Generation invest : Gen Z and millenials more likely to invest than older counterparts
CONNECTING BUSINESSES ACROSS THE UK
Anna
www.paramountmedia.co.uk
SEPT / OCT 2023 Issue 14
How can businesses build supply chain resilience?
Tech for good - How the metaverse is being used to stop discrimination in the workplace
South East
How to create a learning and development strategy
A guide for first-time leaders and managers
New Survey shows Gen Z and Millennials AI jobs fear
Over 3m workers say their most toxic relationship is one with their boss
Five Cycling Start-Ups : Tapping into the growing demand for sustainable transport
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Issue 14 Paramount Media
Page 18 A guide for first-time leaders and managers Page 21 Five Cycling Start-Ups : Tapping into the growing demand for sustainable transport Page 22 New survey reveals 7 in 10 Brits believe its harder than ever to retire in the UK Page 23 Average office worker is a "sitting expert" Page 25 8 in 10 Brits are planning the adventure of a lifetime - but over a quarter don't have travel insurance Page 26 Employee management experts answer five commonly asked questions about the challenges of remote working
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Welcome
Contents
Page 5 How can advancements in technology support the travel and tourism industry? Page 8 Secret to Success - Four ways to grow your business with people at heart Page 10 The role of shopping centres in creating communities and shaping urban areas Page 13 Amplify your small business - The importance of attending events Page 14 Rising number of people turn to equity release amidst mortgage rate crisis Page 16 New Survey shows Gen Z and Millennials AI jobs fear
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How Can Advancements in Technology Support the Travel and Tourism Industry?
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Data shows that 59% of Brits are looking to travel more this year than in 2022, and with 42% of holiday-goers using online bookings to bag their hotels, technology has become a key battlefield in the holiday market. But how is technology assisting across the travel and tourism industry to benefit the business owners in charge of holiday destinations, from major all-inclusives to Airbnbs and guest houses? Holiday shopping Reaching out to your customers before their holiday is even booked is crucial for bringing traffic in, and technology is having an increasing handle on this. Advisor ratings, for example, are one of the various ways technology can affect your travel business. From customer reviews, your business is being represented online – good outcomes can translate into more sales, so ensuring all queries, online complaints, and even positive feedback are managed correctly is crucial. And with the consistent growth of augmented reality, your customers could want a taste of the experience before they buy. Providing room tours, with stunning views, of course, can help sell your destination as a must-go. Waste management Scott Hawthorne, Managing Director at Skips & Bins, says: “Waste management is crucial for every business, especially in the travel and tourism industry. In a market where appearance and speed are paramount, making sure your locations are waste free, even with the mass footfall you receive, is key.” Whether your holiday home has had a redo and you need 4 yard-skips to clear your debris, or your holiday destination sees hundreds of people each week producing mass amounts of waste, technology can help. Some upcoming waste technologies include waste indicator levels which can instruct you when your waste storage is getting too full, even if you are not near the location. AI recycling robots can also help separate your waste in the most efficient manner. Sustainable waste management is another trend which could help boost your business as an environmentally friendly competitor. Some waste management businesses offer services which can offset the carbon emissions of waste collection, making this a zero-carbon – meaning your business can thrive from successful waste management without worrying about impacting the environment. Customer experience Ensuring your customer experience is high-quality is something we all strive to achieve, but did you know technology could help speed up this process? Customers don’t want to be standing in lines when they reach their destination; they want to explore their room and hit the pool. So making sure your booking process is clear, quick, and hassle-free is a must when it comes to improving customer satisfaction. Having self-check-ins can be one way of giving your customers a choice when they arrive. Facial recognition can also help improve the process as your customer’s bookings can be verified alongside their ID – ensuring all bookings run smoothly. Technology kiosks could also be used to answer frequently asked questions, such as the location of popular restaurants, or to help your customers book spa treatments or even taxis. Payments Technology alters the way customers travel, and one advancement which has proven this is the changes in payment, including the invention of contactless payment. Secure payment methods such as contactless can also help your customers with quick bookings – letting you fill those important last-minute rooms on the weekend. If your business doesn’t allow quick bookings, you could be losing out on some late wins. And not only does it give your customers more options on how they pay, but it can also help improve the quality and speed of refund requests. Even unhappy customers can be satisfied if their complaints are handled with care, concern, and speed. Technology is touching every industry, and the travel industry can benefit from it. Customers use technology in many ways while travelling, from translation to planning directions, so our travel businesses need to be using it too.
