Jenny Tooth, CEO of the UK Business Angels Association, and Luke Davis, CEO IW Capital, asses the relationship between Sajid Javid’s vision and SMEs
Speaking in Manchester, Chancellor of the Exchequer, Sajid Javid has announced the fiscal vision for Britain should the Conservatives be elected to be the ruling party at the next General Election. Setting out his three rules for fiscal policy, a clear shift from previous Conservative Party policy regarding rates of borrowing was the headline announcement. Whilst maintaining that fiscal responsibility and spending within their means was imperative to the Conservative’s vision, investment increases are now central to Javid’s plan, increasing the limit of investment spend by the government to 3% of GDP, theoretically creating an extra £20bn per year.
With John McDonnell’s vision to be laid out in Liverpool later today, business leaders have reacted to Sajid Javid’s speech and the implications of the Conservative vision set out for the electorate.
Jenny Tooth OBE, CEO of the UK Business Angels Association, commented:
It seems that both political parties are going to attempt to win over voters in the regions. With Labour and the Conservatives announcing their economic visions in two of the great northern cities, just 20 miles apart, speaks volumes. For too long there have been investment disparities across our country. The independent UK 2070 Commission unveiled earlier this year found that the UK was one of the most imbalanced developed economies. Given that 99.9% of British businesses in the UK are SMEs, more simply has to be done by whoever controls the offices of power in Whitehall to provide greater assistance to regional SMEs. It seems that the Conservatives are putting forward a vision to increase investment opportunities across the nation, but we need to wait and see from the other parties to conclude just how seriously the major political parties value SMEs in the UK.”
Luke Davis – CEO of SME investment provider IW Capital comments:
“Economics are seemingly becoming more and more central to the campaigns of the major parties as they set out their policy for the upcoming election. Economic growth is clearly essential for job creation and future prosperity, but one area that has not so far received very much attention is the SME arena. SMEs employ around 16million people in the UK – half of the private sector workforce – and contribute around £2trillion to the economy. Unlocking the latent potential and ambition in these firms could prove to be a powerful catalyst to wider growth and new jobs. The UK’s greatest industrial asset is our people and their ideas, translating this into tangible growth will require support and continual investment, but cannot be ignored.”
Most of our clients come to Borderless with a genuine desire to build diverse and diversity-capable leadership teams. That is, after all, our expertise. And at the top of their concern? Women in leadership.
With women representing more
than 50% of the world’s population and a rapidly growing percentage of the most
highly educated portion of the world’s employable talent, this focus is not a
surprise. Companies paying attention are increasingly aware that creating a
work environment where women leaders can advance, contribute and succeed is a
vital competitive business advantage.
Nonetheless, despite often
well-intentioned initiatives on women and their careers, many companies still
fall short of their goals to promote and retain women in leadership positions
and struggle to understand why. As you would imagine, the answer to this
question is as varied as both the many women who are offered these
opportunities and the environments in which such an offer is made.
Despite the complexities, and
the lack of quick-fix answers, there is value in raising awareness around some
of the more common issues that we see plaguing the advancement of talented
women. In this spirit, we urge you to think about, ponder and explore these
issues in the context of your own working environments.
Treat women as individuals
First of all, treat your
promotable (female) executives as individuals. We will start with an issue that should be readily
apparent but often is not (even to women themselves). Women represent more than
50% of the world’s population. They are not a minority and they are as diverse
as people can be. As a result, their reasons for accepting and/or rejecting a
promotional opportunity must always be negotiated and assessed individually.
This does not mean that women will
not have some shared experiences, especially as it relates to their treatment
within a given working environment. Such experiences, however, will not be
because they are a homogenous group, but because the work environment may treat
them as they are. As such, if you are having problems promoting women, take a
hard look at your working environment. The common threads preventing success
are more likely to be in your work culture and environment than in the women
themselves.
Moreover, do not confuse professional
women’s issues as always being synonymous with working parent or caregiver
issues. Twenty percent of professional women will not be a parent or caregiver.
However, if the woman you are promoting is a parent or caregiver, working moms
do share many issues and challenges that need to be considered. But these
issues are also quite relevant for all parents. In fact, these issues will be
increasingly important to the younger generation of workers, both male and
female, as parenting preferences and traditional gender roles continue to
erode.
Flexible terms
Secondly, signal a
willingness to design terms, conditions and benefits for success. Within the context of any executive promotion
negotiation, the terms and conditions should be designed to enable the
candidate to succeed in the role. A standard package that has been designed for
a traditional candidate may or may not be relevantly configured for your female
candidate. For example, for a woman who is a working parent and whose spouse
also has an executive position, covering (and paying for) caregiving and/or
balancing or reducing travel requirements may be significant threshold issues
to address before the candidate will commit to the demands of the new role.
Accordingly, to prevent women
from just turning down positions as a result of these non-traditional
considerations, it is important for companies to signal their willingness and
commitment to have discussions about them in good faith and without future
adverse impact. This can be communicated in a variety of ways. For example, at
the time the promotion offer is made, you can simply ask the candidate what she
would need to be successful in the role and express your willingness to address
and explore individual needs that may require adjustments.
