Smart parking technologies are here! And they’re starting to redefine urban development, especially in cities. 

Let’s find out exactly what’s going on.

Types of Smart Parking Technology

First off, we’ll examine some of the different types of smart parking tech that are now available and starting to be used more widely. 

Automated Parking Systems

Ever been in awe of those futuristic car-stacking contraptions you see in some fancy urban garages? That's an Automated Parking System (APS) for you. It parks cars like a game of Tetris, slotting them into tight spots with robotic precision. You simply drive up, leave your car on a platform, and the APS whisks it away to an available space - no human intervention needed! 

The perks? It slashes time hunting for parking and packs more cars into less real estate since there's no need for wide lanes or ramps. Pretty slick, huh?

Sensor-Based Parking Guidance Systems

Imagine cruising into a car park and immediately knowing where the empty spots are – welcome to the wizardry of Sensor-Based Parking Guidance Systems. These gizmos use sensors embedded in the pavement to detect whether spaces are free or taken. Then, they light up signs or screens to point drivers straight to the open spots. No more endless circling like vultures! 

We're talking major time-saving and less pollution from all that aimless driving around. Boosting convenience for drivers, reducing congestion? Check and check!

Mobile App-Based Reservation Systems

Ever dreamed of reserving a parking spot just like you snag an Uber? Enter Mobile App-Based Reservation Systems. 

With a few taps on your smartphone, you can book and pay for a spot before ever leaving home. These apps often tie into real-time data, showing which lots have spaces up for grabs and at what cost. You roll up like a VIP – no more prowling the streets looking for parking. 

The wins are huge: less traffic from folks searching for spots, plus sweet revenue generation for parking operators. Win-win!

Other Types of Smart Parking Technology

Other smart parking technologies are undoubtedly worth mentioning. For example:

• License Plate Recognition (LPR) Systems use cameras to scan license plates for swift entry and billing at car parks.
• Smart Meters connect to an app, allowing remote time extensions and digital payments.
• Parking Access & Revenue Control Systems (PARCS) utilize gate arms that lift automatically after payment to keep a tight parking system.

Smart Parking: The Unsung Hero of Urban Development

Smart parking technologies are like the secret sauce in a masterfully planned city. They quietly but powerfully reshape how urban spaces function, bringing both finesse and flow to areas that were once just asphalt jungles.

Easing Traffic Woes

No one enjoys the stop-and-go ballet of peak-hour traffic jams while on the hunt for parking. Smart tech slashes time wasted by drivers circling blocks, cutting down congestion significantly. With clearer streets, public transport can zip around quicker, emergency vehicles face fewer blockades, and cities breathe a little easier.

Maximizing Precious Space

In places where an inch of land costs more than your first car, making smart use of what's available is key. Instead of sprawling lots sucking up space, savvy planners integrate smart systems that stack 'em high or tuck 'em tight underground with APS—or even repurpose areas through dynamic pricing during off-peak times via smart meters.

Driving Economic Growth

Look at any buzzing commercial district; ease of access often spells success. If folks can slide into convenient parking without a second thought—in part thanks to app-based reservations—that means happier shoppers and diners keen on returning again and again. 

What does this mean? More vibrant local small businesses, bustling marketplaces, and a thriving economy – all from easing the parking pain. 

Boosting Investment Appeal

Lastly, the less hassle there is in parking, the more attractive a locale becomes to investors. Developers love building in areas with top-notch infrastructure, and smart parking solutions signal an innovative, forward-thinking community. 

Plus, when you've got efficient systems keeping streets clearer and businesses thriving, it's like rolling out the red carpet for potential investors eyeing long-term growth and stability.

For example, if you have a more sophisticated financial situation, universal life insurance can help you achieve multiple goals like providing a death benefit from your family, while also helping you accumulate funds that you could use to supplement your retirement income. Here are some other ways to consider planning for early retirement in 2021.