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Towards the end of 2022, 77% of small businesses in the UK predicted growth in the coming year. But as market demands consistently shift, simply wishing for growth isn’t enough. In fact, planning and structure must go into any business adjustment you predict to see in the future, whether positive or negative for your business. With the current cost-of-living crisis already having an impact on employers, through raising wage demands and more, it is more important than ever to consider strategic business growth and ways of expanding your business which will benefit you. Here we will explore a few ways you can start growing your business further in the next year and beyond. 1. Hire well When it comes to growing your business, it is important to focus on your current staff and where you would like your business to go. If you want to grow your business in a specific area, such as customer services, you might want to hire managers or employees with prior experience in this area. Filling talent gaps can help build your business from the inside out. These members won’t only have an instant impact on your business by bringing their expertise to the forefront, but they can also be useful in training your current or onboarding staff. 2. Focus on retention You should also focus on staff retention. Making sure your workplace is a productive place for your employees is important for retaining staff. In fact, happy employees are less likely to quit, and with 40% of Gen Z likely to leave their jobs within the first two years, it’s important to focus on social concerns and employee happiness. Offering staff food and drinks could be a way to incentivise your workforce. Considering shared coffee facilities or even commercial slush machines during the summer months to increase the comfort of your staff during the workday. However, you might also want to consider larger incentives, such as workplace benefits including memberships and extended holidays. Staff happiness and retention will also extend to client retention. Happy employees not only work harder, with happy employees being 20% more productive than their unhappy colleagues, but they might also interact with your customers in a better way, increasing your customer loyalty growth and helping your business grow stronger. 3. Networking Another way to grow your business is by networking with others, whether these are local businesses or companies within the same sector as you. Attending business events can be a great way to kickstart your conversations with competitors and other retailers, for example. Networking can also help increase the likelihood of strategic partnerships. These might expand your business beyond your normal customer base and increase your service or product offerings, both of which can help grow your business. 4. Corporate responsibility As your business grows, more media attention might be pointed at your company’s morals. In fact, 71% of customers want to support businesses which match their own values. This can expand from social issues to environmental. With the current fight against climate change, it might be worth investing in Chief Sustainability Officers who can oversee your company’s actions, messaging, and marketing. They can ensure that you’re not only sharing the correct message but also that your business is adhering to its values. Whether you are looking to improve the comfort, and happiness, of your employees or are seeking to hire new staff members to fill gaps in your workforce, building your company comes from the people. Understanding what your customers want, including which partnerships might share your core business values, can ensure your business is growing.
Secrets to Success - Four ways to grow your business with people at heart
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Shopping centres are so much more than a place to purchase a new outfit or a loved one’s birthday gift. In recent years, they’ve become an exciting social hub that serves in strengthening communities and shaping urban areas. Online shopping continues to grow even post-pandemic, meaning it’s never been more important that these complexes continue to differentiate themselves from online retailers, cementing their place in society. Across the UK, there are around 528 shopping centres that need to stay relevant in the digital age. What makes shopping centres so opportunistic for brands and communities is the varied footfall. From the solo shopper to the young family looking for fun; the teenagers hanging out to the millennials running errands. Jade Wilkie, marketing manager of Glasgow-based The Forge Shopping Centre, explores how shopping centres play a crucial role in helping communities thrive. Events In many UK cities and towns, events are held throughout shopping centres. The type of events can vary significantly, but most exist with the aim of educating or entertaining an audience. These occasions give locals the chance to meet new people and have fun from one convenient spot, offering a well-deserved break from shopping or running errands, or just something to do on a Saturday afternoon. Events include: · Job/career fairs · Concerts and shows · Seasonal activities (such as Easter egg hunts or Santa’s Grotto) · Pop-up stores · Sports · Games · Workshops · Simulators · Competitions As the cost-of-living crisis deepens, more people are seeking local, budget-friendly activities that don’t compromise on fun or facts. Many events in shopping centres are either free to attend or significantly cheaper than if they were held in an independent venue. While they may not make a large profit from these events, shopping centres can still benefit from gaining consumer data, increasing centre awareness, social media exposure, and strengthened loyalty from customers. Employment opportunities The existence of a shopping centre in a town or city means consistent, significant employment opportunities for the local community. And there’s quite a few shopping centres per area! · London – 65 · East of England – 39 · East Midlands – 32 · North East – 19 · North West – 55 · South East – 82 · South West – 46 · West Midlands – 43 · Yorkshire and the Humber – 40 · Northern Ireland – 28 · Scotland – 56 · Wales – 23 Let’s take the UK’s biggest shopping centre as just one example. Westfield London spans across 150,000m² (1.615m ft²), which is the same as around 30 football pitches. Inside the precinct is a whopping 255 stores, all of which need local staff to run. Additionally, there are further employment opportunities beyond retail. Successful shopping centres need security staff, facilities managers, marketing teams, cleaners, and more. These job opportunities can serve communities in an obvious sense, by providing employment so people can afford housing, food, and utilities, but also by allowing them to explore different career paths. This is especially important for the younger generation. Jade said: “Everyone in Glasgow will already know just how much community matters to us here at The Forge. We’re always going out of our way to support local people, local businesses, and local charities, understanding that times are incredibly difficult right now and additional opportunities are needed. “Shopping centres have a responsibility to support their neighbourhood in any way that they can, whether that be through employment or events, and this duty can’t be shied away from.” Leisure and hospitality Most centres now have offerings beyond stores and events. Most likely, you’ll find an exciting hub of bars and restaurants among all the shops, or at least a few fast-food options. This underpins a shopping centre’s place in society as it offers something online retailers can’t... An opportunity to catch up with family or friends over a bite to eat, or a way to refuel in the middle of a busy shopping spree. In terms of leisure, the bigger the shopping centre, the more varied the offerings. Predominantly you’ll find a cinema attached to one of these complexes, but in some cases, consumers can even be offered bowling lanes, arcades, and mini golf courses. These options provide families and teenagers with means of entertainment beyond games consoles and social media apps. As we’re often warned, excessive use of technology can be disruptive to relationships and prevent the development of vital relationship skills and communication skills. Communities need varied, cost-effective, and more importantly, physical options when it comes to arranging social gatherings and family days out. Shopping centres offer exactly that, which strengthens their place in cities and urban areas. Economy Shopping centres play a crucial role in supporting the local economy, and not just through the employment opportunities discussed above. With each complex, significant value is generated from the construction supply chain through direct impacts, indirect impacts, and induced impacts. This means that before a shopping centre has even opened its doors, it has contributed to the economy. The existence of shopping centres creates local income tax contributions, cost savings to the government, inward investment, and additional growth. Put simply, a strong economy means a better standard of living, which is why it’s in every community's best interest to ensure their own is as sturdy as possible. Shopping centres can’t do it alone While shopping centres do indeed play such a crucial role in our communities, they can't uphold their responsibilities without us, the consumers. These precincts rely on people visiting the centres, buying from shops, and engaging with activities and events. Without this support, they can’t keep assisting the community in all the incredible ways that they’re doing right now. You should consider this thought the next time you visit a website to make purchase or need to plan the next fun day out with family or friends. Shopping centres play a critical part in maintaining a healthy, happy community, especially in urban areas. Let’s help them help us.
