London, 14 November 2019 – Onguard, the
fintech company that streamlines the entire order-to-cash process, has
announced that in collaboration with Altares
Dun & Bradstreet and Quantforce, machine
learning will feature in its platform to enable businesses to predict the
payment behaviour of debtors and act accordingly.
Available from early 2020, the platform brings together historical data from Onguard’s software, external debtor information from business data expert Altares Dun & Bradstreet and the relevant invoice and payment history of the customer via machine learning on a scorecard generated by Quantforce. The resultant score ranks the debtors in order of the risk of non-payment which enables organisations to estimate and anticipate the payment behaviour of customers at an early stage.
Adjusting workflows based on debtor information Once the customer’s risk profile is known, it becomes possible to adjust workflows directly to payment risk with the help of artificial intelligence. When it is predicted that a customer will not pay or pay too late, it is possible to immediately take the necessary actions. This saves the organisation time and limits exposure and unnecessary tasks, such as sending reminders or transferring it to collection agencies. Similarly, this avoids those customers who are shown to regularly pay on time being bothered unnecessarily.
“There is an enormous amount of data available both within and outside organisations, which is currently not being used,” says Daniel van den Hoven, VP Alliances & Partners at Onguard. “With all available data, organisations can better understand customers. In addition, credit managers see at a glance which customer needs extra attention and can easily prioritise. The advantage for the organisation is that there is more focus on high-risk customers and that the processing time for invoices becomes shorter.”
Thanks to the collaboration between Quantforce, Altares Dun & Bradstreet and Onguard, it is possible for businesses to predict in advance whether and when customers will pay. This is beneficial for both the organisation and the customer because immediate action can be taken to find a solution when a payment fails. In this way, credit management is organised more proactively and efficiently
Rob Berting, Managing Director of Quantforce adds: “The collaboration between these three parties from the same market is logical. All three have our own expertise and because we have joined forces, we can offer even more value to the customer. Quantforce assigns the scores on the basis of proven algorithms and also applies machine learning. This makes it possible to automatically adjust workflows on the Onguard platform to the debtor risk. In this way Onguard can optimally support the customer and their debtors in the order-to-cash process.”
Adriaan Kom, Director Partnerships at Altares Dun & Bradstreet: “We place great value on the customer relationship and thanks to this collaboration we can add even more value to the customer. The combination of data gives organisations an insight into how a debtor will behave in the near and distant future. In this way a company gains a more in-depth understanding of the customer which will elevate the business to a higher level.”
About Onguard
Over the past 25 years, Onguard has grown from a specialist in credit management software to a market leader in innovative solutions in the field of order to cash. The integrated platform ensures that all processes in the order-to-cash chain are optimally linked and that critical data can be shared. Intelligent tools which interface seamlessly combine to provide an overview and control of the payment process and help build lasting customer relationships. Users in over 50 countries worldwide work with the Onguard platform on a daily basis to achieve successful management and tangible results in Order to Cash and Credit Management. Read more at http://onguard.com/.
SMEs now hold an estimated £333 billion in cash deposits – a record high
But SMEs are set to miss out on £3.7 billion in interest this year because their money is languishing in low-paying savings accounts
This may also be damaging to the UK economy as it relies heavily on the performance of SMEs, says Flagstone
UK small and
medium-sized businesses are holding record levels of cash as uncertainty
surrounding Brexit persists – and it is costing them billions of pounds a year,
new analysis reveals.
In the last 12 months, SME’s cash
reserves have increased by more than 3% to £333 billion – the highest level on
record – according to analysis of UK Finance figures by the Centre for Economic
and Business Research (CEBR) on behalf of Flagstone, the UK’s largest cash
deposit platform.
Much of this
growth has been from deposits into instant-access accounts. Indeed, nearly 58%
of all SME cash reserves are now being held in instant-access accounts,
suggesting that firms want quick access to their money.
However, by doing
this firms are missing out on billions of pounds of interest as these accounts
typically pay the lowest interest rates.
With SMEs
currently holding £191 billion in instant-access accounts and receiving an
average rate of 0.41 % [1], they are on track to
earn £566 million in interest in the coming year, CEBR’s analysis found.
However, if they were to switch to a market leading instant-access rate of
1.40% [2], they would earn £2.7 billion in total in the
next year – £2.1 billion more than they are currently expected to earn.
