These injuries resulted in a whopping 3.9 million working days being lost, costing the UK both money and productivity. It is naturally beneficially for both employees and employers to ensure that workplace safety is a top priority within their company in order to avoid any expensive accident at work scenarios.
Looking at safety equipment
For 2017/18, the construction industry suffered the highest amount of fatalities in its workforce, with 38 deaths recorded. Agriculture had 29 deaths, and manufacturing suffered 15 fatalities. These industries in particular often require certain safety equipment to abide by health and safety regulations – and wearing the equipment could separate your employees from a near death experience and a non-fatal injury.
One example is using a hard helmet on a construction site to avoid head injuries. If your staff fail to wear the required hard hat, any of those injuries could be a direct cause of not wearing the correct safety equipment. Protective glasses should also be worn by employees that are exposed to debris, dust and bright lights that could damage the employee’s sight.
There are so many protective pieces of clothing available now. These include steel toe cap boots, hi-vis clothing, safety gloves and noise cancelling headphones. Implementing a work policy that says your staff are required to wear safety clothing and equipment is the first step to preventing workplace injuries that could lead to fatal deaths or long-term work absences, which cost your company money.
Correct training for employees
For reducing risk in any industry, training your staff should be high on the list. Every employee should be briefed on the safest fire exits around the premises, as well as what the procedure is in case of an emergency. In fact, many premises are permitted to carry out practice fire drills to ensure all members of staff are aware of the routine.
There are a number of other safety areas to consider too. In the manufacturing industry, which is the third most dangerous environment for fatal injuries in the workplace, some job roles require particular training and qualifications to use machinery. Where hazardous or dangerous machinery is involved, staff must be trained on how to use it – and must use the correct safety equipment and clothing at all times. 135,000 of the 555,000 non-fatal injuries in 2017/18 led to over 7 days of work absence — providing your staff with the appropriate training could save you a big cost seen through a loss of working hours due to workplace injuries.
Individual employees may require further training too. For instances, some processes will need employees to gain the correct certification to be able to carry them out with reduced risk of injury. For example, in the construction industry, any employee who will be navigating a crane will require a Construction Plant Competency Scheme (CPCS) licence.
The benefits of audits
Internal audits are a beneficial way for companies to monitor the processes within their workplace in order to continuously improve them and look out for developing risks. For example, slips, trips and falls caused 31% of non-fatal injuries in the workplace in 2017/18. The main causes of slips, trips and falls in the workplace are uneven floor surfaces, unsuitable floor coverings, wet floors, changes in levels, trailing cables and poor lighting – all of which can be prevented or marked out safely if the proper regulations are followed. Legally, businesses must follow The Workplace (Health, Safety and Welfare) Regulations 1992, which stipulates that employers must ensure that floor spaces are in good condition and free from obstructions. Furthermore, the Health and Safety (Safety Signs and Signals) Regulations 1996 legally require businesses to provide and display the appropriate safety signs when there is a potential risk too – whether that is a wet floor sign, or signs indicating loose cables or exposed electric cables.
Safety measures are important for employee welfare, but they are also important in terms of protecting a company as a whole.
Sources
http://www.hse.gov.uk/statistics/overall/hssh1718.pdf
http://www.hse.gov.uk/statistics/overall/hssh1516.pdf?pdf=hssh1516
The relationship will see Qube Learning and Surrey Business School offer the Chartered Manager Degree Apprenticeship, delivering world class leadership and management development, resulting in a double accredited BSc (Hons) degree and Chartered Manager status.
The University of Surrey is one of a small number of research-intensive universities that will offer a Degree Apprenticeship, which will allow students to receive a qualification from an established academic institution funded via their employer and the Apprenticeship Levy.
The course is available to new entrants into the workplace looking to learn while gaining valuable in situ experience, skilled professional managers wanting to expand their knowledge base, including leadership responsibility, and companies looking to secure the best possible training for staff on an accredited, innovative, well respected scheme, supported by the Government’s Apprenticeship Levy.
The selection criteria for the course will be set by individual employers. University entrance requirements for this Degree Apprenticeship are: A levels at Grades A, B, B or other equivalent level 3 qualifications or equivalent professional body qualifications. The University will also consider relevant leadership and management experience gained in the workplace on a case by case basis. English and Maths at level 2 (GCSE or equivalent) are also essential.