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All over the United Kingdom, business events are taking place. From the recent London Book Fair and Progressive Greetings Live to upcoming events such as Glee, there are many opportunities for your business to get involved. Whether you are owning a stall at one of the upcoming events or dropping by for a visit, making sure you learn about these events and what they can do for you is important. Here we will explore the benefits that any small business can have from attending a business event. Your company profile Attending events is a great way for you to build your company’s repertoire with potential clients and partnerships. Often, emails and other distance communications can become lost when you are reaching out to new businesses. However, attending an event means that you could have the opportunity to speak to more people in person. Whether you are simply attending to represent your company or have a stall dedicated to your business, talking to people is the first step in establishing better communication between yourself, your customers, and other businesses in the market. By applying for a stall at an event, you can represent your stock, products and services better. Sustainability Business events can even benefit your sustainability efforts as a company. As you learn more about the industry, you might find new market trends which work alongside your environmental efforts, such as finding distributors with similar carbon neutral goals as yourself, for example. You might even attend a sustainability event to better understand your company’s impact on the environment and to find out what other businesses are doing to help reduce their impact on the environment. 82% of shoppers want to support companies that represent their values with regards to sustainability and the environment, so making sure you are clued up on the current developments in climate change and your impact on this is key to engaging a loyal customer base. Accreditations are another way your business can focus on bettering its environmental impact. Working with organisations such as the Forest Stewardship Council and World Land Trust can ensure that you aren’t harming forests and natural landscape, but rather positively contributing to them. Designs and trends Business events can also be a great place for you to discover new design trends emerging within the market. For example, if you stock a gift shop then you might meet greeting card publishers who offer trendy designs or a retail shop might find a trend in children’s fashion to stock their stores. Making sure you are networking with frontrunners in the industry can help you establish market trends and customer demand. Being ahead of this can mean that your business is prepared to supply what your customers want, improving your business. You can also learn about marketing trends occurring within your industry, helping your business communicate with customers better. This might include personalisation as a marketing technique, for example. Keeping up with the movements of your industry means that you can reduce the competitive edge other companies might have over you. Business growth Not only does networking help develop your business further but the array of workshops and talks that are available at business events can help you develop your business. Business growth can come from you extending your knowledge within the market, as well as in business management. By attending workshops and business-led talks that interest you, you can further develop your business. This can also give you a means of connecting with other businesses as you discuss the talks you have been to. Signing up to host your own discussions can also be beneficial for your company as it can establish you as a thought leader within the area. This will also help build your profile as attending, and even passing, companies can learn from your presentation. No matter whether you are attending simply to view your competitor’s stalls or you are establishing yourself as an expert within the industry by hosting your own discussions, attending business events can help boost your business. Small businesses can use these events as networking opportunities to help build their profile even in a saturated market.