Further, UK
SMEs currently hold £141 billion in fixed-rate deposit accounts earning on
average 0.86%, meaning they are expected to earn £1.2 billion in the next 12
months. But if SMEs instead switched to the market-leading 1.95% one-year fixed
rate, they would collectively earn £2.8 billion in interest in the coming 12
months – £1.6 billion more than they would have otherwise.
It means, in
total, firms are expected to miss out on £3.7 billion in interest in the next
year because their money is languishing in low-rate savings accounts.
That extra £3.7 billion would be
enough to fund for a year the salaries of more than 123,360 additional workers
on the UK average annual salary of £29,588[3].
Separate
research conducted by YouGov on behalf of Flagstone reveals why SMEs are
reluctant to shop around for a better rate for their cash.
Almost four in
ten (39%) of the 500 firms surveyed said the hassle of opening an account is
the greatest barrier stopping them from moving their money followed by 34% of
firms who said the perceived risks of depositing money with a challenger or
non-high street bank was the biggest deterrent.
Andrew Thatcher, Co-Founder and Co-Managing Partner of Flagstone, said:“It’s clear that firms are worried about what effect Brexit will have on their business and are hording cash in case the waters become choppy. However, whilst this may be a sensible move, our study reveals that firms aren’t choosing the best home for their cash. Often, firms are getting sub-optimal rates of interest when they could be getting much higher returns on their cash by shopping around.
“The
research shows that savings apathy doesn’t just affect individual savers,
but also the nation’s businesses too. Each year SMEs are missing out on
billions of pounds of interest because they’re failing to shop around for a
better deposit rate for their cash reserves. Firms that forego this extra cash
could be missing out on the chance to grow their business by hiring extra staff
or investing in productivity improvements.”
“The
solution a platform like Flagstone provides is that it not only consistently
keeps business owners and financial directors in the path of the best rates,
but it also removes the barriers to switching, providing a simple way to
increase income and reduce risk. If you are an SME or charity with excess cash
at bank it makes no sense not to at least consider a service such as Flagstone
and choose from one of hundreds of deposit products at the touch of a button to
earn more money.”
[1] All figures on current SME cash holdings and average interest rates are Bank of England data, analysed by the Cebr
[2] Correct as at 4 November 2019
[3] Employee earnings in the UK: 2018, released by ONS on 25 October 2018. Annual figure calculated by multiplying median full-time gross weekly earnings (£569) by 52
Flagstone
Flagstone is an FCA authorised and
regulated fintech company (FCA reference numbers 676754 and 605504) located in
London and founded in 2013. Flagstone’s online cash deposit platform enables
companies, charities and individuals to earn more interest and reduce risk
through diversification. Completion of a single application gives the client
access to over 550 deposit accounts from 38 different banks and enables them to
research and open accounts in just a matter of keystrokes. The platform puts
clients in control of their cash, giving them access to market-leading and
exclusive rates from a growing panel of UK banks, consolidated reporting and
regular new rate alerts to ensure that their cash is working as hard as
possible for them 24/7. For more information, see www.flagstoneim.com or watch a short film explaining
what we do and how it benefits clients by clicking here.
All of the UK banks on the Flagstone platform are authorised by
the Prudential Regulation Authority (PRA) and regulated by the Financial
Conduct Authority (FCA) and the PRA. Deposits placed with any of these
banks via the Flagstone platform are afforded exactly the same Financial
Services Compensation Scheme protection (i.e. £85,000 per individual depositor
per authorised institution) as if the client placed the deposit directly with
the bank.
More than a
third of business owners in the finance sector would choose to recruit an older
worker than a younger candidate with exactly the same skills and experience,
according to new research.
In a national
survey, more than a third (36%) of 1,000 SME business owners across a range of sectors including
education, healthcare, IT, manufacturing, hospitality and tourism said that
they would sooner recruit a 55-year-old than a 24-year-old, with 35% of
business owners in the finance sector saying the same. Just a quarter (25%) of
finance business owners preferred a 24-year-old with the same CV. Issues raised
by business leaders about so-called ‘snowflake’ and ‘Millennial’ employees
included ‘lower productivity’, ‘higher absence rates’ and ‘a poorer grasp of
the English language’, instead preferring ‘loyal’ older workers, according to
data gathered by the UK’s most trusted business healthcare provider, Benenden
Health.
The study, which
also surveyed 1,000 employees, found that nationally more than half (56%) of
Generation Z employees (aged 16-23) felt they have been overlooked for roles
due to their age compared to 47% of Millennials (aged 24-38), 29% of Generation
X (aged 39-54) and a third (34%) of Baby Boomers (aged 55-72). More than a
third of employees surveyed in the finance sector felt they had been overlooked
for a job due to their age.
