Business

With the latest ONS labour market data revealing that the UK once again reported record breaking vacancies numbers in the three months leading up to May and competition for talent fiercer than ever, AMS (formerly Alexander Mann Solutions) has urged businesses to place more emphasis on internal hiring strategies.

Jim Sykes, Sector Managing Director, Pharmaceutical & Life Sciences and Professional Services at AMS commented:

“With the skills gap continuing to widen and available talent levels dwindling, new and innovative talent acquisition strategies are constantly being turned to as a means of beating the competition for the best staff. While this is certainly important, I’d argue that far too many firms are focusing the majority of their attention on outward candidate attraction and ignoring their current resources – which will only exacerbate the problem. With the ONS also reporting last month that jobs had surpassed the number of people unemployed, staff are arguably ripe for the picking of competitors. Identifying where internal mobility opportunities lie in order to move staff across the business and boost retention rates will help alleviate some of the pressures on resourcing teams.”

“It’s important to also stress that reducing employee turnover should be a strategic focus for the boardroom, not just the HR leadership team. Employee turnover involves significant wage inflation as external hires will nearly always come at a premium unless companies are doing a good job of hiring for potential over job-readiness. And with employee turnover there will nearly always be a lag before a new person is in a role, leaving teams under-resourced and productivity declining. So, naturally, employers need to do a far better job of developing and retaining existing talent to both aid retention and help deliver against growing workloads – and encouraging a greater level of internal mobility is key to this aim.”

“While there is no quick fix for the UK’s skills shortage, opening positions up internally as well as implementing upskilling or reskilling programmes for current staff will boost your retention rates in the long term. A lack of career opportunity is regularly cited as the reason that people leave their current employer so ensuring companies are looking at their internal employee population will have a swift impact on skills deficits.”

“What is certain is that, as it stands, employers aren’t doing all they can to maximise internal hiring opportunities and a new approach to internal hiring is needed, one that includes new technologies that give organisations a holistic view of the skills within the business and can proactively help to match existing talent to new internal opportunities. We need to change our corporate cultures so that managers are encouraged or rewarded to develop and progress their existing talent, not just look externally. And we need to allow talent acquisition teams to proactively approach

For the fifth year in a row, ESCP Business School’s Master in Finance has been ranked 2nd in the world by the Financial Times in its annual ranking.

Taught at both ESCP’s Paris and London campuses, the programme is 1st in the UK and 2nd in France, reaffirming the school’s competitive reputation in both countries.

The programme also ranks 1st worldwide for its international experience, careers service, and international work mobility.

In addition, an impressive 100% of programme alumni are known to be employed within three months after graduation and 97% confirm ‘aims achieved’. These strong results lead alumni to give the course an outstanding overall satisfaction rate of 9.93 (out of 10), the highest among the schools ranked this year.

This ranking recognises the programme’s international position as well as the technical and professional dimensions that help establish its cutting-edge reputation.

“We continue to train professionals with an international outlook and strong technical competency. Combined with academic expertise, this has been achieved by building strong relationships with top financial institutions, giving our students the skills that they need in order to succeed in Investment Banking, both in the fields of Financial Markets and Corporate Finance” – Professor Philippe Thomas, Academic Director of the Master in Finance.

For more information about ESCP Business School’s Master in Finance: https://www.escp.eu/programmes/specialised-masters-MScs/MSc-finance

The next generation of entrepreneurs are driven through GBSB Global Business School’s ‘G-Accelerator’ start-up hub

GBSB Global Business School is exceeding industry standards in supporting innovators and budding entrepreneurs. This is due to their world-renowned ‘G-Accelerator’ – an exciting start-up hub looking for next-generation entrepreneurs.

Located in Europe across Spain and Malta, GBSB Global remains at the forefront of international business education, dedicated to preparing highly skilled graduates for successful careers across various industries.

With a strong focus on innovation and technology, the G-Accelerator helps those with innovative and disruptive ideas that intend on launching a business that will help contribute to a better society.

“The G-Accelerator wants to engage with individuals concerned about bettering the world through sustainable business models that are socially responsible, as well as being economic and environmentally sustainable,” says Xavier Arola, Director of the G-Accelerator.

This is why, once a year, the G-Accelerator has an ‘Impact Call’. This is a six-month pre-accelerator programme that provides training, mentoring, networking, and financial support services to early-stage entrepreneurs focused on developing a venture with a ‘Triple Impact’ – this means they are socially, economically and environmentally sustainable.