You can also word a job
description in such a way that invites alternative discussion on terms and
conditions. For example, instead of saying “50% travel required,” you could say
“Extensive travel may be required, but terms of travel to meet global demands can
be explored further.” Women are much less likely to self-disqualify if terms
invite such openness to discussion. When invited to do so, we have seen female
candidates have excellent alternative ideas for managing effectively.
Finally, when negotiating terms,
women should not be unfairly burdened with the fear that they are creating a
precedent for all women, unless such precedent considerations would also have
been applicable to negotiations with male candidates.
Give them time
Thirdly, give your female
candidates more time and support to consider a promotion offer. If a woman is being offered a promotion into an
executive team that is (and has been) male dominated and quite traditional, the
task before her is daunting. She is not just considering accepting a new job
with greater responsibilities, which on its own is a big decision. She is also
often assessing her ability to be successful doing so in an environment that is
not designed for her, where there is little or no natural/social support, and where
there are often unfairly high performance expectations and no room for error.
Constantly proving yourself in
such an environment is an exhausting undertaking and can also be quite lonely.
(Notably, the same is true for any candidate that will find themselves in a
minority situation within the executive team).
Woman may also have
non-traditional personal and family obligations to consider. For many, work and
family life may currently be in a perfect, but quite fragile, balance with many
‘moving parts’ to consider. In such a circumstance, many women’s first
instincts are to refuse such a promotion, especially if their perception of the
new role is a misguided assumption that it will be more work being piled on
them.
The reality is that executive
promotions for women can often move them into a role where they will have much
more control over how they work. It is the role just before that promotion that
is often the worst in terms of workload and lack of control. This aspect of the
promotion is often not fully appreciated or explored.
In such circumstances, it can
be extremely helpful to use the services of a third-party consultant during
deliberations and negotiations. Women considering promotions often need a safe
place to voice their concerns, explore their needs and express their
insecurities without undermining their executive voice and closely guarded
credibility.
Tailored support
At Borderless, we even
recognized this as a need in our normal search and placement process,
especially for female or minority hires, where they are placed into an
environment where natural and social support may be lacking. In fact, we
designed our Borderless100Days program with these challenges in mind, which
allows us to provide continuing support for any placement during the first
100Days in a candidate’s new role.
Our BorderlessWIN services
(Women in Negotiation) enables us to provide such third-party support on a
consulting basis for internal offers and promotion. The services are designed
to increase the rate and success of our clients’ internal efforts to promote
and support their high performing women into leadership roles. As you might
have guessed, such services will need to be customized for each individual
circumstance.
Are you enabling women in your
organization to achieve their full potential?
Borderless finds and attracts senior-level executives for multinational companies in the Life Sciences, Chemicals and Converting, and Food Processing sectors. The firm identifies leaders for Board positions, as well as for senior management, finance, human resources, administration, marketing and sales, operations, logistics, R&D and specialist roles. Additionally, Borderless consultants assess the effectiveness of corporate Board, Management and Executive teams, helping companies align organizational design with strategy. http://borderless.net
Royal Academy of Engineering and leading consumer brands join forces to change the face of engineering, after AI reveals misrepresentation of the profession online
Major brands, leading businesses and high-profile engineers have come together in a bid to change the online image search results for the word ‘engineer’
Over 100 organisations and counting1 including the BBC, Facebook, ITV, Transport for London, Ocado, Rolls-Royce and National Grid have signed a pledge to address the misrepresentation of engineers and engineering online and in popular culture
The Royal Academy of Engineering employed an Artificial Intelligence algorithm trained on online image search results for ‘engineer’ to generate artificial images of what it learned a typical engineer looked like – the majority of images generated were of a white man wearing a hard hat
6 November is This is Engineering Day – a national awareness day in Tomorrow’s Engineers Week to celebrate the unsung contribution that engineers make to our lives, and to call upon media, image providers, recruiters and advertisers to paint a more representative picture of the profession and those who work in it
Amazon’s Alexa2 will answer questions about engineering and This is Engineering Day
Major brands, leading businesses and high-profile engineers have come together in a bid to change the online image search results for the word ‘engineer’, as an AI programme trained on the results of an online search for images of engineers found that it vastly misrepresents the profession.
The announcement comes on This is Engineering Day, part
of a nationwide campaign led by the Royal Academy of Engineering – and
supported by a range of brands and engineering companies – to change the
misrepresentation of engineering online, celebrate the contribution of
engineers, and encourage more young people to consider a career in the
profession.
Original AI generated image
Enhanced version
To test the representation of the profession online, an AI machine learning model, otherwise known as a Generative Adversarial Network (GAN), analysed over 1,100 images of engineers sourced online,3 and generated images based on this given dataset. The images generated by the GAN showed how narrowly an engineer is typically portrayed online: the majority of the generated images were of a white male wearing a hard hat. An online search, conducted by the Royal Academy of Engineering on 21 October 2019, found that 63% of images on the first page of the search results were of a person in a hard hat4, despite the fact that only a small minority of professional engineers wear hard hats most of the time.