However, when it
comes to attracting and retaining a workforce, the findings have shown a major
discrepancy between what employers and employees see as a priority, with 56% of
employees in the financial sector stating that a strong health and wellbeing
scheme would increase their likelihood to stay with a business.
Health and
wellbeing packages are starting to command increasing importance for employees,
with nearly half of all respondents in the finance sector (48%) saying a strong
health and wellbeing benefit would increase their likelihood to join or stay
with a business. Nationally, Generation Z employees (aged 16-23) revealed they
would be willing to sacrifice a whopping third of their salary to receive a
healthcare package that fits their personal needs.
Yet, despite
this, nearly two thirds (64%) of SMEs surveyed in the finance sector reported
that they don’t have a healthcare package in place for employees above statutory
allowances, with 57% of those without one claiming they don’t believe it is
necessary and nearly half (46%) saying they don’t believe or weren’t sure a
strong health and wellbeing package is valuable in recruiting and retaining
employees.
In addition,
more than a quarter of financial businesses (26%) revealed that they have never
consulted workers on what they would value in a healthcare package, despite
employees having different priorities depending on their age. Nationally,
younger workers revealed that they place value on mental health support,
counselling sessions and life skill lessons, whereas older generations said
regular medical checks and flexible working were top of their list of potential
healthcare benefits.
Helen Smith,
Chief Commercial Officer of Benenden Health, commented: “Our research has
highlighted some interesting statistics on the attitudes of employers towards a
multigenerational workforce. The finance sector appears to be one of the more
progressive industries in regard to hiring younger workers, but there is still
a preference for older workers, even those with the same skills and experience
as younger candidates. Unlocking the potential of a multigenerational workforce
is the key to harnessing skills and talents of different generations.
“Our research
found that healthcare is becoming increasingly valued by financial workers with
nearly half (47%) of employees in the sector willing to sacrifice over 30% of
their salary – indicating that businesses should be offering tailored health
and wellbeing plans to meet the varied needs of a modern workforce and attract
a talent multigenerational workforce
“Younger
generations told us that mental health support is of great importance to them,
but these priorities change over time. Generation X workers often have the dual
commitment of looking after children and parents so flexible working is valued
by them, and with employees working longer than ever, ensuring your older
workers are catered for as well – through regular eyesight and hearing tests,
and ergonomic offices, for example – is vital to maintaining a strong modern
workforce.
“At Benenden
Health we firmly believe that a healthy workforce is a productive and motivated
workforce and having these open conversations with employees and tailoring a
healthcare approach to suit will put businesses in prime position for
recruiting, retaining and maximising talent.”
Benenden Health
is a not-for-profit society with a UK-wide membership of over 815,000, founded
in 1905 to bring people together to help pay for medical care when they might
need it. Today, it has a mission to support businesses by providing affordable
healthcare that helps keep employees healthy and valued and businesses
thriving.
GRENKE becoming fastest growing financing specialist
in the UK due to new solutions approach.
Customer centric and consultative, providing businesses
across the UK access to a mixture of financial solutions ideally suited to
their business challenges.
Guildford, 11 November 2019 – 2019 has certainly been the year for GRENKE. Launching its new brand, website and solutions sales approach, GRENKE is realising its mission to combine innovative finance solutions with speed, simplicity and shared entrepreneurship.
As
the fastest growing asset finance company in the UK, the company has opened 10
branches in 12 years, with its 11th opening in Newcastle in 2020 and
their headcount growing a third in the last year.
Additionally,
the long term commitment has also seen a Head Office move into a new larger premises,
three times its predecessor. The significantly increased space allows GRENKE to
also introduce their first apprenticeship scheme in 2020, with 6 placements. A
key investment for their business future, encouraging young talent to learn
from specialist Sales and Administration Teams.
What
has been the key to their ongoing growth? Firstly, the placement of its new Managing
Director of Sales, David Horton in 2018, who focused on simplifying the sales
strategy. He ensured that GRENKE maximised the use of new sales platforms to
increase the sales team engagement with the customers and leads. He also increased
the diversification of the assets that GRENKE currently finance – opening up to
new markets and resellers.
Secondly,
the roll out of GRENKE’s new solutions approach. Seeing the business working collaboratively
across business units and offering businesses a fully rounded service to help realise their plans.