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Why is it Important to Attend Events as a Small Business
The Bank of England said this month that mortgage payments will rise by at least £500 a month for nearly one million households between the end of this year and 2026,1saying that many mortgage holders "may struggle with repayments" on loans. Mortgage stress is hitting levels last seen in the 80s, as nearly a third of borrowers aged over 55 fear the cost-of-living crisis will hinder their ability to repay their mortgage, with 3.3 million over 55s who have yet to repay their mortgage, according to new research.2However, many homeowners over 55 are unaware of the options available to them, which include Equity Release. 55Plus, the independent equity release specialist, said equity release cases across the industry have rapidly increased this year, as homeowners over 55 look for solutions to combat rising residentialmortgage rates. The national company, which has expertise in all aspects of equity release, has witnessed an increase in enquiries from people looking to remortgage, as a direct result. Jan Johnson, Founder and Director of 55Plus, said: “After more than a decade of residential rates at 0.75% or below, this has left many homeowners whose fixed deals are ending, and those on tracker mortgages,facing huge blows to their financesand even losing their homes as a result. We urge all homeowners over 55 to look at all options available to them.” Jan added: “Expectations that borrowing costs might rise even further has pushed up mortgage rates. This month, the average residential rate on a two-year fixed deal hit a 15 year high of 6.66%.” New figures, obtained by 55Plus, from financial services provider Canada Life, revealed that nearly half (44%) of all equity release applications were to remortgage from January to March 2023. Steven Scales, Proposition Director, Home Finance, Canada Life said: “With rising interest rates, coupled with a prolonged cost of living crisis, some homeowners reaching the end of fixed deals or on variable rates are facing repossession or being forced to sell up.” He added: “In today’s unpredictable economic environment, equity release can offer peace of mind and certainty for homeowners aged 55 and over, especially given the rise in house prices in the last few years. Whether you are being confronted by the possibility of repossession, or simply want to free up some cash from your home, it is worth speaking to an independent financial adviser to understand your options." Equity Release gives flexible repayment options, whereby you have the choice to either pay nothing at all towards the debt or overpay the interest if or when you prefer. This has made it popular with people over 55 looking to release the value from their homes to support necessary costs without selling, with the assurance that they can remain in their house until they pass away, move into long term care or the property is eventually sold. EQUITY RELEASE CASE STUDY Mr Philip Jenner, a retired 70-year-old from Quedgeley, Gloucestershire, was facing repossession of his three-bed family home, due to the rates increase, and had a 51-year-old wife and 11-year-old daughter to protect. Philip had taken out a mortgage with Barclays in 2010 and was struggling to make the repayments since January 2023, with an outstanding balance of £60,000. He had spent all his savings on acquiring the house and had no other financial support. At an interest rate of 6.77pc, his repayments were due to jump from £533 to £1,666 a month. This included a repayment plan to Taylor Wimpey, the developer, who he had fallen short on repayments for. Jenner was keen to extend the term on the mortgage with Barclays to reduce the tripling payments, but Barclays informed him that he would have to buy out Taylor Wimpey first to do this. To make matters worse he was turned down by the main equity release brokers. However, he was then put in touch with 55Plus adviser, Ian Akeroyd, who completed the a scheme in July this year. A total of £65,000 was released, paying off the remaining interest with Barclays, allowing Mr Jenner to be free of mortgage payments and remain in the family home. He was given the flexibility to pay as much or nothing at all for the next 15 years, giving him the breathing space needed. Mr Jenner said: “I feel the banks are not pulling their weight to help with the mortgage rate crisis. I know they’re not charities, but some support would have been appreciated. I was in tears on many occasion and could not see a way forward.” “There are many like me, who have found themselves in a difficult position, with many brokers turning us down due to being in complicated situations. I was very lucky to have found Mr Akeroyd at 55Plus, who spent considerable time working out what was best suited in my circumstances,” he added.
Jenner Family - Case Study
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Rising number of people turn to equity release amidst mortgage rate crisis
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New survey shows Gen Z and Millennials AI jobs fear – as 61% say it will take much of their role
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In the first UK survey of its kind, strategic skills provider Corndel can today reveal the extent to which employees fear that Artificial Intelligence will take all or part of their job, with younger workers particularly worried. 61% of them believe that this new technology will take at least 25% of their role by 2023, with 38% of the 18-34 year olds fearing that AI will take at least 50% of their job in the next ten years. 39% of the UK employees believe that it will impact them in the same way, yet 82% of employees have had no AI training. This number rises to 96% of those over 55-years-old, reflecting a neglect of data skills in the UK that are highlighted in a new report, which is also published by Corndel today. Research b McKinsey Global Institute found thatdata-driven businesses are 20-plus times more likely to acquire new customers and six times more likely to retain them, highlighting the significant impact of data-driven leadership on an organisation's success in the UK market, yet many organisations are struggling to make headway. The new research published in theBetter Decisions, RealisedReportb C orndel reveals more than nine out of ten (92%) of employees who work with data tasks believe there is a data skills gap in their organisation, with almost one-third (32%) of data professionals reporting a large data skills gap in their organisation. The potential impact of concerns over both lack of training and AI were brought to the fore in a recent joint event held by Corndel and Imperial College Business School to showcase the AI modelling work of Imperial’s Associate Professor Dr Mark Kennedy. Dr Kennedy unveiled FOO.CASTR (Future of Organisations–Caster) – an innovative visualisation tool designed to empower organisations to model their future trajectory and the impact of advanced technologies, including AI. The tool provides a glimpse into what the future might hold for organisations and the broader shape of work itself, via a demonstration of precise, data-driven models that capture the intersection between technological evolution and job roles. For its report, Corndel surveyed 300 senior data leaders and 1,500 employees who work with data tasks, with over a third (35%) of data professionals believing that the biggest impact of the data skills gap in their organisation is reduced efficiency and productivity. Almost half of senior decision-makers in data roles believe that a lack of data skills is holding back their organisation’s business transformation, with 37% identifying data literacy as a significant barrier to economic success. Professionals who work with data also pinpointed an increased risk of errors and misinterpretation at work (32%), higher levels of stress among employees (29%), missed growth opportunities for their organisation (29%) and limited problem-solving capabilities (28%) as other key risks and threats to their organisation as a result of the data skills gap. Corndel’s Better Decisions, RealisedReport uncovers how four in ten employees (44%) believe lack of time allocated for learning and skills development is a major challenge in keeping up with evolving data skills and knowledge in their organisation This figure rises to 55% of employees in larger organisations with 1,000+ employees. A wide range of other issues are also identified as challenges to maintaining up-to-date data skills and knowledge in their organisation, including insufficient support or budget