut to trust – it must be earned, deserved and continuously rein forced. However, once established the potential value and impact that can spur from your relationships are immense. David Maister and Charlie Green summarised their many years of work with trust into a simple concept called The Trust Equation. It breaks the concept of trust into four variables.
THE TRUST EQUATION (CREDIBILITY)
(RELIABILITY)
(INTIMACY)
(SELF-ORIENTATION)
TRUSTWORTHINESS
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The four variables of trust • Credibility Has to do with the words we speak and relates to technical expertise. In a sentence we might say, ‘I can trust what she says about intellectual property. She’s very credible on the subject.’ • Reliability Has to do with actions and relates to our ability to keep our promises. We might say, ‘If he says he’ll deliver the product tomorrow, I trust him, because he’s dependable.’ • Intimacy Has to do with emotions and relates to the safety or security that we feel when entrusting someone with something. We might say, ‘I can trust her with that information. She’s never violated my confiden tiality before, and she would never embarrass me.’
• Self-orientation Has to do with focus and relates to whether the person’s focus is primarily on himself/herself or on the other person. We might say, ‘I can’t trust him on this deal. I don’t think he cares enough about me; he’s focused on what he gets out of it.’ Or more commonly, ‘I don’t trust him. I think he’s too concerned about how he’s appearing, so he’s not really paying attention.’ Your trust index How do you score on the four variables? Contemplate your behaviour and consider where your greatest are as of improvements lie. You can also take a free trust quotient assessment to gain greater self-insight about your areas of strength and development as well as inspiration on how to raise your trust index.
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Adapting your style Too much small talk. Too little small talk. Too high-level. Too detailed. Too risky. Too conservative.
DR I
Relationship-oriented Consensues-orianted Ambiguity-toletant Empathetic Diplomatic Trusting Helpful
Detail-oriented Methodical Realistic Structured Cautious Rederved Loyal
TO
Skeptical A Planner Concrete Emotionally Contained Punctual
N
Direct Logical Focused Quantitative Competitive Experimental Tough minded
AR
D
Energetic Adaptabel Networked Imaginative Brainstormer Spontaneous Novelty-Seeking
IA
R EE
RA
G
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TE
If you and your talents have not already taken the Business Chemistry assessment and received your profile, please do not hesitate to reach out to HR to get started.
Optimistic Spontaneously Generous Big Picture Thinkers Emotionally Expressive Collaborative
IN
The four different behavioural patterns, Pioneer, Driver, Guardian and Integrator, all represent a set of preferences that you can learn to spot and accommodate. Easy-to-apply materials are available to make your use of the system simple and successful.
Rapid Decisions Rsik Tolerant Takes Charge Tolerates Conict Exploratory
R VE
Bridging differences in personality with Business Chemistry Expressly designed for use in a business context, Business Chemistry is a Deloittedeveloped personality system that draws upon the latest analytics technologies to reveal four scientifically based patterns of behaviour. The system is designed to provide insights about individuals and teams with the purpose of improving relationships.
PI ON
We are all different and have different preferences. Depending on personality, years of work experience and level of technical expertise, the needs and wants of your talents will probably differ significantly. You can increase the effectiveness of your relationships by being aware of how you can adapt your style to meet their needs and preferences.
R
Deliberate Decisions Rkis Averse Introspective Avoids Conict Traditional
GU
Considering experience and competence when choosing your leadership style The levels of experience and competence of your talents are also factors that should be considered when deciding on your leadership ap proach. Graduates will require one type of leadership, whereas consultants high in both experience and competence will require another. The model below displays four examples of profiles that each has a different combination of experience and competence and gives clues to the leadership style that may be appropriate.
Charact eristics Style Charact eristics Style
Relatively high organisational understanding
Relatively low organisational understanding
Relatively low technical competence
Relatively high technical competence
Talent is new in consulting and needs to work in a new way within a new area of expertise. Typically graduates or talents without consulting experience.
The talent does not know consultingkompetence but has strong technical Relativt lav organisatorisk
• • • •
•
Supporting and guiding. Sets direction for short-term and long-term goals. Has a high degree of empathy. Is highly engaged in the talent and meets often with him/her.
The talent needs to work in a new way or learn new but is familiar with consulting and the ways of working.
• •
Contributes primarily with technical sparring and guidance. Contributes to the goal-setting process and advises on development needs.
expertise.
•
Provides structure and contributes with the building of the talent’s network. Gives sparring to help identify organisational opportunities and limitations.
The talent knows consulting and has a relatively high technical competence and is fairly self-propelled.
• •
Supports the talent with sparring with regard to technical, political and/or interpersonal challenges. Requires a talent manager who is very experienced and knows the organisation as well as the talent’s technical area of expertise.