Their
fresh design, state-of-the-art website provides clear orientation towards
customer-focused solutions, with the financing specialist preparing for dynamic
developments in the fields of digitalisation and automation.
‘Our new brand promise “Fast.
Forward. Finance.” places added value for our customer’s
front and centre. At GRENKE, resellers and organisations can find
everything they need to cover their financing requirements – whether leasing or
factoring – in a whole range of different situations. This means that
they can benefit even more comprehensively than ever before from GRENKE
solutions.’ David Horton – Managing Director Sales.
On the new website, resellers
and potential customers can now find solutions tailored to precisely the
challenges they face. This is why GRENKE has developed typical case scenarios
that effectively address the specific needs of different target groups, for
example from the service sector,
retail, trade, healthcare and manufacturing industries.
Despite the evolution of its
brand, digital solutions and sales approach, the financing
specialist is continuing to emphasis the value of close relationships. This
benefits not only resellers, customers and employees, but also shareholders and
investors.
Their strategy for the future? Make
it even easier for Companies of all sizes to put their creative ideas into
practice – without having to worry about complex financing. GRENKE will take
care of their business finance needs so they can focus on boosting their
business – regardless of which industry they come from.
About GRENKE Group
The
GRENKE Group is a global financing partner for companies of all sizes. As a
one-stop shop for customers, GRENKE’s products range from flexible small-ticket
leasing and demand-driven bank products to convenient factoring. Fast and easy
processing and personal contact with customers and partners are at the centre
of GRENKE’s activities.
Founded
in 1978 in Baden-Baden, the Company operates in 32 countries and employs more
than 1,600 staff worldwide. GRENKE UK founded in 2002, based in Guildford,
Surrey and employs more than 100 staff.
GRENKE shares are listed in the MDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).
Further information about GRENKE and its products is available at www.grenke.co.uk
RecoTech is an event focusing on key technological innovations in the real estate and
construction industry in the Nordic countries. This official side-event of SLUSH will be arranged on 20 November at the Train Factory in the Vallila district of
Helsinki. The event is jointly organized by RAKLI, PropTech
Finland, Nordic
PropTech Initiative and Rond
Production House.
Commercialisation of new business models and
technologies is vital for the whole industry. Property industry technology,
PropTech in brief, is emerging as a new hit investment target among capital
investors. PropTech refers to the technology applications and platforms
that link innovative technology services, service providers and users. PropTech
makes information more easily accessible and enables its sharing in digital
formats, which improves data flow and transparency.
Congrid wants to promote PropTech development
in Finland and internationally. The company has developed a
software platform for the management of quality and safety in
construction projects. Congrid’s software improves data flow and cooperation on
construction sites by making the required information available to all the
project parties in real time. Congrid’s
goal is to promote quality management in building projects through information,
enabling the various project parties to understand what was built and why.
The purpose of RecoTech is to showcase
PropTech expertise and key trends and innovations of the industry to
businesses, start-ups, investors and professionals in the industry. An
increasing number of PropTech companies come from Finland, as according to a
survey by Unissu, the
number of PropTech start-ups in Finland is the highest in Europe on a per
capita basis.
The event features major players and
influencers in the industry as keynote speakers, including Mike
Butcher of TechCrunch, David
Malott of AI Space Factory and Bruce
Oreck, former US Ambassador to Finland.
About Congrid
Congrid was founded in
2013 by a team of construction site managers who had become frustrated with the
use of pen, paper and Excel-files to control the quality and safety of construction
sites. Congrid’s cloud-based software offers users one platform to handle
quality and safety management on any construction project, reducing quality
costs, improving safety and maximising site productivity. Customers include
major developers, construction firms, contractors and subcontractors in the
Nordic region. www.congrid.com.
Lytix Biopharma AS, a Norwegian clinical stage immunoncology company, today announces a clinical collaboration with the US-based company Iovance Biotherapeutics, Inc., a late-stage biotechnology company developing novel cancer immunotherapies based on tumor infiltrating lymphocyte (TIL) technology, to evaluate Lytix`s first-in-class oncolytic peptide, LTX-315, in combination with Iovance`s autologous ready to infuse T cell therapy.
Lytix Biopharma is focused on the development of oncolytic molecules based on pioneering research in “host defense peptides”. The company`s lead compound, LTX-315, is administrated intra-tumorally and works by inducing lysis of intracellular organelles of tumor cells thereby unleashing a broad spectra of tumor antigens. Clinical trials have demonstrated an increase in CD8+ TILs in the majority of evaluated patients with solid tumors resulting in size reduction of distant non-treated lesions.