from the organisation (33%), limited access to relevant and up-to-date training resources (32%), and difficulty in identifying the most relevant skills to focus on (30%). The report highlights the key role workplace training and development has to play in ensuring the data skills gap is closed and organisations can make data-driven decisions to drive growth and competitiveness. The research found that over half of those working in data roles (53%) believe ‘on the job’ workplace training and experience is the best solution to eliminating the data skills gap, while four in ten said access to online training (43%) and more access to data analysis tools and software (39%) would best solve the issue. James Kelly, CEO and co-founder of Corndel, said: “Our research shows that many UK organisations are struggling to embed the data skills needed to fuel growth and drive performance. Nearly a third of employees who work with data say they aren’t confident in understanding, analysing and drawing insights from data, which is a major concern in today’s business environment.Concerningly 82% of employees have not had training in data, tech or any AI-based tools.This proportion rises to 96% for older workers over 55,which is a red flag for productivity and labour market participation. “Younger employees are already acknowledging the risks of being left behind by technology, which is shown in the large number of 18-34 year olds who think their jobs are at risk from AI. Only by implementing continuous skills development programmes to support lifetime learning among employees, as well asinvesting in technology and data infrastructure, can organisations empower their employees to leverage tech and data knowledgeably, confidently and effectively, to fuel transformative change and drive successful performance.” David Brown,Director of Executive Education at Imperial College Business School said: “This report is a powerful asset – helpful, concise, and spot on. It highlights the perennial paradoxes we face: first, an acute need for more digital capabilities, hindered by an unwillingness or inability for individuals and companies to invest for several good (and mostly not good) reasons. And second, it highlights the need to blend hard and soft skills in the workplace. In today’s fast-paced world, delaying decisions has significant consequences, perhaps sooner than we think. Conversely, the ROI on capability development is much faster, tangible, and easier to prove.” Partnership with Imperial College Business School Corndel delivers its data skills programmes and executive leadership programmes in partnership with Imperial College Business School, which was recently ranked the sixth leading university in the QS World University Rankings. Corndel partners with organisations across a wide range of sectors, from FTSE 100 businesses to national charities and government organisations, to deliver data skills training combined with leadership and management skills to enhance business performance, boost productivity, build resilience, and transform workplace culture. For example, its recent partnership with Hospice UK has enrolled nearly 100 hospice professionals from across the country in the Hospice Data Academy to enhance their data skills and knowledge in the care sector’s increasingly data-driven workplace. To view the full report visit Corndel.com
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A Guide for First-Time Leaders and Managers
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Managing a team can be an exciting experience but it can also pose challenges, particularly for first time managers and those transitioning from a team member to a leader. Statistically, managers promoted from within are more likely to be respected by their former teammates compared to an external hire – but there are still challenges ahead for those chosen to lead a team they were once a part of. A manager requires a new set of skills and qualities, so how best to develop these and introduce them into your working day? Dominic Finch, head of creative change at Impact, the world’s leading experiential learning company, said: “As a manager, particularly as a first-time manager or as taking over a new team, your skills and qualities will develop to be the most effective manager you can. “By undergoing leadership development training, managers can gain new skills and build on their ability to communicate affectively, assert their position within the business and drive performance within the team and the organisation as a whole”. Clarify What Your Responsibilities Are When taking on a managerial role for the first time, it is crucial to gain a thorough understanding of what the role is and where your responsibilities lie. In any aspect of running a business, knowing your responsibilities is key to successful performance. Think about how you would manage to run a project without knowing what you were expected to do – managing a team is no different. It is important to establish your role as head of the team, as well as the responsibilities of the team members to allow efficient working and overall successful performance. Speak to other managers, see how they manage their teams and don’t be afraid to ask for any advice along the way. Take on board feedback from peers, as well as team members. All of this can help you develop as a manager and grow into the role. Communicate Effectively Communication is a key part of any business, and as a manager you will need to communicate effectively throughout the team, and to the wider organisation. Part of the communication strategy as a manager involves listening as much, if not more than, as you talk. A manager that shows the willingness to listen will find that employees are more likely to open up, and you may find that they are more likely to come to you with suggestions for the team, which could be beneficial for everyone. Listening to employees and acting upon feedback will create an element of trust, as well as employees becoming more receptive to ideas that you communicate. When communicating, especially a change of process or important information, it is important to make sure that staff find out from you as a manager and not second hand from someone else. Where possible, try to gather staff and communicate any big announcements to all of the team, as information slipping out through office whispers can cause unrest and can make you lose respect as a boss. Delegate Responsibility A common mistake newly promoted managers make is still getting involved in the small, day-to-day tasks that they used to be responsible for. There are a couple of reasons this can happen, apart from just force of habit. Managers can be keen to show that they are not afraid to get stuck into tasks, and that they are not above helping out at the level of the rest of the team – particularly of the team is short-staffed for one reason or another. Alternatively, there is the chance that as a new manager, your old tasks are more familiar to you than the world of leadership and the things you are faced with there. While this can be appreciated, a manager working alongside team members is not a good idea. When actioning tasks that should be undertaken by the team managerial responsibility can be neglected, resulting in negative consequences for the team and potentially the business. There may be times where a manager must step in to help, in busy periods or where a staff shortage is causing severe problems, but these times should be kept to very much a rarity and a necessity, rather than a regular occurrence. Set Boundaries Related to the issue of delegation and being careful not to neglect managerial duties is the advice to set boundaries as a manager. This is of particular relevance to those newly-promoted to managing from previously being part of the team – it can be easy for a new manager to become too friendly with staff, resulting in clouded judgement and an impact on overall performance. While it is part of human nature to wish to be liked and popular, particularly if you were once part of the team, and it can be easy to put personal relationships before being a manager. The nature of management means that employees may not always agree with your decisions, but as long as they are for the overall benefit of everyone, then you are doing the right thing. Naturally, adding an element of friendship, especially approachability and making employees know you are a supportive boss, is fine – but do set boundaries and make sure your position is clear, that you are respected and that you don’t allow personal relationships to get in the way of the job you have to do.