The
Royal Academy of Engineering has created This
Is Engineering Day, which takes place in Tomorrow’s Engineers Week, to radically change this
narrow stereotype, and celebrate the varied and vital roles that engineers
play, from developing medical technologies like brain scanners and clean energy
solutions, to powering the social media platforms and smartphones we rely on to
keep in touch every day.
Over
100 brands across the UK that depend on engineering – including the BBC,
Facebook, ITV, Transport for London, Ocado, Rolls-Royce and National Grid – have
signed a pledge5 to increase
the public visibility of more representative images of engineers and
engineering, and helped create a new library of free to use images of engineers
that better represent what engineers and engineering really look like (www.flickr.com/thisisengineering/)6. This has been developed to encourage
website owners and image users to deploy a more diverse range of images when
showcasing engineers and the industries in which they work.
The
campaign’s partners and supporters will also be challenging this
misrepresentation on social media and through a range of different activities
and events on This is
Engineering Day including:
Amazon Alexa2 will answer questions about ‘This is Engineering Day’ and the role of engineers, and Amazon will run engineering-focused tours and STEM (science, technology, engineering, maths) workshops in its fulfilment centres on 6th November
Network Rail showcasing real images of engineers on 60 screens across 15 stations in the UK, and across the Virgin train network
Facebook and Ocado creating and promoting new engineering video content featuring its engineers
Google hosting an engineering takeover at its Portsmouth Digital Garage on 6 November
Many
of the emerging and in-demand jobs identified by the World Economic Forum7 are
engineering jobs, yet every year the UK is short of up to 59,000 engineers,
while only 12% of the engineering workforce in the UK are female, and 9% are
from black, Asian and minority ethnic backgrounds.
Research
from EngineeringUK8 shows that more needs to be done to raise awareness of
engineering careers and encourage young people to consider the profession. Over
three quarters (76%) of young people aged 11-19 and 73% of parents do not know
a lot about what those working in engineering do.
Dr
Hayaatun Sillem, Chief Executive of the Royal Academy of Engineering, says:
“Engineers play a profoundly important role in shaping the world around
us – from designing our cities and transport systems, to delivering clean
energy solutions, enhancing cybersecurity and advancing healthcare – but that’s
simply not reflected in online image searches.
That’s why on This
is Engineering Day I’m appealing to anyone who uses or promotes
images of engineers to join us in challenging outdated and narrow stereotypes
of engineering. We want to ensure that engineers are portrayed in a much more
representative way, and that we help young people see the fantastic variety of
opportunities on offer.
Engineering is everywhere, and This Is
Engineering Day gives us
an opportunity to shine a light on the people who make possible so many
features of modern life that we take for granted. I hope that by inviting
the public to discover a different side to engineering, we will be able to
inspire more people from all parts of society to choose a profession that
shapes our world.”
The This is Engineering free public image library is available now at www.flickr.com/thisisengineering/ for media, photo, advertising agencies and the general public to view and use in projects, articles, campaigns and on social media. The library and This is Engineering Day are part of the This is Engineering campaign, led by the Royal Academy of Engineering to give more young people, from all backgrounds, the opportunity to take up engineering careers. More information on the campaign can be found at www.ThisisEngineering.org.uk, @ThisisEng on Twitter and @ThisisEngineering on Instagram.
1 – Brands involved in the
campaign include Google, Amazon, Facebook, Ocado, Ferrari, Anglian Water,
Heathrow, Network Rail, TfL, Virgin Media, BBC, ITV, EDF Energy, Science Museum Group,
as well as the list of corporate partners below, as well as professional
engineering institutions and many UK universities.
2 – Amazon’s Alexa, will answer
the below engineering and This
is Engineering Day questions:
‘Alexa, Tell me about This is Engineering Day?’
‘Alexa, How can I get involved with This is Engineering Day?’
‘Alexa, When is This is Engineering Day?’
‘Alexa, What does an engineer look like?’
‘Alexa, Tell me a fact about engineering’
‘Alexa, What is This Is Engineering?’
3 – The Generative
Adversarial Network was trained by Stylianos Moschoglou, a PhD student in
Machine Learning at Imperial College London and Machine Learning Scientist at Facesoft.io. Due to the GAN image being too low
res and pixilated for print purposes, a digital artist has retouched the image,
without changing the likeness.
4 – Researchers at the Royal
Academy of Engineering analysed the search engine image results for “engineer”
to assess what is being shown as representative images of engineers and
engineering. The assessment took place on 21st October 2019 using Chrome
extension “Fatkun” to search for the term ‘engineer’ on Google.
Accepting that statistically the vast majority (as much as 95%) of online
visitors rarely search beyond the first page in Google searches, only the first
results page of 452 images was assessed. The results were downloaded to a
library and counted manually. The results revealed most images (63%)
featured hard hats.