Iovance Biotherapeutics intends to improve patient care by making T cell-based immunotherapies broadly accessible for the treatment of patients with solid tumors and blood cancers. Tumor infiltrating lymphocyte (TIL) therapy uses a patient’s own immune cells to attack cancer. TIL cells are extracted from a patient’s own tumor tissue, expanded through a proprietary process, and infused back into the patient. After infusion TILs reach tumor tissue where they attack tumor cells.
The collaboration is a non-exclusive collaboration where both parties will maintain ownership of their own assets.
Øystein Rekdal, CEO of Lytix Biopharma, said: “We are very excited about the collaboration with Iovance, and the combination of our technologies can be a potential new approach to T cell therapy for cancers. This agreement affirms that we remain committed to the further development of LTX-315 as a single agent and in combination with other therapies.”
Gaithersburg, Maryland – US
and Israel-based cybersecurity company Sepio Systems, has raised a $6.5 million in Series A
funding round led by Hanaco Ventures and Merlin Ventures, with the
participation of existing investors Energias de Portugal (EDP), Mindset
Ventures and Pico Partners. Since its establishment Sepio Systems has
raised $11 million.
Yossi Appleboum, CEO of Sepio Systems Inc.
In
conjunction with the financing, Sepio also announced the appointment of two new
executives to its management team: Gili Sahar joins as Chief Financial Officer
and Chen Ben Eliyahu takes as Vice President of Business Development.
Sepio
offers the world’s first end-to-end solution that detects and mitigates
hardware-based attacks, rogue peripherals, invisible network devices, and
manipulated firmware. The company’s Sepio Prime, which is a software-only
solution, has been successfully deployed in over 25 banks, insurance, and
telecom companies in the U.S., Singapore, Brazil, South Africa and Israel.
“The
increasing number of hardware based cyber-attacks is a major concern to all
enterprises. While all other security solutions are focused on software
threats, they are incapable of stopping threats coming from hardware”, said
Yossi Appelboum, co-founder and CEO of Sepio Systems, Inc.
“Sepio
defines and solves a problem most enterprises know they have but cannot
quantify or resolve,” explains Alon Lifshitz Founding Partner at Hanaco
Ventures. “Besides creating the Rogue Device Mitigation category, it’s
rare as an investor to back founders that have worked as a team for over twenty
years now building their third startup together.”
“Partnering
with Hanaco and Merlin and the continuous support from our existing investors
highlights the industry reception to our solution. This major investment allows
us to grow faster, increasing marketing and sales activities and engineering
resources.”, added Mr. Appleboum.
Merlin’s
partnership with Sepio includes bringing its Rogue Device Mitigation solution
to market in the US Federal space. “As soon as we saw Sepio, we realized it was
filling a critical gap in supply chain security by extending network visibility
down to the physical layer. Our model is to invest in differentiated
cybersecurity technology that we can bring to market to solve our customers’
most difficult challenges, and we see Sepio as the perfect fit.”, added David
Phelps, Chairman and CEO of Merlin.
As
part of its expansion, Sepio is opening a new office in Mclean, Virginia for
supporting the US federal customers.
About
Hanaco Ventures
Hanaco
Ventures is a New York and Tel Aviv based Venture Capital fund that
invests in the most promising start ups from the Israeli ecosystem. Hanaco
partners with Israeli companies, wherever they are in the world, helping them
become category leaders beloved by their customers. www.hanacovc.com
About
Merlin Ventures
Merlin
Ventures invests in emerging technologies to create enterprise ready products
that protect government and commercial organizations. Merlin offers a broad
portfolio of solutions that secure the enterprise from endpoints to networks,
from governance to risk management, from infrastructure to information.
Combining solutions with deep industry expertise and experience, Merlin
delivers the cybersecurity solutions that organizations need to protect their
most critical business assets while furthering their mission. www.merlincyber.com
About
Sepio Systems
Sepio
is disrupting the cyber-security industry by uncovering hidden hardware
attacks. Sepio Prime provides security teams with full visibility into their
hardware assets and their behavior in real time. A comprehensive policy enforcement
module allows administrators to easily define granular device usage rules and
continuously monitor and protect their infrastructure. Leveraging a combination
of physical fingerprinting technology together with device behavior analytics,
Sepio’s software-only solution offers instant detection and response to any
threat or breach attempt coming from a manipulated or infected element. www.sepio.systems
Alliance between EWPN and Wnet sees increased benefits on both sides of the Atlantic for women in fintech and payments
Amsterdam and Atlanta – 07
November 2019 – The European Women Payments Network (EWPN) and the U.S.-based
Women’s Network in Electronic Transactions (Wnet) share a mission to create
better opportunities for women and the men that advocate for them in the fintech
and payments industries. As a result of their like-minded goals to improve
inclusion and diversity, the two organisations today announced they are coming
together to allow their respective members to share the benefits of both
networks. Members of both organisations can
learn more by visiting EWPN and Wnet.