The G-Accelerator is a fantastic initiative that sources and supports those who want to develop their own business in a short but highly efficient time-frame. The Impact Call is a roadmap of 20 weeks from the first steps of ideation to the market, from product development to managerial skills and acquaintance modules.

The G-Accelerator is in partnership with the Universitat de Vic – Universitat Central de Catalunya, the Institute of Social Innovation (University of Northampton) and Empact.org. It is funded and supported by European Social Fund and the Catalan Government.

For more information about the G-Accelerator: https://www.global-business-school.org/landing/g-accelerator-eng

Luxury eco farm Frasers of Egerton, located in the heart of the Kent countryside, is inviting events professionals to come along to a special open evening on Thursday 30th June from 5.30pm to 8pm.

This relaxed event is the perfect opportunity to see first-hand what the estate has to offer for corporate events, meetings, training days and product launches, as well as learning about the venue’s impressive green credentials – the estate operates on 80% renewable energy.

Guests will be treated to a glass of local fizz and canapés on arrival. They will be invited to view all the luxury accommodation and event spaces, as well as having an opportunity to ask questions and discuss any specific requirements with proprietor Lisa Fraser and the team.

Everyone who attends the open evening will receive a voucher for a free afternoon tea for two, enabling them to return at a later date and experience the venue from a visitor’s perspective.

Hosting an event at Frasers enables a ‘Free-Range, Guilt-Free’ experience. The quality of their accommodation and food enables the event to have low-food miles and hence a low carbon footprint, yet without needing to compromise in any way on quality and style.

The estate is located in the heart of the idyllic countryside yet easily accessible from London (35 minutes from Stratford to Ashford) and the county towns of Maidstone, Ashford and Tunbridge Wells.

The range of meeting and conference spaces can accommodate anything from eight to 120 delegates. Senior management teams of up to 10 people can be accommodated overnight on a single room occupancy basis.

Workshops and other activities can be ‘bolted on’ for those looking to incorporate team-building exercises or simply mix work with pleasure. Options include foraging, cooking, yoga, mindfulness walks, meditation, photography and gardening. Tours to nearby attractions such as the Big Cat Sanctuary, local vineyards, and historic castles and gardens can also be arranged.

For a special event, a private Chef’s Table experience with overnight accommodation can be provided for up to 10 delegates. Frasers’ head chef will prepare a six-course tasting menu in front of the guests, describing the home-grown, foraged and locally sourced ingredients used in each of the dishes.

Proprietor Lisa Fraser says, “We’re still something of a hidden treasure here at Frasers. Tucked away in rural Kent, surrounded by stunning landscapes and an abundance of wildlife, you’d never realise how close we are to the real world!

“This makes Frasers the perfect event venue – we’re easy to get to but it feels like you could be many miles away. A perfect, peaceful setting, away from the everyday distractions of modern life – yet we have everything you need on hand to create an enjoyable, memorable and productive experience. What’s more, you’ll be making a conscious choice to use an eco-venue that’s committed to protecting the environment and preserving the natural Kentish habitat.

“We hope events professionals will join us on 30th June to discover more about what Frasers can offer and enjoy some of our delicious Kentish refreshments.”

Located only 20 minutes from junction 8 of the M20, Frasers is easily reached by car and has plenty of parking. For visitors coming by train, there is a fast service from London to Ashford International station where taxis are readily available.

An entrepreneurial mum of two who started a free Facebook group to support fellow women in business is in the running for a top award after building a community that now reaches around 25,000 people.
Niki Hutchison has been named as one of six finalists in the Women’s Champion category of the Digital Women Awards 2022 after her huge success in offering online support.
“I was delighted to have made the shortlist,” she said. “To get recognition at a national level really does give you an extra boost and remind you why you’re working so hard.”
Niki, 43, started her group in 2017 when she set up The Simplicity Concept to help support women in business. Two years later she rebranded to her own name and niched down to focus on supporting entrepreneurial women to grow their audiences at http://www.nikihutchison.com.
Pre-pandemic, Niki hosted in-person networking events in Edinburgh but pivoted online and now focuses on running a free Facebook group – the Audience Growth Collective – a weekly podcast called the Audience Growth Podcast and a group programme called the Audience Growth Club as well as running her marketing agency, Enjoy Marketing. With thousands of members and many more followers on social media platforms, she is reaching up to 25,000 women every week.
Edinburgh-based Niki, who is married to John and has two children, Ian, 17, and Anna, 11, said she first set up the community to grow her own support network and create opportunities to work with other women and help them to grow their businesses as well.
“I needed a new challenge and I was really keen to surround myself with like-minded women in my working life,” she said.
“Entrepreneurial women growing all sorts of businesses are now part of the community. They live all across the UK and beyond and are ambitious, determined and inclusive. They want to support each other on the journey.
“Women in the community regularly work with each other. As well as teaching members how to grow their audiences and ultimately sell more, I always buy from as many of them as I can and the opportunities that come from the group are great to see. Just this week someone in the group shared that they had space for a new client, and another member booked a call with her the same day. It can happen that fast!”
Members of Niki’s group get marketing and business tips and can access her regular, free masterclasses. In February, Niki plans to team up with other entrepreneurial women to bring together marketing experts and host a large scale in-person event in Edinburgh.