1. Make the most of your savings

It’s no secret that saving is an essential component of retirement, but putting everything into a savings account isn’t going to cut it for most people. When you’re getting ready for your eventual retirement, be sure to consider what sorts of retirement savings programmes are available to you through your employer or other means. Examples may include an individual retirement account (IRA) or a 401K, which are designed to help you grow a nest egg in a tax-advantaged way. Be sure to consult a professional financial advisor about the best investment products and strategies that are available to you. 

2. Put in the hard work now

While you’re young and have the energy, make the most of it by working hard. In addition to your primary income, there are a plethora of other things you can do to earn extra income on the side and reach your financial goals faster. For example, if you do gig work on the side as a freelancer or independent contractor, that can be a great way to earn extra income, but keep in mind you’ll owe taxes on the additional income and you may have to pay quarterly estimated taxes. Be sure to keep track of any expenses you incur while freelancing or operating your side business so that you can accurately report your profits and losses, and offset your tax obligation with any eligible itemised deductions. 

3. Protect your progress with life insurance

Planning for retirement isn’t just about not working anymore--it’s also about building your legacy for the people you care about the most. While you’re in the process of building your retirement nest egg, you want to make sure the people who depend on you financially don’t face financial hardship if something happens to you. Some types of life insurance offer more than a death benefit to create that safety net for your beneficiary(ies). Some life insurance policies offer cash value, which accumulates over time. This can make some types of permanent life insurance a very useful tool for financial planning for retirement and beyond. Be sure to consult a financial advisor to go over your best options. 

The bottom line 

Early retirement is best made possible with proper planning. The more you can earn and save now, the sooner you’ll be able to retire early and/or reach other financial goals. Just be sure you have the right assurances in place so that all your hard work is never in vain. 

More than just a list of strategies and methods, a plan gives you a goal to focus your sights on as you’re working your way towards financial independence. With the right solution in place, you’ll know how much to save, how much to spend, and when to switch courses.

The first step in developing a successful plan, is to complete a cash fact find. In other words, take stock of your current situation. Do you already have an emergency fund in place? If not, you’ll need to deal with that before you begin looking into stocks and funds. How much do you feel comfortable investing in different assets, and what risk level are you comfortable with? Once you have that information, you can begin to work on your plan.

Laying Out a Basic Strategy

Drawing on the information you have from your fact find, you should be able to set out your goals for your money and the kind of things that will help you to achieve them. For instance, are you going to be looking into swing trading strategies, or long-term investments? Your time frames for when you want to reach your targets, your current financial situation and your risk appetite will all help you to figure out where you should be heading. Your plan can also give you an insight into the kind of returns you need, and what you can expect to reasonably accomplish. If you’re having trouble with this part, it may help to speak to a qualified advisor about your options.

You can also speak to an advisor about how much of your plan you want to handle on your own and how much you need to get assistance with. You can also determine how frequently you’re going to check on how your strategies are doing, and under what circumstances you might make changes to your portfolio. Check out any kind of fees and product charges you’ll need to think about at this time too, so you know what’s going to be eating into your earnings.

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Putting your Plan to the Test

Once you’ve got a basic idea of how you’re going to reach your goals and what you want to accomplish with your money, the next step is putting your strategy into action. The important thing to remember here is that you can take things slow until you figure out whether your strategy is really working for you. There’s no need to spend a small fortune on your initial assets and shares straight away. You might even decide to do some paper trading first. This essentially means that you open a demonstration account where you can see exactly how profitable your efforts will be in practice. You won’t make any money with the paper account, but you can put your ideas to the test without any risk too. Remember to come back and update your plan from time to time when the situation calls for it.

Tim Wakeford, VP of Product Strategy at Workday, outlines the benefits of agile financial planning and the research backing it.

It’s hard to be certain how long the economic impact of the COVID-19 pandemic will last. Recent predictions estimate 2025 as the finish line for recovery, but this isn’t the first and won’t be the last forecast we see. However, as we adapt our strategies to recover, one thing remains clear: COVID-19 will have a lasting impact on how businesses make plans worldwide. I’ve been talking to many customers to understand what they’ve been doing to weather the storm and what they’ve valued the most is having the agility to respond quickly to changes.