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Five Cycling Start-Ups: Tapping into the growing demand for sustainable transport
As more and more people are switching to sustainable transport options, to save money and reduce their impact on the planet, this is creating opportunities for new start-ups, to develop innovative solutions to make cycling more convenient, safe and accessible. We’re seeing a great range of small businesses emerge, providing cycling products and apps, offering e-bike-sharing, secure bicycle, indoor training and more - taking biking to new horizons. Here’s a small selection of cycling start-ups, tapping into the growing demand for sustainable transport and helping to revolutionise the cycling industry. 1. Freebike: enabling e-bike sharing services The global bike sharing market has been growing exponentially in the past few years, and is expected to reach $5 billion (£4.1 billion) by 2025. Mobility on demand is taking its appeal on city dwellers, and start-up company Freebike offers a solution to those who wish to use a bike but might not have the space to store one themselves. The e-bike sharing service is not only convenient but sustainable, providing an eco-friendly commuting alternative. With bike sharing services available in seven different countries, including the United Kingdom, Czech Republic, and Slovakia, Freebike offers electric bikes featuring the latest technology. Users can rent a bike in just a few seconds through the app and contactless card payment. Plus, the e-bike’s motor doubles up as an advanced locking system, allowing for smart and fast rental, as well as unrivalled protection against theft and vandalism. 2. Spokesafe: providing a network of places for secure bicycle parking Parking your bike can be a challenge, especially if you’re not familiar with the area. While certain locking mechanisms can protect your bike from getting stolen, finding a well-lit and safe area can add an extra layer of protection. Spokesafe gives you instant access to a network of secure places to park your active travel vehicle. The network is tailored to “cyclists, couriers, delivery drivers, scooter riders and everyone in between” and offers a variety of memberships. You can get a daily, weekly or monthly pay as you go (PAYG) schemes. Corporate memberships are also available for companies who want to provide their staff with off-site secure parking. And for logistics companies, Spokesafe provides safe places to store cargo bikes and goods across central London. Behind the idea of this start-up stands a community-centred mission to make active travel the preferred choice for inner city transport and logistics, thus making our cities more sustainable. 3. Bikmo: stay covered while cycling Another critical aspect of cycling that often remains under looked is cycle insurance. Bike thefts are on the rise while injuries, incidents, and bike damage can also occur, making you vulnerable on the road. A good cycle insurance policy can protect both you and your bike. Bikmo, a cycle insurance company, offers insurance handcrafted by cycle enthusiasts. They offer various insurance policy for mountain bike owners, road bike cyclists, electric bikes protection, and triathlon cover. It takes only two minutes to take out a policy and you access your cloud account 24/7 even from your mobile phone. 4. CYCL: accessories that prioritise safety Safety while cycling, especially in urban environments, is a goal for Dragons’ Den-backed company CYCL. They create bicycle and electric scooter accessories that prioritise safety, confidence, and visibility while riding. The company developed WingLights – indicators that fit into the end of bicycle or e-scooter handlebars, helping make direction intentions clearer to other road users. Their product range also features an innovative Air Filtering Scarf with in-built washable nanofiber filter, Red Lock, and highly visible backpack cover. All of the products are designed to improve all-round visibility. The idea was formed after founder Luca Amaduzz experienced the danger of London’s traffic from a cyclists’ perspective. Now, him and his business partner Agostino Stilli have sold over 500,000 units in more than 30 countries. 5. Zwift: merging virtual reality and cycling For those who want to replicate the cycling experience but indoors, Zwift is a platform that provides cyclists with the opportunity to ride virtual routes across nine different worlds. The platform, which easily integrates with a compatible indoor bike (smart trainer), mimics real-life conditions and is great for boosting fitness and performance. Zwift offers a range of terrains to choose from, from flat roads to hills to dirt trails. Alongside solo rides users can join group rides and races which allow them to connect with fellow indoor cyclists and compete in a virtual environment.
Credit to source: Ben Mercer, Leisure Lakes Bikes
Average office worker is a "sitting expert"
Credit to source: Banner
The typical office worker will sit at their desk for over 1,300 hours this year, 10,000 hours just eight years into their career, and 53,000 hours by the time they retire. Data, gathered by Banner, shows thatdespite growing concern for the health and wellbeing of employees, desk-based employees are estimated to spend 70% of their working day sitting down. Searches for “hip pain” and “chair pain” are on the up, while searches for "back ache" remain high, all symptoms associated with chronic inactivity. Jason Thomas, Strategic Sales Manager at Banner, says: “As it’s often cited that it takes 10,000 hours to become an expert within a given field, most of us will be a pro at sitting five times over by the time we retire. With numerous health issues associated with long-term sitting, this is a growing concern for employers across the UK.” Promisingly, searches for solutions, such as “standing desk” and “ergonomic chair” have also risen since COVID-19, which suggests workers are beginning to address the health implications a sedentary work schedule can cause. Jason Thomas continues, “To encourage a healthier workplace, employers should make sure office and home work-stations are set up with health and wellbeing in mind. It’s great to see standing desks and under-desk treadmills being more widely adopted in recent years, but there’s more that can be done. Cultural changes, such as walking competitions, no-chair meeting rooms, discounted gym memberships and lunch-time yoga classes, can all help encourage employees to become more active while at work. A healthier workforce will improve productivity, long-term absenteeism and demonstrates that as an employer, you have your employee’s back – so to speak!” For a full breakdown of the trends data, click here.
