Written By: The Allianz Research Department

• As Russian gas supply is coming to a halt, the fight against inflation is raging and political uncertainties coalesce, our previous adverse scenario has become reality. The trifecta of lower growth, higher inflation and higher rates will hit even harder. We expect global growth to slip into negative territory in Q4 (-0.1% q/q), followed by a slow recovery at +1.5% in 2023. Consumer sentiment has already plunged to record lows and business confidence continues to deteriorate rapidly, which will hold back consumption and investment.
• Eurozone growth is likely to plunge to -0.8% in 2023 due to soaring energy prices and negative confidence effects. Increased fiscal support to the tune of 2.5% of GDP on average and limited monetary easing after mid-2023 will help make the recession shorter and shallower, and limit the risks of social unrest.

… Read the rest

Written by: Mark Teeter, CCE

The first step is the hardest. Something we’ve all heard and something most of us know to be true. So why is it we shy away from that first step, knowing the second is easier and before long those steps become fulfilling? The fear of the unknown, not knowing what to do or say, the fear of failure or possibly rejection? These are all powerful reasons many stay unengaged in the things, groups, causes, and organizations that matter to them.

I want to encourage you though to take that first uncomfortable step toward engagement and involvement in serving others through the groups and causes you connect with. By getting involved in a volunteer role with any organization that speaks to your interests, you not only get the benefit of a deeper knowledge of that organization, but you have a voice in that organization and begin to develop a deeper-rooted connectivity with your peers.… Read the rest

Written by: Jamilex Gotay, editorial associate, NACM National

Investopedia names complacency as one of the top six reasons a business fails, and a culture of complacency prevents leadership teams from predicting a downturn and other risks that can harm a business.

Signs of workplace complacency include employee disengagement, disinterest in other opportunities, taking shortcuts, frequent mistakes, minimal initiative and neglecting tasks. Complacent employees like to stay put and are not looking to grow, which can harm a company. Industries most at risk for workplace complacency are construction and healthcare, due to the high number of potential hazards, according to Indeed.

“Complacency can lead to underperformance, lower client satisfaction, and workplace accidents,” reads an article from Teambuilding.… Read the rest

Written by: Dun & Bradstreet
Why It’s Time to Rethink How You Treat Slow- And Late-Paying Customers
In the pandemic recovery environment, organizations have increased scrutiny of cash flow and revenue — and the processes that impact them. As finance and treasury leaders have been pressured to boost cash flow and growth, so too have the accounts receivable and collections staff that supports them.

Help has come in the form of digital transformation, a phenomenon that the COVID-19 crisis accelerated. Accounts receivable and collections management teams benefitted from updated technology that has automated multiple aspects, including workflows, account monitoring, communications, and remittances.

But technology isn’t the only way to modernize B2B collections. It’s time to incorporate risk-based account segmentation to improve collections and recovery results.… Read the rest