6 – The new public photo library,
which has been contributed to by some of the biggest brands in the world, will
be sent to stock image providers, website owners, media, advertisers, and
recruiters to encourage them to use these real images of engineers to help
increase visibility around the profession – www.flickr.com/thisisengineering/
8 – Research carried out by
EngineeringUK. Data from the 2019 Engineering Brand Monitor captured in Jan –
Feb 2019, based on a sample of 2,514 pupils aged 7-19, 1,023 educators, and
1,810 members of the public
About This is Engineering
About This is Engineering
This is Engineering is a campaign to raise awareness of the breadth of careers in
engineering and help address the significant engineering skills and diversity
shortfall that is holding back growth and productivity across the UK economy.
The campaign aims to give more young people, from the broadest possible
backgrounds, the opportunity to take up an exciting, engaging, rewarding and in
demand career.
This is Engineering is led by the Royal Academy of Engineering, in collaboration with
EngineeringUK. The campaign has been made possible thanks to the generous
support of the Fellows of the Royal Academy of Engineering and our corporate
partners. More information about the campaign is available at www.thisisengineering.org.uk and @ThisIsEng on Twitter
As the
UK’s national academy for engineering and technology, we bring together the
most successful and talented engineers from academia and business – our Fellows
– to advance and promote excellence in engineering for the benefit of society.
We
harness their experience and expertise to provide independent advice to
government, to deliver programmes that help exceptional engineering researchers
and innovators realise their potential, to engage the public with engineering
and to provide leadership for the profession.
We
have three strategic priorities:
Make the UK the leading nation for engineering innovation and businesses
Address the engineering skills and diversity challenge
Position engineering at the heart of society
We
bring together engineers, policy makers, entrepreneurs, business leaders,
academics, educators and the public in pursuit of these goals.
Engineering
is a global profession, so we work with partners across the world to advance
engineering’s contribution to society on an international, as well as a
national scale.
About EngineeringUK
EngineeringUK is a not-for-profit
organisation, which works in partnership with the engineering community to
inspire tomorrow’s engineers and increase the talent pipeline into engineering.
EngineeringUK leads engagement programmes The Big Bang and Tomorrow’s
Engineers, creates inspiring engineering careers resources and produces a body
of research including the flagship State of Engineering report.
AboutTomorrow’s Engineers Week
Tomorrow’s Engineers Week
(#TEWeek19) takes place from 4-8 November 2019 and aims to change perceptions
of engineering among young people, their parents and teachers and to inspire
future engineers. Tomorrow’s Engineers Week is led by EngineeringUK, a
not-for-profit organisation which works with the engineering community – employers
and professional institutions – to inspire tomorrow’s engineers. To find out
how to get involved, visit www.tomorrowsengineers.org.uk/teweek
This is Engineering is a campaign to raise awareness of the breadth of careers in engineering and help address the significant engineering skills and diversity shortfall that is holding back growth and productivity across the UK economy. The campaign aims to give more young people, from the broadest possible backgrounds, the opportunity to take up an exciting, engaging, rewarding and in demand career.
Volvo
Buses has received the largest single order for electric buses in Europe. Volvo
Buses will deliver 157 electric articulated buses to Transdev starting in 2020.
The buses will operate on a number of routes in Gothenburg. With their
introduction, emissions and noise will be significantly reduced, and the
electric buses will be able to operate in sensitive areas or zones with special
restrictions.
“It is
immensely gratifying that we have secured Europe’s largest ever single order
for electric buses – no less than 157 buses. Volvo is a pioneer in
electromobility and sustainable public transport. We have a holistic system
perspective for cities that encompasses vehicles, services and charging
infrastructure. We focus on solutions that offer high reliability and high
service levels for route operators and passengers. This large order confirms
that electric buses are already recognised as a sustainable and financially
viable solution for demanding high-capacity public transport needs,” says Håkan
Agnevall, President of Volvo
Buses.
“Transdev is
today Europe’s leading operator of electric buses and we know what challenges
there are with the transition to electric propulsion. We’ve therefore been
extremely thorough in choosing a partner with a holistic approach, a partner
that will be able to deliver both buses and charging infrastructure on time and
with excellent uptime. Being able to announce that we have chosen Volvo as our
partner for city bus operations in Volvo’s home city of Gothenburg is of course
particularly satisfying,” says Gunnar Schön, CEO of Transdev
Sweden.
All of the
buses will be of the recently launched 7900
Volvo Electric Articulated model. The Volvo Electric Articulated can carry
150 passengers with an energy consumption that is 80 per cent lower than that
of a corresponding diesel bus. The Volvo Electric Articulated combines high
passenger capacity with low operating costs. The buses will be charged at
quick-charge stations along the route, using the industry common charging
interface OppChargeTM, in order to ensure the most efficient operation
possible. In addition to the electric buses, the order includes 27 Euro VI
buses for regional operations, running on biodiesel.
“For us as a
mobility supplier, it is vital to always be able to offer passengers good
service and functional vehicles, but it is also important that our drivers have
a good working climate. New buses, in particular quiet electric buses, not only
result in cleaner cities – they also improve the everyday working environment,”
explains Gunnar Schön.
