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According to recent reports, one in every four people suffers from mental health issues at work, such as stress, anxiety and depression, with poor mental health cited as the highest cause of sick leave, ranked above Covid-19 in 2021. Why are the numbers so high? It would appear that there has been a sharp rise in the number of people reporting mental health problems in the workplace. Much of this increase can be directly attributed to pandemic-related issues such as stress caused by burnout, depression and loneliness from the isolation of remote working, or anxiety about returning to the office. Added to this, many people also suffer from stress and anxiety caused by financial pressures as the cost-of-living crisis continues. However, the rise in reported mental health issues may also indicate a positive shift in workplace attitudes. It may well be that many workers have always suffered from mental health issues, but they have not felt comfortable reporting them due to the stigma which has generally surrounded mental health in the past. Problems facing employers With the rising mental health issues comes increased pressures for employers. Not only do workers who are off sick with mental health disorders leave companies short-staffed, but presenteeism also creates problems where employees suffering a mental health crisis can struggle to be productive and engaged, all of which negatively affects productivity and, in turn, impacts company profits. According to a recent Bloomberg article, British workers taking time off for mental health-related illness cost employers around £43 billion in 2021 alone. Added to this, businesses yet to embrace a culture of awareness and support for mental health can also expect a backlash in terms of staff retention and recruitment of new candidates. As reported in our blog on employee benefits, around 50% of workers are prepared to move jobs to improve their wellbeing, and a recent report from the US found that as many as 8 in 10 employees said that how employers support their staff's mental health will be an important consideration when they seek future job opportunities. With the war for talent still in full swing, many workers who feel unhappy in their work or unsupported by their current employer are no longer afraid to quit their job even if they don't have a new one lined up. They are aware that it is a 'candidates' market', and they would prefer to seek employment with a company that will consider their mental health needs. This might not be the case for much longer, as fears of a recession on the horizon could cause the market to swing the other way, which could cause candidates to stay with their current employers longer. What can companies do to support workers? Several initiatives organisations are implementing to support workers include access to in-house mental health first aiders, counselling, career coaches and life coaches. This can consist of providing the actual experts and allowing employees time off for consultations. Other initiatives organisations are implementing form part of their wellbeing strategies. They include partnerships with gyms, and access to nutritionists, to maintain a healthy mind and body. The key to the success of any initiative, however, is to ensure they are not stand-alone gestures; instead, organisations need to recognise that they must form part of robust company policies. Having a cohesive approach to Mental Health, D,E&I and CSR policies is now considered to improve employee wellbeing and job satisfaction, especially amongst underrepresented groups such as LGBTQIA+, women or black communities, which in turn can both support those with mental health issues, allowing them to return to work sooner and also reduce instances of poor mental health occurring or becoming severe in the first place. Unfortunately, mental health issues can affect anyone at any time and, as the statistics suggest, not having anyone with poor mental health in an organisation is extremely unlikely. Coming out of denial is the first step in the right direction which can immediately start to change company culture and attitudes towards mental health, helping to improve the workplace experience for those suffering. Other common myths are that only those with a diagnosis need support or that employees don't want to talk about mental health and won't be offered support. This outdated view can hold companies back regarding their wellbeing provision. As mentioned above, HR policy around this subject is something for which people are prepared to move jobs. According to a recent Deloitte study, mental health is a top priority amongst Gen Z and millennial job seekers. They are not only happy to be supported when they need it but expect a culture which encourages open discussion about mental health. Moving forward Companies who are prepared to support the mental health of their staff will not only be fulfilling their social responsibility to provide an inclusive work environment, but they are also likely to improve their recruitment and retention, as well as reduce their costs for absenteeism. While the increased pressures of a post-covid lifestyle and a struggling economy are harming mental health in the workplace, the recent increase in cases also hopefully suggests that organisations, and society as a whole, are perhaps becoming more sensitive and accepting of mental health issues, meaning that employees now feel that they can speak up and get the help they need. If you are looking for talented individuals to help develop your D,E&I strategies with experience in the provision of mental health support, talk to our expert recruitment team at McGregor Boyall today. Visit their profiles here; Nina Adair, Kara Feller, Natasha Francis. 

As we reach the middle of 2022, Third-Party Risk has become a significant area of focus for risk governance professionals and the organisations they work for. Between the impact of Covid and the instability caused by the war in Ukraine, the global arena has seen a sudden increase in third-party issues, including supply chain disruption and cyber security breaches. Recent reports indicate that while 85% of Third-Party Risk Management (TPRM) executives now identify TPRM as a strategic priority, around 50% of businesses are underprepared for incidents caused by third-party vendors and suppliers. As a result, many companies are anxious to implement new TPRM assessment programmes to introduce more formal due diligence and allow for continual monitoring of third parties who have the potential to damage a company's reputation and bottom line if their business practices are unethical, non-compliant or open to data breaches.   What is TPRM Third-Party Risk Management (TPRM) is the part of risk management concerned with identifying and reducing risks explicitly relating to the use of third parties - vendors, suppliers, partners, contractors or service providers.  This risk governance and control area is designed to identify, assess and manage the third parties that companies use and the safeguards these third parties have to minimise Risk to the businesses they are supplying. Why use third parties if they come with risks? Most modern organisations depend upon outsourcing to third parties for the smooth running of their business. Third-party suppliers can save companies time and money by providing services and expertise not available in-house. This can be anything from the transportation of goods to website hosting or cloud storage.  While most companies would struggle without third-party input, the detrimental impact of supplier incidents can have far-reaching ramifications. Short-term issues such as a website being offline can cause loss of sales and reduce customer confidence, but a large data breach or using companies with poor ESG credentials could cause long-term reputational damage and discourage clients and investors. Key challenges for TPRM in 2022 The most likely TPRM issue a company should prepare to face currently is cyber security, with over half of the data breaches since 2020 occurring via third parties. However, there are many areas on which companies should focus their attention to be truly successful at managing their Third-Party Risk. Some of these key areas include: Operational Risk – could the third party cause a problem with your company's day-to-day services to their customers?  Compliance – does the third party comply with your region's regulations and laws such as GDPR or D,E&I policy? If not, your business could be non-compliant by working with them. Cyber security – is the third-party vendor open to a cyber attack that would expose your business's confidential information or clients? Financial Risk – if a third-party supplier cannot fulfil manufacturing requirements or delivery deadlines, this can lead to the need for customer refunds and loss of repeat business which will have a detrimental effect on company profits. Reputational Risk – is your supply chain free from modern slavery? Are you employing a vendor with a poor carbon footprint? Third parties who engage in unethical practices can disrepute your organisation, causing negative public opinion and reputational damage. Strategic Risk – a combination of any or all of the above could cause an organisation to miss their overall business objectives, meaning they fail to move forward and achieve growth. This can have a knock-on effect on retention and recruitment of staff as well as impacting revenue. Each of these risks can also affect each other; for instance, a compliance issue could also cause reputational damage, which could have a financial impact, so it is important not to think of them in isolation but instead try to address the complete spectrum of third party risks as a whole. The future of TPRM A robust programme of due diligence, service level agreements and constant formalised monitoring would seem to be the way forward to tackle TPRM, and this can mean good news for Risk and Governance professionals with many roles becoming available as companies look to reduce their chances of being open to the impact of damaging unforeseen events.  TPRM is, without doubt, a growing field, and as compliance requirements increase and customers and investors become ever more socially conscious, third-party monitoring and reporting methods will likely continue to develop to meet the evolving needs of risk management. If you are a Risk professional or your company is looking to grow its risk and governance team, contact McGregor Boyall today and find out how our expert recruiters can help you.

Corporate Social Responsibility (CSR) is defined as a company's external actions and their benefit to broader society. Many businesses now realise that a good CSR policy can work hand-in-hand with D,E&I to also create internal benefits for an organisation and, most notably, the engagement and wellbeing of its employees.  What is Corporate Social Responsibility? CSR is a type of self-regulation for businesses where policies are created to impact the world positively. Companies then hold themselves accountable for implementing their CSR policies, which can benefit society and help improve brand image. This, in turn, can help attract customers and investors, who are increasingly conscious of ensuring their money is funding ethical business practices. Some common types of CSR include; employee volunteering initiatives - where staff are given time off during work hours to help with community projects, charitable donations in the form of money or products, environmental sustainability such as reducing a company's carbon footprint, and supply chain awareness whereby businesses ensure that the goods and services provided to them by third parties do not participate in unethical practices like modern slavery. How can CSR improve the workplace? People are becoming increasingly socially conscious, and many employees now place high importance on working for businesses that give something back to society and take an active role in protecting the planet. Recent research shows that 82% of millennials consider CSR efforts when deciding where to work, with 70% willing to take a pay cut to work for a socially responsible company. Considering that around 75% of the average workforce comprises millennials and Gen Z staff, it's easy to see why there is an internal benefit to having a firm CSR policy. A clear advantage for recruitment, CSR can also significantly impact retention and employee engagement and wellbeing. The research study showed that 74% of those asked said their job is more fulfilling when they can positively contribute to social and environmental issues. Companies whose workforces are actively engaged in volunteering and giving programmes stated that they had seen a 57% reduction in staff turnover. Another benefit to both employees and organisations is the development of talent. Staff can increase their skill set and gain leadership experience through volunteering initiatives. When attracting top professionals can prove tricky, developing your team can be invaluable to succession planning and combating staff shortages.  Finally, companies looking to improve or maintain diversity can use CSR community volunteering and giving initiatives to raise their profile in particular social groups, for instance, supporting local LGBTQIA+ charities. Volunteering and giving are areas where D,E&I and CSR can complement each other. Volunteering in local community projects with specific minority groups can help combat unconscious bias and promote the inclusivity credentials of a company and therefore attract people from these diverse social groups to work for them. It also helps to support staff within the business from those communities, as they are more likely to feel valued if they see their company taking an active role in supporting their sector of society. This can improve the engagement, mental health and wellbeing of those employees and increase feelings of job satisfaction. The future of CSR The evidence suggests that CSR, D,E&I and Mental Wellbeing are becoming increasingly linked, and rather than fighting for budget and resources, companies who recognise the benefits of having a joined-up approach between HR and governance are likely to attract and retain talent in a way that other companies may not. As the war for talent continues, it looks like CSR will play an increasingly important role in employee engagement and affect the companies that candidates choose to work for. If you are an HR or Governance professional looking for a new challenge, or if your company is looking for CSR specialists, talk to McGregor Boyall today and find out how we can help you with your recruitment needs.

From social media campaigns to chatbots, e-communications, to push notifications, marketing automation is featuring more prominently than ever in marketing strategies as companies strive to improve the efficiency of their marketing teams and look for ways to provide customers with the best user experience throughout their interactions. What is Automation? Marketing automation is simply the use of software to automate monotonous and time-consuming marketing tasks that, once set up, can be carried out without human input—for instance, sending out automated email messages or tracking and analysing client data for segmentation purposes. The technology that now exists doesn't just automate what a human can do; it can work faster and more efficiently, with the ability to analyse vast quantities of data and, in some cases, use AI to make decisions based on that analysis, such as which specific advert or message to send to a potential customer. How is the market changing? Between the massive increase in online sales driven mainly by the pandemic and the benefits of creating a more tailored customer experience via a multi-channel strategy, the need to automate is becoming increasingly necessary for organisations who want to keep up with current trends and stay ahead of the competition without employing extra staff to engage with target audiences and existing clients manually. According to recent research, 51% of companies are now using marketing automation, with 58% of B2B companies planning to adopt the technology soon, and it is estimated that the global marketing automation market will be worth in the region of $8.5 billion by 2027. Even if overall marketing budgets fall, automation is now seen as playing a pivotal role in marketing activity; it is predicted that business investment in marketing automation will still increase, meaning larger proportions of marketing budgets will be channelled into this area. What does it mean for marketing careers? Some in the industry are concerned that their jobs may become obsolete as robots take over the mundane and simpler tasks; however, as the war for talent continues, employing tech to carry out the repetitive and time-consuming tasks can be a massive benefit. Almost like having an additional team member, automation can alleviate the pressure on marketers who may find themselves short-staffed when top professionals are hard to find, allowing them to concentrate on the more creative areas of their work. Additionally, like any robotics, automation platforms and technologies are only as good as the people who programme them. Some businesses yet to adopt automation have indicated that it is not because they don't want to use it but, instead, are unable to use it due to a lack of knowledge and ability of their marketing personnel. Therefore, many companies are increasing spending and expanding their marketing teams in this area to implement the new technology and keep up with competitors, as evidenced by recruitment experts McGregor Boyall, who have reported a significant increase recently in roles for marketing professionals with automation expertise in their skillset. Far from computers automating marketing jobs, it looks like they could be creating opportunities by increasing the need for marketing automation experts. With the automation market set to snowball over the next decade, automation will be shaping the future of marketing and communications for some time. If you're looking for your next marketing role or need the right marketing talent to join your team, contact McGregor Boyall today and find out how our expert recruiters can help you. Visit their profiles here; Romana Begum and Matt Crawley.