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Credit to source: investing reviews
A new survey has revealed the UK’s sentiment regarding pensions and retirement. The survey, conducted by investment comparison site Investing Reviews <https://investingreviews.co.uk/> , asked over 2,000 users their opinions and attitudes towards retirement, pensions and investments to better understand the nations sentiment around said topics. Interestingly, as tensions in France continue to rise over the raising of the retirement age from 62 to 64, UK sentiment regarding retirement ages doesn’t seem to differ much from the French. In the survey, 68.71% of respondents believe that the UK retirement age (which currently stands at 66) should be lowered. This sentiment also comes alongside 71.16% of respondents believing that it is harder to retire in the UK now than ever before. However, this seems to be easier said than done according to the survey by Investing Reviews. In fact, 62.60% of respondents believe that their pension is simply not enough to retire comfortably, citing that they believe they will need additional investments alongside their pension. This may be due to the fact that over half of respondents (55.82%) agree that they are unable to make as many pension contributions as they would like to. When it comes to employer contributions, well over a third (42.66%) of respondents would consider working in an entirely different sector to their current career if it meant greater employer contributions. In a previous study by Investing Reviews that analysed official government data from ONS, working in ‘public administration and defence (including compulsory social security)’ is the sector that have the highest percentage of employers contributing 20% or more to employees’ pension whilst employers in the ‘wholesale and retail trade (including motor vehicles and motorcycle repair)’ have the lowest percentage of employer contributions of 20% or more at only 1.3%. What is particularly interesting is that over a third (34.93%) of respondents revealed that they do not know exactly how much money is in their pension, whilst again, over a third of respondents believe they will not be able to retire comfortably in the UK. This sentiment around the difficulty of retiring comfortably in the UK and the frustration at not being able to contribute as much to their pensions as they’d like are echoed in respondents answers to the question “If I was able to, I would choose to retire outside of the UK” wherein 42.66% of respondents agreed – raising questions over the increasing rate of inflation and cost-of-living that is perhaps not something that those looking to retire, are able to keep up with if they remain in the UK. Commenting on the findings, CEO of Investing Reviews <https://investingreviews.co.uk/> , Simon Jones said: “There are endless debates to be had regarding the UK retirement age and the state of pensions, especially considering the recent rise in retirement age in France and the backlash that received. These responses offer a fascinating insight into the attitudes that the British public hold towards pensions and retirement ages, particularly the sentiment that it is now harder to retire comfortably than ever before. It will be interesting to see if factors such as the backlash in France to the rise in the retirement age and the increasing difficulty of the cost-of-living crisis have any effect on these sentiments in the future.”
New survey reveals 7 in 10 Brits believe it's harder than ever to retire in the UK
A new survey by Investing Reviews has revealed the UK’s sentiment around pensions and retirement. 70% of respondents believe it’s harder to retire comfortably in the UK today than ever before. 78% of respondents also believe the retirement age in the UK should be lowered, whilst 42% of Brits would prefer to leave the UK and live abroad for their retirement.
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Eight in ten Brits are planning the adventure of a lifetime - but over a quarter don’t have travel insurance
Credit to source : Prospectus Global
Research from the Post Office has found as many as 77 percent of UK holidaymakers are planning to travel somewhere new in the next 12 months, with 82 percent hoping to visit one of their DREAM travel destinations. And more than eight in ten UK tourists have a travel bucket list, with seeing the Northern Lights (44 percent), Niagara Falls (40 percent) and staying in an overwater bungalow in the Maldives (34 percent) topping the list of dream travel adventures. Yet despite planning to depart on a wanderlust adventure, more than a quarter of tourists (26 percent) don’t bother taking out travel insurance. In fact, of those who said they didn’t take out travel insurance, 24 percent said it was too expensive, while 16 percent insisted, they’d never needed it, and 15 percent said they were prepared to “take their chances” and save the cash. Meanwhile, 13 percent admit they never read their insurance documents and have absolutely no idea what they’re insured for. It comes as Post Office is urging UK travellers to check what their travel insurance covers and when to buy it to ensure their trips are protected in the case of any unexpected turn of events. Paul Paddock, Head of Travel and Protection insurance at Post Office said: “With Brits intending to travel further and to new travel destinations, it’s essential to have holiday protection and ensure this is purchased at the right time so that you’re covered financially if things go wrong while you're away, or even before you leave. “It’s also important to check exactly what your travel insurance covers to avoid any nasty surprises. Not everything is included as standard. For example, trip disruption cover caused by extreme weather can often be added but for an additional premium – and sports travel insurance may not include activities like jet skiing.” Eighty-five percent of those surveyed reckon they are better travelled than their parent’s generation, with Gen Z (16 – 24-year-olds) the most likely to be planning the trip of a lifetime (60 percent), compared to just 32 percent of Britons over the age of forty. However, the savvy over 55s are more likely to put holiday insurance cover in place (83 percent) compared to just two-thirds of 16 – 24-year-olds. Also on the ultimate bucket list, according to Post Office, is Greek island-hopping (31 percent), visiting the Amalfi coast in Italy (30 percent) and soaking up the atmosphere in the middle of New York’s Times Square (29 percent). Many want to walk through the Rome Colosseum (29 percent), enjoy the best beaches of Bali (29 percent) and experience the cherry blossom season in Japan (30 percent). And for the most adventurous, there’s flying through the Grand Canyon in a helicopter (27 percent) and ticking off the “Big Five” animals on safari in Kenya (24 percent). According to the poll, Australia is the country most UK travellers would love to visit next (45 percent), followed by Italy (43 percent) and the USA (43 percent).