“Electromobility
creates new exiting opportunities for urban planning since we now get
emission-free and quiet public transport that can operate closer to the city’s
residents. Volvo aims to be a leader
in increased electrification and to be a partner for cities that wish to
implement long-term sustainable public transport solutions for their
inhabitants,” concludes Håkan Agnevall.
Gothenburg,
November 5, 2019 For further
information, please contact: Joakim Kenndal, Manager Media
Relations, Volvo Bus Corporation,
Phone +46 739-02 51 50 or
e-mail [email protected]
Dubai, 5 November 2019: The Organising Committee of World
Tolerance Summit acknowledged the growing support for the upcoming event, and
appreciated the participation of more sponsors.
Ahmad Almansoori
H.E. Dr. Hamad Al Shaikh Ahmad Al Shaibani
The two-day World Tolerance Summit (WTS) held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will be held at Madinat Jumeriah Conference and Events Centre on 13-14 November, and is themed ‘Tolerance in Multiculturalism: Achieving the Social, Economic and Humane Benefits of a Tolerant World’.
The new sponsors of the summit, an initiative of the International Institute for Tolerance (IIT), a part of
Mohammed Bin Rashid Al Maktoum Global Initiatives,
include Ministry of Interior, Ministry of Human Resources & Emiratisation,
Department of Community Development Abu Dhabi, Dubai Media Incorporated, and Tik
Tok MENA among others.
Lt-General Saif Abdullah Al Shafar, Undersecretary of the
Ministry of Interior, affirmed the ministry’s keenness on the directives of HH
Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister
of Interior to participate and strengthen collaborations with ministries,
government and private bodies for the comprehensive development of the nation. He
said, “We are delighted to participate in the summit that underscores the values
of security, peace, coexistence and tolerance, the qualities that are instilled
in us by the late Sheikh Zayed bin Sultan Al Nahyan Al Nahyan.”
Meanwhile, Dr Hamad Al Shaibani, Managing Director of IIT and
Chairman of the Higher Committee of the WTS, thanked the great role played by the
wise government led by His Highness Sheikh Khalifa bin Zayed Al Nahyan,
President of the UAE, and appreciated the support of the sponsors for the
two-day global summit to promote tolerance, peace and harmony across the globe.
Ahmed Saeed Al Mansouri, Executive Director of radio and television
division at Dubai Media Incorporated (DMI), said that the sponsorship for
second edition of WTS embodies the vision of all radio, print and TV channels
under the DMI. He said, “Our media partnership with the WTS is in line with the
strategic objectives of the Government of Dubai that underlines the vision of
His Highness Sheikh Mohammed bin Rashid Al Maktoum Deputy Ministers, Ruler of
Dubai for having constant cooperation between government departments and other
institutions in the UAE.
“We would also want to be part of creative initiatives that
can highlight UAE as the global capital of tolerance aimed at deepening the
values of tolerance, dialogue, acceptance of others and openness to different
cultures.”‘
He added that Dubai TV, with its radio, television and
digital channels, will have a dedicated crew to cover the two-day summit.
Meanwhile, Nora Al Marzouqi, Assistant Undersecretary for Policy
and Strategy Affairs at the MoHRE, said that the summit reflects the stand of
the UAE society, whose foundations are based on a set of principles and values
that focus on respect and empowerment of human beings. She also lauded the
efforts of IIT and organisers of WTS.
Gita
Ghaemmaghami, Regional Communications Director at TikTok MENA, another sponsor
of the WTS, said: “As the leading destination for short-form mobile video, our
mission in the UAE and wider region is to inspire creativity and bring joy
through TikTok. In line with the UAE’s Year of Tolerance, through our platform
we continuously aim to spread positivity that celebrates diversity. This is why
we are extremely excited to partner with the 2019 World Tolerance Summit and
look forward to constantly empowering people in the UAE to express their
creativity by capturing and sharing moments that matter in their lives.”
1. RTA –
Strategic Partner of IIT initiatives, including World Tolerance Summit
2. Office
of Minister of Tolerance
3. Ministry
of Interior
4. Ministry
of Foreign Affairs & International Cooperation
5. Ministry
of Human Resources and Emiratisation
6. Dubai
Police
7.
Department of Community Development Abu Dhabi
8. Emirates
Real Estate Solutions
Media Partners: Dubai Media Incorporated, NBC Group & Tik
Tok MENA
Note to editors
World Tolerance Summit, started in 2018, is a first of its
kind event in the region that brings together more than 2000+ delegates,
including government representatives, peace experts, youth, men and women from
more than 105 countries to promote the concept of tolerance as a language of
understanding and dialogue across the globe.
Organised by Strategic Exhibitions and Conferences, WTS 2019
is in line with the declaration of 2019 as Year of Tolerance by the President,
His Highness Sheikh Khalifa bin Zayed Al Nahyan.