It's Pride Month, and with D,E&I at the forefront of every company's HR agenda, this is an opportunity for organisations to demonstrate their support for their LGBTQIA+ employees further. D,E&I is becoming increasingly imperative for business success, and therefore companies need to get their strategy right regarding Pride Month. It is no longer enough to give a brief nod of acknowledgement during the month of June; actual actions need to be taken to demonstrate a company's support for the community. While any activities are a step in the right direction, organisations need to consider how they embrace the celebration and back up their initiatives by embedding their policies into the fabric of the business for the long term.  It's become the standard for companies to launch 'rainbow flag campaigns' during the month of June, using these on their social media and within advertising, but public opinion is changing; with just 14% of Gen Z looking favourably on companies doing so, compared to 42% of baby boomers. A recent article on the subject highlighted precisely this point, reporting how last year, Bud Light had created what was likely supposed to be a well-meaning 'rainbow flag campaign', which ended up offending as it was seen as a potential publicity stunt. Conversely, Kellogg's ran a far more well-received campaign in 2021, which used a catchy slogan 'boxes are for cereal, not people'. This was then backed with action by donating profits from sales to support the GLAAD organisation in its efforts to accelerate acceptance and equality for the LGBTQIA+ community. So, what can businesses do to show their support during Pride Month and beyond? Here are some ideas to help your company embrace the celebration and improve inclusion and equity for LGBTQIA+ employees in the long term. Partner with LGBTQIA+ charities  This can be a great way to show that your company is taking real action and is something which could be implemented during Pride Month but can continue far into the future as part of general D,E&I policy for supporting all minority groups.  A percentage of profits from sales of a product created specifically for Pride Month could be donated directly to a charity, as Kellogg's did for their 2021 campaign, or like footwear brand UGG, who is partnering with The Trevor Project, they are both promoting the organisation through advertising at their store locations and making a $125,000 donation. Not all businesses can necessarily afford this level of commitment but working in partnership to raise awareness of a charity and making a suitable donation appropriate for your company will still show the same level of support. Hold education sessions  Education is key to success in creating a diverse and inclusive workplace. Using Pride Month as a springboard for launching D,E&I learning sessions for staff on topics such as unconscious bias or courageous conversations could be a progressive way to show that the company supports and values its LGBTQIA+ employees.  Create employee resource groups  Again, this is not something which can only be done for Pride Month and isn't exclusive to the LGBTQIA+ community, but it could be a great time to start a scheme like this if your company doesn't have one already. Employee resource groups are voluntary, employee-led groups within a company usually comprised of employees who share a particular characteristic such as gender, religious affiliation, ethnicity or lifestyle. Creating an employee resource group for staff who identify as LGBTQIA+ can not only help to show these individuals that they are valued but also allow them to meet other employees who identify as part of this group.  Ensure you have true D,E&I with LGBTQIA+ represented in leadership positions Not specific to Pride Month but of enormous importance to inclusion, having visible leadership from underrepresented groups is key to paving the way for others and driving real change within organisations. Ensuring that employees from the LGBTQIA+ community are both represented at the managerial level and also given the same opportunities as others to achieve leadership status can help to create a truly diverse and inclusive workplace and, as reported in our previous blog on the subject of D,E&I, businesses with inclusive cultures are up to eight times more likely to achieve better business outcomes and retain talented staff.  If you are looking for talented individuals to help develop your D,E&I strategies, talk to our expert recruitment team at McGregor Boyall today. Visit their profiles here; Nina Adair, Kara Feller, Natasha Francis. 

A few days ago, proposals for a new directive for the standardisation of USB charging ports throughout the EU were agreed upon. If the recommendations become law, it will mean that the majority of small electronic devices, including; smartphones, tablets, headphones, digital cameras and handheld games consoles, will all have to be manufactured with a USB-C port to be able to use a universal charging cable. Why? The idea behind the initiative is primarily an environmental one, with research suggesting that the new rules could cut down on around 11,000 tonnes of e-waste annually from the disposal of incompatible chargers and devices, as well as saving consumers up to 250 million euros per year on ‘unnecessary charger purchases’.  An additional purpose of the proposed legislation would be to standardise ‘fast-charging’ speeds so that all devices can achieve the same charge rate. When? The EU is aiming to introduce the new rules around the autumn of 2024, after which time devices will need to have a built-in USB-C port for charging, ruling out the option of a plug-in ‘dongle’ converter, presumably because this would not only create more hardware rather than helping to reduce the amount, but it would also somewhat undermine the spirit of the legislation by allowing companies who use alternative USB types to continue to manufacture bespoke ports and cables. Presently, the proposal still needs to be approved by the European Council and European Parliament before it becomes law, which is anticipated around the beginning of September this year. This would give manufacturers approximately two years to comply.  However, an exception will be allowed for laptops due to the sort of specialist high-wattage USB-C chargers they need. Laptop manufacturers will be given an extra 16 months to prepare for the changes until around the start of 2026. What does it mean for Apple and their ‘Lightning’ Connector? Perhaps understandably, Apple is not thrilled by this news. Always striving to be unique, Apple has championed their ‘Lightning’ ports and chargers in their products, but this now makes them the only major smartphone manufacturer to use a proprietary port instead of a USB-C. With around 56 million i-phones sold in Europe in 2021, it is easy to see why they are concerned. The rule change would mean a complete overhaul of the i-phone and other related Apple products to accommodate the USB-C port while simultaneously rendering older versions useless and devoid of any resale value throughout the EU. The new rules state that “there shouldn’t be products on the market that are not compliant”, meaning that Apple may want to consider making the change sooner rather than later to allow for the sale of the outstanding stock of older models at a lower price even when new versions are released in the future. Aside from the new rules being problematic for manufacturing Apple’s existing products, the company has other reservations too. In a recent interview with the BBC, Apple commented that they “remain concerned that strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world”. They also added that they aim to make every Apple device and usage carbon neutral by 2030, suggesting that they don’t see the EU’s proposal as the only way to combat environmental issues relating to e-waste. However, there may be an argument that the new rules could inadvertently encourage innovation rather than stifle innovation. Maybe not in the way Apple suggests concerning developing different types of charging ports but perhaps through accelerating the development of wireless charging technology to do away with the USB compatibility issue entirely and make the whole issue moot.  There is still much work to be done in this area, especially as charging pads also need a cable. Still, they may be exempt from the new rules, which would allow a grace period for developing further technology to resolve current wireless charging issues. In turn, there could be another unexpected side benefit of this in the form of new tech developer jobs, which may be created specifically to work on the hardware and software needed to move wireless technology forward. For the time being though, we will have to wait and see if the proposals are passed as law in September and whether other countries worldwide will follow suit. Currently, the UK government has stated that such rules would not be implemented in the UK. However, it could apply to Northern Ireland under current post-Brexit arrangements. If other regions around the globe also decide to go ahead with similar legislation, the UK may be persuaded to change their rules too. Watch this space for updates. If you are looking for a new tech role or if you want to recruit the best tech talent, talk to our expert recruiters at McGregor Boyall today to find out how we can help. 

UPDATE:  Since this blog was published last month, Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has announced that Expo City Dubai will officially open in October 2022.  With just three months to go, businesses and residents are preparing to move in and take advantage of the state-of-the-art, eco-friendly facilities and excellent transport links the city offers, with connections to a port, two airports and access from the Dubai metro. The new city is also set to become the location of the new headquarters of Siemens, and as companies look to increase their presence in the region, Apple listed several new vacancies for their Dubai operations just hours after the announcement was made.  As a critical part of the Dubai 2040 Master Plan, which sets out a strategy for sustainable urban development in Dubai over the next 20 years, Expo City Dubai will boast 123 LEED (Leadership in Energy and Environmental Design) certified buildings. It will be the first WELL-certified community in the region, a new standard for promoting health and wellbeing. This is likely to attract organisations and individuals to relocate to the area, which should make for a prosperous economy, and in turn, attract more businesses to the location, creating more jobs for top talent. So as Expo City Dubai prepares to open for business, we look forward to bringing you further updates on its impact on the region’s economy and environment, as well as keeping a watchful eye on other cities around the globe that may follow suit and make sustainable development their focus. ORIGINAL ARTICLE:   Now that Expo 2020 has ended, many are wondering what the lasting effects will be for the region. With over $7 billion of investment and 240 million hours of labour over six months, it would be fair to assume that the UAE is hoping for some return in terms of market growth.  Aims & Achievements Even before the Expo began, the UAE economy was boosted with a stock market index rise of 4% as soon as the announcement was made that they would be the host nation. Alongside the renewed confidence in the market as a direct result of being awarded the Expo, the UAE hoped to benefit from the investment in infrastructure, real estate and tourism. The technology and sustainability-focused mega-exhibition generated interest in the innovation and creativity on display from a vast array of businesses, attracting just under 23 million visitors—this massively increased footfall to the area and enhanced spending in the leisure and property industries.  It is possible that had the Expo not been delayed by Covid and hampered by associated travel restrictions, it may have been even more successful. Still, the pandemic didn't stop the organisers from achieving their commitment to attracting 22.9 and 25.4 million visitors.  With the exhibition split into three sprawling districts, with everything from Energy trees to the world's largest projection screen and more robots than you can shake a USB stick at, the plan is to raise the profile of the UAE and showcase the region as being at the forefront of the future of tech and sustainability on a global scale, which certainly appears to have been achieved. Business Benefits Businesses from across the world came together to share in the benefits of Expo 2020 with partnerships being created between GCC countries and many others, including India in the steel sector and the Philippines, who secured letters of intent from companies in the region which could create around 4,000 new jobs. There were also benefits for UK businesses involved with the event, with export agreements won in the region of £188 million. Other less tangible benefits for businesses have included the opportunity to showcase their innovations for tackling climate change and present new technology to a vast audience, building their brands and raising awareness. For those businesses who partnered with the Expo, alongside creating jobs, they could trial new processes on a giant scale. Tariq Sanad - CFO of Agritech Start-Up Pure Harvest: For our industry which is providing local to local farm produce, the EXPO was a great showcase of our capabilities to the different countries coming to visit, giving us visibility on a world stage that was in our home and accessible; we managed to sign letters of intent with governments for food security initiatives in Malaysia for example. Met with many global players in our industry and gained exposure to future investments from international players. Lasting Legacy  In addition to the partnerships created and the innovations shared with the world, the district itself is to become a state-of-the-art city, known as District 2020, with around 80% of the existing infrastructure being repurposed to create a community for people to work and live. The city will showcase and utilise the science and sustainability from the Expo to create a clean, safe and healthy environment for residents. Not only should this prove to be a great place to live and work, but the UAE has started a global entrepreneurship programme, Scale2Dubai, to support small businesses and start-ups within the region. So far, 85 companies have already been welcomed to the region, with a second cohort lined up to move in by April 2023. With over 3,000 applications for space in District 2020, SMEs are clambering for a spot in the programme, and those lucky enough to be a part of the initiative will find themselves sitting alongside Fortune 500 companies, government departments and venture capitalists who are all moving their offices to the new Middle Eastern business hub. In addition to the physical legacy of the Expo, it is hoped that the sharing of culture and the collaboration of ideas which took place during the six-month event will be something which all organisations can benefit from far into the future. Alongside this, with around 2.8 million visits from young people under 18, the Expo has provided the opportunity to present aspirational ideas for the future to those who will be the business leaders of tomorrow, helping them to understand how to create sustainable companies and use technology responsibly to aid tackling environmental issues. So as the UAE looks back on Expo 2020, it can be assured that the region's profile has been raised significantly, and the Gulf state is now cementing its place on the global stage as a forward-thinking country with sustainability and business growth at the forefront of its activities. Couple this with Dubai's new 4-day week and the winning bid to host COP28, and the UAE is looking like a big player on the world stage, somewhere many companies may be looking to move their business. Melhem Hamdan - CFO of Al Bidayer Holding: We had a solid Q1 performance for our UAE business, and the external factors contributed to the second half of the Expo and the fact that Dubai opened up to visitors faster than the rest of the world in the post-covid world. Although the Expo or post-Expo phase does not directly impact our business, we are still witnessing growth this year from the other initiatives such as opening up for tourists, golden visa initiatives, etc. If you're looking for exciting new work opportunities in Dubai or anywhere else around the globe, talk to our expert recruitment team at McGregor Boyall today.