Agility to gain business resilience

Being agile when faced with change has always been a defining characteristic of companies that respond well to competitive threats. A Workday study on organisational agility showed that top-performing companies were ten times more likely to react quickly to market shifts, proving that agility is often a synonym for performance. During the pandemic, agility has emerged as the defining attribute of organisations which are responding well to the current crisis. Moving forward, it will be the essential tool to draw a much needed resilient course for growth.

To build agility into an organisation, processes need to be transformed. Finance sits at the heart of this transformation, simply because it touches every aspect of a business. The finance department is responsible for the budgeting and forecasting of activities — all essential planning processes that will map recovery. Three out of four finance executives admit their planning processes have not prepared them for economic disruption, let alone a global pandemic. They have found the key to respond better to this and any future crises in adopting three agile processes: scenario planning, continuous planning and rolling forecasts.

To build agility into an organisation, processes need to be transformed.

Scenario planning to anticipate impacts

From the moment companies started to send employees home and supply chains were interrupted, the future became more uncertain and organisations were forced to ask themselves “what if?”. What if our workforce has to work from home for the rest of the year? What if our supply chain is interrupted for 60 days? With tools that provide the ability to build-out scenarios, businesses can ask these questions and understand what different versions of their future might look like. With roadmaps laid out, they’re able to not only identify future risk but also look for new opportunities. During the first months of the pandemic, we’ve seen organisations create up to 30 times more build-out scenarios than usual in our platform. The value of this strategy has been proven beyond financial planning: Oxford University, for instance, has an approach to scenario planning used by scientists and policymakers when facing situations of global impact.

As we move towards recovery, the future is just as unclear. A recent survey conducted by Deloitte showed that 89% of CFOs now feel there is a high or very high level of uncertainty facing their business. The more finance teams apply technology to model different future scenarios, the better prepared and more confident they will be to quickly adapt their strategy to these uncertain outcomes. Planning based on assumptions is better than not planning enough, and technology can make this process seamless without weighing on anyone’s time. One of our retail customers, for example, is planning their recovery by using multiple pictures of their budget based on different assumptions, all sitting in the cloud platform, to avoid any version control issues that offline spreadsheets can bring up.

Continuous planning to avoid obsolete budgets

A survey conducted by the Association for Financial Professionals in 2019 revealed that the average annual budget takes 77 days to be prepared. Think back to where the world was 77 days ago to understand that this is simply not a sustainable process. Forward-thinking businesses no longer approach financial planning as a one-time annual or quarterly event. Episodic planning quickly becomes obsolete and wastes valuable time.

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By deploying a continuous active approach to planning, leaders are able to quickly adjust budgets adapting to any shift in the marketplace or change in the organisation — something fundamental in the current scenario. We have found that companies that implement continuous planning are 1.5 times more likely to be able to reforecast within just one week, a level of agility that helps businesses avoid budget freezes.

Rolling forecasts to roll with the punches

Rolling forecasts are just as important in the toolkit of agile finance planning. They are a strategic way to approach forecasts because they are guided by key business drivers. We’ve found from our customers that they can help accurately predict changes from four to eight quarters in advance. By being able to visualise a consistent horizon, finance leaders gain the confidence to make critical decisions. In addition, the rolling aspect of the forecasts offers an invaluable way to course-correct quickly.

To survive a time of escalating uncertainty, agility is a safe harbour for any organisation. By deploying continuous planning based on build-out scenarios and rolling forecasts throughout the recovery, leaders will be better equipped to make forward-looking decisions, and not only recover but do it with a competitive advantage. Ultimately, the changes in planning processes implemented during this crisis will prepare businesses for any future storms they might face.

Currently, $350 trillion worth of financial contracts reference the LIBOR rate worldwide. Banks and other financial institutions are now required to phase out any agreements that utilise LIBOR as a benchmark and transition to an alternative reference rate by the end of 2021. While this may seem like a long time from now, the process will likely be lengthy and complex. To ensure a smooth transition, banks and other impacted organizations will need to begin preparing well in advance. Right now, only 19% of firms say they’re ready. Neil Murphy, VP of global business development at ABBYY, discusses how these companies can best prepare for the changes to come.