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Being of value to the business
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Being of value to the business Actively engaging in the service line leadership As part of the Deloitte Consulting leadership team a key aspect of your role is to support the alignment of priorities from the leadership in the service line down to each talent. This can only be achieved if you actively engage with the other leaders in the service line. This engagement is facilitated through a number of touchpoints throughout the year that you are expected to prioritize. Meeting structure for the service line leadership Career planning
Touch base
Mid-year
Year-end preparation
Year-end
When: June
When: September/October
When: December/January
When: March
When: May
Who: Talent managers, service line leaders
Who: Talent managers, service line leaders
Who: Talent managers, service line leaders
Who: Talent managers, service line leaders
Who: Talent managers, service line leaders, commercial leads
Purpose 1) Discuss career plans to generate shared sense of ownership of the performance of each talent 2) Create overview of the talents that have the biggest need for education
Purpose 1) Follow up on career planning 2) Fill in the talent matrix for the service line
Purpose Discuss performance and potential promotions
Purpose 1) Discuss performance and promotions 2) Update talent matrix
Purpose Decide on proposed ratings and promotions for the service line
Agenda Discussion on each talent: • Link between strategy and career goals • The right staffing • Development activities • Education/coursework
Agenda • High-level review of career plans • Create talent matrix for all levels
Agenda Discussion on each talent: • Performance • Promotion potential • Risks/issues • Actions
Agenda Discussion on each talent: • Performance • Promotion • Risks/issues • Actions
Agenda • Rating of talents • Decision on proposed promotions • Risks/issues with regard to the proposed ratings and promotions • Discussion of feedback to talents
Ongoing touch-base meetings (15-30 minutes ‘the car call’) When: Monthly Who: SLL and TM 1:1 Purpose: Status on the talents Focus: Status on performance, well-being, risks/issues and actions 33
Developing your talent manager skill set
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Developing your talent manager skill set
The essential talent manager leadership competences Four competence areas from Deloitte’s global leader framework are defined as essential to the talent mana ger role. The talent manager will also need to commu nicate strategic direction and influence other leaders to a certain degree, but as they are not considered core competences for the role, they are not marked as target areas in the overview below.
Deloitte’s global leader framework To be a leader, you should have … Non-negotiables
Indicators of potential
Quality, ethics and integrity Engenders trust
Change potential Drives and responds to change; sees opportunity in uncertainty
Candour Uses straight talk
Intellectual potential Thinks quickly and flexibly
Collegiality Teams across cultures and boundaries
People potential Adapts to complex and changing interpersonal demands
Mobility Welcomes development moves
Motivational potential Adapts personal drive and focus to achieve in new and changing contexts
© Deloitte 2016
A leader at Deloitte ... Competitive edge Drives business competitiveness and innovation. Influence Builds key relationships and wins people over without using position. Performance drive Achieves results through others. Strategic direction Sets and communicates vision and direction for people. Talent development Develops people for the longer term. Inspirational leadership Inspires followership and models sense of partnership.
Market leader | Client leader | Practice leader
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Deloitte Consulting talent manager training Deloitte Consulting offers a modular talent manager training a couple of times a year. The purpose of the programme is to train the participants in the core ta lent manager competences through a combination of theoretical input, conceptual frameworks, case studies and practical application. Examples of topics covered are: • Coaching and feedback • The difficult conversation • Career motives and motivation The course is mandatory for all new talent managers and open to all experienced talent managers who wish to refresh their skills.
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References References Understanding motivation Deci, E. L., & Ryan, R. M. (1985). Intrinsic motivation and self-determination in human behavior. New York, NY: Plenum. Deci, E. L., & Ryan, R. M. (2000). The ‘what’ and ‘why’ of goal pursuits: Human needs and the self-determination of behavior. Psychological Inquiry, 11, 227-268. Ryan, R. M., & Deci, E. L. (2000). Self-determination theory and the facilitation of intrinsic motivation, social development, and well-being. American Psychologist, 55, 68-78. Building on strengths Dubreuil, P., Forest, J & Courcy, F. (2014). From strengths use to work performance: The role of harmonious passion, subjective vitality and concentration. The journal of positive psychology, 9 (4), 335-349. Harzer, C. & Ruch, W. (2012). When the job is calling: The role of applying ones signature strengths at work. The journal of positive psychology, 7. 362-371. Harzer, C. & Ruch, W. (2013). The application of signature character strengths and positive experiences at work. Journal of happiness studies, 14. 965-983. Littman-Ovadia, H. & Davidovitch, N. (2010). Effects of congruence and character-strength deployment on work adjustment and well-being. International journal of business and social science, 1. 138-146.
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Littman-Ovadia, H. & Steger, M. (2010). Character strengths and well-being among volunteers and employees: Toward an integrative model. The journal of positive psychology, 5. 419-430. Asplund, J. & Blacksmith, N. (2012). Leveraging strengths. In K.S. Cameron & G.M. Spreitzer (Eds.), The Oxford handbook of positive organizational scholarship. 353-365. Oxford University Press: New York. Clifton, D. & Harter, J.K. (2003). Investing in strengths. In K.S. Cameron, J. Dutton & R. Quinn (Eds.), Positive Organizational Scholarship. 111-121. Berrett-Koehler: San Francisco. Hodges, T.D. & Asplund, J. (2010). Strengths development in the workplace. In P. Linley, S. Harrington & N. Garcea (Eds.), Oxford handbook of positive psychology and work. 213-220. Oxford University Press: New York. Hodges, T.D. & Clifton, D. (2004). Strengths-based development in practice. In P. Linley & S. Joseph (Eds.), Positive psychology in practice. 256-268. John Wiley: Hoboken. Generating trust Greene, C., Galsford, R. & Maister, D. (2002). The Trusted Advisor. Touchstone: New York. www.trustedadvisor.com www.davidmaister.com
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About Deloitte Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. To learn more about how Deloitte’s approximately 225,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter. Deloitte Touche Tohmatsu Limited Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. © 2016 Deloitte Statsautoriseret revisionspartnerselskab. Member of Deloitte Touche Tohmatsu Limited.