Although it’s not uncommon for people to have gaps in their work history, there has always been an undeniable stigma attached to having a gap on your CV. It can make candidates self-conscious when applying for jobs. In the wake of the pandemic, there has been a massive and understandable increase in CV gaps due to Covid related issues such as furlough, redundancy, family care needs, delayed education and burnout. As a result, for many individuals, it is perhaps now more important than ever to be confident about how to explain a space between jobs as people begin to return to standard working patterns. Here we explore some of the best ways to manage a career gap and how to handle explaining it to a potential new employer. Honesty is the best policy It might be a cliché, but when it comes to a gap on your CV, it’s generally best, to be honest about the reasons for the break. In a post-Covid world, employers are generally far more sympathetic about the immense amount of disruption which everyone experienced over the past couple of years, and no one will be surprised if you couldn’t get a job because you had just graduated or if you had to take a step back from a demanding role to home-school your children. Regarding non-Covid related gaps, it is still advisable to be truthful about the reasons. Companies will look more favourably on candidates they know they can trust, and if there is a valid reason, you are better to ‘own it’ and explain what happened than trying to cover it up. Be prepared Being prepared to talk about a gap on your CV at an interview can help you relax and become confident in your actions and decisions regarding why the break occurred. Another helpful tip is always trying to put a positive spin on things when discussing the gap. For instance, you could say, ‘I took a career break for five years to look after my child’, but you could enhance this by saying, ‘Having taken a career break for five years to look after my child, I am eager to return to the workplace now that I have more time and flexibility to focus on a new role’. What to include on your CV Existing advice suggests that you only need to address a gap of more than three months. If the gap was a long time ago, anything less than six months could just be listed with one short sentence of explanation rather than wasting lots of space on your CV, as employers are generally more interested in what candidates have done recently. If you have a long and more recent employment gap, you could consider listing this as if it was a job with the applicable dates to show a continuous timeline rather than leaving it to a potential employer to spot the space between dates and draw their conclusions as to why you were out of work.  Where possible, include details of unpaid work experience, volunteering or personal development you undertook while unemployed, and the information about what you were doing. This could be webinars, charity work or online courses, but something as simple as adding skills and experience you gained from teaching your children, caring for an elderly relative or setting yourself a home-based project as a hobby could add some value to an otherwise empty space. Employers will generally be pleased to see that you have utilised the time to improve yourself and be proactive even though the ‘work’ hasn’t earned you a salary. Every cloud has a silver lining As mentioned above, the good news is that Covid may have done us all a favour with recent reports on the subject suggesting that employers are becoming more open to considering employees with CV gaps. While this is partly down to a level of understanding about the disruption caused by the pandemic, there is also another reason. As the war for talent continues, the shortage of staff in many industries means that employers can no longer always be so choosy when rejecting candidates who have a gap on their CV. Employers are becoming more compassionate when it comes to gaps on a CV, but some are even taking it a step further to combat staffing issues since Covid. For example, the State of Utah is trialling a new initiative called Return Utah which deliberately aims to attract candidates with a gap on their CV. Government officials in the US State have realised that people with a CV gap can be valuable to the organisation, often being; mature, experienced, educated and very excited about the prospect of returning to work, making them good candidates for the roles on offer and assisting the State with finding enough individuals to fill their vacancies. So, perhaps the stigma of a gap on your CV is not the issue it once was. With the careful presentation of your time away from the workplace and an open and honest approach to explaining it, candidates can be confident in applying for any role they set their mind to. If you are a professional who would like advice on how to present a gap on your CV or you want to secure your next career move, contact our expert recruitment team at McGreggor Boyall and find out how we can help you.

Establishing stable ground in a world still adapting to the effects of the pandemic is no easy feat. The cost of living has increased, and the need to hire has been a balancing act for most companies during these uncertain times. Having recruited and worked with numerous clients and candidates pre and post-Covid, this article provides a snapshot of the changes we are seeing within the world of Digital Marketing. Digital marketing has evolved considerably in recent years within social media, SEO and content production, leaving many marketers clambering to catch up with technological developments. Equally, this speed of progress is creating an issue for companies looking to grow their digital teams but can't find individuals with the expertise to fulfil the roles. What Digital Skills are in demand As almost everything moved online during the pandemic, the advancement of online marketing accelerated exponentially to keep up with customer demand and keep companies in business. For instance, 28% of UK consumers actively used social media platforms to look up brands during 2021, so the need for engagement on platforms such as Instagram and TikTok has become vital for brand building, as has the need for expert marketers in this area with the skills to facilitate customer engagement and help give businesses a competitive edge. Marketing Week reported that last year saw a sharp increase in demand for marketers with social media skills, including; social media advertising up by almost 46%, proficiency in Instagram increasing by just under 30% and social media optimisation and knowledge of LinkedIn both growing by around 26%.  Aside from social media, according to recent research, some of the other top skills in demand for digital marketers in 2022 include UX/UI Design, Video Marketing, Cloud Computing and Content Marketing, which includes keeping up with Google's ever-changing algorithms for SEO.  In addition, it appears that digital experts are needed for creating and implementing marketing strategies, but Data Analysis has also now become a skill in high demand. Around 80% of marketing roles now include some analytics to be part of the job description as companies strive to better understand their customer's behaviour to tweak and test campaigns to gain the best chance of virtual engagement.  Our in-house team of recruiters have seen an increased need for marketers with skills in Customer Segmentation so that brands can create better personalisation to attract a greater reach of customers (especially Gen-Z) and Agility to allow brands to make faster decisions and ensure quicker go-to-market.  How to combat the skills shortage As organisations look to build their digital marketing talent pool, all these expanding specialisms seem great in theory, but with 53,500 new marketing positions becoming available in the UK alone last year and over 18,000 unfilled executive marketing roles, it would seem that companies are struggling to find digital marketing experts with the right skills to fill the roles they have on offer. The war for talent is affecting all industries, with skills gaps opening up across various professions, significantly where degree courses have been delayed, and in-post training in new skills has not occurred due to Covid. To attract and retain the best talent, part of the solution can be for companies to review their recruitment and retention strategies, such as policies on flexible working and other employee benefits.  However, the key to closing the marketing skills gap may lie in finding intelligent and capable individuals who can learn quickly and are keen to take on a challenge. It may not be so important for these candidates if they already possess the new skills needed in the digital marketing world, as they can be upskilled once they have been onboarded. This can apply to both graduates who are keen to learn but lack experience and more seasoned marketing professionals who are talented in their field but have not been exposed to new tech areas. In the current job market, finding an exact match for a digital marketing skillset can be a bit of a needle in a haystack exercise, but recruiting talented professional marketers who possess some of the skills for the job and the ability to be upskilled can provide companies with a solution. These candidates fill skills gaps in the short term, but businesses may also find that the option of upskilling also improves retention rates as employees will recognise that the company has invested in them, which may make them feel more valued and less likely to look around for other opportunities. What does the future hold Another benefit of taking on adaptable marketers who can be upskilled is that it can help futureproof a business. With the rise of AI, experts predict that by 2025 many of the tech tasks for which new skills are needed now may be automated to a large extent, and other marketing skills that robots cannot replicate will become more critical. While marketers will still need to have a broad digital knowledge, expertise in other areas such as presentation skills, emotional intelligence, and creativity are likely to come to the fore. They are all functions that need to be carried out by human beings.  This mixture of digital skills and the ability to analyse, empathise and communicate effectively is likely to be the driver for innovation in the marketing arena moving forward, and those individuals who are capable of learning new skills on the job and the companies willing to train them up could emerge as the ones who enjoy the most success in years to come. If you're looking for your next marketing role or need the right marketing talent to join your team, contact McGregor Boyall today and find out how our expert recruiters can help you. Visit their profiles here; Romana Begum and Matt Crawley.

As payments move ever closer to becoming almost exclusively electronic, payment card companies, retailers and legislators are increasingly turning their attention to customer security and data protection.  As discussed in our recent blogs on Open Banking and Cyber Security, electronic payments and data management come with many risks to businesses and customers. New security measures are constantly being introduced, including PCI DSS 4.0 for card payments. What is PCI DSS 4.0? Set by the PCI SSC (Payment Card Industry Security Standards Council), PCI DSS is the global data security standard utilised by the payment card industry to protect the cardholder. It applies to any organisation that processes, stores or transmits cardholder information or private authentication data. Essential compliance requirements of the Standard include; maintaining firewalls, anti-virus software and security policies, ensuring the use of unique IDs and passwords, applying encryption to transmitted cardholder data and restricting and tracking access to cardholder information. Until recently, the sector had used a version of the Standard known as PCI DSS v. 3.2.1, but this was insufficient for the evolving security needs within the industry and, consequently, will now be replaced with PCI DSS 4.0.  The new version of the Standard will place increased focus on risk analysis and governance and requires companies to be prepared to report continuously rather than annually, which is the current obligation. While this is good for customer security, it will pile further pressure on companies to remain compliant.  However, as the new rules have been designed in conjunction with feedback from top global industry players, the changes will allow businesses more flexibility to report in ways that suit their targeted organisational needs and personal risk exposure. When will the rules change? The update was released just a few weeks ago, on March 31 2022, so companies who want to comply with industry ‘best practise’ will want to implement the changes as soon as possible.  However, the new rules will be optional and not fully replace the current Standard until March 31 2024, when 3.2.1 will be retired, with a handful of the new 4.0 requirements still not being mandatory until March 31, 2025. Organisations can ‘opt-in’ before the 2024 deadline, and those who do will have access to self-assessment questionnaires and other supporting documents once they are published in the coming months. Should my organisation be preparing for the changes now? The simple answer is yes. According to the National Law Review, “Implementing PCI DSS 4.0 will require structural changes beyond tweaking security controls. Businesses will also need to prepare for the increased legal risks of PCI DSS 4.0’s obligations.” They say that “PCI DSS 4.0 is an extensive change to the previous version of PCI DSS” and that “the additional annual diligence requirements will take time and effort to establish”.  The move to PCI DSS 4.0 will likely be time-consuming. Businesses will require risk governance, compliance, and legal teams to identify any current compliance gaps and successfully navigate the changes. Organisations are being advised to act now to allow time to recruit the right talent and to plan and implement new tailored processes to satisfy the updated rules. If your organisation is looking for the right compliance, governance and legal professionals to help manage your company’s risk processes, talk to McGreggor Boyall today and discover how we can help you find the best talent.

