The below are some of the observations I’ve seen while working on projects in Ireland in financial services which resulted funds being wasted:
- Managers hiring their friends on inflated salaries often for inappropriate roles.
- Sales reps selling IT solutions with no technical background to people who also have no technical background. Resulted in the acquisition of software which didn’t work for its intended use.
- Selecting tools (Clarity) which are completely unsuitable for financial management resulting in significant additional hours by project managers who were on an average of €1,000 per day (incl. VAT @ 23%)
- Project managers doing administrative tasks which could have been done by those on a lower daily rate.
- Managers inventing work to justify inflating their teams.
- HR limiting the number of agencies they are willing to work with resulting in inflated daily rates, as much as 100%.
- Continuing to hire vendors who have a bad track record.
- Not validating deliverables by those who have the expertise to verify if a development is fit for use.