Through the new alliance, EWPN and Wnet will publish dedicated landing
pages where members can access each organisations’ extensive intelligence,
networking opportunities events, and programming. EWPN, launched in 2015 to champion
diversity and inclusion in fintech and payments, serves over 1,000 individual
members and 11 corporate members. Wnet, launched in 2005, serves over 3,000
women each year in the U.S., through events, information and knowledge sharing,
and networking opportunities.
“This exciting alliance will see EWPN and Wnet working together,
leveraging both networks for the benefit of all our combined members”,
explained Martha Mghendi-Fisher, Founder of EWPN. “Both networks are dedicated
to improving prospects for all women in the payments industry, increasing
inclusivity and diversity. Sharing our insights, knowledge and membership will
make us both stronger and allow us to bring about change as quickly as possible”.
Members will also have access to each organisation’s workshops and networking events in
various U.S. and European countries throughout the year, as well as mentorship
programmes. In addition, individual members of EWPN and Wnet may become
members of the other organisation at a discounted rate, even if their employer
is not a corporate member or sponsor.
Wnet
Executive Director Lisl Dutterer announced the collaboration news on stage at
the 2019 Wnet Leadership Summit “Leading
in a Changing World“,
the premier payments industry event designed by and for women leaders and the
men who advocate for them.
“By working together, Wnet
and EWPN are creating global change and the opportunity for more women to lead in
the payments industry”, said Dutterer. “Wnet has been extending our member
benefits to women around the globe, and we are excited for the opportunity to
work with EWPN’s leadership to accomplish that goal. Sharing our insights,
knowledge, and experience will make our organisations stronger and is another
effort to bring about positive change across the global payments ecosystem”.
The European Women Payments Network (EWPN) is focused on championing the
skills and expertise of women in the burgeoning FinTech and payments sectors.
In particular, through mentorship, leadership programmes, networking events and
workshops, EWPN is providing the opportunity for women to learn, network, share
and celebrate their achievements.
Each year EWPN holds the only Pan-European
Conference specifically focused on women
working in FinTech & Payments. The conference brings together women from
all over Europe for a full-day event, featuring interactive panels, deep-dive
workshops, and plenary sessions with industry female leaders.
About
the Women’s Network in Electronic Transactions (Wnet)
The Women’s Network in Electronic Transactions (Wnet) is the premier professional organization for women in payments and the men that advocate for them, providing personal enrichment no matter what stage members are in their careers. The organization provides world-class national and regional programming, fosters networking and promotes mentoring to help members achieve greater personal success, influence and professional parity. Founded in 2005, Wnet is a 501 (c) (3) not-for-profit organization serving thousands of women in payments annually. For more information about national and regional events and programming, or to become a member, please visit www.wnetonline.org.
Note from editor: see also this article about Promoting Women
6 November 2019 Leading employee benefits provider, Unum, hosted an event yesterday (5th November) to highlight how important it is for employers to provide the right support for employees impacted by cancer throughout their journey from diagnosis through treatment to recovery and possible return to work.
Employers play a vital role in supporting employees with cancer, says Unum
Guest speakers included former BBC presenter, and current
Classic FM host, Bill Turnbull. Bill talked openly about his ongoing battle
with prostate cancer, after being diagnosed in 2017, and how it has affected
him both personally and professionally.
It is an accepted fact that now one in two people in the UK will get cancer in their lifetime[1]. In the context of an ageing work force, 125,000 of working age adults are diagnosed with cancer annually[2], meaning that cancer is becoming an issue which will impact most businesses whatever the size.
In 2018 cancer was the top cause of long-term sickness absence
claims paid by Unum.
Upon returning to work, Unum’s research found that 28% of
workers with cancer, or who have had cancer, said they didn’t receive any
support, or the support they did receive fell below their expectations when
they were at work following their diagnosis.
84% agreed their loyalty towards employers could have been
influenced by the amount of support they received, and 3 out of 4 workers
worried about the cost of cancer and how their families would cope with loss of
income if they had to give up work.