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Employee Management Experts
Remote working has become an integral part of business operations. In fact,16% of employees reportedsolely working from home between September 2020 and January 2023. However, employers are presented with numerous challenges while working remotely, including connecting with employees and boosting workplace morale. Here, employee engagement experts Weekly10 answer five commonly asked questions about remote working and how employers can address them effectively. 1. How can employers address the challenges of remote working? To navigate the lack of face-to-face interaction while working remotely, managers can implement a number of strategies. Here are four ways to maintain team cohesion and collaboration: a. The first strategy is setting up effective communication channels. All businesses should use instant messaging platforms and project management tools, such as Slack and Microsoft CRM. These can then schedule regular team meetings, video conferences and 1-2-1 catch-ups. b. Remote employers and employees must embrace asynchronous communications, which are conversations that may happen throughout the day and are not instantaneous. It may take more time to respond on Slack, for example, compared to being in an office environment. c. Clear expectations must be set by employers. By clearly defining goals and deliverables during regular check-ins, employees will be aware of timelines and deadlines, keeping projects on track while working remotely. d. Employers should provide employees with the necessary tools and resources to succeed, such as a laptop, access to the essential software and office necessities to work comfortably, such as an ergonomic chair to prevent musculoskeletal complications. e. Employers should promote a healthy work-life balance. To establish boundaries between work and personal life and prevent the likelihood of burnout for remote workers, managers can encourage the use of regular breaks. 2. How can employers foster connection in remote work settings? Remote employees should always feel part of an interconnected team despite working from home. Here are some fun ways to enhance team bonding from a distance: a. Employers can organise remote team-building activities. Trivia games, online escape rooms and virtual team challenges help to foster collaboration, friendly competition and strengthen relationships within remote teams. b. Take advantage of small, informal team meetings. When scheduled on a weekly basis, these virtual get-togethers allow employers and employees to gradually build strong, long-lasting relationships over time. It may also encourage people to start their own group chats for informal discussions, which may greatly benefit workplace culture for remote workers. c. Remember to recognise success and celebrate employees. Employers can do this in a weekly or monthly event to share recently completed projects. By implementing a virtual recognition program, employers can foster intrinsic motivation and promote a positive culture. 3. What are the keys to success while working remotely with clients? Successful client relationships are paramount to business operations. Here are three strategies to support this while working remotely: a. Firstly, establish clear communication channels with clients. Remote working does not necessarily impair progress; regular check-ins, performance reviews and milestone celebrations will ensure clients are informed and happy. b. To replace paper documents, businesses should make use of collaboration tools. Microsoft Teams, for example, supplies seamless file sharing and real-time editing, giving clients visibility throughout the project lifecycle. c. Remember to turn on the camera while presenting to clients. In a work-from-home environment, staying hidden behind the screen while participating in video conferences is tempting. However, by turning on the camera, clients are better able to interact and participate. 4. What is the value of working remotely from home? Remote working offers multiple benefits. Here are three advantages for both employers and employees: a. Due to reduced distractions and more focused work environments, remote work can boost productivity by 51%. In turn, more work is being produced to a better standard, helping individuals and the company. b. Not only can remote working help businesses save money on office space and utilities, but it can also allow employees to reduce spending on travel and lunches. c. Remote working allows employers to access a broader talent pool. More often than not, roles once confined to geographical spaces can be opened to applicants nationwide and worldwide. This helps businesses find the best person for the job while allowing employees to collaborate with a broader selection of co-workers. 5. How can managers help employees successfully work remotely? Remote working requires discipline and proactive approaches. Just like being in the office, managers can help employees achieve success while working from home: a. Employees should be encouraged to create a dedicated workspace. A home office, for example, can help separate the personal and professional. This way, they are less likely to spend time scrolling through their phone or being distracted by their environment. b. Structure is the key to success. Remote working dramatically benefits from a consistent routine, such as taking regular breaks at appropriate times. This will help create an efficient working environment while at home. c. Remember to encourage time management. By setting goals and prioritising tasks, managers can help remote workers motivate themselves while they work remotely. Andy Roberts, CEO and Founder of Weekly10 commented: “Remote working is here to stay. This arrangement offers employees unparalleled flexibility, whether they can work from home permanently or on a hybrid basis, while enabling businesses to attract and train talented workers from across the globe. “However, remote working can present many challenges to business owners, including communication breakdown and possible isolation among employees. “Therefore, employers should understand the strategies that address and prevent these issues, including creating clear communication channels and encouraging social activities. Then, both employers and employees can thrive in a remote working environment.” Weekly10 is a performance management software that boosts employee engagement through weekly employee check-ins.
remote working
Credit to Source: Weekly 10
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