Niki also runs free online challenges, regularly attracting hundreds of members to sign up to each one. These challenges include competitions where women can win prizes for being the most engaged, the most creative and the most supportive.
“Everyone is allowed to promote their business once a month in the community and also invited to share their own business tips that have worked for them,” said Niki.

“We then select our favourite tips and highlight those within the community, meaning that the person sharing the tip gets extra exposure. I also share business offerings from other women in my community on my Instagram stories and interview them on my podcast.
“I believe in the potential of everyone and we all have to start somewhere. I benefited from lots of free advice when I first started in business and have gone on to invest regularly in further support.
“I see the power of community in action again and again; sometimes women will be part of the community for years before being in a position to work with me and I love hearing that they’ve been paying attention all that time and have made enough progress to be ready to invest.
“Other clients will jump straight in after bingeing on a few podcast episodes. I’ve got a background in traditional advertising and brand strategy, so it comes naturally to me to put myself out there and I love providing value whether that be via the Facebook group, the podcast, the regular free workshops I host, the information I share in my newsletter or on Instagram. I love learning from and working with other women so it feels good to be the person on the other side of that too.”
The Digital Women awards ceremony is on Friday, October 14, at The Ivy, Tower Bridge, London.
To find out more about Niki and the Audience Growth Collective, visit www.nikihutchison.com

Organised and hosted by IRM UK and in association with AssistKD, BCS, The Chartered Institute for IT and IIBA® UK Chapter the Business Analysis Conference Europe will take place from the 19th – 21st September, London.

World renowned speakers will take to the stage and present to 500+ predicted Business Analyst professionals who will fly in from across Europe and beyond for three days of networking and learning.

Keynotes include:

– Wellbeing in Times of Change, Petra Velzeboer, Mental Health Advocate.
– Higher and Wider: Business Architecture for Business Analysts, Roger Burlton, Process Renewal Group.
– Digital Disruption – The Rise of Robots, AI and the End of Work, Dr. Alan Watkins, Complete.
– Professionalism – Why it is Important, Rebecca George, Former President, BCS, The Chartered Institute for IT

View the agenda and full line-up of speakers here: https://irmuk.co.uk/events/business-analysis-conference-europe/

Highlights of this year’s event include:

– Five conference tracks and forty-five sessions. View the agenda here
– An unparalleled networking opportunity for Business Analysts from across Europe and beyond. The event is for anyone who is starting their Business Analysis journey, to experienced/leading Business Analysis professionals.
– The conference provides an interactive forum where Business Analysts can meet, discuss and debate how best to rise to the challenges faced by their organisations today and in the future.

– Attendees will benefit from learning from other Business Analyst’s past success and challenges through a wide range of case studies.
Case studies and Contributors Include: 10x Banking, Aldermore Bank, AssistKD, Atkins Global, Aviva, City of Dallas, Close Brothers, CMC Partnership Consultancy, Department of Education, Department for Work and Pensions, IBM, John Lewis Partnership, Just Eat Takeaway, National Grid, Ofsted, Sellafield, Sky, The Lego Group, University of Leeds, University of Art London, Value Retail, Whitbread and more!

People are already starting to register for this year’s event with Shane McGlynn, Managing Director, IRM UK commenting “We’re excited to be back face-to-face for Europe’s flagship event for the Business Analyst community. Our three-day agenda includes contributions from the most leading expert speakers, ensuring delegates will leave with enhanced knowledge, as well as new business connections from the 500+ attendees”

Attending the Business Analysis Conference Europe
To register for the Business Analysis Conference Europe visit https://irmuk.co.uk/events/business-analysis-conference-europe/.

By: Mark Wilding Vice President of Global Customer Transformation at ServiceMax

Sharing Asset Data drives higher performance, margins, revenue and retention, 

but cross-department collaboration is falling short

Every leader questions his or her decisions at times, perhaps now more so than ever.Service leaders today face increasingly high customer expectations and service standards, putting pressure on their decisions and a spot light on their chosen strategy. Data of course, was supposed to help with this, by giving decision makers the sort of intelligent insight required to drive change, efficiencies and growth. Has it worked? Not entirely, at least according to new research, “The Impact of Asset Data Flow Beyond The Silo of Field Service Operations”.

