It’s never a good feeling when you receive a parking ticket. You may only be a few minutes late back to your car but if you’ve been issued with a penalty notice then there’s not a lot you can do apart from pay the fine. Similarly if you park in an illegal place and are issued with a penalty notice then again you’ll have to pay the fine.
So is this fair? Well I guess it is as you can argue that public authorities have an obligation to maintain parking order on the streets and police officers and traffic wardens in most countries have the power to issue fines for inappropriate parking.
But it’s December and the festive season is nearly upon us. Surely therefore there should be some festive spirit and there should be some leeway given on parking fines??
“Letting people off of a parking fine because it’s Christmas!” – well, that’s certainly a debatable point and I can’t see that happening in a lot of places.
Over in America though one Authority is offering a middle ground when it comes to parking tickets.
The City of Lexington Parking Authority in Kentucky has launched a “Food for Fines” scheme.
From 16 November to 18 December, anyone who receives a parking ticket issued by the Lexington Police Department or parking authority will be able to pay for it using cans of food instead of cash.
The food donated will be passed to the local food bank where it will then be donated to people in need (there are 4 food banks in Lexington and they provide over 120,000 meals a day to people across Kentucky).
For every 10 cans of food donated, $15 will be taken off of the parking fine.
This is the second year the scheme has been in operation and Gary Means, Executive Director of LexPark said “Last year, citizens brought in over 6,200 cans of food as payment for over 600 meter citations”.
That’s an impressive figure and I wonder whether the local shops will be stocking up on very small cans of food in anticipation of a similar number of parking violations…
https://www.theexpgroup.com/wp-content/uploads/2015/12/Parking-fines.jpg5961059Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-12-07 18:39:462015-12-07 18:39:46Using food to pay a fine.
Cash flow can be a real challenge for businesses. Smaller ones especially can find it very tough to get paid on time and bigger organisations can sometimes dominate the relationship.
After all, if for example you’re an individual freelancer and are negotiating with a large company for work you will find it tough to get short settlement terms. Also, if the big company is late in paying it’s very difficult for the smaller party to “force payment”. Going to court for payment of a relatively small amount of money isn’t cost effective as the legal fees would far outweigh the money owed.
Reddit user absando is a freelance web designer and recently posted a great illustration of how he dealt with things when a big company “forgot” to pay him.
He posted that ‘I used to do freelance translating work a few years ago and I finished a 1,200 word technical manual for an Indian client that had good reviews on their industry profile. Normally payment for freelance transitions can range between 30 to 60 days, and under my contract they had 60 days to pay the amount.’
Straight away we can see that absando has a tough time as 60 days isn’t a particularly short payment term.
Things got worse for him though.
He continued explaining ‘Fast forward to the 65th day since I delivered the project and I didn’t hear anything from them. After multiple phone calls, e-mails and Skype messages, I received no word from the client so I decided to give up, write a negative review and move on.’
Whilst a lot of people in that situation would have had to write off the debt, absando was lucky.
Six months later the same company got in touch with him and obviously forgot that they hadn’t paid him last time. This time the project was for some web design work and he played it really well as rather than ask for the money he was owed, he kept quiet about it and got on with the project.
In a stroke of genius though he completed the project on time but didn’t send it all in. Instead, he changed the lock screen to the fine piece of artwork shown above.
He continued: “Surely enough a couple of hours from the deadline the translation company was frantically trying to reach me, sending emails and even trying to call my American number. They were freaking out because the project was due for their client on the very same day, and if they didn’t get it they’d lose their business with them.
I gladly responded, saying: ‘Hey remember that freelancer you stood up 6 months ago, yeah that’s me. I have your project ready to go, but you need to pay me for my previous work PLUS interest.”
Needless to say the cash was deposited into his account within 30 minutes.
https://www.theexpgroup.com/wp-content/uploads/2015/12/lock-screen.png5951058Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-12-03 19:53:312015-12-03 19:53:31Don’t upset your web developer.
What type of business would you say Adidas and Nike were in?
Are they sportswear brands, fashion brands or both?