Joe Crossley, CEO at Qube Learning said: “The decision to work with an establishment, such as Surrey Business School at the University of Surrey was a magnetic approach. With Qube’s in depth knowledge in training and theirs in education, it was an opportunity to create a worthy avenue with several experts that could host such a programme, and help individuals increase their confidence and understanding in a subject. We are committed to helping people learn and succeed to the best of their ability and are enthused by this new programme and look forward to welcoming students on the course.”
Professor Andy Adcroft, Deputy Dean of Surrey Business School, said: “We are excited to be launching our first Degree Apprenticeship in partnership with specialist training provider Qube Learning. Our Degree Apprenticeship has been developed to nurture future talent and fill specific skills shortages throughout England. As one of the few highly rated, research intensive universities to offer degree apprenticeships, we have invested in an innovative blended delivery model which will enable employers from all over the country to benefit. Our first Degree Apprenticeship heralds an exciting new chapter in the way we work with businesses to deliver industry-relevant training.”
The course is open for registration with the first cohort starting in May 2019. If you are interested in finding out more about the positive opportunities of a Degree Apprenticeship, either as a student or an employer, then speak with the experts at Qube Learning.
Email: tellmemore@qube-learning.co.uk
Telephone: 01235 833838
Website: www.qube-learning.co.uk
Reed Finance asked senior finance professionals what they thought and Rob Russell, Director of Reed Finance, shares some of the key findings with Finance Monthly.
The need to invest in the development of staff should be a top priority for any organisation. Employees who feel supported and have the opportunity to extend their skill sets are more likely to remain with a business, which in turn can benefit from a stable and committed workforce.
Skills development within the finance sector is a current hot topic with the acknowledgement of a growing skills gap, not helped by the uncertainty surrounding Brexit’s impact on the labour market. A skills gap that is not addressed will lead to a lack of competiveness as companies struggle to fill important roles with qualified staff.
We polled 600 senior finance professionals to gauge their opinions around staff development, what could be holding firms back from investing further, and the important areas requiring a skills development and training focus.
However, it is important to look at the type of skills needed for a successful career in finance. Our recently published interactive report ‘State of Skills’ analysed Google and O*NET data from the past 10 years for typical accountancy and finance roles. It found that written and verbal communication is prized by employers of finance professionals. This could be due to the future strategies of companies wishing to see finance executives take on leadership roles which entail not only technical soundness, but also an ability to inspire and work as a leader of teams – with ‘active listening’ and ‘oral comprehension’ some of the most important skills for a CFO to have.
We were also interested in where finance leaders thought skills gaps were, and how they were planning to tackle them. We polled 600 senior finance professionals to gauge their opinions around staff development, what could be holding firms back from investing further, and the important areas requiring a skills development and training focus.
- Current status
When asked to describe their organisation’s current status when it comes to investment in skills and training, about two thirds believe that the level was adequate for their company needs.
However, 35% of those questioned said that the investment levels were not high enough, and when asked why this was, they answered that there were ‘other business priorities’ to take care of first. This could be a false economy for such organisations, as this direction of travel will inevitably lead to an under skilled and, perhaps, demotivated workforce and all the subsequent issues this would create.
- The training barriers
Questioned on the potential barriers that mean training investment is not what it should be, a number of constraints were cited. Chief among them was the belief that budgets are tight and training resources under pressure within their organisation. This was followed by an admission that time pressures were too great to allow more focus on staff development.
Interestingly, a quarter said there is no guarantee that staff would remain with the organisation once they had been trained and the investment in time and resources would be effectively wasted. This is a pessimistic outlook when the converse could be argued. Employees could be more predisposed to stay with a business that is prepared to help support and develop them. Unenthusiastic employees and apprenticeship levy issues were also highlighted as barriers, but only by a few finance professionals.
Interestingly, a quarter said there is no guarantee that staff would remain with the organisation once they had been trained and the investment in time and resources would be effectively wasted.
- Areas of focus
The current advancement in new technology and software across the sector was identified by respondents as a vital area for training. As more organisations invest in growing technological capabilities, the need for employee training to optimise their potential needs to increase. This area of employee development was, by some distance, the most strongly articulated in the research findings, outstripping the more traditional areas of skills training such as accounting information, auditing, financial accounting and tax accounting.
It would appear that a focus on supporting staff as new technology enters the sector should become a top business priority both to meet business need as well as employee demand.
- The role of training
Asked what they believe the role of training to be within an organisation, three views dominated the answers. There was general consensus that the purpose of training is to improve overall company efficiency, as well as enhance individual skillsets for the general good of the organisation. These two opinions were closely followed by a need to retain staff and to have better career progression internally.
With the current uncertainty around Brexit and its potential threat to the availability of skilled migrant workers, there is a pressing need for British business to develop and nurture its own talent pool.