A panel of corporate wellbeing and cancer care specialists,
moderated by Unum’s HR Director Liz Walker, discussed that the key issues
affecting employees include dealing with the feeling of fear that comes after a
cancer diagnosis; fear of losing their job and fear of not being able to
support themselves. Employees can also struggle with the lasting physical effects
of cancer treatment after returning to work, including fatigue, as well as lack
of confidence from being out of the workplace for a period of time.
The panel also highlighted that what can affect employers
and line managers the most is speaking about a cancer diagnosis with an employee.
This can be a sensitive and challenging conversation and one which they have
not always been trained for, which could mean they struggle to provide the
support needed.
Employers can help by ensuring that the right support is
put in place to help the employee throughout their treatment and possible
return to work. The panel agreed that one effective way of doing this is to
ensure all guidelines and advice relating to cancer are available in one place,
easily accessible to both employees and employers.
Unum is enhancing the cancer support it offers through its Critical
Illness cover, including the introduction of Unum’s ‘Cancer Pathway’, which
provides consultation assistance to patients, helps with managing symptoms, a
medical concierge, and psychological and post-treatment support.
Vocational Rehabilitation Consultants (VRCs) are also available
to work closely with employers to put together a plan to help recovering employees
return to work when they’re ready to do so.
Help@hand, Unum’s new app powered by Square Health, gives
employees access to enhanced health support and is available with Unum’s Group
Income Protection policies at no additional cost. Four key services are
available to employees and their families through Help@hand: a remote GP
service, a second opinion, mental health support and physiotherapy. The second
opinion service can be particularly important after an initial cancer diagnosis
to ensure an employee receives the most effective treatment, tailored to their
unique needs. Help@hand provides access to specialist consultants who can offer
either a face to face or video consultation.
After the panel discussion, speakers and attendees
networked with the Unum team as well as Unum’s support service providers and
partners including reframe (formerly HSC), a UK provider of specialist cancer
support, and Maggie’s, a charity that offers free emotional and practical help for
people with cancer and their families.
Bill Turnbull says: “It’s
been two years since my diagnosis and my life has changed forever. While I’ve
had my ups and downs, it’s been the support of those around me who have helped me,
and this extends beyond my family and friends to include my employer and colleagues
at work. I think being able to go back to work is a huge part of being able to
feel normal again. It’s vital that employers understand how important the
support they provide to their employees with cancer is in helping them cope and
live with this disease”.
Peter O’Donnell, CEO of Unum says: “As we live and work
longer, the reality is that more and more of us will face a cancer diagnosis at
some point in our working lives. Employers play an important role in supporting
employees as they face the financial, emotional and professional obstacles a
cancer diagnosis can bring. Unum’s
enhanced critical Illness product and the unique Cancer Pathway provides quick
and easy access for employers and employees to cancer support upon diagnosis,
through treatment and recovery – whenever it is needed.”
Unum is a leading
employee benefits provider offering financial protection through the workplace
including: Income Protection, Life insurance, Critical Illness, and Dental
cover.
Our Income
Protection customers have access to medical and vocational rehabilitation expertise
designed to help people stay in work and return to work following illness and
injury. Unum LifeWorks, our Employee Assistance Programme, provides help and
advice on a range of work/life issues.
Our Critical
Illness customers can access our Cancer Support
Service, providing personalised support for employees with
a cancer diagnosis.
We are
committed to workplace wellbeing for both employees and employers. We have a
wide range of tools designed to help businesses create or enhance their
employee wellbeing strategy, including our Mental Health
Pathway and Wellbeing Calendar.
At the end of
2018, Unum protected 1.4 million people in the UK and paid claims of £314
million – representing in excess of £6 million a week in benefits to our
customers – providing security and peace of mind to individuals and their
families.
Our parent
company, Unum Group, is a provider of employee benefits products and services
in the United States, including group and individual disability insurance.
Premium income for Unum Group and its subsidiaries totalled $9.0bn in the year
ended 31 December 2018, with reported revenues for the group totalling $11.6bn
and total assets of $61.9bn.
A.M Best has
given all rated Unum Group companies an Excellent rating for Financial
Strength, with a stable outlook.
Unum Limited
is authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority. Unum
Dental is a trading name of Unum Limited. Registered in England 983768.
Unum is a leading employee benefits provider offering financial
protection through the workplace including: Income Protection, Life insurance,
Critical Illness, and Dental cover.