I think it’s fair to say that they segment their markets pretty well and have both sports and fashion markets under control.
Last year Adidas spent more than 13% of their annual sales on marketing (the industry average is 10%) and they have just announced a “new signing” who is going to cost them a significant amount of money.
Kayne West, the world class sportsman renowned rapper will be the face of Adidas’s new Yeezy range of clothing and footwear.
Now, whilst you’re unlikely to see many top sportsmen wearing the Yeezy clothes and shoes whilst playing sport, Adidas are no doubt expecting to sell plenty of the Yeezy branded products to people who will be buying them for their cool factor (I appreciate that the definition of cool is a subjective matter and I’ll leave it up to you to decide whether or not you consider Kayne West to be cool…).
The amount that Mr West will receive has been kept confidential but it’s clearly not going to be an insignificant amount. He previously was an ambassador with Nike where according to sneakernews he was offered $4million per year to stay with them but he turned them down.
So, Adidas are using Kayne West to help promote their products to the “people who like Kayne West segment” but there’s another segment that is seeing some change.
The woman’s sportswear segment has to a certain extent been neglected by Adidas and Nike over recent years. Despite Adidas linking up with Stella McCartney (the famous designer and daughter of the Beatles singer Paul McCartney), competing brands such as Sweaty Betty and lululemon have experienced significant growth following their focus on the higher quality end of the ladies sportswear market.
To try to get a bigger share of the ladies sportswear market and to counter the threat that Sweaty Betty and lululemon are creating, Nike has announced a collaboration with Japanese fashion label Sacai (a brand I’m led to believe enjoys cult like status amongst certain fashion aficionados and as the images above from the Sacai Facebook page show, have very fashionable outfits).
Going back to Adidas and Nike, one thing is for sure and that is that both companies have changed beyond recognition from when they were set up.
In the 1920s in Germany, brothers Adolf and Rudolf Dassler set up a shoe making business but soon fell out with each other and went their separate ways.
Adolf (Adi) Dassler kept the original company but renamed it Adidas (named after his first name and part of his surname) whilst Rudolf left and set up the sportswear brand Puma.
Whilst Adidas and Puma were set up by brothers, Nike has an altogether different background.
Nike, was established in 1962 by Phil Knight, who incidentally was an accounting major, and is one of the best companies in the world in terms of getting its marketing just right.
That leads to my final observation and that is the fact that Nike do tend to get their marketing right. Will it necessarily be a bad thing for them that Kayne West has left them and is now with Adidas?
https://www.theexpgroup.com/wp-content/uploads/2015/11/sacai-nike.png7631356Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-11-04 18:35:192015-11-04 18:35:19Adidas and Nike – who’s going to win this one?
Are you Facebook friends with a colleague at work? Have you ever been tempted to unfriend them?
Whilst unfriending someone on Facebook only involves a simple click, the Fair Work Commission (an employment tribunal) in Australia has found that unfriending a colleague on Facebook was workplace bullying.
Rachel Roberts worked at the Australian estate agent View and alleged that the firm’s owner and his wife had subjected her to workplace bullying on 18 separate occasions.
Rachel Roberts argued that amongst other things James and Lisa Bird deliberately left her work unprocessed for more than a week and refused to showcase her properties in the business’s front window.
Perhaps the most interesting allegation though was that after a meeting between Ms Roberts and Mrs Bird where Mrs Bird described Ms Roberts as “a naughty little schoolgirl running to the teacher,” Ms Roberts tried to leave the room but was initially prevented from leaving by Mrs Bird standing in front of the door.
She eventually managed to leave the room and was sat in her car in a “very distressed state” when it occurred to her that Mrs Bird may make a Facebook comment about the incident.
Miss Roberts went on to Facebook to check for any comments but found that she had… (wait for the drama to unfold)… been unfriended by Mrs Bird.
Yes, shock of all shocks but she had been unfriended on Facebook…
Now, whilst a lot of you may well be thinking that being unfriended on Facebook isn’t a major deal, the Fair Work Commission specifically cited the Facebook unfriending in its decision, saying that it evidenced “a lack of emotional maturity and is indicative of unreasonable behaviour.”