As job vacancies in the UK outpaced unemployment for the first time in history this month, adding fuel to the fire in the continuing war for talent, workers are very much in the driving seat when selecting a company to work for. Businesses are looking for ways to attract and retain the best staff by offering attractive packages, but do organisations know what employees want regarding salary and benefits? Salary The number one reason most people go to work every day is to earn money. With the spiralling cost of living, it would be understandable if workers were looking to up their salaries as a priority.  However, while money is considered a significant factor, it turns out that people may no longer just be looking for a hefty pay packet. According to a recent survey, the overriding factor which people now place importance on in their career is ‘workplace happiness’. This is perhaps lucky when you consider that many companies are unlikely to be able to afford the sort of wage hikes required to keep up with inflation when their overheads are rising too.  So, if money is not the only thing workers are looking for, what benefits are now attracting candidates to jobs, and why has money dropped down the list of priorities? The Covid effect Since lockdown, a great deal of the working population has reassessed their life goals, having been given a taste of the benefits of flexible working. On the flip side, many have also experienced burnout, especially those trying to be productive in their work while also managing family issues like homeschooling or the care of elderly relatives. Many individuals have realised that providing they are paid a wage that allows them to live comfortably, they would rather have job satisfaction than earn a greater salary if they chose between the two. A recent survey found that almost half of workers are prepared to move to a new organisation to improve their wellbeing. This indicates that work/life balance is taking precedence over career choices. So much so in fact, that there is a growing trend to switch the phrase around and refer to it as life/work balance to highlight that, while work is essential, ‘life’ should take priority. Companies are starting to recognise that they need to offer employees a healthy working environment if they want to attract and retain top talent.  What benefits can create a healthy working environment As businesses move away from traditional benefits, these are gradually being replaced with more innovative incentives that are perhaps better tailored to real employee needs. Making benefits more specific and helpful to workers can increase their perceived value and make them more attractive to prospective candidates and current staff alike.  Flexible working options appear to be one of the critical benefits candidates now look for in a company. This can be in the form of a hybrid or shorter working week, which enhances work/life balance and has some financial advantages such as reducing travel costs, which can counterbalance the inability of some companies to offer hard cash. Also, flexible working can apply to any location, with individuals being able to be based worldwide if the job can be carried out remotely. This gives maximum staff flexibility and opens up a wider talent pool for organisations to recruit from.  Other types of wellbeing benefits on offer are focussed on preventing burnout and improving overall health. Some companies have started offering support sessions for mental, physical and financial health to help employees reduce stress levels, making them feel happier at work and, as a result, more productive. Other offerings include free healthy breakfasts, yoga sessions and social activities. These not only create a healthier working environment but can also aid employee engagement and relationship building at a time when retaining company culture is vital to offset any adverse effects of having a hybrid team. Feeling valued and having opportunities to develop is also high on the agenda for many workers. This means that equity and inclusion feature in people’s wish lists regarding what they are looking for from an employer. Companies must ensure they have a robust D,E&I policy in place to guarantee they are creating a fair and engaging work environment.  On top of all this, workers are more so now than ever looking for socially conscious employers, and having a policy for this can often outweigh the list of progressive benefits offered.  The future It looks likely that health and wellbeing have now taken over from monetary reward when it comes to working priorities, and perhaps we have the pandemic to thank for that. Only time will tell if this remains the case or whether the increasing pressure of the cost-of-living crisis pushes people back towards financial benefits, but with people now more motivated by good mental health, inclusion and job satisfaction, it seems probable that work/life balance will stay in the top spot for some time to come. If you are looking to improve your work/life balance with a career move, talk to our expert recruiters at McGreggor Boyall today and find out how we can help you. 

After such a long time away from the exhibition halls and conference centres, are people now ready to start returning to trade shows and conventions in person or are we all now so used to Zooming in for webinars and virtual summits from the comfort of our desks that we will never see the same large-scale physical events that existed pre-pandemic? Benefits of virtual events There is no doubt that the move to virtual events has seen many advantages. There are obvious cost savings for the organisers not needing to hire a venue or spend money on exhibition equipment such as stands and merchandise. Virtual events also don't need large amounts of staff to manage proceedings, and those who are required won't have a hefty expenses claim to submit at the end. Equally, companies who send delegates to virtual events save money on transport, hotels, and food bills and reduce their carbon footprint by not having employees travelling around the country or the globe.  Virtual events also enjoy a more significant reach in terms of audience. It is easier to attract participants from all corners of the earth as there are no travel restrictions and events are generally low cost or free to attend. Managers may also find the decision to allow employees to attend more attractive, as delegates won't be spending time away from the office. On top of this, another benefit is that attendees' registration information and data about their engagement with interactive elements of the event can be electronically collected to analyse their behaviour and better identify target clients. Why go back to physical events? While it's clear that there may be cost savings from hosting virtual events, as the saying goes, 'money isn't everything'. In a recent survey, 26% of event attendees said that virtual events aren't fun, and 67% of event marketers said they find it challenging to keep the attendees engaged during the virtual event. There are some things you can't convey over a computer screen.  In-person events can provide an opportunity for relationship building through fundamental social interactions. The chance to network in person, shake someone's hand, and see their face in real life can allow for more in-depth conversations and memorable experiences and help build brand recognition and reputation that you can't replicate online. However, as physical events return, marketers see a change in attendees' expectations. Many companies have reported that, although they see record ticket sales for some in-person events as people clamber to get back to travelling and enjoy the outside world, it is no longer enough to replicate the old pre-Covid structure for events. It would seem that in 2022, people are looking for more than just some free pens and t-shirts. They want to be given an excellent reason to attend in person as anything 'normal' or 'average' could be achieved just as easily from a virtual gathering.  So, the strategy for marketeers seems to be shifting towards finding ways to go over and above to provide an experience that will entice people back to the physical world of trade shows and conventions.  Event Marketing experts, Event Force, have suggested five ways that marketers can attract attendees back to live events, including; making it clear to delegates that there will be no virtual alternative, highlighting that the event will be Covid-safe and perhaps most importantly, aiming to be able to offer something exclusive that non-attendees will miss out on. Some companies are already working on innovative ways to offer exclusive experiences for their brands, such as premium drinks business Diego North America which is launching its new Astral Tequila brand by offering lucky winners a chance to spend a luxury glamping weekend with their friends and a celebrity astrologist near California's Joshua Tree National Park to tie in with the 'Astral' name.  Getting it right Some marketers have been opting for hybrid events, which can be helpful in certain situations, and were indeed beneficial when the number of people gathering in one place was still restricted towards the end of lockdown. Still, hybrid options should be used with caution as they can increase pressure on the organisers by creating two events for them to plan for at once and can discourage in-person attendance if delegates choose to attend online instead.  When it comes to getting people back to live events, many businesses now realise that the key to success lies in getting the right marketing professionals with the skillset to innovate and create fresh ideas. This has led to a sudden increase in roles in the events marketing arena for the right talent. Marketing recruitment specialists McGregor Boyall have reported that they have seen a recent uplift in event marketing opportunities from a wide range of companies over the past few months, with businesses seemingly bolstering their event management teams and budgets as we emerge from the restrictions of the pandemic. The future Virtual events have tremendous benefits and aren't going away any time soon. Still, it's all about getting the balance right, and there is a definite appetite for live in-person conventions, exhibitions and other smaller-scale activities when the circumstances require it. Those with the vision and creativity will devise successful physical events in the future to come up with something new and innovative, which will make people feel a need to attend and hopefully, that means there will be some exciting events ahead for all of us! If you're looking for your next marketing role or need the right marketing talent to join your team, contact McGreggor Boyall today and find out how our expert recruiters can help you. Visit our head of Marketing Recruitments profile here; Romana Begum.

We are fortunate to live in an age where difference is much more likely to be embraced and celebrated than avoided. The world of work is now heavily focused on diversity, equity and inclusion to ensure that all individuals are accommodated and supported at work. One of the newest areas of inclusion that businesses are turning their attention to is how to cater for Neurodiversity - from recruitment of neurodivergent talent to creating a suitable work environment for neurodivergent employees. What is Neurodiversity? Neurodiversity is the concept that everyone experiences and interacts with the world around them differently. Someone who is neurodivergent tends to think and behave differently due to their personal experience of their surroundings compared with most people who would be considered 'neurotypical'. Neurodiversity acknowledges that a neurodivergent response to the world is not 'right' or 'wrong' but merely different. These differences are not a deficit or disability but just atypical in society. Some examples of neurodiverse conditions are; ADHD, Autism, Dyspraxia, Dyslexia, Dyscalculia and Tourette's syndrome, all of which can affect how a person thinks, learns, behaves and processes information. The benefits of hiring Neurodivergent employees It has been reported that having a neurodiverse workforce can significantly benefit organisations, bringing increased innovation and creativity and giving companies a competitive advantage.  Neurodivergent workers can be compassionate and high-achieving, offering empathy, emotional intelligence, and increased perception. For example, JPMorgan Chase found that professionals in its 'Autism at Work' initiative made fewer errors and were 90% - 140% more productive than neurotypical employees. According to the World Economic Forum's Future of Jobs Report, skills such as critical thinking and problem solving, which neurodivergent individuals often excel at, could be the most-in demand attributes in the workplace by 2025. In addition, as the war for talent rages on, having an inclusive policy on Neurodiversity can also help recruit the best neurotypical people, as many candidates are now turning down jobs at companies who don't have a full D,E & I programme. How to support Neurodiversity in the workplace Having recognised the benefits of employing neurodivergent individuals, many companies are now starting to offer support for people with a variety of needs, allowing them to work productively and access the same opportunities as neurotypical people. Tools such as Recite Me, which can be seen on the McGreggor Boyall website, can help neurodivergent individuals search the job market by making the information more accessible through options like the narration of content and changing the font size or adjusting background colour to suit the user. McGregor Boyall has reported that the new tech is worth investing in, with over 2,500 users in the last 12 months. Other initiatives to attract neurodiverse talent include using positive and inclusive language in advertising and adapting the interview processes to accommodate various needs. This could be as simple as taking regular breaks in interviews or splitting them over more than one session to avoid overstimulation. Other options can include asking candidates to prepare assignments in advance of or after the formal interview to help reduce the pressure of answering questions on the spot and allow individuals to showcase their creativity and problem-solving skills. Within the workplace, support can be offered in a variety of ways. Physical needs can be accommodated, such as ensuring someone with auditory sensitivities has a quiet area to work in, perhaps away from communal areas such as kitchens or meeting rooms. Another example could be for company information to be available in different font colours and sizes to make it accessible to those with dyslexia. Many assistive technologies now exist, and in a recent report by the British Assistive Technology Association (BATA), 78% of assistive technology users said that it had improved their effectiveness at work, 64% said it had improved their job satisfaction, and 55% said it had improved their opinion of their employer. Emotional needs can also be supported through training of all staff to improve understanding of neurodiverse conditions and encourage a culture of inclusivity. Creating internal company networks or providing career coaching can both help neurodivergent employees with building confidence and recognising their strengths as well as highlighting them to the broader workforce. Specific training for managers can be helpful here to ensure there is an understanding of legal obligations in terms of flexibility and reasonable adjustments to working environments or provision of resources for neurodivergent employees, as well as training in how to effectively and sensitively manage the performance of neurodivergent team members. Companies should also be focused on ensuring they offer the same opportunities for promotion and development to neurodivergent employees as any other staff member.  Overall, the sensitivity of colleagues, understanding from employers and the availability of assistive technology can all make for more contented employees and the ability to support a more diverse and innovative workforce, leading to greater productivity and retention of staff, both of which have a direct business benefit. If you are looking for your next career move in HR or looking for support in hiring as part of your D,E&I strategy, talk to our expert recruitment team at McGregor Boyall today. Visit their profiles here; Nina Adair, Kara Feller, Natasha Francis, Michaela Wernick.