The transition process will be no mean feat. It will involve creating task forces, sorting through immense volumes of documents, adopting new technologies, re-negotiating current agreements and developing entirely new financial products. Preparing early and thoroughly is critical for minimising risk from every angle – financial risk, legal and compliance exposure, and operational disruption. Planning ahead will also facilitate a smooth process for customers, helping maintain – or even increase – client satisfaction and retention.

While the transition may seem daunting for some organisations, it doesn’t have to be. To begin preparing, businesses need to understand what LIBOR is and how it will affect your business, including which products will be impacted, what the replacement options are, and what exactly the complex transition process will involve. Let’s start from the beginning.

What’s behind the transition?

According to the Consumer Financial Protection Bureau, the LIBOR rate is based on specific types of transactions between banks which now do not occur as frequently as they used to, making the rate less reliable. The governing bodies that oversee this index have stated that they cannot guarantee the rate will be available after 2021.

Certain private-sector banks which are currently required to submit information that is then utilised to set the LIBOR rate will stop being required to do so after next year, which means the rate will subsequently not be an accurate reflection of its underlying market. At this point, the quality of the rate will likely degrade to a degree at which it is no longer credible, which could cause LIBOR to stop publication immediately.

The end of LIBOR is imminent, which makes preparing for the transition and implementing alternative reference rates in advance an imperative for financial institutions. All types of banks and financial institutions will be impacted, from small regional banks serving local consumers to large global financial institutions providing commercial services to multinational enterprises. In addition, related industries, such as insurance, will also be impacted by the discontinuation of LIBOR. Even industries that are completely outside of the financial sector will feel a ripple effect.

The end of LIBOR is imminent, which makes preparing for the transition and implementing alternative reference rates in advance an imperative for financial institutions.

What’s the impact?

From 30-page mortgage agreements to 340-page commercial loan contracts, every type of financial product that utilises LIBOR will be impacted. First up is derivatives, including interest rate swaps, cross-currency swaps, commodity swaps, credit default swaps, interest rate futures, and interest rate options. Bonds will also be impacted, including corporates, floating rate notes, covered bonds, agency notes, leases, and trade finance. As for loans, the impact will be far reaching, from syndicated to securitised, business loans, real estate mortgages, private loans and even certain types of student loans. In short, any type of loan that utilises a variable interest rate based, in whole or in part, on LIBOR will be impacted.

There will also be an impact on short-term instruments such as repos, reverse repos, and commercial paper, and on securitised products like mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). Finally, in the retail sphere, it will affect loans, mortgages, pensions, credit cards, overdrafts and late payments.

To replace LIBOR, there will be various Alternative Reference Rates (ARRs), which will vary by geography.

How should we prepare?

Many companies have thousands, even hundreds of thousands, of LIBOR-based financial agreements circulating within their organisations. There are some global investment banks whose volume of related contracts reaches into the millions.

There will be many necessary steps in a successful transition. One of the most important is assessing where LIBOR is used across all business operations and identifying each individual contract, agreement and related document. Without a doubt, finding, collecting, and compiling every contract that utilises the LIBOR rate will be an extensive and complex process.

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Whether it’s a small- to mid-size bank or a large financial institution with hundreds of thousands of contracts, sifting through, reading, and pinpointing every document that references LIBOR will be cumbersome, costly and time-consuming if conducted entirely manually. The right technology, particularly those that are powered by AI and content intelligence technologies, could transform this process. They can sort through volumes of documents, accurately identifying relevant contracts thanks to advanced OCR and NLP technology, and automatically extracting relevant data. The right tools go a long way in simplifying the complex document-related processes involved in the LIBOR transition.

Identifying all related contracts is only the first step, however critical it is. After all relevant agreements have been compiled, the next step is to transition each individual contract to the new alternate reference rate. For many financial institutions, there will likely be a significant degree of re-negotiation involved in this process, particularly for contracts governing high-value financial products or agreements serving commercial clients.