Now, before everyone starts worrying about which colleagues they are friends with on Facebook and whether or not they should unfriend them, it’s worth noting that the Facebook unfriending incident in this situation was one of 8 occasions when it was considered to be “unreasonable behaviour”. In other words, it’s unlikely that unfriending someone in isolation would be considered to be bullying.
https://www.theexpgroup.com/wp-content/uploads/2015/10/office-friends.jpg7891403Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-10-12 18:35:232015-10-12 18:35:23Is it a good idea to unfriend a colleague?
Is this a clever way to improve productivity or a big brother surveillance system creeping into corporate life?
Humanyze, a technology company, produces devices which monitor the activity of employees and one of the more well known companies that has used it recently is Deloitte in Canada where volunteers in their St John’s, Newfoundland office wore the devices which are like oversized ID cards.
According to Humanyze their “social sensing platform” uses a variety of sensors and is capable of capturing face-to-face interactions, extracting social signals from speech and body movement, and measuring the proximity and relative location of users.
They combine these with other data sources such as electronic communications, objective productivity metrics, and spatial analysis to provide insights on how complex work gets done in the modern organization.
CBC Canada reported that the Deloitte team in Newfoundland were changing from a traditional cubicle office layout to an open concept space and the Humanyze badges were used to measure how well employees were performing in the new layout.
The participation by the Deloitte staff was optional and they were provided with contracts that made them the owners of the data.
All the information was collected anonymously and the employees were given personalised dashboards that showed their performance benchmarked against their colleagues.
Silvia Gonzalez-Zamora, an analytics leader at Deloitte said that “The minute that you get the report that you’re not speaking enough and that you don’t show leadership, immediately, the next day, you change your behaviour. It’s powerful to see how people want to display better behaviours or the behaviours that you’re moving them towards.”
So, is this a clever use of technology or the first step towards big brother monitoring?
Either way, I guess it may help identify the office winner of the “who spends the most time in the toilet award”…
https://www.theexpgroup.com/wp-content/uploads/2015/10/trendy_office.jpg8441500Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-10-08 16:12:222015-10-08 16:12:22Improving productivity or big brother surveillance?
How much holiday would you take in a year if your boss said you could take as much as you liked?
If it were me, I’d become a virtual stranger in the office given the number of days I would be lounging about on holiday.
In reality though the few companies who are offering their staff unlimited time off are actually finding that their employees are taking fewer days holiday when they are given the option of taking as many days off as they like.
Bloomberg has reported that Grant Thornton, the 6th largest accounting firm in the US has just announced that they will be offering their US staff unlimited time off.
GT has launched a video of some of their staff being told the news and perhaps unsurprisingly they seem happy (possibly also, a little unsure as to whether the person behind the video camera had been drinking and was making the whole thing up…)
Bloomberg reports that When it comes to the Big 4 accounting firms in the US, KPMG LLP offers a maximum of 30 days, Deloitte LLP has a maximum 35 days and PwC has a maximum of 22 for management level staff, according to the companies. EY has a minimum of 15 days with additional days added with years of service.
GT though are no doubt hoping their new holiday policy will make them a more attractive employer and Pamela Harless, chief people and culture officer for GT said “This is a modern move for an industry where these types of benefits aren’t really common”. GT are “convinced it will help us to be far more attractive in retaining talent as well as attracting talent.”
What is perhaps surprising though is that for the very small percentage of companies who already offer their employees unlimited holiday entitlement, their experience has been that the number of days taken as holiday as actually fallen since unlimited time off was introduced!
Haje Jan Kamps, the founder of Triggertrap identified this problem and highlighted that “Because we weren’t explicitly tracking, people felt guilty about taking time off. It also turns out that there was a difference in the patterns for how people took time off: Some were taking a week here and a week there, but others were just taking the odd day.
The problem with the latter is that it seemed like they were always away. That’s OK, of course, but if other members of the team feel as if someone’s taking the piss, that’s bad for morale all around.”
In summary though, an interesting development for GT and well done to them for launching such an initiative with the aim of incentivising and motivating their staff.