Some stated that a proactive training-centric business philosophy leads to the creation of a positive company culture. This not only retains staff, but can act as tangible attraction when it comes to the task of attracting new talent in the face of increasing competition.
With the current uncertainty around Brexit and its potential threat to the availability of skilled migrant workers, there is a pressing need for British business to develop and nurture its own talent pool. By valuing employees and supporting them to grow in their roles, businesses can enhance their reputation, become an employer of choice for those seeking new positions, and be rewarded with a lower employee turnover that creates a more stable platform for the rest of the company.
To hear about Employee Benefits in the US, Finance Monthly reached out to Tiffany Kapp, Managing Partner at Custom Business Solutions (CBS) - Professional Employer Organisation (PEO) located in Southern West Virginia.
Tell us about the services that CBS and other PEOs offer.
Professional Employer Organisations typically provide services that help streamline essential administrative business functions, so our clients can focus on being successful and profitable.
As a PEO, CBS can pool all our clients’ employees into one large group and in return, we can then offer large group rates. We administer the employee benefits and relieve the employer of the burden of open enrolment, reconciliation and termination of benefits.
CBS enables clients to cost-effectively outsource the management of human resources, employee benefits, payroll, workers’ compensation, risk management, safety management, training and development.
What are the minimum legal requirements regarding employee benefit plans in West Virginia?
A small group can be as little as two employees. However, the small group rates are based on age and tobacco use. Joining a PEO allows a small group to be pulled into a large group with blended rates.
Could you talk us through recent legislative changes in the Professional Employer Organisation landscape?
The Small Business Efficiency Act of 2014 required the IRS to establish a certification program for PEOs. This act affects the employment tax liabilities of both the PEO and its customers and is something that gives structure to the PEO industry. CBS is currently in the process of becoming certified through the IRS.
What is some statistical evidence that you can provide on the benefits of using a PEO?
The PEO Industry has grown significantly over the past 30 years. According to a recent study noted by economists Laurie Bassi and Dan McMurrer, a business that uses a PEO has 10 to 14% lower employee turnover, grows 7 to 9% faster and is 50% less likely to go out of business.
Contact details:
Website: cbswv.com
Telephone: 681-238-5732
For an Agile transformation to be truly successful all departments within an organisation need to be part of the journey. For finance teams this can be a particular challenge as historically change happens infrequently within finance practices.
Often finance departments are blamed for slowing innovation. In today’s marketplace the ability to pivot and quickly try new ideas has become critical to success. Below, Paul O’Shea, CEO of Kumoco, the management consultancy that specialises in Agile working and cloud consulting, looks at some of the simple steps finance can take to become an enabler of innovation
- Adopt a VC model for funding projects
Finance departments usually do not have a culture of reviewing value generated by projects as they proceed. Typically they engage at the start to approve budgets and at the end of projects to review ROI and manage depreciation. Working in an Agile way requires continual assessment of the value being delivered. This means that projects that are not delivering value can be identified and stopped earlier. Conversely those that are, can be promoted and additional investment assigned.
In practice this means finance departments should be encouraged to adopt a venture capital model. An initial budget should be allocated to kick-start a project, then value delivered is continually measured to trigger further releases of funding.
A finance department usually works to longer-term goals and does not have a culture of reviewing projects as they proceed to make sure what is undertaken is still valid and has not been overtaken by changes in the business or the market in which it operates. However, a more flexible approach is increasingly necessary as the pace of change in economies and markets has never been faster and companies need to be fleet of foot to survive. Finance departments should be encouraged to perhaps adopt a venture capital model, nurturing projects over defined periods of time. They could provide an initial budget to kick-start a project but then continually assess the project’s progress and validity before releasing further funds for subsequent stages to ensure that what is being funded is still relevant and is valuable for the business.
- Embed the finance team in projects
Typically finance departments sit apart from actual project teams.
This is in direct opposition to an Agile way of working, which involves continual assessment and development, to drive efficiencies and ensure projects are on track and are meeting evolving goals. To address this, businesses should consider embedding finance department members in the project team so they have a better understanding of the work being done and the strategy and goals. Finance team members could also benefit from Agile training where they receive an introduction to Agile and to understand its ethos and integrate more effectively with project teams.
- Use a range of metrics to measure value
Assessing value is not easy. A 2017 global survey by the Scrum Alliance showed that for 41% of participants[i], measuring value was their greatest challenge. To help finance departments correctly assess the value of Agile projects to a business there should be regular reassessment, the metrics should be standardised and value should be measured not solely by financial gains but through a range of key performance indicators (KPIs) to have a more holistic view of the benefits of the project on a business.