The transition process is one that will likely involve many business units – from legal and compliance for managing risk, to product management for creating new offerings, to marketing and PR for developing effective communication strategies for customers, investors and stakeholders. Successfully navigating the transition will require a clearly defined roadmap, long-term vision, and the right technology. This combination will be crucial for firms to be prepared for the transition, and to ensure their business isn’t adversely affected by it.

While the deadline for transitioning from LIBOR may be over a year and a half away, time is still definitely of the essence. For businesses that want to minimise financial and legal risk, ensure a seamless transition, maintain their market share, and ensure customer loyalty, the time to begin preparing is now.

According to EveryCloud, cybercriminals netted $445 billion last year alone. What’s even more sobering is that 43% of cybercrimes target small businesses and their finances.

This is a worrying statistic for small businesses. All businesses take a hit if their data is breached, but larger businesses usually have a recovery plan in place. It can be a lot more difficult for smaller businesses to recover because of the costs associated with recovery.

That brings us to the point of this post – how you can protect your business from an attack.

Start with a Recovery Plan

It might seem as though we’re putting the cart in front of the horse here. That said, it’s better to plan ahead with something like this. Have a solid plan in place:

•         You want to ensure every device your employees use is protected – especially if they use their personal devices to access your system.
•         Consider using a cloud-based solution to keep your system safe. These programs provide real-time online protection. Another advantage is that you’ll also normally have an email scanner included. This means that dodgy emails are quarantined before your employees get a chance to open them.
•         Do regular backups.
•         Consider insurance. This will ensure that you have the money to recover from an attack.
•         Work out a fast recovery strategy. Who do you contact first? How do you proceed step by step in the case of a breach?

Train Your Employees

Human error is the hacker’s best friend. They’re just waiting for you or someone on your staff to make a mistake. Security awareness training conducted on a regular basis is your best defense. This training teaches you about the different threats, how to guard against them, and gives you the best practices to follow to keep your business safe.

Final Notes

If you want to mount the best defense against cybercriminals, adopting a multi-pronged, proactive approach is the best way forward. Start by securing your systems today.

What if we told you that you didn’t need to? There are lots of simple and easy ways to create a little breathing room without impinging on your quality of life – you just need some help working out what they are! Here are a few handy ideas to get you started.

Sell the stuff you’re not using

We’ve all looked around at some point and realised that we need a clear out, and whether it’s your wardrobe that’s bursting at the seams or your old TV gathering dust in the attic, it’s possible that there’s some money to be made. While we’re all for supporting charitable causes and donating to your nearest thrift store, take a long, hard look at what you’re throwing out before it finds its way into a plastic bag. Maybe those jeans don’t fit you anymore, but would somebody buy them if you uploaded them to Depop? Your television is missing a remote, but might somebody want it if you priced it cheaply and advertised it on Facebook Marketplace? One man’s trash is another man’s treasure, and no matter how little it’s worth, anything you move on equates to extra money in your pocket.

Make your home more energy efficient

Next up, it’s time to think about making your home more eco-friendly. Going green has many benefits, primarily for the environment, but it makes sense from a financial as well as an altruistic perspective. Luckily, there are lots of easy ways to make it happen. One of the simplest is to replace your lightbulbs with LEDs, which could purportedly save you around £240 per year on your energy bills. Air sealing your home will help too, decreasing your energy outlay by roughly 20 percent per month, as will turning the temperature on your water heater down a fraction. These might be small steps, but they could add up to some pretty significant savings. Remember, the less energy you use, the lower your bills will be.

Switch to pay-as-you-go or a SIM-only plan

Most of us spend a significant amount on our monthly phone bill, but is this really necessary? While you probably took out a contract to get the most up-to-date phone, lots of us stick with the same deal even when we have a perfectly useable handset and the option to terminate the original agreement. While it’s true that you could upgrade, ask yourself whether you really need to do so in the instant. If not, take our advice and contact your provider to end your contract. Once this is done, opt for pay-as-you-go or a sim-only plan instead, and you’ll find that you could save a tidy sum each month. There are so many good deals out there that you won’t even have to settle for fewer minutes or a less attractive overall plan.