As memories of lockdown begin to fade and Covid restrictions are no longer an issue for the majority of the population, McGregor Boyall has taken the opportunity to survey their client and candidate base across a range of; financial services, public sector and commerce and industry organisations, to find out how the landscape is looking for office work as we move towards the middle of 2022. We are pleased to bring you the findings of our survey, which examines current trends for working practices in terms of time spent in the office and how this affects employee engagement, company culture, and staff recruitment and retention...

Our lives are becoming increasingly integrated with smart technology, and as we move away from computers being stand-alone devices and tech is embedded into everyday objects, the Internet of Things has come into existence and is developing rapidly. What is the Internet of Things? The Internet of Things (IoT) refers to physical objects containing sensors, software, or other technologies to connect and exchange data with other devices and systems over the Internet. It is essentially a way to make inert objects into smart hardware. It is different from the Internet itself because it can create information about connected objects, analyse and share the data, and make decisions based on its collected data. Examples of the IoT in action are home automation, such as operating lights, heating and security cameras controlled by smartphones or voice-activated assistants like Alexa or Siri. The IoT also has substantial industrial applications such as in; healthcare for remote monitoring of patients; transportation for traffic control, parking and vehicle management and even; agriculture, where data can be collected for a range of environmental needs, including temperature, rainfall, humidity, wind speed, pest infestation, and soil content. It also has uses in the military, manufacturing and many other commercial sectors. IoT technology is even being used in a humanitarian capacity, with start-up business, Moeco developing wireless trackers to monitor the safe transit of aid packages and other vital supplies to dangerous and complicated to reach locations in war-torn Ukraine. IoT Benefits & Challenges The benefits of IoT are clear to see across all walks of life for both individuals and companies, offering cost and time savings through automation, enabling enhanced security possibilities and streamlining processes. Recent research shows that 83% of organisations have significantly improved their efficiency by introducing IoT technology. On the downside, there are concerns over cyber security with news just this week that there is a DNS bug which could allow cyberattacks on IoT devices. Many businesses recognise the privacy risks of exchanging and storing large amounts of data. They know that customers need to feel assured that their information is being managed safely and responsibly and have ownership of their data. To combat security risks, there have been calls for global regulations for IoT, and in response, governments around the world are starting to introduce legislation around IoT security; however, in most cases, this is still in its infancy, and there is no joined-up approach with different countries and regions implementing their own rules. However, not all challenges are bad, and there are challenges creating opportunities within the sector. It's estimated that the number of active IoT devices will surpass 25.4 billion by 2030 and as the industry expands and developments are made, there is a constant need to update technology to enable devices to support more complex functions, find innovative ways to reduce power consumption and allow more significant numbers of 'things' to be connected. The upside is that the tech job market is looking very healthy. There are an increasing number of opportunities for tech professionals in roles such as; IoT developers, embedded system designers, infrastructure architects and IoT solutions engineers, as businesses realise that they need more IoT specialists to support developments. What the future holds for the IoT It is predicted that IoT has the potential to generate $4-11 trillion in economic value, with up to 152,200 IoT devices connecting to the Internet every minute by 2025. With legislation being gradually introduced around the globe to make it safer for users, it would appear that the industry will continue to see substantial growth for a long time to come. If you are looking for your next career move in technology or engineering, or if you are looking to grow your IoT team, contact our expert specialist recruiters at McGreggor Boyall and see how we can help you achieve your Tech goals.

As companies continue to strive for D,E&I excellence in fulfilling their moral obligations to staff and attracting the best candidates, one key component to ensuring that complete fairness and impartiality are achieved is recognising and addressing Unconscious Bias issues. This can be vital from the interview stage to general workplace relationships and define company culture and affect productivity and business success.  However, as the name suggests, Unconscious Bias is usually something we do without realising it, so how should organisations tackle the problem? What is Unconscious Bias? Unconscious Bias can be defined as preferences or social stereotyping that individuals form outside of their conscious awareness. Most people hold unconscious beliefs about various social and identity groups. These biases stem from a human tendency to organise social worlds by categorising things like gender, race, religion, sexual preference, or body shape. An example of this in practice could be the bias shown while hiring a new employee. If the interview panel comprises only men, they may favour male candidates over female candidates even though they have the same skills and job experience. This is often due to a type of Unconscious Bias known as Affinity Bias, where people have an inclination to think someone more similar to themselves would be better at a particular role or task. Equally, this can also be seen with existing employees when a line manager always chooses specific individuals who are most similar to themselves for special projects or events. Why is it a problem for businesses? Apart from the apparent wrongs associated with prejudice, there are also several reasons that Unconscious Bias can affect a company's performance. For instance, hiring people similar to each other or only asking like-minded people to work on a task will give a business a less diverse team with similar life experiences. Where all individuals similarly approach their work, it can hamper opportunities for critique and creativity, thus reducing a team's ability to problem-solve. In addition, talented candidates at the interview stage may be overlooked purely based on Unconscious Bias. A business may miss out on hiring the best people because the interviewer is unaware of their Affinity Bias. Finally, managers may subconsciously form better working relationships with employees whom they feel an affinity with, putting them forward for promotions and making for a more friendly and relaxed working environment for these individuals. Conversely, those they feel less aligned with but still competent in their role are likely to be treated more harshly at appraisals, and they may find that the work environment feels more corporate and colder. This can be a problem for retention as good staff may be more inclined to leave a company where they think they don't 'fit in' or have a noticeable culture of favouritism. How to address the problem? As part of their D,E&I strategies, many companies have encouraged employees to undertake Unconscious Bias training to be more self-aware. The idea is that self-awareness allows individuals to make more informed decisions, not just based on their gut reactions. Instead, employees are encouraged to challenge themselves to consider what would be best for the company. They can then create a more diverse hiring strategy and a more inclusive working environment where staff can feel valued and empowered. However, it is worth noting that some companies have recently reported that while Unconscious Bias training raises awareness, it is not always seen to filter through as behavioural change in the workplace. Research has also found that for some people, once they are told that everyone has unconscious biases, they relax in the knowledge that they are not alone and that this can create an unhelpful 'norm' for stereotyping, which can make the problem worse. In a recent interview, professor Dr Grace Lordan from the London School of Economics (LSE) even described Unconscious Bias training as 'entirely ineffective'. Organisations are now looking at more tangible, longer-term strategies to address Unconscious Bias in the workplace, such as revising recruitment processes, avoiding using stereotypical language in job adverts, reviewing gender pay gaps, and providing mentoring opportunities to underrepresented groups within a business. The hope is that this will help to ensure that what is learned during training sessions is more effectively implemented in real-life situations. If you are looking for your next career move in HR, talk to our expert recruitment team at McGregor Boyall today. Visit their profiles here; Nina Adair, Kara Feller, Natasha Francis, Michaela Wernick.

With organisations facing constant risk from all directions, including the continuing impact of Covid, ESG risks associated with climate change and supply chains, geopolitical issues created by the ongoing war in Ukraine and other global tensions, as well as the ever-present possibility of another financial crisis and fluctuating inflation, not to mention cyber security threats, how can companies protect themselves from unforeseen hazards and ensure they have the best chance of a stable and profitable future? Gone are the days when board members and senior management could rest on their laurels and deal with an emergency when it arose. Most businesses are now aware that they must be proactive in risk management to avoid a catastrophic outcome from any unexpected and damaging event. This can be achieved through good risk governance and controls. Risk Governance and Controls explained Governance is the system of rules, practices and standards that shape a business. Risk governance applies these principles to identify, assess, communicate and manage potential risks to the company.  Effective risk governance and controls should provide a decision-making framework to help recognise and respond to risks to reduce or eliminate their negative impact on an organisation. Policies and procedures can then be created to define risk tolerances and assign responsibilities to company members who will take ownership and accountability for acting on specific risk factors. Good risk governance and controls can improve efficiency and save money through the streamlining of monitoring and reporting processes and reducing the financial and human cost of unforeseen circumstances. The explosion of the Risk Management job market  Since the pandemic and on the back of many other modern risk factors and lessons learnt from the financial crisis of 2007, risk management careers have become one of the most critical jobs in the world. Many companies are now clambering to create risk governance teams and recruit the best talent for roles such as Risk Management Analysts, Risk Modellers and Compliance Specialists to help them ensure their business is protected from future disasters. This, in turn, is creating a very healthy job market for governance and compliance professionals with a vast array of opportunities available to suitable candidates. Risk governance roles can involve anything from developing a framework and analysing dangers to a business to designing reports for key stakeholders or communicating potential risks to the broader organisation.  It’s clear to see why companies are now prioritising building effective risk governance teams when you look at the results of a recent global survey by Private Content Network providers, Kiteworks. Findings in their ‘2022 Sensitive Content Communications Privacy and Compliance Report show that more than 50% of organisations believe they are inadequately protected against third-party security and compliance risks citing various reasons, including 58% lacking content governance controls to measure third-party risk and nearly 8 out of 10 believing their compliance reports are not entirely accurate. When should a business review its Risk? In today’s world, it is crucial to be proactive rather than reactive when managing risk, but once you have the right risk governance team and control framework in place, how should a business decide when and how often to carry out reviews or updates?  According to consultancy giants PWC, there are several key moments when a company should act on risk management: Structural or internal processes have changed within your business Increased risk/complexity has emerged within your sector You have witnessed failure in your existing framework New/updated regulation or legislation that affects your business Your company is pursuing a new direction Your organisation has poor visibility into its internal controls/processes/employee behaviour. And they go on to say that if you’re getting it right, then you should be able to recognise these behaviours within your organisation: Governance arrangements are benchmarked to leading practice Top-down understanding of the governance framework Governance, risk and controls that are aligned to corporate risk appetite. It’s encouraging to know that organisations worldwide are now placing so much importance on risk governance and controls, hopefully leading to a more stable future for the global economy. Those companies still catching up can be reassured that the growing market means risk governance professionals are out there, looking to join their teams and help them manage their risks to protect their business. If you’re looking for your next career move in risk governance, compliance or any of our other specialist areas, or looking for risk governance professionals to join your company, talk to McGreggor Boyall today to find out how we can help.