- Foster an Agile finance function
As well as the above measures, which apply across a business, fostering an Agile approach in finance departments is also a key part of helping to encourage an Agile and lean way of working in an organisation.
Adopting Agile will help finance functions to increase efficiency and speed through simpler data management by accelerating financial processes such as capital expenditures, resource allocations, reporting and analysis, leading to fewer controls and more real-time information. The result is more timely and actionable financial information that allows managers to be more Agile and responsive and avoid problems and recognise opportunities that will help to transform a business. This is supported by the 2017 CFO Indicator Report that found that 36% of CFOs would like their teams to spend less time on report preparation and data collection more time on forecasting and scenario analysis.
Simple techniques could be embraced, such as understanding how Kanban, a process designed to help teams work together more effectively, can help streamline processes and drive efficiencies. It may also be useful for the finance department to have a Kanban board, updated daily, so that everyone can see and understand how and why these tools work.
CFOs and their teams should also monitor and analyse non-financial KPIs, including customer satisfaction, customer relationships and brand reputation, which can be used to make more accurate forecasts, minimise risks and identify new opportunities.
- Training & preparation
Finally, finance departments should also make themselves transformation-ready and educate staff on the key role the finance function plays in helping to develop an Agile ethos in a business focused around developing a strong customer-centric culture, making a company more flexible and able to achieve goals that are rapidly evolving. The truly Agile finance function has the adaptability, skills and nimble effectiveness to help transform businesses of whatever size or sector - and take them to new heights.
Overwhelmed by demanding new regulations, leading financial institutions are relying on video to manage the flow of critical information to employees. Below Paul Herdman, Vice President of Qumu EMEA, explains how finance teams and compliance officers can make the most of enterprise videos.
With worldwide financial institutions finally beginning to recover from Brexit, and derivatives markets still adjusting to the rollout of MiFID I, the next communication crisis for this turbulent industry is already looming. As political and regulatory regimes continue to extend their influence, firms doing business across the EU must now preparing for implementation of the revised Markets in Financial Instruments Directive (MiFID II)—which reaches beyond banking to impact trading as well—while US-based financial institutions are busy figuring out how to comply with GDPR (the EU’s General Data Protection Regulation).
With both regulations including organisations and their global subsidiaries, greater market transparency in the financial industry is becoming a worldwide mandate. These new directives will have a huge impact on regulated firms in 2018 and beyond and will require financial institutions to upgrade their processes, their compliance operations and most importantly their communication technologies.
A 2017 Thomson Reuters survey revealed the average annual cost of compliance for global financial organisations is $119M per organisation. Additionally, 73% of communication professionals reported that communicating company news to employees is a serious challenge and 37% reported internal silos as the number one challenge for internal communications.
As these companies respond to increasing demands of regulators to meet new directives, many are proactively focusing on developing robust communication programmes. And the centrepiece of these new programmes is, in many cases, an enterprise video platform. Live or on demand, IT executives know that video communication can be fully automated, easily searchable and consumed on any device—making it the perfect communication solution in highly regulated environments. In fact, if managed well, video communication can translate into shorter time-to-compliance, and save financial services firms hundreds, or even thousands, of dollars per year per employee.
But how?
Enterprise video to the rescue
There are many ways using an enterprise video platform can help financial institutions meet compliance directives:
Timely communication: when workforces are dispersed, video messages can be easily created and instantly distributed to employees as regulations change.
Opportunities for feedback: key stakeholders can submit feedback and questions to the executive team, which can be captured and tracked for future resolution, or to identify gaps in the current process.
Timely collaboration: financial institutions can create private communication channels where key team members can share knowledge, insights and outcomes related to their discipline or functional responsibility.
Strategy alignment: video is a great way to present a consistent story across the organisation—before the message is taken externally and any room for misalignment is eliminated.
Increased readiness: video polls can be used to gauge readiness on a specific topic or portion of a new regulation, reinforcing mission-critical compliance procedures.
Documented audit trail: with marketing teams playing a key role in the new directives, automated workflows for approvals and audit trails are key for financial promotions and marketing collateral compliance.
Configurable security: executives can share knowledge quickly across the organisation, privately to specific groups of key stakeholders or to larger audiences with no content restrictions.
Reporting and analytics: a video content management system can provide advanced analytics on content review, meeting attendance and overall engagement with the company message.