Buy in bulk

We said that this article would help you to spend less, so asking you to shell out more than you normally would perhaps seem counterproductive. However, although a lot of people are deterred by the thought of a higher initial outlay, buying in bulk can save you a vast amount of money, and it requires no real sacrifice at all. If you’re wondering where you can do it, wholesalers like Costco are an obvious option, but there are also plenty of places online, from Amazon to British Cornershop. This article is particularly handy, and offers some great tips for getting to grips with it all.

Cancel your gym membership and take up jogging

The reality is that most people who have a gym membership are not getting their money’s worth. While you might go once or even twice a week as a rule, there are also periods where you’re too busy to visit at all, so perhaps it’s time to find a more cost-efficient alternative. Our advice is to cancel your membership and take up a free outdoor activity instead. Jogging is an obvious choice, but if it’s not to your taste, there are plenty of other free ways to exercise, from extending your daily dog walk to taking advantage of your local tennis courts or following yoga tutorials on YouTube. All of the above are free, fun, and will keep you fit to boot.

Keep an eye out for special offers and discounts

We promised that every method included on this list would give you the chance to save money without making your life miserable, and here is a perfect case in point. Instead of telling you not to spend at all, we simply suggest that you look for special offers and discount options before you buy. Imagine, for an instant, that you want to indulge in a little online gambling. Rather than going to the first provider you stumble upon, we’d recommend using an online directory site like Oddschecker to see what offers are out there. Similarly, if you want to purchase a new pair of jeans, we’d urge you to see what sales are on before paying full price for something you could get significantly cheaper.

Unplug your electrics when you’re not using them

We told you these solutions would be simple and straightforward, and it doesn’t come much easier than this one: make sure that you’re unplugging each of your devices when you’re not using them. Although most will consume only a small amount of energy when they’re in standby mode, this still drives up your monthly bill, and you simply don’t need to be paying the excess. An Xbox 360, for example, would add roughly 15 kilowatt-hours to your total if you were to leave it plugged in on standby for a month, so a small step like this really can make a difference. From your coffee machine to your phone charger and laptop, don’t have them plugged in unless it’s absolutely necessary.

When it comes to saving money, there are so many ways to do it, and lots of them require little to no effort to accomplish. Far from impinging on your life or forcing you to stay indoors and be miserable, they can even come with their own unique benefits, from helping to make your home more eco-friendly through to encouraging you to declutter. Isn’t it worth giving them a go to see how much you could save?

This is according to a recent study by KnowYourMoney.co.uk. Meanwhile, separate data shows that, in total, there are just over 11 million mortgages across the country, with the combined value of the mortgage market coming in at £1.3 trillion. Here John Ellmore, Director at KnowYourMoney.co.uk¸ discusses further the correlation between a lack of financial planning and subsequent mortgage troubles.

It’s a huge market, and for most people a mortgage will be the largest single debt they take on in their life. It is vital, therefore, that consumers are thorough and diligent in both finding the right mortgage product and making mortgage repayments.

Navigating the mortgage market

Returning to the aforementioned research by KnowYourMoney.co.uk, not only did the survey uncover the types of debt people have, but it also offered insight into the ways Britons are managing their finances. And there were some concerning findings.

Most notably, two thirds (67%) of those in debt have no savings stored away to enable them to pay off debt if required, with men (73%) more likely than women (62%) to lack a financial safety net. Furthermore, nearly three in ten (29%) said they do not feel in control of their debt and have no plans of how they will pay it off.

In light of these figures, it is perhaps less surprising to note that 24% of people in debt said they lose sleep because of it.

When it comes to mortgages, planning and preparation are key. Indeed, with so many mortgages available – 4,214 new products were introduced into the residential mortgage market between 2016 and 2018 alone – choosing the most appropriate option can be challenging.

Importantly, this challenge starts with an individual understanding his or her personal finances.

Debt-to-income ratios

Essential within this planning phase is to know one’s debt-to-income (DTI) ratio. In short, this offers an indication of how much debt a person has in relation to their earnings – it is calculated by dividing total recurring monthly debt by gross monthly income.