The good news is that digital transformations in service departments are in full swing – the research shows the industry has firmly grasped digital transformation and data-driven approaches to service design and delivery. However, there are some fundamental problems in the breadth of data and how data is managed and used within organisations.

The research revealed that 34% of companies state that while asset data is being shared across the business, its use is limited by disparate systems of record. This is clearly an issue for any firm looking to use its data to generate intelligence on product performance and customer use and requirements. How can any organisation really transform effectively if its data is not joined-up and providing in-depth analysis?

The vast majority of organisations – 82% – are now able to receive asset data. While this is great, more than half of organisations admit to not using this data effectively within the field service unit. The research found that while two departments in particular were cited by over half of respondents as having access to service data (customer service and sales), there are three core business units that received less than expected asset data.

The Three Critical Business Units Losing Out

The first was product design and R&D, where less than half (46%) of companies stated they shared asset data. The second is within the supply chain, where only 31% of companies share asset data and the third is marketing. Here, less than a quarter (23%) share asset data.

This is a big concern because not only does it suggest money is being wasted on ineffective, or at least, incomplete digital transformation projects, it also suggests organisations are still making service decisions based on a lack of or incomplete intelligence.

This becomes more obvious when we start to look at the existing data flows and reasoning behind the lack of overall data strategy. The research shows disconnects between departments that would benefit from additional and accurate asset information. For example, less than a tenth (8%) of organisations share coverage or entitlement data across the business. How can sales and marketing effectively manage customer contracts and upselling without this information? Also, only 37% of organisations share parts data with their supply chain departments, suggesting inefficiencies in ordering parts, leading to potential delays and machine downtime.

For many organisations this represents low hanging fruit. Asset data can provide a level of intelligence for service teams to pre-order parts and effectively manage service schedules to limit downtime. However, we have found technical as well as cultural issues that are undermining the flow of data. It suggests organisations have limited, enterprise-wide strategies for monetising or maximising the value of asset data.

It’s interesting because there is clearly an understanding that asset data is important. It’s perhaps not surprising that 61% of service leaders say a re-organisation is needed for more effective cross department collaboration on service and asset data. The industry is moving forward but in fits and starts.

Multiple disparate IT systems within most organisations will undoubtedly play a significant role in this. Around a third claim they are using multiple IT solutions and data flow is limited. Just under a fifth (18%) of companies using multiple systems claim a seamless data flow. This is a common problem of digital transformation projects not being led by a common data strategy.

The study also finds that the resolution to better cross-department collaboration sits both in business structure and improving the flow of asset data between disparate systems. In one sense, it could be viewed that the organisational structure enables collaboration, but it is really the common view of data that offers a shared language for all departments to make such collaborations effective.

Why do we need effective collaborations? To make better business decisions. Where data is shared between business units, there’s a greater likelihood of cross-collaboration, servitization and improved performance. It also leads to efficiencies in how products, services and customers are managed.

Sharing Asset Data – Higher Performance, Margins, Revenue and Retention

To try and quantify this, we asked respondents whether asset data flow made a difference to the business in terms of factors such as performance, revenue growth, margins and employee retention. The results were comprehensive. Those who had previously indicated that asset data was shared across the organisation stated a higher performance, higher margins, significantly higher revenue growth and good employee retention. There were also high scores for product quality, service delivery efficiency and customer satisfaction.

It begs the question – are organisations inadvertently leaving value on the table and exposing themselves to inefficiencies and customer dissatisfaction? Asset data is fundamentally key data, and the more connected organisations are to that data, the more they can make intelligent decisions and reap the benefits.

About Author:

Mark Wilding is Vice President of Global Customer Transformation at ServiceMax.

Poor data quality and a lack of clearly defined roles and responsibilities within the organisation are amongst the key challenges management faces when implementing vital strategic workforce planning (SWP), according to new research.

The researchers also found that a lack of methodology to execute a strategic workforce planning and the lack of support across all organisational units of the firm were contributing to a slower and less efficient SWP.

This SWP is also becoming more and more vital, with the researchers finding that almost 75% of firms are operating in complex corporate environment in terms of the dimensions of technology, competition and market, where SWP is needed to deal with unexpected uncertainties.

This research was conducted by Ronald Gleich, Professor of Management Practice and Control, and Nils Gimpl, researcher at Frankfurt School of Finance and Management, who were investigating the drivers for implementing SWP, the problems involved and determinants of success.

To do so, the researchers surveyed 123 firms from a wide range of industries, with the interviewees providing insights on their current SWP strategies, their reasons behind implementing these strategies and the challenges they are currently facing.

The researchers also found that the main drivers for implementing SWP were demographic changes, meaning that a great number of employees retire in near future, the labour market situation, where there is a shortage of skilled workers in many regions, industries and occupational groups, and new skill and competency requirements are needed due to ongoing digitisation.

Professor Gleich says,
“The majority of companies are now living in a volatile and unpredictable environment, and it’s vitally important that firms look to strategically plan their workforces, due to a growing number of mega trends affecting our working lives.

“Whether it’s aging populations, the impact of immigration, workforces hiring on a global scale or increased automation and digitisation, workforces need to plan ahead, and there are many challenges stopping them. It’s important HR departments convince the organisation of the importance of planning, in order to effectively do so.”

The results also show that implementing a SWP is positively correlated with better predictive outcomes of key HR functions and measures, whilst companies that used a far-reaching skills management system achieve significantly more precise results with their SWP.

The researchers suggest a number of ways to ensure that this planning is affective as possible. Firms should ensure they learn from other companies mistakes and problems during implementation. They should also look to determine the most appropriate methods for their company, clarify and explain the importance of this to senior leadership, implement a skill management system, and standardise and embed SWP in these systems.

CAMBRIDGE, UK –– A survey conducted by Redtail Telematics, the long-established provider of integrated telematics solutions worldwide for the automotive, insurance and fleet sectors, and YouGov reveals that insurers are missing opportunities to win new telematics motor insurance customers. The intransigence of insurers to promote telematics is at odds with consumer demand as the popularity of telematics based insurance continues to rise as consumers recognise the savings that can be achieved by switching to a telematics-supported motor insurance policy.

• Only 4% of respondents have received any communication from their insurer to discuss adopting a telematics based insurance policy

• 76% of respondents have never had their insurer contact them regarding the benefits of a telematics-based motor insurance product

• A report by Compare the Market found telematics quotes are cheaper than standard car insurance for 78% of drivers aged between 17 and 20 and 69% of those aged 21-24

• On average, those drivers who switched to By Miles were able to save around £300 a year

Redtail Telematics commissioned the research in partnership with YouGov, whereby 2,000 UK drivers were surveyed regarding their attitudes to using telematics-based insurance policies.

With telematics delivering motorists a wealth of benefits ranging from a reduction in the price of motor insurance to improved driver safety and lower environmental impact, the research highlights that even though there are over one million registered telematics policies in the UK according to BIBA, (British Insurers Brokers Association), insurers need to take steps to both utilise the huge amounts of data and improve communication to promote the significant benefits to consumers of using telematics.

The issue is that, while the majority of insurers now have some form of telematics proposition, whether through a broker partnership or as a distinct part of their in-house capabilities, it is still seen as a niche part of their business and the benefit is limited to how telematics data is used to rate for risk, and how it can be used to better inform and incentivise drivers.

In January, 2022, new rules were introduced to prevent insurers quoting a higher price to existing customers than they would a new customer. The practice, known as ‘price walking’, was outlawed in an attempt to make insurance pricing fairer and more transparent. This is an opportunity for insurers to offer their customers telematics policies that can not only reduce premiums, but also deliver a wealth of benefits such including improved driver safety and advanced FNOL (first notification of loss).

James Blackham, CEO at By Miles, said: “The cost of living crisis is baring its teeth for drivers – with fuel, repairs and the price of cars on the rise – and many of us are having to make changes.”
“Half of road users have reduced their mileage through the cost of living crisis, and may now be better off with pay-by-mile insurance. On average, those drivers who switched to By Miles were able to save around £300 a year – which will help with expenses elsewhere,” James Blackham concludes.

Commenting on the Redtail Telematics/YouGov research, Redtail Telematics CEO, Dr Colin Smithers said: “The benefits of using telematics for motor insurance purposes are widely documented, however our research reveals that insurers need to continue engaging ever more deeply with drivers to better highlight the benefits and real savings that can be generated and to ensure their buy-in. Not only can safety be improved, and premiums therefore lowered, but the long tail of lost no-claims discounts can also be avoided. The richness and relevance of telematics data must be ever more valuable for those insurers committed to fair pricing, improved road safety and responding to environmental concerns. Redtail is passionate about our data informing insurer data in order to make a discernible impact on all three.”