Strategic Exhibitions and Conference: Since its inception in
2000, Strategic Exhibitions & Conference is
the trusted partner for many government entities in developing and managing
high-profile conferences and events in the UAE. We are associated with Annual Investment Meeting, World Tolerance Summit, Global Investment in
Aviation Summit, International Property Show, Dubai Investment Week and many
more.
The increasing global movement of people and businesses is driving
the significant growing demand for international tax advice.
The observations come from deVere Tax Consultancy, part of deVere
Group, one of the world’s largest independent financial advisory organisations,
which operates in more than 100 countries.
The world is currently experiencing the highest levels of movement
on record.
According to the International Organization of Migration, the
leading inter-governmental agency in the field, approximately 258 million
people – or one in every 30 – were living outside their country of origin in
2017.
That is both a record high – and a number that has beaten all
expectations. Indeed, a 2003 projection anticipated that by 2050, there would
be around 230 million based outside their birth nation. But the latest
projection has been dramatically revised upwards – there will be more than 405
million living away from their country of birth by 2050.
James Green, divisional manager at deVere Group, observes: “We’ve
noted a year-on-year increase in international tax advice enquiries of more
than a third.
“This can be attributed, we believe, to three key factors.
“First, is the increasing movement of people. Whether driven by
geopolitical, work or lifestyle reasons, more and more individuals are on the
move around the world.
“In addition – and despite the rhetoric of some populist
politicians – globalisation in the world of trade and commerce is here to stay
and is, if anything, gaining momentum as it encourages economic growth, creates
jobs, makes firms more competitive, and lowers prices for consumers.
“Second, since the global financial crisis both individuals and
companies have become more financially literate and aware of the importance of
specialist financial advice, especially when it comes to cross-border affairs.
“And third, the reporting and tax filing requirements are
increasing in most jurisdictions. For instance – and this is just one
example – in the U.S. where the Foreign Account Tax Compliance Act, or FATCA,
is almost universally recognised as being burdensome, onerous and complex.”
Director of deVere Tax Consultancy, Mitch Young, notes: “The
enquiries are coming from both internationally-mobile individuals and firms who
are seeking advice on compliant and up-to-date tax filing, residency issues,
inheritance tax, self-assessment, property tax structuring and disclosures,
national insurance contributions, trusts and wills.
“Due to this considerable surge in demand for our services we have
recruited more senior tax consultants, account managers and in-house barrister
intermediaries.
“We have also launched our first tax apprenticeship scheme to find
and train the top tax talent of the future. In addition, we’re in the
process of building an international tax network to meet the needs and
expectations of our clients.”
James Green concludes: “The demand for international tax advice is
set to grow further still as the world becomes increasingly globalised and as
the cross-border regulatory landscapes continue to evolve – and at a faster
pace.”
A new China West cross-culture leadership and business
management book entitled ‘Guanxi in the Western Context: Intra-Firm Group
Dynamics and Expatriate Adjustment’ is launching in November, written by Dr
Barbara Wang, a full-time professor at Hult Ashridge Executive Education.
The book launch will take place on Tuesday, 12 November 2019 in the Old Library
at Hult Ashridge Executive Education, Ashridge Berkhamsted, Herts HD4 1NS from
11:00am – 12:00pm.
Guanxi is a form of social
interaction, unique to the Chinese culture, of forging connections, making
contacts and forming warm relationships in business. While research on
guanxi in China has been intense, for the first time this book examines how the
employees of Chinese multinational companies employ guanxi in the West;
how Chinese expatriates develop and use guanxi in the host country, and
how these behaviours affect their adjustment to their environment. Aimed
at business academia and practitioners, this book illuminates how guanxi shapes
social relations in Western branches of these Chinese multinationals,
supporting Western managers who seek a deeper understanding of how their
Chinese counterparts operate, and Chinese managers who want to increase their
awareness of the culture they are immersed in.
Based on Dr Wang’s PHD thesis,
this book is the culmination of five years of study into the globalisation of
Chinese companies in Western markets since 2005, and how senior executives
practise guanxi versus how social network is traditionally practised in Western
culture.
Firstly, the book elaborates
on the contextualisation of guanxi to highlight how guanxi emerged, evolved,
and subsequently dominated the business system in China.
Next, it examines empirically
how guanxi practice affects intra-firm multicultural group dynamics involving
Chinese expatriates, host-country nationals, and host-country Chinese in
Chinese multinationals. It shows how expatriates actively practise guanxi
with their homeland counterparts, but not with host-country nationals and host-country
Chinese.
Then, it examines the impact
of guanxi in building Chinese expatriate adjustment to develop a process model
that illuminates that guanxi development alters expatriates’ adjustment curve
significantly.
Finally, the book develops a
framework of cross-cultural guanxi leadership to lead multicultural teams
effectively in the host county.
Dr Barbara Wang says, “This
book contributes more generally to shed light on cross-cultural management in
terms of Chinese guanxi practice in the Western context. When I started
my study I made assumptions that all Chinese executives practise guanxi.
However, I discovered that Chinese expats don’t practise guanxi with local
Chinese for complex reasons as they don’t believe they can reap the returns
they need.