In conclusion – broaden your reach
Technology investments in enterprise video are key to mitigating regulatory risk. Not only do they provide a platform to communicate how regulatory changes will impact activity, but they allow financial institutions to quickly adapt to evolving rollouts, and ensure that all financial activities, including trades, remain in compliance. With the right enterprise video platform in place, many global financial institutions have been prepared well in advance for MiFID II and GDPR to happen. Is your company ready?
If you are interested in any small scale company video production in the UK, businesses can reach out to Tell Your Story UK here.
Cyber security is a real and current threat to businesses in all sectors and sizes. Below, Stefano Capaldo, Managing Director of Firebrand talks to Finance Monthly about the opportunities available to the cyber savvy CFOs out there, from employee training to cyber security apprenticeships.
Just a few weeks ago, Government revealed half of UK firms were hacked in the past year. The long-lasting effects of these breaches cost businesses reputations, time and money, with the global cost predicted to reach £4.9 trillion annually by 2021.
Hackers are the biggest threat to modern day businesses, but who’s responsible for implementing a strategy to fight them?
The responsibility of protecting the business spreads across all departments, and finance teams undoubtedly have a big part to play. In control of assigning budgets, CFOs need to ensure they put the right amount of spend behind initiatives that will protect the business. So where do you begin?
Training
A key area for CFOs to concentrate their spend is on employee training; but they need to avoid the common pitfalls of investing in the wrong type of training. As cyber security breaches are an ever-increasing threat, it makes sense for training budgets to be assigned to safeguard this always vulnerable area of the business. With the majority of employees now able to access connected devices and sensitive data, it’s essential all employees are confident and competent in basic cyber security skills. In addition to this, businesses need to hire and train professionals who understand hacking, so they can not only react quickly in the event of a breach, but can implement solutions to prevent a breach in the first instance. So what is the most cost-effective and efficient way to train new and current employees in these skills?
Cyber Security Apprenticeships
Apprenticeships schemes are a great avenue for businesses to upskill and train employees in the skills required for each individual business. Apprenticeships are understood to bring benefits for businesses and employees by combining, learning and earning. Through an apprenticeship, businesses can bring in fresh, loyal staff who can boost productivity. Data from the National Apprenticeship Service reveals that apprenticeships boost productivity to businesses by on average £214 per week. Yet, apprenticeships aren’t just for new staff. Businesses have already found that cyber security apprenticeships enable businesses to grow their existing skills base resulting in increased profits, lower prices and better products.
The new Apprenticeship Levy means firms of all sizes can overhaul how they recruit and train staff, as Government is set to contribute up to 90% of the cost of an apprentice for all non-Levy payers, including training and recruitment costs. The Levy means that now UK-based employers with a salary bill of over £3 million must invest 0.5 percent of this figure in hiring apprentices or developing existing staff. This cash will be transferred to an Apprenticeships Service account, but if it's not used it will be permanently lost. This is a huge opportunity that shouldn’t be wasted by employers. Yet, according to recent City and Skills Group research, a third of employers liable to pay the new Apprenticeship Levy aren’t even aware of its existence. Are you at risk of losing out on investing this money wisely? Or are you one of the smaller businesses that will now find apprenticeships more affordable? For companies of all sizes how you make the most of this opportunity is vital.
Apprenticeships are a great way for businesses to ensure they are training employees in the IT skills required for your specific company. With training schemes becoming more affordable with the Levy introduction, it is expected that the popularity of apprentices will only increase. Therefore, CFOs should be considering the value of cyber security apprentices now and looking for the most effective training available in the industry.
There are cyber-security apprenticeship programmes available, ready to fill crucial roles left vacant by the skills gap. By using the Levy in this way UK firms can leverage apprenticeships to overhaul how they recruit and train their existing teams to become IT security professionals.
How does it work?
Firebrand is the first UK training provider to deliver the new Cyber Security Apprenticeship Standards. Apprenticeships offer both entry-level and established IT professionals the opportunity to build their IT knowledge and enhance their skills through accelerated training in a real-world job.
Unlike other programmes, Firebrand apprentices aren't on day release - they're a full-time employee. The programme includes residential training throughout the year. Between these training weeks, the employer can focus on giving their apprentice the best work experience possible.
For businesses the training ensures their level of preparedness in case of a cyber-attack is increased, with the right staff sharing the right skills whatever your sector or workforce size.
With the launch of the Levy, huge businesses opportunities exist – now all you have to decide is how will you accelerate your apprenticeship journey?
To find out more about accelerated apprenticeship schemes, click here or follow Firebrand on @BeAFirebrand