But many people are in the dark about DTI ratios; 44% of UK adults do not know what their debt-to-income ratio is, with 39% admitting to not understanding the term.

This needs to be addressed. Without understanding exactly how much debt one can responsibly handle, securing the right mortgage is extremely difficult.

Of course, a mortgage provider will undertake its own due diligence in ensuring a borrower’s income is sufficient for the terms of a particular mortgage. However, in truth, the lender will never be able to match the borrower’s granular insight into their finances.

Avoiding bad debt

Ultimately, despite the negative connotations that still surround the word, debt is an extremely valuable financial instrument. It enables people to pursue life goals otherwise out-of-reach. But we must recognise there are good debts and bad debts.

Good debts are both manageable and will provide value to the individual – mortgages are a prime example of this, assuming the amount borrowed can be repaid. Bad debts are those that cannot realistically be repaid or provide no value – taking on debt to pay-off other debt is a common example of this.

Mortgages, by and large, are good debts, but only when the monthly repayments can be made without being overly restrictive to a person’s financial situation. The first step is for consumers to ensure they know what their DTI ratio is – a task that takes just a few moments thanks to online DTI calculators.

Failure to do so could cause problems down the line. Illustrating this point, it is estimated around 88,000 mortgages in the UK are in arrears of 2.5% or more, while there are 52 mortgage possession claims made every day.

To avoid falling into this situation, borrowers must be sure they only take on good debt. Moreover, whenever possible they should set aside savings to help make repayments in case of cash flow issues or interest rate changes in the future.

Thorough preparation and careful management are at the heart of any successful financial strategy, and when it comes to mortgages these are essential in ensuring people navigate the market safely and only accrue debts in a safe, responsible manner.

However, it can also refer to how many cycles of change and innovation a business has been through. For example, technology businesses will have to evolve and innovate at a faster pace than a toy manufacturing company, and thereby do more to succeed.

That said, businesses are still regularly failing, so anything the survivors can do to boost their efficiency is of interest to them. A big part of this is ensuring longevity throughout the company, ensuring processes run smoothly while protecting jobs for the long term.

Consequently, here’re the common habits of successful businesses aiming to ensure longevity.

1. Planning Ahead

A company can’t last long if it doesn’t plan ahead. Everything needs to be mapped out constantly; from staff intake numbers required through the years to market changes and trends. Put simply, longevity can only be possible for businesses that are more than willing to adapt. It’s crucial to survival; as the markets change, the businesses evolve with it all.

Additionally, financial affairs need to always be set in order too. Budgeting and auditing are two essential processes that a company needs to upkeep and maintain; without them, they cannot act within their means. It’s all about firm’s grounding themselves in a realistic vision, thereby not wasting resources on dreams and unachievable goals. Once they have some realistic goals in place, they can then workably move from strength to strength, and thereby ensure business longevity.

2. Implementing Technology

Few things are more important to a business than its data. Whether it’s employee information, customer statistics or performance data, it’s all incredibly sensitive material that’s vital to a business’s functionality. If any of it is misplaced or stolen, a firm can find itself crippled to varying degrees of severity depending on what’s lost.

However, businesses these days are implementing technology for all their data protection needs. They’ll use things like cloud services to ensure that all their information is easily accessible and safely stored. All the vital data can be viewed from one digital place that’s secure, boosting the efficiency, and of course longevity, of the firm.

3. Third-Party Advice

Few successful businesses achieved their goals alone. Especially during the early years, much wisdom and guidance would always be needed in order to safely navigate through the markets, whatever they may be. There’re many pitfalls and traps on a company’s journey, and its ultimately third-party advice that helps steer said companies in the right direction.

For example, consultancy companies like Hymans Robertson are always on hand to help, certifying businesses get all the mileage they can out of their operations. They’re a key aspect of ensuring a firm’s sustainability, using their innovative analytical and modelling tools to determine longevity risks within the business. In the end, the businesses that last longest are the ones who aren’t afraid to ask for help and subsequently learn.

We’ve all heard of the so-called ‘war-for-talent’ within the US’s Investment Banking and Financial services field. In fact, it’s no secret that there’s an ever-increasing demand for specific and niche skills, but short supply of the requisite talent.

According to EY, over the next two to three years, machines will be capable of performing approximately 30% of the work currently done at banks: yet the ability to attract technology experts into investment banking is arguably presenting the greatest challenge for many employers.

Regulatory changes, coupled with digital advancements, mean that business models are adapting at a rapid rate. Today, automated electronic trading powered by AI and machine learning mean that the skills of the top traders of yesteryear are quickly becoming obsolete. However, the data scientists and programmers needed to drive today’s systems are in short supply. And with increasing reports of tech firms such as DeepMind, the Google artificial intelligence division, stealing top tech talent from the world of investment banking, this is only going to get more difficult in the coming months and years.

Today, automated electronic trading powered by AI and machine learning mean that the skills of the top traders of yesteryear are quickly becoming obsolete.

Furthermore, recent research from Accenture has found that just 7% of US graduates see banking and capital markets as a top industry to work for. However, by predicting both the behaviors of internal employees and market demand fluctuations, investment banks can map out a coherent plan to overcome forecasted skills gaps and bring in expertise to guarantee future growth and profitability.

Despite the clear benefits of implementing an effective strategic workforce plan, a 2014 Workday/Human Capital Institute survey of 400 HR professionals revealed that 69% consider the function either an “essential” or “high” priority, but that only 44% actively engage in it. This is not because there are not tools available – there are. Both internal data and industry trends are usually an excellent source of knowledge of individual jobs’ attrition rates, which can lead to a surprisingly detailed forecast of skills needed for the future. Technological tools can also be used to predict the likelihood of employees jumping ship, including through social media monitoring applications. So why is this disparity in numbers?

Although increasing percentages of businesses are recognising strategic workforce planning’s place within their growth plans, it can still be difficult to implement and sustain effectively. As well as needing the support of a CEO – or at least, a board member – to drive the initiative and free up resources, HR departments must also be star players in its success. This is because they can provide reliable data regarding which employees are eligible for up-skilling/re-skilling, helping to predict gaps within the workforce – although these may open and close as market demand fluctuates. In this way, the data can also be used to implement a policy of growing your own internal talent, which can subsequently help to close projected managerial gaps in the future. You can see that it is important to remember that technology is just a support tool and should not overshadow the input of your stakeholders – they also have real insight in the business’ needs.

The traditional trading desks of Wall Street in the early 80s are now well and truly a thing of the past.

One common misconception about a successful workforce plan is that it is rigid and set in stone when in fact, almost exactly the opposite is the case; what might be needed for a financial institution now may be totally different in five years’ time. Naturally, it is important to address the organisation’s most critical needs first, and not rush to implement an overarching strategy. This allows for progression and, critically, facilitates the avoidance of paying premium rates whilst trying to fill immediate skills gaps.

The traditional trading desks of Wall Street in the early 80s are now well and truly a thing of the past. But just as open outcry and hand signals have been replaced by predictive analytics and machine learning, no one knows what the future will hold for the profession. With this in mind, an effective plan must be adaptable and almost constantly fine-tuned in order to stay in line with market demand, new platforms, emerging markets and regulatory change – especially when reacting to or predicting competitors’ moves.

In fact, it is intrinsically important to keep your competition at the very front of your mind when constructing a workforce strategy. It is highly likely that you will be fishing from the same talent pool down the line, and predicting skills gaps means that your business will be able to create pipelines and contacts within these areas long before anyone is needed on board. This provides the best chance of winning the top talent – and these acquisitions can be the difference in staying a head and shoulders above the rest.

About Nicola Hancock:

Nicola Hancock has over 15 years’ experience in resourcing for financial services organisations. During her time with Alexander Mann Solutions, she has led a number of key clients globally, including RBS, Deutsche Bank, HSBC and BAML and has built extensive experience and understanding of financial services and the challenges and opportunities this brings to talent acquisition and management. 

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