“The other assumption I made
was that local Europeans don’t understand or practise guanxi. However, I
learned that there is a desire to study Chinese culture and Westerners are
motivated to practise guanxi even though it is not inherent to how they
operate.
“I recommend that if Chinese
companies want to improve their soft power they should take steps to study
cross-cultural programmes and become ‘glocal’. They should do their
homework and understand and adapt to the local culture and be open to including
everyone in guanxi, which will enhance their global cultural influence.
To sum up, guanxi is the code of China.”
Professor Davide Ravasi,
director of the PhD Programme at UCL School of Management, comments, “From research
in international business we know a lot about Western multinationals, but we
know much less about the up and coming multinationals from China. Yet, many of
these multinationals will likely dominate global markets in the years to come.
Barbara Wang’s work illuminates for the first time how guanxi – a form of
social interaction unique to the Chinese culture – shapes social relations in
Western branches of these multinationals. It is an important reading for both
Western managers who seek a deeper understanding of how their Chinese
counterparts operate, and Chinese managers who want to increase their awareness
of the culture they are immersed in.”
Professor John Yang, co-Dean of BiMBA at the National School of Development, Peking University, adds, “Barbara Wang’s new book on guanxi is full of insights and wisdom critical for both Western and Chinese expatriates as well as Chinese professionals overseas. The book not only contributes to making successful global business deals but also provides better cross-cultural perspectives to develop a healthier China versus world business relationship.”
Dr Barbara Wang
Professor of Cross-cultural Leadership, Hult Ashridge
Executive Education
Dr Barbara Wang is the academic director – China of Hult Ashridge Executive Education and association dean of China initiatives.
Her interests lie in cross-cultural leadership/management, and Chinese leadership and executive coaching. She has extensive experience in management training and consulting and has designed and delivered leadership development programmes and coaching for multinational companies such as ABB, Volvo, Daimler, Continental, Sinopec, China Post, Bank of China and Air China. She also teaches on executive programmes for other British and Chinese universities.
Before her current roles, Barbara was a vice president for the Western Management Institute of Beijing. Her commercial experience extends to working for multinational companies in China where she was the retail operations director for CELINE of the Louis Vuitton group, and the global accounts manager in China for DHL.
Barbara holds a PhD from Cass Business School in the UK, where her research focused on cross-cultural leadership/management of Chinese multinational enterprises in Europe. She has qualified in many leadership psychometric tools.
Barbara’s new book ‘Guanxi in the Western Context: Intra-Firm Group Dynamics and Expatriate Adjustment’ (Palgrave Macmillan) was published in July 2019 in the UK, and she is co-author of Chinese Leadership (Palgrave Macmillan, 2011).
For further information, please contact:
Olivia Sandu, James
Walerych, Malika White, Lynda Heath
Ash Communications
133 Whitechapel High
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London
E1 7QA
Tel: +44 (0)20 3457 0837
Blockchain technology finds its origin in the digital
coin named Bitcoin. It was invented
primarily to sustain it. Although blockchain is tightly associated with Bitcoin
and other cryptocurrencies, these are just the top of the iceberg.
Currently, blockchain technology is being used in other commercial applications, and annual growth of 51% is expected for 2022 in several markets, including financial institutions and Internet of Things (IoT).
What is blockchain
technology, and what makes it secure?
A blockchain is a list of digital records or blocks of
data that are stored in a linear chain that is constantly growing. It´s a kind
of digital general ledger than can be shared with many users and that keeps
record of every transaction. Each block contains encrypted data, for instance
of a Bitcoin transaction, and is linked to the specific user that made it.
There´s no way to alter the data in them since they are time-stamped and
connected to the previous block.
The security of blockchain relies on the fact that it
can be updated only with the agreement of all the participants and the system
itself.
The information of the whole chain is kept in each
node, so each participant has an exact copy of the entire chain. If someone
wanted to attack the service, he should overturn or nullify every node in the
net given that just one operative node is enough for all the information to be
available.
As new records are created, these are verified and
validated by the nodes and added to a new block that is linked to the chain.
Once added, this block becomes unalterable. For a transaction to be accepted
and added, some specific digital signatures or requirements must be met. For
example, people that use the crypto-currency Ethereum, must meet several
conditions to demonstrate that they have that crypto-currency and can operate
with it.
Why is blockchain useful for?
As it is a peer-to-peer network, where transactions
are time-stamped, and that enables managing all the information exchange among
the users in an autonomous way, without the need for an administrator, it is an
excellent tool for all types of businesses. Any information that needs to be
kept intact and available can be safely stored in a blockchain.
Many industries, such as transport, fintech, and
sanitary services, to mention just a few, are taking advantage of this
technology that streamlines processes, improving productivity.
Challenges organizations or companies could face with blockchain
Thanks to blockchain, the operative models and
business-making models of the companies and organizations could undergo a total
transformation with the adoption of blockchain technology. Many organizations
are using blockchain technology for their transactions. Still, if it were
massively adopted, one of the challenges that governments of extremely
controlled sectors will have to solve is the lack of regulation.