As technology evolves, so does the way we manage our money. Open Banking is a growing sector within the banking industry and could be set to change how we manage our finances completely, but how much do people know about it? In this article, we explore what Open Banking means, how it differs from traditional banking and what we can expect in the future… What is Open Banking? Open Banking is the practice of allowing third-party financial service providers open and secure access to customers’ banking and financial data through application programming interfaces (APIs). Open access is only granted once a customer has given their consent for data to be shared. The main aims of Open Banking are; to provide consumers with more control over their finances, offer faster and more accessible banking processes via third-party platforms, and allow financial institutions to provide more tailored services to their customers. How does Open Banking differ from traditional banking? It is generally felt that traditional banking methods have stunted innovation in the financial sector as customer data is usually stored but not analysed. Open Banking allows banks to understand more about their customers to identify better products and services that will benefit them. Unlike traditional banking, where the bank holds client data and offers customers a standard set of products, Open Banking creates a network or ‘ecosystem’ where the individual’s needs are at the centre of the process. Data about how customers save, borrow and transact can be shared quickly and easily between financial institutions, technical platforms and non-banking third parties. These institutions can then provide a wide range of tailored products and services for managing and moving money to provide the best option for the individual. Why is Open Banking becoming so popular? Research shows that in 2020, 24.7 million individuals worldwide used Open Banking services, with forecasted figures suggesting this could reach 132 million users by 2024, so clearly, open banking is gaining momentum. And you can see why when you consider that products and services can be personalised to the end-user. Open Banking provides greater customer choice and encourages banks to be competitive, which benefits the consumer. For instance, it’s pretty unlikely that anyone would want to pay higher interest rates or expensive overdraft charges if you can shop around. In addition, Open Banking also offers the benefit of consolidating account information, allowing customers to monitor multiple bank accounts via one app. This gives people a better understanding of their finances, enabling individuals to manage their money more effectively and make more informed decisions. Open Banking can assist with global financial activities via payment platforms, such as streamlining the trading of shares and cryptocurrency and increasing the ease and speed of domestic payments, foreign exchange and international transactions. Open Banking via payment platforms can also simplify opening new overseas bank accounts, especially in countries where there may be issues around residency regulations when using traditional banking methods. Financial institutions are also beginning to enjoy some benefits of Open Banking, especially challenger banks and fintech organisations that are less familiar to consumers. Open Banking provides them with a platform to showcase their innovative products and services. However, even the big banks are seeing some advantages whereby consolidated data on Open Banking apps can reduce the number of back-office staff needed to manage customer accounts and record individual transactions. What does the future hold for Open Banking? The evidence would suggest that the future of Open Banking is a bright one. Just three weeks ago, the UK government and UK regulators renewed their support for growth in the sector, announcing plans to establish a Joint Regulatory Oversight Committee to oversee the development of Open Banking. The government also estimates that by September 2023, 60% of the UK population will be using Open Banking payments.  As the sector grows and companies expand their Open Banking services, recruiters report a rise in vacancies in Open Banking and fintech-related jobs. The market is now buoyant, offering many opportunities for professionals in the field. In other developments, Open Banking could threaten credit card companies. With Open Banking making it increasingly easy to carry out A2A (account to account) digital payments without the need for cards, credit cards could gradually become a thing of the past. However, there is a good chance that credit card companies will find a way to reposition themselves to be part of the process rather than disappear completely.   It’s not just credit cards that could become obsolete. Open Banking also facilitates a new real-time digital payment method called ‘Request to Pay’. This is a way for bills to be settled between individuals or businesses using a real-time messaging service, usually via a banking or fintech app, which allows billers to request payment instantly and electronically. When a request is received, customers can pay in full, pay in part, ask for more time, communicate with the biller, or decline to pay. The new payment method can help prevent fraud and money laundering and potentially replace credit cards, invoices, and direct debits; it has been gaining traction since its launch in May 2020. Moreover, it could be that the future of Open Banking is the future of all banking, with high street banks, including HSBC, Lloyds and Citibank, amongst others, now offering Open Banking options for customers. The big banks themselves are keen to get on board with Open Banking rather than resist the changes and get left behind.  Open Banking has a long way to go before it reaches its full potential. It will be exciting to see how it can improve financial services for institutions and customers alike and perhaps change how we manage our money forever.   If you’re looking for a new challenge in the banking or tech industry or if you want to recruit the best candidates for your team, talk to our expert recruiters today at McGregor Boyall.

As the world continues to deal with the repercussions of multiple global events over the last 24-months, businesses also have to adapt and evolve to keep pace with the changing market and demands of customers and employees. What has come out of these challenging times is the realisation of just how critical HR is to support shaping businesses and, more importantly, support employees effectively through these difficult times to ensure they remain engaged, productive and physically/mentally healthy.  2022 has continued to be a robust market for hiring across all functions; continuing the trend of 2021, the war for talent is at a peak. Organisations are struggling to retain and engage critical talent, and surges in salaries in the external markets as demand peaks have exacerbated this issue in a market with an acute shortage of talent. We are taking this opportunity to give you a short overview of some changes in demand within the HR market and highlight some of the challenges and opportunities that have led to these roles' evolution.  Future of Work/Culture & Engagement  COVID has had a long-term impact on the way people work, and as firms adapt to operating within the hybrid-working model to incorporate remote-working, there has been a surge in demand for new roles specialising in the future of work, culture and engagement. These roles focus on equipping organisations and employees with the tools to effectively work in the home and office environment, ensuring employees feel supported and engaged. They are also needed to prepare businesses for the future as both roles and technology evolve. As these roles are relatively new, organisations are sourcing talent based on the capability to step into the role, assessing internal and external talent for skills based on project management, culture, engagement, and talent management.  Benefits and Well-being Linked closely to the above roles, the last year has seen benefits and well-being taking a front seat. They have become critical roles seeking to address the changing needs of employees to support diverse workforces. Mental and physical well-being has also come to the forefront. Benefits and well-being initiatives have become essential in supporting the evolving workplace, increasing demand for roles in this space at more senior and strategic levels. These roles are now integral to the business and encourage employee retention and engagement and enhance the brand and EVP. Diversity, Equity & Inclusion D,E&I has become increasingly crucial over the last few years to ensure that organisations operate inclusively. It is essential that the make-up of their organisation is reflective of their diverse customer base and that the workforce is equally diverse at all levels. Diversity is shown to be a key driver for the success of an organisation and is now also seen as increasingly important to both employees and customers. Whilst not the only motivation for D,E&I roles, the events of George Floyd and the Black Lives Matter movement brought into sharp focus that much more is still needed to be done. This has resulted in increased demand for expertise and experienced D,E&I professionals to guide organisations and leaders through this. Talent Acquisition In a sharp inverse trend to the beginning of COVID, where many Talent Acquisition teams were significantly downsized, organisations are now frantically trying to rebuild these teams to keep pace with business demand. There is an incredible scarcity of talent available in this space, particularly at the mid to junior level. This has been exacerbated by talent at the junior level being stagnant or nonexistent through the early part of the Pandemic, leading to a lack of talent pipeline at this level. Organisations have to be increasingly innovative in attracting and retaining talent in this space to support demand. Having a solid Talent Acquisition team is even more critical as the market is incredibly buoyant. Candidates are fielding multiple offers, and there is a talent shortage in several areas. The hiring experience candidates have plays a critical part in decision making, and where teams are under-resourced, the candidate experience is being impacted negatively and, in some cases resulting in a decision to go elsewhere. Those organisations that are most successful in hiring are those with the candidate experience at the heart of their process, who can be agile and move quickly. They also ensure line managers and participants in the interview process are all aligned and working to engage candidates throughout the process to provide a positive experience. Those organisations that have lost sight of this are losing out. Change/ Transformation / OD   Every year within the HR space, there has been increasing demand for purist people change / transformation /OD specialists and HR Business Partners with a strong element of change as part of their roles. This has continued to evolve and grow as HR is seen as an increasingly commercial and advisory function that has a critical seat at the table at the strategic level on shaping the business structure and model. Many organisations have undergone and are undergoing systemic transformation to evolve and adapt to the new environment and technology advances. These roles are essential to ensuring that the changes are embedded effectively, and processes are as streamlined as possible to optimise workforce output. This year has been no exception, with high-level demand in this space for this skillset. HR Business Partners There has once again been high demand in the Business Partnering space. These roles continue to evolve and become much and more strategic, forward-thinking and advisory in nature. As more of the operational BAU aspects get taken out of the role, the demands in this space are for increasingly more sophisticated experience in driving transformation, agile methodology and evidence of business impact and change they have been able to impart for their business function. HR as a function has evolved massively over the last two years as the market adapts to new demands from employees and the macroeconomic environment. One clear thing is that the organisations at the forefront of thinking through the embedding of these critical roles within people and HR are at the cutting edge of attracting, retaining, and engaging talent. They will be the ones who will be successful in gaining market share! If you are looking for your next career move in HR, talk to our expert recruitment team at McGregor Boyall today. Visit their profiles here; Nina Adair, Kara Feller, Natasha Francis, Michaela Wernick.

With almost 80% of global investors citing ESG reporting as a critical factor in their investment decision-making, and around 50% also stating that they were willing to divest from companies who are not taking good ESG action, it's no surprise that ESG is an increasingly hot topic on the agendas of businesses and governments around the world. Most countries in the Asia Pacific (APAC) have been mainly considered ESG laggards, well behind companies' reporting and disclosure standards in leading areas such as Scandinavia and other parts of Europe. In a recent survey of the most environmentally friendly countries globally, the UAE came 42nd. China ranked 120th and India a colossal 168th. There is much work to be done in these regions. However, this could all change as new ESG reporting rules look set to be introduced across APAC and the UAE. Here we take a look at the current progress being made and how, before long, some of these countries could not just catch up but overtake the West and become world leaders in the ESG arena. New research has found that APAC investors are starting to improve their engagement with climate change. One report showed that 82% of investors in the region expected active ownership and attention to be a central factor in their investment policy in two years, higher than North America at 68% and only just behind Europe, where 90% considered it necessary. Alongside this, 63% of APAC investors had already made a public commitment to becoming net-zero or were investigating if they could do so. Therefore, governments in the region are beginning to embrace ESG, recognising that they must introduce disclosure regulations and reporting standards to help APAC businesses improve their green credentials to keep up with the rest of the world if they want to attract investment. Many global businesses use APAC countries for manufacturing. Based in other locations, these organisations are under pressure from investors and their governments to ensure their supply chain is 'clean' as part of their ESG reporting. If APAC companies don't engage with ESG, they could be cut out of supply chains in favour of 'greener' competitors.   Plans for some of the biggest countries in the region China: As the world's largest emitter of greenhouse gases, an unenviable label that China is likely looking to shake off, the country has been motivated to address ESG to improve its perception on the world stage. They recently established the Mandatory Carbon Market, which aims to incentivise companies to reduce emissions by making it more costly to use less eco-friendly business practices and help attract ESG investment. They have also been quick to cooperate with the EU to establish common ground on Taxonomy to address classifying sustainable financing. Chinese companies are also gradually starting to voluntarily report on ESG with some support from China's Ministry of Ecology and Environment, looking to unify the rules. Having already introduced ESG disclosure rules for listed companies in February 2022, the government is now committed to plans for a nationwide mandatory environmental disclosure system by 2025, which could see China propelled from laggard to trendsetter in a matter of years. India: As another of the world's highest emitters of greenhouse gases, India seems to have also realised the importance of ESG and announced at COP26 last November that it aims to be a net-zero carbon emitter by 2070. In the previous year, the country introduced a 'green bond', the profits of which part-funded the building of new water treatment and sewage plant, with the Finance Minister of India also announcing that "the government will float a sovereign green bond, the proceeds of which will be deployed in public sector projects that reduce carbon intensity in the economy." The country is taking further measures by introducing mandatory reporting on ESG for its top 1000 listed companies from April 2022, which will include disclosing ESG risks and highlighting mitigation strategy and financial implications to overcome them, as well as reporting on sustainability goals and performance, waste management practices and social diversity of workforces. Japan: Already one of the more environmentally friendly countries in the region, Japan is trailblazing among APAC countries and could become a global trendsetter in the reasonably near future. The Japan Financial Service Agency (FSA) has recently revised its Corporate Governance Code (CGC) to assist businesses with their ESG and sustainability commitments by drawing greater attention to ESG issues for Japanese companies, requiring board members to manage and report on ESG. The revisions also provide a framework to promote sustainability and encourage dialogue with investors. Australia: Not always thought of as part of APAC in an economic or cultural sense, but not to be left out, the Australian effort in terms of ESG is worth mentioning here. While considered to have more Western ideals when it comes to issues such as the environment, there have until recently been minimal regulations for reporting ESG data in the country. This is starting to change with reports that Australia has seen a notable improvement from 2020 to 2021 with the maturity of ESG reporting from Australia's top 200 companies, of which 87% are now publishing substantive ESG data. However, the analysis also shows that progress is still lacking in critical areas. Australia may need to be mindful that it doesn't lag behind the rest of the region as ESG initiatives begin to take off. UAE: The UAE has been somewhat of a trendsetter for a while now regarding climate change, and they have not just embraced ESG reporting, but they have even thrown their hat in the ring to host COP28 in 2023, which they have now been awarded. The move was enthusiastically endorsed by the APAC group of countries, with the UAE being loosely categorised as part of the region by some classifications. The Asia-Pacific group have welcomed the opportunity to promote their rapidly improving eco-credentials through the chance to host the international conference in their region. In addition, the UAE launched a 'Net-Zero by 2050' Strategic Initiative back in October last year, which aims to achieve net-zero greenhouse gas emissions by 2050 and in November 2021, a panel discussion titled 'Welcoming a Sustainable Future' was held in Dubai. At the discussion, several panel members commented on how UAE companies are beginning to see the benefits of developing a sustainable approach to business and understanding the potential risks associated with climate change both within their operations and the societies in which they operate. It was also noted that investors and consumers are keen for businesses to be ESG compliant. Investors often choose which companies to invest in based on their ESG benchmarks. Consumers are concerned with buying environmentally and sustainably sourced products, which significantly impact economic performance and environmental change. The UAE seems to have a firm grip on ESG, and up-and-coming ESG regulations and initiatives are being introduced across the APAC nations. Perhaps we will all be taking our lead from the region in the future. With the world swiftly waking up to the importance of ESG reporting, we've seen a considerable increase in demand for employees within this sector. If you're looking for your next career move or you're looking to build a team to ready your business, talk to our expert recruiters at McGreggor Boyall today.

Over the last decade, HR strategies for diversity, equity and inclusion have evolved rapidly, with the vast majority of companies recognising the need for compassion and understanding when it comes to personal matters such as pregnancy, parental leave, mental and physical health conditions and bereavement. Many organisations in 2022 offer robust support packages to accommodate the time off or flexibility needed in each of these circumstances, which is now considered standard practice. However, there remains one subject that is seldom discussed or addressed in the workplace, and that is Menopause. But things are starting to change. Why now? Recent research shows that women over fifty are the fastest-growing demographic in the workplace, but around 900,000 women have quit their jobs due to Menopause, and one in three women have missed work due to menopause symptoms. These symptoms can include hot flushes, low mood, anxiety and problems with memory, all of which can affect an individual's productivity, confidence or ability to do their job. However, partly due to a lack of awareness and partly due to the stigma surrounding Menopause, it has never been a topic that is openly discussed in the work environment. Only around 11% of women ask for workplace adjustments to cope with their symptoms, and 26% state that they don't speak up about it as they are "worried about the reaction of others". As the number of women going through this transitional time while at work increases, it is vital for businesses to review the support they offer women during Menopause and perhaps align it with what employees have come to expect as a standard offering for other types of health-related support. Couple this with the emphasis that companies are now placing on D,E&I in general to attract and retain the best employees and investors, and it is evident why this issue has suddenly come to the fore. New Measures The good news is that the need for action has not gone unnoticed, and some big names are getting involved, including BUPA and Hello magazine. Both are supporting a new initiative created by women's health charity, Wellbeing of Women, called the Menopause Workplace Pledge. Five hundred companies have already signed up to support the campaign, including major banks, leading UK supermarkets and Channel 4. The main objective is to raise awareness so that women know they can and should be fully supported at work during Menopause, and it calls upon employers to sign the pledge to show they back the cause and that they will introduce policies to address the current lack of provision. Some companies are leading the way, such as online fashion retailer ASOS, which recently implemented a policy that allows for flexible working during Menopause and the option to take leave at short notice for those experiencing symptoms.  The issue has become such a 'hot topic' in the past few months that it has reached Parliament. The government have created a 'Menopause Taskforce' as part of their Women's Health Plan, which had its first meeting in February 2022, with MPs calling on businesses to better support women experiencing menopausal symptoms by ensuring treatments are accessible and reducing stigma. This comes from a government-commissioned report from November last year, which recommended that businesses communicate the importance of Menopause awareness to line managers and suggested organisations should appoint 'Menopause Champions' to ensure a discrete and knowledgeable point of contact is always available. The future HR people strategies now need to start to include policies for Menopause, and it could be that new laws are introduced to protect menopausal women from further discrimination. The Women and Equalities Committee is currently conducting an inquiry to investigate whether existing legal protections are fit for purpose and if it should be mandatory for businesses to have a specific Menopause policy. New legislation could require all companies to implement menopause-related policies as part of their D,E&I suite. All of this proposed action will finally give women approaching or going through Menopause the reassurance and support they need to know that they can successfully continue in their professional lives on an equal footing to those around them. If you are looking for your next career move in HR, talk to our expert recruitment team at McGregor Boyall today. Visit their profiles here; Nina Adair, Kara Feller, Natasha Francis.    

As the official implementation date of 1st January 2023 for FRTB approaches, are financial institutions ready for the changes? Will regulators have the rules written in time, and can those rules be applied before the deadline? In this article, we look at all things ‘FRTB-related’ and what the global impact is likely to be… What is FRTB Forming a significant part of Basel IV, the Fundamental Review of the Trading Book (FRTB), is a set of capital rules developed by the Basel Committee on Banking Supervision (BCBS), which will introduce international standards for banks and financial institutions on their trading activities to minimise market risk exposure. The FRTB has been ten years in the making, with the BCBS initially launching the first consultation on the subject back in 2012 in response to the 2008 banking crisis. Unfortunately, like everything over the past two years, there have been delays due to the pandemic, but it now seems that implementation of the new rules will be sometime between 2023 and 2025. The wide date range is attributed mainly to some jurisdictions being more prepared than others. Each region can interpret the rules to create their own set of local regulations that broadly follow the standards being introduced.  According to recent reports, only a few jurisdictions, including Hong Kong, look ready for the 2023 deadline, with Europe close behind, having already prepared their interpretation of the rules and provided guidelines to banks intending to launch in 2024.  However, in other areas, especially the US, there have been few official statements on rule interpretation with regulators yet to issue a formal FRTB proposal. Purpose and impact In basic terms, the main aim of the FRTB is to introduce a standardised means of supervision and risk assessment to allow banks to more accurately calculate their market risk and credit risk by drawing a clearer line between banking book and trading book activities. Currently, the classification of a position is determined by ‘trading intent’, but this has been said to offer too much scope for individual decision-making, which can cause issues when comparing portfolios, so the hope is that the new rules will make the process more precise. The FRTB also focusses on introducing a regulated approach to calculating the Risk-Weighted Assets (RWA), i.e. the capital held by a bank to reduce the risk of insolvency, and also to replace Value at Risk (VaR) with a revised ‘Internal Model Method’ to calculate worst-case scenario losses. The new internal model method uses expected shortfall to enhance transparency and make more reliable comparisons between portfolios, which should be more dependable than VaR, which doesn’t account for extreme circumstances in its calculations. The impact on banks is vast in terms of preparation as they will have to review many processes such as their trading/bank book boundaries, modelling approach and data sourcing. It could affect the entire infrastructure and business model that financial institutions operate on and may take many years to adapt to fully. This is undoubtedly one of the most significant changes to banking and financial regulation in history, but hopefully, the increased stability it will bring to the financial world will be worth all the effort. If you’re looking for your next career move in Risk or Banking, or if you need to recruit some top-class professionals to help you through FRTB and beyond, talk to our expert recruitment team at McGregor Boyall today.

In just a few days, the UK government will introduce a brand new tax on plastic packaging for British businesses to help combat the environmental impact of plastic waste. The new legislation will come into effect on 1st April 2022 to incentivise companies to use recycled plastic in their products and packaging, encourage greater levels of collection and recycling, and reduce the amount of plastic that ends up in landfills or incineration. The introduction of the new plastic packaging tax coincides with plans for a global treaty to tackle plastic pollution, with over 200 countries agreeing to sign up to the pact, which aims to set rules for the production, use and disposal of plastics by 2024 to address the adverse effects which discarded plastic is having on the environment. Why is plastic packaging such a problem? Each year, over 400 million tonnes of plastic is produced, with almost 50% being single-use plastic which can only be used once before it's thrown away.  It is estimated that more than five trillion pieces of plastic are currently in the world's oceans, and it can take many years to break down. Around 12.7 million tonnes of it enters the water each year. Discarded plastic packaging can destroy habitats, harm wildlife and contaminate the food chain. There can be a significant impact for people living in low-income communities near rivers, shorelines, or plastic production and plastic waste sites. These people are exposed to greater litter, toxins, and waste. As businesses increasingly look for ways to be more socially responsible and are encouraged to report on ESG, using more recycled plastic will reduce their tax bill and improve their green credentials, helping to attract investors. How does the new Tax work? The Plastic Packaging Tax will apply to all plastic packaging manufactured in or imported into the UK that does not contain at least 30% recycled plastic and will be charged at £200/tonne. The tax will affect many businesses, including pharmaceuticals and food and drinks manufacturers, with consequences for both consumer products and industrial applications. However, to reduce the financial and administrative burden on small businesses, there will be an exemption for manufacturers and importers of less than 10 tonnes of plastic packaging per year. Does your business have to register? The simple answer is yes! Registration will be required for all businesses who produce or import plastic packaging, even if they already use at least 30% recycled plastic and do not need to pay any tax. Many organisations affected by the new tax, either directly or within their supply chains, have already started to prepare themselves to ensure that they are compliant by the time the tax is brought into law. Companies are either changing the amount of recycled plastic they use to avoid charges or if they must pay, they are ensuring that they have registered correctly and assessed the cost implications for their business and if they may have to pass any costs on to their clients. How else could business be affected? With the environment now moving towards the top of government and business agendas, companies will have to focus on becoming more eco-friendly in various ways, including plastic packaging production, energy consumption, carbon footprint, and supply chain ethics. This could see growth in the market for several employment areas, including green tech jobs, compliance and governance, and the potential for dedicated finance roles for continual assessment and monitoring of the impact of new regulations, such as the Plastic Packaging Tax, on their business. We hope that this article provides some helpful information about the new Plastic Packaging Tax. If you're looking for your next career move in Green Tech, Compliance, Governance, or any other sectors that we specialise in, talk to our expert recruiters at McGreggor Boyall today and find out how we can help.

As the world of virtual currency edges ever further into the mainstream, banks and governments are becoming increasingly aware of the risks involved for investors and the need to apply formal regulations to the system to protect people from theft and scams.  Understanding Cryptocurrency Cryptocurrencies or crypto-assets are digital money forms that use encryption to protect and authenticate online payments. They are designed as a way to transact via a decentralised computer network using virtual ‘coins’ or ‘tokens’, removing the need for a central bank or government to oversee or maintain the process. There are now thousands of different cryptocurrencies globally, such as Bitcoin and Ethereum. They can be bought and traded using distributed ledger technology such as Blockchain, whereby a database of ‘blocks’ securely record and link details of all cryptocurrency transactions. New cryptocurrencies entering the market via Blockchain as crypto miners, who validate transactions, are rewarded with newly generated tokens.  Is investing in Crypto a good idea? Like most things in life, investing in cryptocurrency has pros and cons.  Those who are ‘pro-crypto’ will be the first to tell you that there are several advantages to transacting in this way, including faster payments, no risk of a single point of failure during the process and no transaction fees which banks would typically charge. Cryptocurrency can also offer some anonymity to users as there is no need to register with a third-party financial institution to complete payments. Many cryptocurrency supporters see it as a way to level the playing field for global payments as it removes the necessity for currency exchange in cross-border transactions.  In addition, many investors have started buying cryptocurrency to generate a profit. Although there are no guarantees, Bitcoin prices have risen as much as 65% in one day, and the cryptocurrency market is now worth over $2.2 trillion compared to only $10 million in 2011.  However, there are some significant disadvantages of cryptocurrencies too, including the fact that the market is highly volatile and can fluctuate unpredictably, meaning you could lose vast amounts of money as quickly as you could make it, with the market being seen to fall by 25% just a few days after a significant rise. Not only does the value change constantly, but unlike credit cards or other traditional payment methods, crypto transactions come with no legal protection meaning that transactions are uninsured and usually irreversible. Governments also don’t support cryptocurrencies, so if you hold your investment in a digital wallet with a third party, you will not receive any assistance in getting your money back if the wallet was hacked or the holding company collapsed. Another issue is illegal activity with criminals using crypto for tax avoidance, money laundering and illicit purchases, and hackers often favouring cryptocurrency payment in their ransomware demands. In addition to this, scammers frequently use cryptocurrency to either offer bogus investment opportunities where they claim to be able to grow your crypto investment by transferring it all to them, or they offer to reward you for investing with them before walking off with all of your digital cash. Finally, and perhaps somewhat surprisingly, there is also an environmental downside to cryptocurrency, as its mining requires a massive amount of energy. This is expensive and detrimental to the environment as it creates a considerable carbon footprint. What are the new regulations, and how will they affect the Crypto market? When you consider the risks involved for organisations, individual investors, and the environment, it is easy to see why governments and financial institutions are looking to regulate the market as crypto grows in popularity. So far, regulations are mainly still in the planning stage. However, the US Department of Justice did release its Cryptocurrency Enforcement Framework back in October 2020 and has successfully prosecuted several individuals for illegal activity involving crypto-assets. Things are starting to move forward more quickly across the board now, driven in part by the need for the international community to ensure that, as the war continues in Ukraine, sanctions enforced on Russia can’t be sidestepped by dealing covertly in crypto. It is reported that President Biden is about to sign a new CBDC (crypto and central bank digital currency) executive order in the next few days, which will explore national security, the economic impact of digital assets and the future of money as a whole, with a potential for the creation of a central bank digital currency which could be regulated and controlled by the government. Meanwhile, the European Union will also be voting this week on their Markets in Crypto Assets (MiCA) framework, which includes a proposal for issuing licences to crypto companies to help ensure financial stability and investor protection throughout the continent. The UK has indicated that they fully support the innovation and benefits of cryptocurrency but have also announced plans to legislate against misleading crypto advertising, ensuring that promotional literature is held to the same standard as other financial advertising and that it is ‘fair and clear’ to increase consumer protection. It would appear that there is a global shift that will see the crypto space becoming more strictly monitored and regulated to protect investors and reduce illegal activity. However, these new rules are also likely to slow processes and raise costs for legitimate crypto companies, which could reduce the attraction of investing. With governments also considering the option of creating digital currency for their central banks, it could be that one day in the future, we all use cryptocurrency as our only legal tender.

What drives some people to hack into computer systems? There can be no doubt that money is a huge motivation for many cybercriminals, with around 86% of data breaches being financially motivated, according to an investigation carried out in 2020. But is it the sole reason for computer hacking?   As Europe sits on the brink of war, reports this week show that 74% of ransomware revenue goes to Russian-linked hackers. With Russia, China, the USA, and Iran ranking in the top 10 countries with the most hackers globally.  What is a hacker? A cyber hacker is any unauthorised user who breaks into an individual’s or organisation’s computer systems. They often install dangerous malware such as Trojan Viruses or Ransomware without the owner’s knowledge or consent to steal, change or destroy information. Generally, hackers have high technical ability and expertise to breach security software and access personal or confidential information. Are all hackers bad?  Perhaps somewhat surprisingly, there are good and bad hackers out there, and different types of hackers have different motivations for their activity. Here we explore a few: Black Hat Hackers: These are the bad guys. They intend to use scams and hacks to steal funds or sensitive information from individuals, businesses and banks, either to make money by stealing it directly from hacked accounts, selling the information they access to other organisations on the dark web for a profit, or by holding the victim to ransom, demanding cash to remove the malware they install. Nation-State Hackers: Some countries have officially employed hackers to carry out government-backed cyber-attacks with the aim of either releasing information to the public to cause political unrest in an enemy state or attacking an enemy country’s websites and servers to cause disruption. They may also use the opportunity to gather military intelligence information. While this is still criminal activity, it could be argued that these hackers are classed as good or bad depending on who’s side you’re on. Corporate Espionage: Employed by companies, these types of criminal hackers are mainly tasked with stealing intellectual property such as trade secrets, business plans or financial data from competitors to gain a competitive advantage or damage another company’s reputation. Hacktivists: Not driven by money and perhaps in some cases with good intent, these hackers often work in groups to make a political, ethical or social statement. They tend to either publicise hacked information that will embarrass an organisation or create mayhem by disrupting a company’s computer network and making changes to their website to post their message. Both are intended to advertise their cause and expose what they consider wrongdoing. Revenge Hackers: Some hackers want to take revenge on an individual or organisation they feel has wronged them somehow. Motivated purely by anger, this type of hacker is just looking to inflict virtual pain on the victim through methods such as locking their devices, deleting data or even hijacking their social media accounts to post inappropriate content. Just for Fun!: There are hackers out there who like to cause chaos. They want to challenge themselves and prove to fellow hackers what they are capable of to gain notoriety. They don’t have any real motivation other than infamy and their thrill from creating disruption. White Hat Hackers: This is the only type of hacking that is considered legal. White hat hackers are usually computer security experts companies employ to protect from cybercriminals. They use the same methods as illegal hackers but with the organisation’s permission, looking for gaps in a network’s security to prevent or fix any threats to the system.  Red Hat Hackers: Like White Hat Hackers, these are vigilantes who take it upon themselves to hack into networks to fight off the Black Hat Hackers of their own volition. The difference is that they are not invited to do so and often cause as much harm as they do good by employing quite ruthless techniques such as installing additional malware to counter the original threat. Therefore, this is still classed as an illegal activity.  How to protect your business Hackers will always find new ways to break into computer networks but keeping your cyber security updated is key to combating the problem. Installing the latest security software and regularly backing up data can both assist with this, as well as the option to employ White Hat Hackers to look for holes in your security systems if your budget allows.  Educating staff in best practices with their devices is another good way to avoid possible hacking issues, including being mindful of opening links or attachments from unknown email addresses, using passwords and encryption to protect sensitive information, only downloading apps from reputable sources and avoiding logging into accounts while using public WiFi. No system is entirely safe from hackers, but understanding their motivations and what measures to input to combat the problem can help keep your computer systems safe. If you are looking for a new role in cyber security, risk, compliance, IT or any other business function, get in touch with McGregor Boyall today to discover how our expert team can help.

Inflation in the UK has hit its highest level since 1992, with a rate of 5.4% recorded in December 2021. A mixture of post-pandemic consumer spending coupled with supply chain issues and a rise in gas and oil prices has pushed up the cost of goods and energy, causing inflation to increase to almost record levels, and The Bank of England predict that interest rates are likely to continue to rise further to around 7% by April 2022. This wouldn’t be such a problem if wages were rising at the same rate or better, but the latest official data shows that wages fell by 1% from November 2020 to November 2021, and when you adjust for RPI (Retail Price Index), average wages today are lower than they were at the time of the 2008 global financial crisis. This combination of high inflation and relative reduction in wages is causing a cost-of-living crisis in the UK. Many people are finding that they are simply bringing home less than they are spending on essential goods, food and bills, with costs only set to rise in the near future. However, another factor at play could mean that it’s the perfect time to look for a new job to combat the cost-of-living issue. Unemployment is low, companies are hiring, and due to various economic factors, including the after-effects of Covid, the job market is experiencing a war for talent.  While average wages for those already in-post are lower than they were a year ago, and although money isn’t the only tool companies are using to attract candidates and retain staff, there is a recent noticeable increase in wages being offered to new starters across many industries as businesses vie to secure the best talent. According to recent reports, wages for white-collar professionals are likely to increase by as much as 25% during the early part of 2022, with the most significant pay rises reserved for new starters. In the past year, wages for new starters grew by 6-8%, and those professionals who moved into ‘hero industries’ such as technology or health care saw pay hikes as high as +15-20%. Of course, as any responsible recruiter will tell you, a new role has to be the right career move for you in the longer term and not just based on financial gain. Still, there is perhaps no doubt that one way to stay ahead of the rising cost of living is to start looking for a new role sooner rather than later. At the same time, the market remains candidate-led, and the financial rewards on offer are greater, assuring a secure position for when the war for talent eases, and inflation starts to fall again. If you’re looking for your next career move or want to find suitable candidates for your vacancies, talk to our expert recruitment team who specialise in a range of professional services, including technology, marketing & HR and find out how McGregor Boyall can help you.

As war rages on in Ukraine this week, Western allies continue to impose sanctions on Russia to pressure Vladimir Putin and the Russian government into ending their invasion. One such measure is to ban Russia from SWIFT. What is SWIFT The Society for Worldwide Interbank Financial Telecommunication, SWIFT is a global payment messaging system that provides secure instant communications between financial institutions. It allows information about transactions to be exchanged real-time between over 11,000 banks in 200 countries, carrying around five billion messages per year. Although SWIFT doesn't manage accounts or hold funds, sending payment instructions speeds up and simplifies the process considerably, especially in the case of cross-border transactions, which saves banks and businesses vast amounts of time and money. The platform has existed since 1973 and is based in Belgium, overseen by the central banks of Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, Sweden, Switzerland, the UK and the USA. Why ban Russia from using SWIFT? Excluding Russian banks from using the SWIFT system will harm their ability to operate globally, adding time and cost to their transactions. EU Commission President Ursula von der Leyen said, "Cutting banks off will stop them from conducting most of their financial transactions worldwide and effectively block Russian exports and imports". US officials added that the EU, UK and US agreement to ban several critical Russian banks from using the platform "were framed to send the Ruble into free fall and promote soaring inflation in the Russian economy." And according to CBS News, the strategy seems to be working, with the Ruble falling about 30% against the dollar on Monday, making it worth less than 1 US cent. This sudden devaluation will have a knock-on effect on the Russian economy, meaning Russia will likely see a sharp rise in the cost of imported goods that the country relies upon, a hike in the price of overseas travel and currency exchange, and a reduced demand for Russian exports. Sadly those who will suffer most are the Russian people, many of whom oppose the war themselves, as they see their wages decline in worth and the cost-of-living rise along with the rate of inflation, but this will only aid the effectiveness of the sanctions by reducing public support for President Putin in his own country in addition to damaging the Russian financial system long term.  The measure has been proven to work in the past, with Iran being the only other country to be banned from Swift. It was excluded in 2012 as part of a package of sanctions associated with its nuclear programme and saw almost 50% of its oil export revenues lost and 30% of foreign trade. What is the potential broader impact? While Boris Johnson calls for the ban of all Russian banks from SWIFT, some EU countries, including Germany and France, have been slightly less enthusiastic about the idea. Although they fully support the cause, there are concerns from many EU countries who rely heavily on Russia as their primary provider of oil and gas. They fear finding alternatives and their ability to control energy prices that have already risen globally this year. In addition, there are concerns from businesses worldwide for whom Russia owes money as to how they would be able to retrieve their funds, with some observers suggesting that the risk of creating chaos in international banking is just too significant. So, what happens next is uncertain, especially as Putin's actions are unpredictable. If the war continues, there is a strong possibility that Russia could be banned from SWIFT entirely, causing a ripple throughout the financial world for a long time to come.   *The information contained in this article is for general information purposes only. McGregor Boyall provides the information, and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the article or the information contained in the article for any purpose. Therefore, any reliance you place on such information is strictly at your own risk. Through this article, you can link to other websites that are not under the control of McGregor Boyall. We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.