Our Income Protection customers have access to medical and vocational
rehabilitation expertise designed to help people stay in work and return to
work following illness and injury. Unum LifeWorks, our Employee Assistance
Programme, provides help and advice on a range of work/life issues.
Our Critical Illness customers can access our Cancer Support Service, providing personalised support for
employees with a cancer diagnosis.
We are committed to workplace wellbeing for both employees and
employers. We have a wide range of tools designed to help businesses create or
enhance their employee wellbeing strategy, including our Mental
Health Pathway and Wellbeing
Calendar.
At the end of 2018, Unum protected 1.4 million people in the UK and paid
claims of £314 million – representing in excess of £6 million a week in
benefits to our customers – providing security and peace of mind to individuals
and their families.
Our parent company, Unum Group, is a provider of employee benefits
products and services in the United States, including group and individual
disability insurance. Premium income for Unum Group and its subsidiaries
totalled $9.0bn in the year ended 31 December 2018, with reported revenues for
the group totalling $11.6bn and total assets of $61.9bn.
A.M Best has given all rated Unum Group companies an Excellent rating
for Financial Strength, with a stable outlook.
Unum Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Unum Dental is a trading name of Unum Limited. Registered in England 983768.
The schemes have risen in popularity over
recent years with those earning over £100k worse affected, new research finds
London, 6th November 2019 – Buy now pay later schemes are luring people into living beyond their means according to a recent survey by Hastee. Half of respondents said buy now pay later options encourage them to spend money they don’t have and this rises to 59% for millennial respondents (those aged 18-35).
Buy now pay
later schemes have become a popular interest bearing option where retailers
allow consumers to delay payments on their purchases for a specified period.
More than a quarter of respondents (27%) said they have experienced
difficulties after using buy now pay later schemes. The same percentage of
respondents said they have experienced problems after using payday loans which
have come under increased scrutiny in recent years, resulting in the Financial
Conduct Authority (FCA) stepping in to apply limits on daily borrowing.
Millennials
are the worst-hit age group when it comes to experiencing difficulties after
using buy now pay later schemes – over a third (36%) said this has been the
case. Financial stress has impacted their social lives (50%), relationships
(40%), health (39%) and work (38%).
The survey
revealed that workers across all salary bands agree that the schemes encourage
them to spend money they don’t have. The figure tends to rise in the higher
salary bands, highlighting that this issue is not exclusive to lower paid
workers:
Up to £20k salary: 45%
£20-30k salary: 49%
£30-40k salary: 52%
£40-50k salary: 43%
£50-27k salary: 50%
£75-100k salary: 59%
Over £100k salary: 77%
“Buy now
pay later schemes might seem an attractive option for consumers but they’re
proving to be as problematic as more traditional forms of credit,” says Hastee
CEO James
Herbert. “While they seem like a good short term solution, they can cause
consumers issues in the longer term. Missed payments can impact credit scores,
cause longer term debt problems and could create an unhealthy reliance on
credit cards and overdrafts as users struggle with repayments.
Our advice
for anyone tempted by one of these schemes is to make sure you’ve weighed up
the affordability of the purchase and explored all options before making any
commitments. If you can’t afford the repayments, consider whether you really
need the item or work out another way of paying for it that won’t cause you
long term financial difficulty. There are plenty of digital money management
tools that work together to help people live comfortably and within their
means, such as challenger banks, earnings on demand solutions and budgeting
apps.”
About Hastee
Hastee is
an award-winning employee benefit which empowers employees to receive
their earned pay immediately via our mobile app, increasing their choice and
financial wellbeing. Workers can choose to receive up to 50% of their gross pay
for the work they have completed; it is income smoothing of their earned pay,
not a loan. Companies may choose to restrict the availability for their staff
to below 50% should they wish/need. We do not charge interest, just a low and
simple fee (subscription and on-demand options).
Companies profit from the improved recruitment, retention, engagement and
productivity of their workforce. This is at no cost to the employer (unless
they wish to contribute as a paid benefit) and has no impact to company cash
flow (we fund the advances, with the company reimbursing us when they pay their
staff as normal). Giving access to earned pay only, Hastee is a meaningful
benefit that can be made available to all staff, including salaried, temporary,
variable and gig workers.
Additionally, we have now launched an employee financial education programme
in the form of a series of emails over a period of 7 weeks. Companies can
choose to include as many of their staff as they wish in this programme at no
cost, or leave to only those who register with our app. Related to this, we
have content available on the Financial Education Hub on our website and,
obviously, within the app.