Blockchain is complex, and it takes a longer time to
process any transaction. It can take hours to complete a transaction. And the
more it grows, the slower it gets. This could be an obstacle for specific
industries.
Despite the above, the biggest challenge that blockchain technology faces is the reluctance of private and public sectors, along with the skepticism of the potential users who, as with each new technology, need time to learn, get used, and trust.
The company has always exposed to uncertainties that are called business risks. They may affect a firm’s aim to gain its goals. The danger of loss is in the form of machinery breakdown, strikes, change of trends, etc.
Factors Causing Business Risks
Business risks result in less profit or even loss. The
factors that lead to risks can be Internal or External.
Internal Business Risks: risks that arise due to some event happening within a firm are internal risks. However, the firm can control them. Internal risks occur by:
Technological factors
Human factors
Physical factors
Operational factors
Examples: New
technology, fire, cost-cutting, etc.
External Business Risks: External risks occur by any event happening outside the firm. However, the firm’s management cannot control them. The factors that lead to external risks are:
Natural factors
Economic factors
Political factors
Examples: Floods,
price pressure, riots, etc.
Types of Business Risks
Risks have divided into five kinds:
Strategic Risk: The risks associated with business operations are strategic risks. They arise when the business plans fail. Poor business decisions lead to failure, e.g., marketing risk, project risk, competitive risk, etc.
Financial Risks: These risks related to business events and finance. It adds to shareholders by debt financing, along with equity.
For example, there can be losses by movement in stock
prices, interest rates, etc.
Operational Risks: These risks linked with official procedures of a business. There is a failure to connect to internal policies.
For example, some events like frauds, computer hacking,
etc. affect a company’s daily activities
Compliance Risks: Such risks occur by state rules and commands. When the company fails to follow laws, it has to face legal penalties. These risks ensure that the firm runs justly.
For example, corrupt practices, social responsibility, etc.
Reputation Risks: The negative publicity of a firm/product leads to this risk. There is a chance that a company’s name can damage.
For example, a mobile company issues a phone that breaks
easily. But then it markets a new and better model.
Ways to Manage Business Risks
You can plan to manage the exposure of risks.
Mitigate the risk: You need to keep a contingency plan. In case if the risk materializes, you must have a second plan to follow.
Avoid the risk: It’s better to avoid than to bear a loss. Sometimes the launch of a product leads to affect the company financially. You can postpone it until your company stabilizes.
Transfer the risk: You can pass financial risks to someone else. For instance, fire insurance is the best example of it.
Accept the risk: If the risks are likely to happen, you can opt for small damage. So, examine the other option and make the right decision to accept the risk.
Business risks lead to uncertainties, but a good businessman takes them as a challenge. Risks lead to new clients and more sales. You can, however, manage to minimize the worst to happen.
The
pound and UK financial assets will be volatile in the run-up to Britain’s first
December general election since 1923 – and will remain so in the event of
another hung parliament.
This
is the warning from Nigel Green, CEO and founder of deVere Group, one of the
world’s largest independent financial advisory organisations, as Labour
announces it is now backing the government’s bill for a December election,
regardless of the date.
Mr
Green comments: “This is a critical stage in the slow-moving, damaging,
torturous Brexit saga.
“Expect
the pound and UK financial assets to be increasingly volatile in the run-up to
the general election, given the wide-ranging set of outcomes.
“The
most detrimental of these outcomes for sterling, UK financial assets and the
wider British economy, include another hung parliament or a victory for
Jeremy Corbyn’s Labour party.”
He
continues: “Boris Johnson’s intention to secure a majority within the House of
Commons is by no means guaranteed.
“The
Brexit Party will use the fact that Mr Johnson did not deliver Brexit by
October 31 – something on which he staked his whole premiership.
“The
Remain vote could also be split between Labour, the Lib Dems, the Greens and
the SNP.
“Political
fragmentation on this scale has never happened before in the UK.
“Therefore,
a hung parliament looks like an alarming possibility, meaning there could be no
majority to quickly and smoothly resolve the Brexit chaos.
“Should
grinding deadlock continue, the UK economy would still
haemorrhage investment and confidence. The fallout of Brexit has cost the
UK three and a half years of lost opportunity and many, many tens of billions
of pounds. This would only intensify with another hung parliament.”
He
adds: “Meanwhile Jeremy Corbyn’s Labour party will campaign on the most
radical, left-wing manifesto in more than a generation.
“Should
he win this election, his anti free-market policies – such as the
re-nationalisation of industries from utilities to railways to postal services,
and the forcing of companies to give 10% of their shares to staff – plus
his high-tax policies, including a possible wealth tax, will spook the financial
markets, hit long-term sustainable growth of the British economy, put more
pressure on UK financial assets, and lead to a significant sell-off of the
pound.
Mr Green concludes: “The general election is set to be the most contentious and uncertain in generations. Investors now need to protect and build their wealth and assets by ensuring they are properly diversified across asset classes, sectors, currencies and regions.”
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement