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January 31, 2005

10 golden rules to conduct finances

Taking some simple steps can minimise debt and go a long way towards building wealth.

Saving is good, credit cards are bad, pay off your mortgage . . . these are no doubt just some of the isolated pieces of financial advice you've come across.

But with no overarching strategy or method of prioritising all this sometimes conflicting advice, it can feel as though you've got all the instruments but no orchestra.

Here are 10 simple steps that should tie together the isolated tips to help you conduct your finances into a recognisable symphony.

1 MANAGE YOUR DEBT

The golden rule is to always pay credit card debt first because it attracts much higher rates of interest than other loans.

A great way to speed up this process is to switch to a better deal. The market for credit cards has become much more competitive so it can pay to shop around for a low-rate card.

2 LIMIT YOUR CREDIT LIMITS

Once you have credit card debt under control, think about reducing your limit. Not only is the extra credit a temptation to spend what you don't have, high credit limits are a liability when you try to apply for finance because the entirety of these limits are counted as debt, rather than just what you owe.

3 MANAGE YOUR COSTS

Limiting the number of transactions to your account can save plenty over time. If you're buying groceries, use cashback to pay and take cash out at the same time.

First, cashback is cheaper than using a cash point and, second, the two transactions count as one, which brings down the cost further.

4 CONSOLIDATE YOUR PENSION FUNDS

About one in three people has "lost" pension funds. If you have changed employers since super was introduced but haven't transferred your fund you could be one of them. "So?" I hear you say. Multiple funds come with multiple fees and charges, which will be eroding your retirement stash. You may also be paying for insurance cover from more than one fund.

5 MORTGAGE OR MARKET?

Pay the loan or play the sharemarket? It's not a crime to invest when you've got a mortgage but make sure your after-tax return is higher than the interest on your mortgage or it won't be cost effective. The reason is that by paying off your mortgage you are effectively earning a tax-free return which is equivalent to your interest rate.

click here to read the rest of the article

Posted by Mark at 02:21 PM | Comments (0)

January 27, 2005

Parachute author Bolles is man on a mission

Richard N. Bolles's classic is one of the top-selling business books.
When the career classic "What Color Is Your Parachute?" was first published, in 1970, it sometimes landed in the sports section of bookstores, next to the books about sky-diving.

That doesn't happen anymore.

"What Color Is Your Parachute?" has become one of the best-known career books of all time and made its author, Richard Nelson Bolles, a career/life planning guru.

In 1991, the Library of Congress named it one of 25 books that had made a difference in readers' lives. The 2005 edition is one of the top 20 best-selling business books, according to Neilsen Bookscan, which tracks sales for a variety of retailers, including Barnes & Noble, Borders, and Waldenbooks.

The book's influence can be felt in a number of ways.

For one thing, Bolles coined the term "informational interviewing," now a staple of job hunting. For another, he helped reinvigorate the field of career counseling.

"Dick is one of the founding fathers of the career self-help development movement - at least of modern times," said Randall S. Hansen, founder of the Quintessential Careers website.

The crux of the book is still "know yourself and find employers who need your passions and your skills." For ultimate success, Bolles advises, you need to find your mission in life.

Bolles has long been a man with a mission. A former Episcopal priest, he lost his job as a pastor in a budget crunch and moved into a position supervising college campus ministers.

He soon found that their jobs, too, were in peril. The question "What Color Is your Parachute?" popped into his mind in response to colleagues who were "bailing out" of their careers.

When Bolles decided to publish his own career guide in 1970, he remembered his old line about the parachute. Two years later, Ten Speed Press of Berkeley, Calif., picked up "What Color Is Your Parachute?" which it has published ever since.

Bolles uses the tone of a wise, funny uncle to give readers practical advice about how to assess their strengths, find a career counselor, answer interview questions, and navigate miscellaneous other twists and turns. "Wisdom," he said, "is often embedded in humor."

Recently Bolles was very ill. When the doctor asked if he could tell him the name of the president of the United States, Bolles replied "Chowderhead."

The doctor knew Bolles was kidding, and that he was going to be OK. Here is an edited version of a telephone interview with Bolles from his California office:

Why do you think the book has been so popular?

I think people like the sense of humor. I get a kick out of the humorous side of life. I found a cartoon that shows an employer saying, "You can name your own salary." The employee says, "You can call mine Fred."

What kind of changes have you seen in the past 35 years?

All jobs these days are basically temp jobs. It used to be the illusion at least that many jobs were semipermanent. One of the things that's happened markedly over the past 35 years is that no job is safe. People have to get better at job hunting because they're liable to lose their jobs at any time. They also have the freedom to take a job at any time.

What common mistakes do job hunters make?

They rely on three things: ads, employment agencies, and the posting of resumes. When these methods don't work, they assume that there aren't jobs out there.

I say, 'No, it just proves the methods you're using aren't very effective.'

Employers start with their own networks. They say, 'Hey, Charley, I'm looking for someone for work.' When job hunters ask how they should look for work, they should figure out how an employer goes looking for employees... The job hunter, left to his or her own devices, uses the exact opposite devices of those the employer is using.

Only as a court of last resort will an employer put an ad up. The idiocy of the job hunt is that employees are posting resumes when employers say their preferred method is to hire someone they know and trust recommends.

So how do you get yourself right in the path of an employer?

You have to have as clear a picture as possible of the kind of employer you're looking for. You have to figure out what you enjoy most doing.

People think employers don't want to know what they enjoy doing; they want to know what they're good at. But it's both. Once I was hiring, and one applicant said, 'I'd love to work for you, and I know just what you need.' The other one says, 'It's a job.' Guess which one I hired.

People ask me if the first rule of job hunting is to know the job market. I say, 'No, you should know about yourself.' The job market is second in line. The first thing the employer wants to know is are you going to be enthusiastic about the work.

The Internet is another big change you've seen, right?

Yes, and the Internet has millions of tests - most of which are free - to help you assess what you want to do. The Internet has five uses. The first is the counseling function, to help in assessing what you want to do. The second is the research function. The third is the posting by employers of vacancies. The fourth is résumé posting by job hunters. The fifth one is networking.

The two that people lock in on are the job posting by employers and the résumé postings by job hunters. The benefits of those two are illusory.

One out of every five jobs is filled by ads. The other four-fifths of all vacancies are filled by networking principles. That's the way most jobs are filled.

Less than 4 percent of people who use résumé posting or job postings actually find a job that way. The Internet is just the old job hunt dressed up in different clothes.

You've also seen some things that haven't changed...

Job hunting is essentially about human nature. Human nature doesn't change. Job hunting is more like dating than like buying a new car.

It's essentially like two people deciding whether or not they want to go steady. Some of the guidelines for job hunters - make sure you only talk half the time and answer questions in 20 seconds to two minutes, not more - apply to dating, as well. If you're talking about dating, someone who can't answer in 20 seconds to two minutes is a boor, and someone who talks more than half the time comes across as thinking, 'I'm more important than you.' Getting a job isn't about getting out from under a stack of 28. It's about, 'Mary Jane, do you want to have dinner with me tonight?'

Posted by Mark at 10:43 AM | Comments (0)

Google gives job offers to the naughty

Search supremo Google has been inviting UK internet users who tamper with their 'secure' products and programs to visit the company's HQ to try out for a job.

A series of candidates have been called to Mountain View in California, after they tried illegally to tweak Google products or hack the search site for company secrets.

The phenomenon, dubbed 'Google Hacking' is now so prevalent that stand-alone sites have been set up to display already exposed secrets, so hackers can't claim someone else's discovery as their own.

from ContractorUK

Jon Barker, from Woking in Surrey, was one of those who believed Google had done well with its Gmail product but thought improvements needed making.

He set about creating 'Pop Goes the Gmail' - a handy piece of software that enabled account holders to download their GMail messages via POP3.

After tens of thousands of downloads and some cash to show for it, Barker awaited the backlash from Google for his breaking of Gmail terms and conditions.

"The terms of service [for Gmail] forbid reverse engineering – which I had done," said Barker, speaking to the Independent Review.

He said he was then contacted by a Vice–President at Google, who congratulated him on his creation and asked if was interested in a job.

"I was expecting a lawsuit rather than congratulations," recalled Barker.

His Google experience is similar to other Gmail users, such as 22-year-old Mark Lyon, who made his way from Mississippi to California, after passing a rigorous phone interview.

He said his rogue creation of the 'Gmail Loader' - an application that allows other message formats to be loaded into GMail - afforded him interest from 37 different organisations, but none of them as interesting as Google.

Lyon said on attending Google HQ he was overwhelmed by a unique corporate culture that among many ingredients blends the informal with hard work.

"People were outside playing volleyball, and everyone I ran across, including those not interviewing me, was willing to stop and chat for a few minutes and tell me what they were up to. A few even asked my thoughts on their projects."

His comments reflect innovative corporate code at Google that dictates that all staff spend 20 per cent of their time devoted to their own personal project of their choice.

Like Barker, Lyon proved unsuccessful in passing his big day out even after confronting the all-day test of programming, maths and new ideas for Google.

One candidate said he struggled more with the theory-based questions of the test, like 'how many different ways can you colour an icosahedron with one of three colours on each face?'

For those fancying their chances, the site also runs 'Google Code Jam,' in which techies can use Java, C++, C# or VB.NET to battle Google engineers by cracking code and programming problems, for the first prize of $10,000.

The 50 finalists who qualify in set times also receive a visit to Googleplex, where the chance of "changing the world" through getting a job at Google is on offer.

Alternatively, those IT experts already cash-enabled and sure of their skill sets can forward their CVs to Google.

The search giant states it is interested in outstanding software developers, computer scientists and product managers, who should "consider sending resume and a brief cover letter" to greatpeople@google.com.

Posted by Mark at 10:23 AM | Comments (0)

January 26, 2005

Boost your credit rating

MSN Money

Here are a few financial facts of life you need to know

1. Having credit cards/loans etc can actually boost your credit rating

Although running up debts like there’s no tomorrow is a bad way to go about things, having a credit card, taking out a loan and having a mortgage, can actually improve, rather than hamper, your credit worthiness. This is because as a good borrower (one that maintains a good credit history by making payments in full and on time, and keeping in contact with their lender) it means other financial services companies are more willing to lend to you.

2. A job shouldn’t be for life. Moving around is often the best way to realise your true earnings potential


Feeling over-worked, under-valued and under-paid? Then tell your boss where to stick it – once you’ve found yourself another job to go to, that is. The fact is that many people who up sticks and get themselves a different job, find both their earnings and job satisfaction levels rise too. You see, just as doing the same old, same old, week in, year out, can make us bored and disillusioned, the same can happen to bosses too. They know us, they think they know what are capabilities are, and so most of the time, when promotion looms, they don’t give us a second thought. But how many times does it rankle when you see a newcomer being given the chance to shine at something you could have done twice as well - given half the chance? Well, it’s time to look after number one. You find someone new to impress too. And I bet you’ll be impressed with how much you’re really worth.

3. Your bank won’t necessarily reward you for your loyalty.

Are you two-timing your bank? Well you should be. Much like bosses, banks like fresh meat and will do everything they can to entice it in. Many banks focus their attentions on wooing new customers and ‘reward’ their loyal, long-standing customers with much poorer deals. So you, loyal customer, are long forgotten. “But that’s not fair,” you may well cry. But you can cry all you want, for they don’t care. They’ve got you. They know that. They assume you won’t go anywhere. Statistics show most people are more likely to get divorced than switch their current account to another bank. And what’s more, you probably won’t either – as it always seems more bother than it’s worth. Well, it’s time to change that. It’s time to get out there and play the banking game. After all, if your bank’s going to treat you as easy meat it’s time to find someone who sees you for the tough, exciting prospect that you are.

4. Your boyfriend/girlfriend WON’T change for the better once you’re married

A lot of mums have an old-fashioned attitude to marriage. “Once you’ve got him/her down the aisle s/he’ll become a lot more responsible. It’ll be the making of him/her,” she’ll tell you. If you give a wry smile and think “not my guy, nothing will stop him spending/boozing/smoking etc in a million years”, then you’re a smart cookie. You see, in mum’s day 90% of girls who got hitched, got to jack in their day job, leaving poor old hubby to carry the can financially. But as a lot of dads say about their younger counterparts, “they never want to be men now, they want to stay as boys.” And they may well have a point. You see, roles have changed. For better or for worse, you decide. The good news for today’s newly-wedded man is that a lot of women like to keep their jobs. The bad news for any girls out there, who’d hoped to find Mr Right and then spend the next 40 years spending his hard-earned cash, is that 90% of men today also expect their wives to pull their weight, money-wise. So don’t expect to get hitched and have Kevin the couch potato transform post-nuptually into Simon the City whizzkid - with the Porsche, the cash and the penthouse pad to go with it.

As relationship expert Catriona Willis, says: “Anyone who thinks they can change their partner, or anyone who thinks their partner will automatically change once they’ve got a ring on their finger, will be sorely disappointed. Few people change just because they’ve got married. Fewer still change for the better.

“Take your partner for who they are,” she advises. “If you don’t like them, don’t marry them. If in doubt, bow out. But whatever you do, don’t marry them, then start trying to change them. That’s a centuries old mistake that has failed time and again.”

5. Although there may be no ‘right time’ to have kids, some times are ‘righter’ than others

Kids change your life. They change everything from your body (girls), to your choice of car (boys) and perhaps more importantly, your cashflow (boys and girls). Kids cost a fortune. So having a regular income, a nice home and a stable relationship makes the task of child-raising a hell of a lot easier. The cost of raising a child is no longer something your mother (or mother-in-law) has to contend with – you’re grown up now. So next time you hear the now familiar complaint about your having failed to furnish her with a grandchild when all her friends’ offspring have had the courtesy to oblige, stop feeling guilty and explain one of the facts of modern life. Financially, you’re not ready yet.

Posted by Mark at 04:16 PM | Comments (0)

Gender pay gap is greater in London

The pay gap between men and women is significantly wider in London than the UK as a whole, according to new research for the Mayor of London. Women in the capital earn on average 25 per cent less than men, compared with 18 per cent less across the UK. At the same time the most common female occupation in London pays £5.38 per hour, while the most common male job pays £17.30 - three times as much. One of the reasons, as revealed in the report, is the concentration of women in low paid jobs in the capital and being excluded from more lucrative male dominated occupations.

Another report published last week by the London Business School revealed that 177,000 more women set up businesses in UK in the past year - closing the gap between the number of male and female entrepreneurs.


Women are under-represented in London's managerial and senior occupations by 25 per cent but over-represented in administrative and secretarial roles by 62 per cent. Even in sectors where women are concentrated there are fewer women at the top. In business, women represent only 6 per cent of directors of FTSE 250 companies based in London, while only one business in ten is owned by a woman. Even when women are on the board, the average total remuneration is less than half that of a male counterpart.

These findings are revealed in Women in London's Economy, a report for the Mayor of London, which details the huge inequalities women in the capital face in employment. The report contains new research from GLA Economics as well as case studies from women in and seeking work. It sheds light on the factors that prevent more women in London from taking an active role in the economy and contributes to the current discussion on legislative changes needed to create laws that really challenge women's inequality.

The report finds that London's output would be raised by almost £1.5 billion a year if the proportion of women with dependent children in the capital in part time employment were raised to the average national level. This is equal to almost 1 per cent of London's entire economic output. It finds that having dependent children significantly reduces employment rates for women in the capital compared to the rest of the UK.

Ken Livingstone said: 'London's future as a world city depends on using the talents of all its citizens to the full. As this research shows we need to make far better use than we currently do of women's potential in the capital's workplaces.

'Women are the majority of London's population yet barriers often prevent them playing a full part in the capital's economy. The inequalities revealed here are bad for women and bad for London's economy and society.

'This report also demonstrates the importance of improving the provision and affordability of childcare in the capital, and has implications for national policies on employment, benefits and equalities.'

Mary Reilly, Chair of the London Development Agency and a partner at Deloitte, who is speaking at the conference, said: 'Women are in a much better economic position now than they were 30 years ago - but as this report shows in recent years the UK as a whole has improved far more rapidly than London. We need to foster a culture shift amongst employers in the capital to improve workplace flexibility and equal pay and ensure more women fulfill their potential both in terms of personal achievement and economic success. This will deliver benefits to companies themselves by attracting more women into the workplace and help ease the skills shortages which exist in many areas of the London economy. Women in London's Economy highlights that there are strong arguments for creating a positive duty for employers to promote equality in the treatment of women and men employees.'

The report's findings will be discussed by over 300 London businesswomen and policy makers and opinion formers at a conference on the role of women in London's economy at City Hall on 13 January. The report will also inform the Mayor's submission to the government's Women and Work Commission

Posted by Mark at 03:53 PM | Comments (0)

City salaries rise almost 4% in 2004

Since December 2003 the average City basic salary has increased by 3.69% from £43,445 to £45,046.
Support/admin and middle market professionals have benefited most from the increase in recruitment, seeing respective salary increases of 13.8% and 6.9% over the year.

Morgan McKinley estimates there are currently circa 8883 outstanding job vacancies in the City, which is down by 11% over the month.

Indicators suggest a positive outlook for the City jobs market in 2005.

Ken Brotherston, Chairman Morgan McKinley comments:
“Growth in projected business volumes led to a strong increase in demand for staff across all levels, particularly in the early half of 2004. This placed upward pressure on salaries, which rose by an average of 3.7% over the year. Whilst salaries for support/admin and middle market staff rose steadily, expectations of improved bonus payouts compared to the relatively low level of payments in recent years, remained the key driver at the senior end.”

Outlook for 2005
Despite concerns about the effect that poor retail sales, higher interest rates and a slowing housing market may have on the growth of the UK economy, prospects for the City job market in 2005 remain optimistic, particularly for certain specialist sectors. Projected upturn in M&A activity in 2005 should lead to continued recruitment within the Corporate Finance segment and continued growth in financial regulation and reporting requirements will fuel demand for accountants across the City.

The outlook for Banking Operations appears positive across the board and at all levels to support steady growth in trading activity. Derivative specialists across equity, credit and rate areas are in particularly high demand as there continues to be a shortage of high calibre candidates in these sectors.

Ken Brotherston comments:
“2005 is shaping up to be a good solid year for the financial services market in London and therefore for recruitment activity. Where areas of high demand are met with a paucity of candidates, there will naturally be an upward movement in salary levels in 2005. However, overall salary pressure is reasonably under control as bonuses continue to hold significant weight in the make up of total compensation packages.”

Posted by Mark at 03:47 PM | Comments (0)

14 of the world's major consulting firms to exhibit at London careers fair

A mixture of Senior Recruiters and practising Consultants from fourteen major consulting brands are now confirmed attendees at the first Top-Consultant Careers Fair, due to take place in London on 21st February. Originally planned to accommodate ten consultancies, demand from recruiters for additional places has been so high that the event has been extended to allow an additional four firms to participate. With so many prestigious consulting firms attending, it is anticipated that the remaining few candidate places will soon all be reserved too.


Following on from the careers events of 2004 which gave candidates the chance to meet a few consultancies in person, this first event of 2005 is more of a “speed recruiting” event, akin to the careers fairs one sees at Oxbridge campuses but targeted particularly at the experienced hires market.

Top-Consultant.com Director Tony Restell commented:

“This is a unique opportunity for candidates - within a matter of hours they can meet dozens of recruiters from leading consulting brands like Accenture, A.T. Kearney, Deloitte, IBM, Marakon Associates and PA Consulting. These firms are interested in meeting candidates from recent graduates right up to Partner level, making this the perfect chance to meet recruiters in person before embarking on the application process – and thereby maximising your chances of tailoring your application and securing your ideal role.”

The chance to meet such a range of firms has created a huge surge of interest amongst the Top-Consultant readership. Browsing a job board is one thing but it seems readers still value the chance to meet high-profile recruiters face-to-face. 150 consultants have already registered to attend and the remaining places are expected to be taken within the next 2 weeks.

On the recruiter side, the enthusiasm consultancies have shown to take part in the event is clearly a reflection of how much tighter they expect the recruitment market to become in the coming months – and also confirms the importance being attached to recruitment in 2005.

Posted by Mark at 03:34 PM | Comments (0)

January 24, 2005

We do like to work beside the sea

Blackpool's recruitment day

The Pleasure Beach in Blackpool is holding general recruitment days next month to fill 500 seasonal jobs.

As well as recruiting staff to operate major rides such as the Pepsi Max Big One, it has posts in retail, ticket sales, arcades, telesales and catering staff. It is also seeking chefs, kitchen staff and room attendants for The Big Blue Hotel.


People who secure positions at the Pleasure Beach can look forward to a package of benefits that includes free unlimited rides, complimentary show tickets and an employee social club with a subsidised bar.

The recruitment days will be held on 3 and 4 February in the Paradise Room at the Pleasure Beach.

The organisation said it encouraged diversity in its recruitment process and welcomed “all different kinds of people”, including students and mature applicants.

Posted by Mark at 04:49 PM | Comments (0)

Accountancy set to boom

Market untouched by candidate shortage

Accountancy recruitment experts predict a continued revival in the sector this year, and insist that a lack of qualified accountants is unlikely to hold them back.


While recruiters are finding that fewer candidates have Associate Chartered Account qualifications, or are trained in compliance skills in line with the Sarbanes-Oxley Act, they claim a candidate-driven market isn’t affecting business.

“Despite the lack of skilled candidates, the market hasn’t stagnated at all,” said Linda Harlow, managing director of specialist accountancy recruitment company Nicholas Andrews & Temps Financial. “We are confident that salaries will push up and that fees will also rise as a result.”

Professional services specialist Michael Page recently reported a bumper year of revenue growth, with profits up 18%. Improvements across all regions saw the firm’s fourth-quarter gross profit increase by 23.9% to £56.6m, compared with £45.7m in 2003.

Olivia Yost, associate director at financial recruitment firm Parker Bridge, believes that “a bun-fight for candidates” has already begun. “January is always a busy month,” she said.

“We are extremely busy at the moment, and there should be continued growth but not the frenzy that we saw in the late 1990s.”

Posted by Mark at 04:45 PM | Comments (0)

January 18, 2005

IT jobs market still rising

The CWJobs/SSL quarterly IT skills index reveals demand for permanent and contractor IT personnel increased by 23% and 14% respectively in Q4, bucking the seasonal trend that December is a typically slow month for recruitment.

This marks the fourth consecutive quarter that the total number of IT vacancies in the UK has risen, with an increase of 140% over the last 12 months.

Key regional findings:


Key IT skills trends:

Key results by Industry:

Demand for IT contractors has slowed considerably in Outer London, from a massive 70% increase in Q3 to only a 5% rise in Q4. Over the last 12 months the number of IT contractor vacancies rose by 149%, compared to a moderate increase of 18% in 2003, with the North East revealing the most impressive increase of 205%.

From an industry perspective, Manufacturing experienced the greatest percentage increase in the number of IT vacancies in Q4, with rises of 35% permanent and 54% contractor positions. Other top performing sectors were Public Sector with 49% more contractor vacancies and Media with a 35% rise in the number of permanent jobs. Although finance was the top performing sector in Q3 2004 with 53% permanent and 79% contractor increases, the sector experienced only a 20% rise in permanent IT jobs and a decrease of 2% in IT contractor roles on offer in Q4.

Commenting on the latest findings, Richard Nott, Sales Director at CWJobs said:

“It’s extremely encouraging to see that the total number of IT job vacancies in the UK increased by 140% in the last 12 months and the signs are that the IT jobs market will continue to grow in the first half of 2005. Issues such as security, corporate governance and compliance remain high on IT directors’ agendas and the start of a new year induces many people in the UK to look for a new job so we expect to see some exceptional growth in the IT jobs market in Q1 2005.”

Posted by Mark at 08:23 PM | Comments (0)

Shell to recruit extra engineers?

Shell to recruit extra engineers to restore good name: report

Troubled energy giant Royal Dutch/Shell, still reeling from the revelation that it massively overstated its proven reserves, is to recruit more than 1,000 new engineers in a bid to recover some credibility, a report said.

The new jobs would come in Shell's core exploration and production business in an attempt to help the Anglo-Dutch company catch up with its rivals in reserve replacement, the Financial Times said.

Posted by Mark at 08:11 PM | Comments (0)

Five Things To Do With A Windfall

The Motley Fool

It's January, traditionally a time for pay rises and bonuses. You may have received some money that you weren't expecting too (inheritance/gifts etc). If you are lucky enough to have come into a lump sum of money and are wondering what to do with it, here are five ways to use £5,000.

1. Reduce Your Debt

It's dull but so worthwhile.

There's no point having a savings account, even one earning 5%, if you have debt on credit cards/loans accruing interest at 10% plus! Paying off your expensive cards and loans should be your number one priority - just think about how pleased you'd be if you had no debt!

And anything left over could go into one of the following options:

2. Put It In Your Pension

Yes, the boring option - you don't want to wait until you're 65 to see it again. But there can be big advantages of using your pension allowance are huge.

If you were to put that £5,000 into your pension, as a basic rate tax payer you would automatically get an extra £1,410 from the tax man. So your windfall is now worth £6,410. You'd get even more if you pay higher rate tax, as you get a refund from the tax man worth an additional £900.

If you are a member of a company scheme, you can pay an additional voluntary contribution, but first check to make sure these charges aren't too high.

3. Pay Off Your Mortgage

Provided your mortgage lender allows it without penalty, overpaying your mortgage is a great way to use a windfall. By reducing the interest payable you will lessen your term or reduce your monthly payments, and generally achieve a better return than you could by saving it as cash.

4. Save It

If you're likely to need your windfall within the next five years, or you don't have a rainy day account for emergencies already set up, putting your windfall in savings would be the most sensible. There are some good rates of interest available (check out our Savings centre for accounts paying 5%+), but for tax-free returns remember you can save up to £3,000 a year in a mini cash ISA.

5. Invest It

Provided you can leave your money along for at least five years, the stock market could be the way to go for better returns than a savings account. That doesn't have to mean buying and selling of shares - there are less scary methods, such as using an investment trust or an index tracker. These are simpler ways to invest in the stock market, with lower charges than most other forms of investments.

If you haven't already taken out an ISA this year, you could open a maxi share ISA with your £5,000, and you'd still be able to add up to £2,000 until April 5 if you wished. And if you have taken a mini cash ISA already, remember you can still take out a mini share ISA with up to £3,000. Have a look in our ISA centre to find out more.

Deciding what to do with a lump sum is a difficult decision, but if you can forgo the idea of blowing it all on a spending spree, you may find it satisfying to make that windfall even bigger!

Above tips by Motley Fool.
Or you could SET UP YOUR OWN BUSINESS!

Posted by Mark at 08:00 PM | Comments (0)

Hospitality News

RBI launches monthly for hospitality sector

Reed Business Information is looking to the digital reader with a new monthly business-to-business magazine aimed at senior people at pub, bar and restaurant chains.
Chain Leader, which goes out to the market on 22 January, represents RBI’s first magazine launch in the hospitality sector in more than a decade.

The first issue will go out free to more than 90,000 people in digital format, with this figure dropping to 20,000 for subsequent issues as compared to 10,000 hard copies each month.
The magazine will offer news, features and case studies, covering customer trends, marketing, interior design and supply chain issues. The digital edition will be a replica of the hard copy version and will navigate like an e-book.

The magazine will be supported by its own website and, according to Forbes Mutch, group development editor of RBI’s Caterer Group, the magazine is planning a conference in June and awards in October.


Posted by Mark at 07:56 PM | Comments (0)

January 17, 2005

Bankruptcy

Bankruptcies surge in Britain's debt hot spots

Individual bankruptcies rose by 27 per cent to 45,000 last year, accountants Grant Thornton said this week, adding that London and Northern Ireland are hot spots where debts are at dangerous levels.

They said bankruptcies in 2004 increased by 67 per cent in Northern Ireland and 52 per cent in London and predicted more trouble ahead if house prices fall or interest rates rise.

Personal insolvency specialist Mark Allen said: "Consumer debt is at a historical high, having broken the trillion pound mark, and is now more than the whole external debt of Africa and South America combined.

"Contributing to this still-growing debt mountain is the fact that UK consumers now have a heady total of more than 66m credit cards at their fingertips – a worrying five times the European average."

About 80 per cent of consumer debt is secured on mortgages on borrowers' homes and about £168bn of debt is unsecured. The latter sum is made up of about £100bn of personal loans, over £56bn on credit cards, just over £3bn on store cards, almost £3.5bn on instalment credit and the remainder, over £5bn, on mail order credit.

Mr Allen said: "Soaring unsecured credit continues to go hand in hand with soaring numbers of individuals falling into the spiral of debt – the problem rests squarely on excessive consumer borrowing and spending.

"Bankruptcy numbers have gone through the roof and have reached an average of 126 people declaring bankruptcy every day compared to 97 per day in 2003."

That increase pushed the number of personal insolvencies last year to a level 70 per cent higher than 10 years ago.

Mr Allen said: "Regional variations aside, the picture of debt we are seeing is a familiar one from John O'Groats to Land's End, one of more individuals with mortgages of £50,000 to £100,000 and commonly credit and store card debts of around £50,000."

Grant Thornton calculates that paying for an increase in base rates to 5.5 per cent (they are currently 4.75 per cent), would absorb more than a quarter of average household surplus income in the UK.

Posted by Mark at 05:39 PM | Comments (0)

Recruitment trends

Employers in the UK are expressing their strongest New Year hiring intentions since records began, according to the latest Manpower Employment Outlook Survey.

Mark Cahill, managing director at Manpower, stated: "The fact that UK employers are reporting their highest New Year levels of confidence since 1998 is great news. These figures are extremely positive, particularly as the first three months of the year are traditionally a quieter time for recruitment, as companies scale back after Christmas. With low levels of unemployment, it is very much a jobseekers' market and the opportunity is there for candidates to develop their experience and skills. In this climate, employers need to continue to review recruitment procedures and benefits packages in order to attract the best candidates."

Exhibitions are a great form of communicating to your target audience. Job Scene, organised by TJW Exhibitions is the largest series of recruitment, career, education and training events in the UK and guarantee an interactive atmosphere, perfect for meeting proactive candidates.

Job Scene exhibitions are held across the UK including London, Middlesbrough, Plymouth, Basingstoke, Liverpool, Newport, Leeds, Reading, Bristol, Coventry, Glasgow, Belfast, Manchester, Sheffield, Birmingham, Edinburgh, Cardiff and Newcastle.

With numerous exhibitors already taking advantage of this ideal recruitment environment and getting the results they are looking for it's guaranteed that your time out of the office will be well spent.

For more information contact TJW Exhibitions on 01823 250930 or visit www.jobsceneuk.co.uk

Posted by Mark at 05:24 PM | Comments (0)

Flexible Working

Bosses Urged To Keep Their Staff,
By Letting Them Get Away

The prospect of people resolving to start the New Year with a hunt for a new job is enough to strike fear into the hearts of most employers. Faced with losing a key staff member many companies’ first reaction is to reach for their chequebooks and offer a pay rise. But, according to new research, when dealing with people in professional and managerial roles, offering more flexible working hours is likely to be just as effective a solution.

While 88 per cent of over 250 UK professionals surveyed by management consultancy recruitment specialists, Woodhurst, say that, all other factors being equal, they would consider moving jobs for better pay, almost as many (84 per cent) would move simply to achieve more flexible working hours.

Geraint Evans, Managing Consultant at Woodhurst commented:
“This survey reveals that the margin between the appeal of flexible working and more money is a lot narrower than many employers assume. The message is clear: offering your staff more flexibility in how they work, can be as effective a retention strategy as throwing money at the problem. “

Woodhurst surveyed professionals, such as management consultants, accountants and lawyers working across the UK, 93 per cent of them in managerial roles and over half from among senior management.

The average working week among this group is 49 hours, which many find burdensome. 74 per cent say they would seriously consider a “lifestyle change”, sacrificing money for a better “quality of life”, while among those with a partner or spouse, 69 per cent are concerned about the impact of their working hours on their relationship.

Geraint Evans continued: “Achieving a better work-life balance appears to be a higher priority for professionals and managers than some of the factors employers typically expect will lead to staff turnover. For example, while 72 per cent of our survey respondents would move to another job for no reason other than to be able to work from home, only 38 per cent would move simply because they were passed over for promotion or to escape office politics (36 per cent). “

52 per cent of the professionals who took part in the survey admit they are likely to change jobs within the next two years. However, this figure is lower among those enjoying greater flexibility, falling to 32 per cent among those who have increased the amount that they work from home in the last two years.

Geraint Evans concluded “Employers clearly need to rethink their retention strategies to focus more on addressing the work-life balance. Flexible working conditions are not necessarily about staff working less but just in a way that fits better with their personal needs and commitments. Employees who are given this flexibility may not only be more likely to stay but also less stressed and therefore more effective. And, if a current role offers more flexible working conditions, it may not be as easy as a pay rise to replicate elsewhere and the employee will have to think very seriously before taking the plunge to another company.”

Posted by Mark at 04:59 PM | Comments (0)

January 15, 2005

Secretaries

Secretaries in demand
Survey predicts increase in support staff

Demand for secretaries and PAs will rise substantially in 2005 as a third of firms increase their teams of support staff.

This is the conclusion of the annual secretarial and support staff survey from recruitment firm Gordon Yates, in conjunction with The Guardian.

However, although firms will be recruiting more support staff, they’re likely to be working for a greater number of bosses, claims Richard Grace, joint managing director of Gordon Yates, who says the greatest challenge recruiting support staff is finding people who can juggle bosses and priorities.

Almost two-thirds of secretaries support three or more executives, and almost a fifth work for 11 or more bosses.

Posted by Mark at 08:35 AM | Comments (0)

January 13, 2005

Business Finance

DTI launches finance getting guides

The government has offered cash-strapped entrepreneurs a helping hand with two new jargon-free guides to raising finance.

The guides, created by Crimson Publishing for Business Link, target small and fast-growing firms and provide advice on essential issues including business plans, bank loans and overdrafts, and government grants.

Launching the guides, small business minister Nigel Griffiths insisted that the UK is one of the best places for businesses to find start-up and growth finance, but he admitted that many are unaware of the various options.

He said: "The No-Nonsense Guides provide entrepreneurs with a single reference point for the information they need, plus signposts to help and advice on a wide range of funding issues.

"Time after time, small firms say to me that raising finance is a top priority for them. These new guides can help them make the decision over which funding route is right for them."

The start-up guide offers advice on topics including self-funding your business, government help and when to go for small-scale private equity investment.

Meanwhile, the guide for high-growth firms gives tips on finding the right funding 'mix', investment from business angels and venture capitalists, and the trappings of initial public offerings (IPOs).

The guides can be ordered at www.businesslink.gov.uk or by phoning 0845 600 9006. They aimed at everyone from pre-start ups and one-man firms, to large enterprises employing 200 people.

Information in the guides will also be helpful to advisers and the finance industry, says the DTI.

Posted by Mark at 03:32 PM | Comments (0)

Outsourcing

Outsourcing is good for your career
But UK workers sceptical...

Staff fear for their jobs when their employers look to outsource work but the process could be beneficial for their careers, according to recent research from IT consultancy LogicaCMG.
Over 80 per cent of employees surveyed in Europe said they've had concerns - including worries about job security - when their employers considered outsourcing.

Yet seven out of 10 admitted after the outsourcing went into effect, they were more satisfied in their new positions than before; the same number agreed the change revitalised their career. Nearly half also said they view outsourcing as an opportunity to take on a more specialised role than they had previously undertaken.

When it comes to seeing as outsourcing as an career opportunity, though, UK respondents are the most pessimistic of the lot with one-sixth saying they saw the change as a chance to move into new industries. This compares with a third in Germany and the Netherlands and one-fifth in France.

UK employees are also more likely than the overall group to consider moving jobs if the transition to outsourcing is poorly handled, with over a third saying they'd seriously contemplate such a move.

The best ways for employers to deal with staff as they outsource work, according to LogicaCMG, are to talk to staff about why the company is making the change early in the process and to outline benefits to individuals as well at to the company as a whole. Management should also work closely with work councils, allow employees to give feedback and do their best to make present workers feel part of the new team.

The research is based on interviews with 200 individuals in the UK, Netherlands, France and Germany who have employers that have outsourced positions.

Posted by Mark at 03:20 PM | Comments (0)

Automotive

New Year recruitment for upbeat firms

A number of design and manufacturing firms are starting the New Year with recruitment drives coming from improved business opportunities.

Newport Networks is looking to expand its High Wycombe-based R&D activities to support development of its telecoms voice-over-IP (VoIP) network controller technology.

The firm expects to take on around 25 staff in the next 12 months. Its headcount has already increased by 50 per cent to over 90 in the last six months.

The four year old company, which is targeting telecoms operators such as BT, AT&T and France Telecom as potential customers, is also looking for sales and marketing staff to support its expanding international business.



"We are looking for engineers to support the existing product and also support development of a new product due mid-2005," said David Vant, v-p of marketing of Newport Networks, which floated on the AIM stock market last year.

Last year the firm signed a supply contract with Marconi which will include its technology in VoIP network systems. "We are looking for a similar partner in North America," said Vant.

International Rectifier is looking for staff to support expansion of its 150mm and 200mm wafer fabs in Newport, South Wales. The analogue semiconductor supplier is also looking for engineers to work at its automotive facility in Swansea.

CSR is another semiconductor firm which is looking to add new staff to its engineering teams.

UK-based security equipment manufacturer Visimetrics is also expanding as it restructures to address growing business opportunities in the US. "As a result of these changes the company expects to achieve a 40 per cent growth in turnover over the next 24 months," said a spokeswoman for Visimetrics.

The company, which manufactures digital systems for CCTV and video surveillance, has also appointed a business development director to drive the business forward in the UK and across Europe.

GSPK the Yorkshire-based design and manufacturing firm is also looking for engineers.

Oxfordshire firm CRC expects to add up to 100 staff on the back of a £9m contract with cable television operator NTL for testing and refurbishing set-top boxes at its Glenrothes facility.

www.newport-networks.com
www.irf.com
www.csr.com
www.visimetrics.com
www.gspkdesign.ltd.uk
www.crc-group.com

Posted by Mark at 03:03 PM | Comments (0)

January 11, 2005

Contract IT

IT contractors hired to help UK offshore

IT contractors on the Channel Islands are now receiving the same rates of pay as those working in London because of a boom in the financial services sector.

A survey by the Association of Technology Companies says IT contractors earn on average £40 an hour – as much as many contractors are reported to be earning in London, and £5 higher than those in the home counties.

The Financial Times reports demand on the Channel Islands has been driven by a widening financial services sector and already existing international businesses.

In terms of IT, the December Report on Jobs by the REC said there were ongoing shortages of contract software programmers and permie website designers.

This has forced upward pressure on pay rates for contracted technical staff, as firms contend with national as well as regional skills deficits.

Some businesses have now turned mainland to recruit certain professionals, simply because of the absence of skills and capabilities in the local population.

Such a recruitment move is in tune with the Jersey government’s bid to meet its 2 per cent economic growth target, ensuring a need for 500 more jobs.

This hiring spree will undoubtedly include staff from mainland Britain and act as a starting pistol for economic growth for the region.

One government adviser told the FT, that IT contractors were an essential part of the prosperity plan for the Channel Islands.

“We’ve got to recognise certain skill categories can’t be met from the local population, particularly when you’re talking about IT contractors that can help spur growth in the island.”

The source added that the government was concentrating on removing some of the red tape that currently makes it difficult to visit and settle on Jersey.

Outside of immigration rules, contractors are free to visit but accommodation is restricted to a limited number of “lodging houses.”

More fortunate workers may be able to acquire the “J-permit,” which allows long-term visitors to buy a property and settle permanently.

A bid to keep a check on the permanent population of Jersey means new employment and housing applications are vetted by the island’s housing authority.

Meanwhile, recruitment trends on the mainland reveal continued buoyancy for the contract market in December, with agencies reporting ongoing demand for contractors.

Although the rate of demand has eased for all types of temporary staff, including IT, recruiters said candidate availability dropped for the fourteenth month running.

Posted by Mark at 02:22 PM | Comments (0)

January 10, 2005

Student Loans

BMA report shows huge rises in medical student debt.

The financial barriers to a career in medicine are growing, the BMA says today (Friday 7 January 2005), as new figures show the average fifth year medical student is in debt by £19,248 - 16% higher than last year - and many owe more than £30,000.

Almost all (98.3%) of the 1314 UK medical students who completed the BMA’s annual student finance survey were in debt. Average debt for students from all years was £13,301 - up 18% from last year - and the largest amount owed was £56,000 – up 15%. This is the first year that all the students surveyed began their course after tuition fees were introduced and grants were scrapped in England, largely accounting for such sharp increases.

The BMA says the figures provide evidence of the threat of medicine becoming an elitist profession. Only one in twelve (8%) of the students surveyed came from a “blue collar” background; compared to 62% who came from a family where the main source of income was from a managerial or professional occupation.

Despite the domination of medicine by the highest social classes an independent inquiry into access to the professions “in a variable fees environment” has said it will not consider the effect of top-up fees on entry to medical school. The BMA is calling on inquiry leader Sir Alan Langlands to include medicine.

Leigh Bissett, chair of the BMA’s Medical Students Committee, says: "This is further evidence of the huge financial problems facing medical students, particularly those from low income families. There is clearly a major problem, and with the introduction of top-up fees it is set to become even worse. If the government is serious about opening up medical careers to students from all backgrounds, it needs to tackle the financial disincentives to studying medicine. If we fail to take the problem seriously we will deny many talented students fair access to careers in the NHS, and deny patients the chance to benefit from their skills."

The BMA survey results also highlight the problems faced by students studying medicine as a second degree. Most graduate students still had an outstanding student loan from their first degree, and those in their first year as medical students already owed on average £8,781 in student loans alone.

Changes to NHS working patterns mean first year junior doctors generally earn less than they did a few years ago. Recent research by the BMA showed that while medical students are graduating with increasingly large debts, the amount they can expect to earn from their first job has gone down.

More results from the survey:

* The overwhelming majority (94%) of students surveyed had a student loan
* Two thirds (65%) had an overdraft
* The average size of overdraft was £1462
* A third of 5th and 6th year medical students had a bank loan

Medicine is one of the most expensive degree courses because it is longer and more intensive than other subjects. Students have little opportunity to work part-time or during holidays and are required to fund transport to hospitals, which costs on average £49 a month, and pay for equipment such as stethoscopes.

Posted by Mark at 11:29 AM | Comments (0)

January 08, 2005

Skills

'Widespread' skills shortages stifle recruitment
By David Turner, FT Employment Correspondent

Recruitment businesses say they are finding it difficult to fill some vacancies because of "widespread skill shortages". Some recruiters are blaming this for a slowing rate in the growth of staff appointments.

December's monthly report on jobs, by the Recruitment & Employment Confederation and Deloitte, the professional services firm, found that the availability of candidates to fill vacant positions declined for the 14th month running last month.

The figures reignite the debate about whether Britain is suffering a skills crisis and about what ministers can do to improve the quality of the country's workforce.

Gareth Osborne, managing director of the REC, said: "December's strong recruitment activity was once again held back by skills shortages.

"Higher employment and the economic and social benefits it brings is being held back by structural weaknesses that must be tackled by business and government together, if 2005 is to follow 2004's strong trend of increasing employment."

Mr Osborne's comments echo in part a recent warning by the Chartered Institute of Personnel and Development. It predicted that although total employment growth would slow this year, the labour market would grow tighter unless new sources could be found from groups such as immigrants.

Long-term survey evidence suggests that Britain's skills shortages are not severe by historical standards, but are substantial.

Employers have been complaining for at least 20 years about skills shortages in traditional craft occupations and catering, for example - suggesting a structural problem, which ministers of every government have failed to solve.

The present government has responded by giving schoolchildren a greater opportunity to learn practical skills.

The REC's December survey showed that although the number of people placed in permanent jobs rose for the 19th successive month, the growth in the number of placements was the slowest since August 2003.

The executive and professional sector recorded the strongest growth in demand for permanent staff, according to recruitment agencies, followed by the engineering and construction sector. Demand for blue-collar workers grew most slowly.

However, press recruitment advertising - seen as an indication of demand for high-level jobs - fell below the levels of a year earlier for the third consecutive month in November.

Labour market experts have put forward various solutions to alleviate skills shortages, including encouraging people to work when they are older, relying more on skilled overseas workers, and increasing the numbers of native Britons in work by tapping into the pool of 2.7m people of working age who are out of work and on sickness and disability benefit.

Posted by Mark at 08:56 PM | Comments (0)

January 07, 2005

Better CV

Jonathan Cainer, founder of Marketing Professionals UK, a marketing recruitment agency in Manchester says that despite calls for an ‘EU-CV’, the creative industries are keen to resist ...
Although unemployment figures are at an all time low, competition for jobs in the creative industry remains as fierce as ever. The days of a ‘job for life’ are long gone as candidates are far more likely to switch jobs regularly in order to move up the career ladder and employers rarely reward long service.

Employers and recruitment agencies still receive thousands of CVs every day and have little time to spend on each one. This has led to recommendations from some companies for generic CVs containing only specific information with other details kept to a minimum. It has also resulted in calls from the European Commission for every applicant to a job in the EU to set out their CV in an identical way.

Howlers
Any employer in the creative industry is bound to have a list of CV howlers to hand and one of the most common mistakes is the inclusion of completely irrelevant information and unnecessary detail, sure to put off a potential employer. A standard one page CV would certainly eliminate this and allow for quick perusal, saving employers and recruiters valuable time.

Employers are said to scan rather than read a CV and spend less than 30 seconds on each one, so a CV containing only the key facts on a single page may seem like the perfect answer. With longer, rambling offerings it is much more likely that relevant information is overlooked. Some think that a common CV would also make it easier for employers to compare the status of qualifications awarded in different countries.

Problems
However, a standard CV may not be the answer for all sectors. Every career is different and it would be difficult to impose effective universal rules as to what should be included. Important details and diverse skills relevant to the position are likely to be omitted in a candidate's attempt to fit everything onto a single page.

A generic CV may be useful for larger agencies but smaller specialised companies are much more interested in how specific achievements relate to their sector. An individual CV is also a means of conveying a candidate's personality and this may not be reflected in a standardised format. In industries like marketing, advertising and PR, a generic CV would severely restrict self expression and stifle creativity.

In my view, a generic CV may be appropriate in the case of applications for vocational work and positions requiring young school leavers, graduates or first time job hunters but they are certainly not the answer for every sector. EU-CVs would save time, but this could be at the expense of finding the right employee.

Following feedback from our clients and with our own experience as a recruitment agency, a standardised CV template with a maximum length of three pages is the ideal compromise. The uniform layout makes candidate comparison easier and also allows more experienced candidates to add greater detail.

http://www.marketing-professionals.co.uk/

Posted by Mark at 04:55 PM | Comments (0)

Work less

It is so easy to walk straight into the working day's activity without THINKING.
I need to take some time to reflect before I start.

Reminds me of an excellent book called the 80/20 Principle, by a guy called Richard Koch.

I personally keep the book on my "immediate" book case as a reminder. In fact, when I was a job seeker (as a contract database and web developer) this book provided the inspiration for starting jobtube.co.uk. Why should I spend all my effort making web sites for other people when I can make one for myself!!

The subtitle for the book could be:
Work less, Earn and Enjoy More
The exciting part for me is the work LESS!

Here's a clickable pic:

Posted by Mark at 09:06 AM | Comments (0)

January 06, 2005

Credit Cards


Although credit cards have many advantages they are, on the whole, an expensive way of borrowing money. This is because the credit card company has no security on your debt (unlike your house in the case of a mortgage), and because of the flexibility that you enjoy in when you can repay the balance.

The world of credit cards has changed dramatically over the last few years. Not that long ago, interest rates of 20% plus were the norm. However, there has been an influx of new entrants recently offering far better rates and discounted rates on balance transfers. In addition the government is currently in the middle of a consultation process concerning the introduction of CAT standards for credit cards. So now is a good time to take at a look at your existing cards as there may be substantial savings to be made.
About half the population has a credit card having, on average, two cards each. Approximately half of those who do have a credit card claim to pay them off in full each month. However, according to Datamonitor, the average balance carried per cardholder is £1,140. Make no mistake, a credit card can be a dangerous weapon in the hands of those who don't know how to use them properly.

Know Your Cards

Do you know your debit card from your credit card? Many people don't. Here's the low down on the differences between the various types of plastic.

Debit card - automatically takes the money from your bank account after a few days. It's basically an electronic cheque.

Credit card - you get sent a monthly statement and decide on how much to pay off each month.

Charge card - you get sent a monthly statement but have to pay it off in full each month. American Express is the most famous example.

Charity card - similar to a credit card but a small proportion of every pound you spend is donated to charity.

Store card - the instrument of the devil. Frighteningly easy to get but with toe-curling rates of interest. Some still charge up to 30% a year. Avoid at all costs, unless you are certain that you will pay them off in full each month.

Posted by Mark at 02:27 PM | Comments (0)

January 05, 2005

Survival Skills

Nearly two million workers would be penniless within a week if they lost their jobs, according to new research.

A report from Prudential says six million people would be on the bread-line within a month.

Around 7 per cent would run out of money in just a week if they lost their jobs, did not receive a redundancy payment and still had to pay regular expenses such as the mortgage, rent and bills and buy food.

Around four million (15 per cent) could manage for between a week and a month, while 30 per cent (eight million) could cope for up to six months.

A further 3.2 million (12 per cent) would be penniless within a year and 1.6 million would last between one and two years.

Only 10 per cent, or 2.7 million, have the resources to survive longer than five years.

Living hand-to-mouth

The research showed that it was not only young workers living hand-to-mouth. Only 30 per cent of those nearest to retirement (aged 55-64) said they could survive more than five years without dipping into their pension fund.

Anthony Frost, from Prudential UK, said: "The fact that over half (52 per cent) of UK workers couldn't survive for six months after losing their jobs clearly demonstrates that the message about saving more isn't getting through.

"As a nation we are far too apathetic about money. The problem is that it's only when something unexpected crops up, such as losing your job or unplanned medical expenses, that the real and often dire nature of our financial situation is revealed."

The research also shows that 9 per cent of people hope to finance their long-term future by either marrying into wealth or receiving an inheritance.

A total of 1.14 million people aged between 18 and 50 have their fingers crossed for a wealthy spouse, while a further 1.3 million plan to survive by receiving their money the old-fashioned way - from their parents.

Mr Frost added: "Lack of awareness, inertia and procrastination are all at work here.

"Worryingly, it seems that some are also living in hope by relying on little more than luck or a fairy godmother to finance their long-term future."

Research was conducted by TNS on a representative sample of 561 adults nationwide.

Posted by Mark at 11:35 AM | Comments (0)

January 04, 2005

PR Consultancy

Microsoft, PepsiCo, Woolworths and Accenture are among a growing list of brand owners to have poached public relations consultancy staff to fill their own in-house PR jobs in recent months. While the flow of PRs between consultancy and client and vice versa is nothing new, both head-hunters and consultancy bosses claim current levels of client poaching pose a major challenge for the industry.

Jobtube's PR jobs

WHAT MAKES A GOOD IN-HOUSE PR

* MICROSOFT Microsoft UK took on three new in-house public relations people in 2004 - two from PR companies, the third from another IT-related company's PR department. Microsoft works with 60 or 70 external PR people in four companies who spend 50 to 60 per cent of their time on the brand. When recruiting to fill in-house PR positions Hugh Davies, Microsoft UK group PR manager, says how well an applicant "aligns with the company's brand values" is as important as their core experience and qualifications. "Increasingly, we're expected to employ people able to be trusted advisers, which means we are looking for people able to be proactive, used to selling in ideas, and adept at negotiating a complex web of different stakeholders," he says. "An agency background can therefore be useful although, of course, we must not hire away from the agencies working for us for contractual reasons."

* ORANGE Orange actively recruits PR staff for its in-house media centre with a mix of experience, drawing from other client companies' in-house PR departments, PR companies and journalists. "We're looking for people who'll fit with the Orange environment which is very fast-moving and lifestyle-focused," says Niamh Byrne, Orange's director of PR. Orange employs nine in-house PR people and also works with Cake and Edelman for support in consumer and business PR respectively. A key strength of PR company recruits is their familiarity with dealing daily with journalists, she adds: "We want to recreate that daily dialogue between Orange and the media in-house all the time to double the effort."

"It's driving everyone mad," one senior PR consultancy executive complains. "It's happened to us three times in the past 12 months and we ended up losing business as a result. There's a real shortage of creative talent on the client side, in my view, and the way this is being dealt with is unacceptable."

Facing financial and time pressures and a need for direct experience of the brand among PR candidates, many clients are under pressure to poach. "It's a growing trend, and it can save a client huge amounts of time and money - get the right person and they'll hit the ground running without any need for induction," says Melanie Lawn, a recruitment consultant at Blue Skies Specialist Recruitment.

Consultancy PRs are only too willing to jump ship, it seems, as they grow increasingly frustrated by long working hours, woolly career prospects and lack of respect. According to a new survey of PR consultancy staff conducted by the Public Relations Consultants Association, a UK industry body, long working hours, salary levels below client rates and unclear career paths are the main reasons for considering a client PR role.

Historically, worsening economic conditions have encouraged clients to rely on in-house PR resources. In boom times they invest more on external PR support, says Patrick Barrow, PRCA director general and former head of external communications for T-Mobile, the mobile phone operator.

"Tough economic conditions have always been a challenge for the PR industry," he explains. "But despite 2004 being a better year for the PR business, there's a widespread feeling the pendulum is yet to swing back in PR consultancies' favour."

The PRCA survey, which polled PR company staff at the junior account executive level and more senior account and associate director level, shows relief from excessively long hours is one of the main reasons for considering a client PR role. "Career prospects are limited if you work a five day week," was one respondent's observation.

"A number of PR sectors are female-dominated and this is another factor. When people return to work after having children, many opt for in-house roles in the belief that support will be greater, pressure less and working hours shorter," Mr Barrow explains.

Lack of money is especially pressing for younger PRs a few years into their careers. Many are still struggling to pay off student debt, he says. Just as significant, however, is lack of respect. "Clients treat you like a skivvy, not a consultant," said one respondent.

Mr Barrow says he was surprised at the degree of discontent among PR consultants. However, there is no shortage of other industry figures willing to endorse the survey's finding and suggest supplementary factors.

"It's a fact that the advance from account executive to account director within a PR consultancy happens relatively quickly, while the next step - from account director to board director - can take 10 years," says Robert Phillips, co-founder of JCPR, a consumer PR consultancy. "People's careers therefore naturally plateau around 30."

Adds Niamh Byrne, director of PR at Orange: "I've noticed people are applying a lot more from agencies to come in-house in search of greater focus. They yearn to work on one brand and be able to follow a project through instead of constantly having to chop and change. And they relish the focus we place on coming up with our own creative ideas in-house."

One solution to the talent drain away from PR consultancies, the PRCA believes, lies in improving evaluation methods and developing industry-standard measures for public relations effectiveness - something the PRCA is backing. "Better demonstrate how PR impacts on the bottom line and PR's professional status can be strengthened and PR consultants enjoy greater respect," Mr Barrow says.

Mr Phillips agrees. "Accountability is key. Chief executives don't buy into emotions - they want to know how every investment impacts on the bottom line. PR must re-position itself as a strategic marketing discipline rather than a series of tactics thrown together," he says.

PR consultancy bosses privately admit much still needs to be done to banish once and for all negative associations with Absolutely Fabulous, the British sitcom, fluffy consumer surveys and the dark arts of spin doctoring. In the face of cost-cutting and the desire of clients like Orange to "own" creative thinking in-house, however, reversing the PR talent drain may prove to be an uphill struggle.

from FT.COM

Posted by Mark at 11:57 AM | Comments (0)

January 03, 2005

Career Tips

By By Marty Nemko, Bankrate.com

1. Act like a star at work. Whether you're a clerk or a CEO, do the things a world-class employee would do, from the way you walk to the way you talk to the way you tackle hard tasks and difficult people. Act like a star and you boost your chances of becoming one.

2. Talk more crisply, listen more intently. Most of us think we're good communicators. Alas, few of us are. Keep your utterances under a minute; if possible, under 15 seconds. After 15 seconds, most people start thinking, "I wish he'd finish." And when you're listening, really listen to what your counterpart is saying and how he or she is saying it. Ask follow-up questions. People love to be asked questions.

3. Follow The World's Shortest Management Course: Create a vision, inspire your supervisees to achieve that vision, don't micromanage, fire the bad quickly and take the time to hire great employees.

4. Get your job description changed to suit your strengths. Don't know what your strengths are? Make a list of things you've been praised for. Your core strengths lie within.

5. Request a special project that you'd find fun, would impress your boss and the results of which would be visible to many employees. For example, if you're a new and inexperienced salesperson, ask your sales manager if you could interview the other salespeople to create a booklet of sales tips and tricks. If your boss agrees, you get to learn a lot from the old hands and produce a product valuable to all. Instead of being seen as the green newbie, you'd be immediately seen as the up-and-comer.

6. Forgo State U for You U. When your career is stalled, it's tempting to consider a back-to-school stint. But there's an oversupply of degree holders. Thousands of people have spent years and fortunes on finishing their bachelor's degree or MBA or even PhD to find that career doors did not swing open. You can often learn more of value, more quickly and less expensively, by forgoing State U, let alone Private U, in favor of what I call You U: self-and mentor-selected articles, books, workshops, conferences and mentorships.

You might worry, "But an employer won't be impressed with that." They will if you write the right cover letter. Imagine you were an employer and got an application letter from this candidate:

Dear Mr. Moneybags,

I suspect you'll be tempted to toss my application because I don't have an MBA but I believe I'm worth a look precisely because I chose to forgo it.

Having heard from so many people that they derived little of practical value from their MBA, I decided the two years could be more profitably spent.

I contacted marketing directors at leading Silicon Valley software companies and offered to work for them for no pay in exchange for their mentorship. A marketing manager at Hewlett-Packard took me on. After three months, I felt I had learned about as much as I could from him, whereupon I made a similar arrangement with a director of marketing at Cisco.

In those apprenticeships, I was deeply involved in a number of projects similar to those mentioned in your ad. In addition, I attended American Marketing Association conferences, read the best articles and books recommended by the AMA and spent much of my commute time listening to relevant books on tape. To get the bigger picture, I even read a couple of books by leading academics.

But now comes the moment of truth. I believe I prioritized substance over form, but will you interview me?

I hope that you will appreciate my having developed a beyond-the-box learning plan, that I was assertive enough to make it happen and persistent enough to see it through to completion even though I didn't have a professor and deadlines forcing me to do so. Perhaps more important, in working at the elbow of top software marketing executives, I learned a tremendous amount about how to do the job well.

I enclose samples of the deliverables I produced during my work at Hewlett-Packard and Cisco.

Thank you for your consideration.

Sincerely,

Jane Jobseeker

Would you interview that candidate? When, during a speech, I asked that question of the 200 executives in the audience, 90 percent raised their hands.

7. Job seekers, use the one-week job search. Concentrate your efforts into one hell week. Why? Because that maximizes the chances of your getting multiple job offers at around the same time so you can pick the best one. The dribs-and-drabs job search usually takes months by which time you're grateful even for a lousy job offer. Besides, wouldn't it be great to get that yucky task off your plate in just a week?

What to do during your hell week?

  1. Answer 10 on-target want ads. For portals to hundreds of employment Web sites, go to the Riley Guide and Careerxroads Web sites.

  2. Phone the 25 people who most love you and could help you land a job. Ask them for job leads.

  3. Write and then follow-up call a hiring manager (not HR) at 25 dream employers, even if the employer isn't advertising an appropriate job for you. Try to convince each employer to create a job for you.

  4. If you're looking for a job for which you have previous successful experience, contact five headhunters or employment agencies.

8. Procrastinator, overcome that career killer with this three-step method:

  1. Be aware of the moment of truth. There is a moment when you, usually unconsciously, decide you'll put off that task. Consciously decide whether it's in your best interest to do the task now or whether you'd really be more likely to do it later.

  2. Start with one-second tasks. Open the book, turn on your computer, whatever. Those one-second tasks aren't intimidating, and once you start, you usually find yourself continuing.

  3. When you reach a stumbling block, struggle for no more than one minute. If you haven't made progress within a minute, chances are that additional struggling won't help. So after a one-minute struggle, get help or figure out a way to do the task without that hard part.

9. Remember the serenity prayer: "Grant me the serenity to accept the things I cannot change; courage to change the things I can; and the wisdom to know the difference." So often, we let the unchangeable destroy our peace of mind -- for example, a problem co-worker with whom we must work. Make that person as small a part of your life as possible, and when confronted with their laziness, stupidity or tactlessness, just as you would with a brain-injured person, make the big effort to react with sympathy and gratitude for your superiority rather than with judgment and anger at their inferiority.

10. Remember my father's story. My father spent his teenage years in concentration camps. When I was a teenager, I asked him, "How come you never seem angry about your lost teenage years?" He said, "The Nazis took five years from my life. I won't give them one minute more. Martin, never look back; always look forward." We all have had bad things in our lives: parents or spouses who abused us, bad luck that impeded us, weaknesses our genetics perpetrated on us. But the people who spend time looking back, playing victim, have much sadder lives than those who can remember my father's words: "Never look back; always look forward."

Posted by Mark at 05:11 PM | Comments (0)

January 01, 2005

Personal Savings

By William Kay - The Independent

New research from Alliance & Leicester Personal Loans reveals that reducing and paying off debts is a priority for half the UK population this year, closely followed by increasing savings.

Moore Stephens, the accountancy group, said that people should review their financial commitments to ensure they provide best value and pay the least tax.

Keep proper, organised records of your income and expenses, so that you can complete your tax returns and answer Inland Revenue questions easily.
If your spouse pays tax at a lower rate than you do, consider transferring income-yielding assets such as shares or unit trusts to them so that the income is taxed at the lower rate, if at all.
If you are planning to cash an insurance bond, and your spouse pays tax at a lower rate than you do, assign the bond to your spouse beforehand, so that tax suffered on any gain in value will be reduced or possibly even negated.

The same principle applies to investments that are showing a capital gain. Make use of your spouse's annual capital gains tax exemption, by transferring the assets to your spouse before they are sold. Even if both of you have used up your annual exemptions, a transfer can still prove worthwhile if your spouse pays tax at a lower rate.

Taxpayers who have made charitable donations, or are planning to do so, should ask the charity for a gift-aid form so that it can claim 28p for every £1 that you give. Higher-rate taxpayers should keep a copy of the form to claim the higher rate. Gifts made by the end of this month can be put in the 2003-4 tax return.

If you have given your children Christmas money to save, keep it in a separate bank account, away from money that they have received from grandparents, uncles, aunts or friends. You will be taxed on any income of more than £100 that their savings generate from what you give them. But they can then take full advantage of their personal income tax allowance of £4,615 on gifts from elsewhere. You should fill in Inland Revenue form R85 to tell banks or building societies not to deduct tax.

Your children also have their own capital gains tax annual exemption of £8,200 for the 2004-05 tax year, wherever the money comes from.

If your children are likely to start university this year, ask them how they or you are going to pay for it.

Although the pension rules will not change until April 2006, it is not too early to be thinking about how to take best advantage of the new regime. This will set a lifetime limit on an individual's pension pot, starting at £1.5m, and a person can put the equivalent of his or her entire annual salary into that pot. It will all attract tax relief, but remember that you cannot touch it until you reach retirement age.

Posted by Mark at 11:13 AM | Comments (0)

Personal Debt

By William Kay - The Independent


New research from Alliance & Leicester Personal Loans reveals that reducing and paying off debts is a priority for half the UK population this year, closely followed by increasing savings. To cut debt, six in 10 said they would start budgeting in the new year and try to spend less. One-third would consider a second job.

Andy Bayes, the head of personal loans at A&L, said: "People are beginning to see that by budgeting better, personal debt can be reduced considerably. This doesn't just mean spending less, but also paying less interest on your debts."

The findings are remarkably close to the advice of financial advisers and debt agencies. They say that, to avoid any pitfalls, you should set firm guidelines, whether you are saving, investing or simply trying to keep the bailiff from your door.


The key to making the least of your debts is to share the problem.

Callcredit, the credit reference agency, advises that you should get in touch with your creditors as soon as possible. Most of them will be sympathetic and let you make reduced payments on a temporary basis. So the sooner you put your hand up, the better.

Above all, do not ignore letters and phone calls from your creditors. If you do not respond, you could be defaulted or even end up with a county court judgment against you. That would remain on your credit file and affect your ability to obtain credit for six years.

Take advice. If you have a bank manager or financial adviser, make sure you talk to them. Otherwise, free help is available from the Citizens Advice Bureau, the National debtline or the Consumer Credit Counselling Service. And the credit rating agencies, Callcredit, Experian and Equifax, can tell you your debt position in a short time.
Meanwhile, keep it simple. Be particularly wary of taking on more debt to pay off your existing borrowings. Debt consolidators are in business to make money out of you, and while they will cut your monthly repayments those repayments will go on much longer.

Consumer Credit Counselling Service: 0800 138 1111.
National debtline: 0808 808 4000.
Callcredit: 0870 0601414, www.callcredit.plc.uk
Experian: 0870 2416212, www.experian.co.uk
Equifax: 0870 5143700, www.equifax.co.uk

Posted by Mark at 11:12 AM | Comments (0)

New Year's Resolution

2005 New Year's Resolution - Make Six More Recruitment Calls A Day

This is an article by by Eileen Kent about SALES.
But use your noddle and you can use the same principles for job seeking.
If we are looking for a job, we should see ourselves as a sales person anyway, shouldn't we?

On average, it takes six "impressions" - cold calls, messages, letters and
emails -- to get an appointment out of one lead. So I would like to set a
daily challenge for each of us in 2005 - make six more sales calls between
8:30 and 9:00 a.m. every day and you'll have 20 more appointments in January
alone!

What are your odds of uncovering business? No one knows, but I can tell you
this, if you invest one half hour of your time to make six more impressions
a day, you'll get more business. I would like to invite you to this challenge
so we can track your progress.

Have you thought about your odds in Las Vegas? It probably takes at least
10 - 20 quarters to actually win 4-50 quarters back and that is a game with
odds on the house's side.

In a sales call, you have the odds on your side because you always know what
to say since you've been travelling on the "Sales Firing Line" with me the
past few months. "Hello, I don't know if you're the right person, but maybe
you can point me in the right direction..."

If they say, "I'm not the right person," you will have a simple response so
you can continue to dig deeper into that agency. "Then can you please help
me because I'm obviously lost. I am committed to assisting your agency and
I would like to speak with the key person who would need my assistance..."

Because government employees are extremely helpful, your odds are that 9
times out of 10, they'll either point you to the right person or invite
you into their office to learn more about doing business with them.
When they pass you onto someone else, your odds of closing an appointment
have doubled at least because you have been referred. We call that a warm
call - not a cold call.

If you just uncover one deal this year worth $1,000,000, don't you think
that is worth one half hour and six phone calls a day?

So, let's be on the Sales Firing Line together - Make six additional
contacts a day and let me know your progress. I would love to add up
all of the additional business across the country as a result of this
campaign.

You're not alone, let's all do it together - Six more calls a day = 20
More Appointments a Month =240 Appointments A Year! If 10% were orders,
that would be 24 Orders at an average of at least $100,000 each That's
$2.4 Million Dollars In Additional Business This Year!

Posted by Mark at 07:36 AM | Comments (0)