One interesting final question though – if you could take as much time out of the office as holiday without it affecting your career prospects, how much would you take?
https://www.theexpgroup.com/wp-content/uploads/2015/10/office_holiday.jpg8451500Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-10-05 15:51:092015-10-05 15:51:09How much would you really take?
Imagine the scene. You want to go to a music Festival but the tickets are expensive.
What do you do?
I know. Why don’t you pay for the tickets with blood rather than money?
Now whilst this statement may sound a bit weird, some creative minds behind the Untold music festival in Romania have come up with an excellent idea which is a classic win – win situation.
In fact, rather than a win – win situation it’s more of a win – win – win situation.
So who are the three winners in this situation?
The organisers of the festival identified the fact that Romania has one of the lowest percentages of people who donate blood (Romania ranks second to last in Europe regarding the number of blood donors with only 1.7% of the population donating blood) and came up with a novel way of helping to increase the amount of blood donations.
They offered free tickets and discounts to people who donated blood.
It was reported that up to 500 people donated blood so all in all a very successful project.
The Blood Transfusion Service was a winner as it received more blood and importantly raised awareness of the need for more blood.
The organisers of the festival were winners as this was a very slick piece of PR for a first-time festival and despite having top DJs such as Avicii and David Guetta headlining the event it was great to have national and global publicity as a result of this.
The third winner were the individuals who gave blood and obtained free tickets.
Mysteriously though, was there a fourth winner?
It hasn’t gone unnoticed that the festival took place in Transylvania which is the home of Bram Stoker’s legendary Dracula.
Dracula survives by drinking fresh human blood.
Was this in fact a ploy to build up the stocks of blood for the mysterious Count Dracula…
https://www.theexpgroup.com/wp-content/uploads/2015/09/blood_payment1.png476847Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-09-01 17:11:172015-09-01 17:11:17Does this winner only go out at night?
The major stock markets around the world have had a rough ride this last week. The drop in share prices has been driven by the heavy falls on the Chinese stock market. At the time of writing the Shanghai Composite index (a stock market index of all stocks that are traded at the Shanghai Stock Exchange) has fallen by nearly 16% over the last week.
If you read the financial press words such as “bear market”, “bull market” and “correction” are being used a lot.
What do these phrases mean and where do they come from?
A bear market is where share prices are falling and is commonly regarded as coming into existence when share indexes have fallen by 20% or more. A market correction is similar to a bear market but not as bad (a market correction is where there is a fall of 10% from a market’s peak).
A bull market on the other hand is where share prices are increasing.
So, where do the phrases bear market and bull market come from?
There are two main views on the origin of these terms.
The first view is based on the methods with which the two animals attack. A bear for example will swipe downwards on its target whilst a bull will thrust upwards with its horns. A bear market therefore is a downwards market with declining prices whilst a bull market is the opposite with rising prices.
The second view on the origin is based around the “short selling” of bearskins several hundred years ago by traders. Traders would sell bearskins before they actually owned them in the hope that the prices would fall by the time they bought them from the hunters and then transferred them to their customers. These traders became known as bears and the term stuck for a downwards market. Due to the once-popular blood sport of bull and bear fights, a bull was considered to be the opposite of a bear so the term bull market was born.
Whatever the actual origin of the terms though I’m sure most people will be hoping for a bull market rather than a bear market.
https://www.theexpgroup.com/wp-content/uploads/2015/08/bear-market.png9641714Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-08-26 13:50:212015-08-26 13:50:21Is it a load of bear or a load of bull?
Gorillas are the largest member of the primate family and 98% of their DNA is the same as humans. They are amazing animals but unfortunately they live in areas of the world that have suffered from genocide, war and natural disasters. They are on the verge of extinction and have been classified as critically endangered on the IUCN Red List of Threatened Species.
There are less than 900 mountain gorillas left in the world today.
This really is a shocking statistic but luckily there is hope out there.
The not for profit (charity) industry is a significant sized industry. The latest reported figures for the UK alone show that there are over 164,000 registered charities with a combined annual income of £64 billion.
Although these organisations are not for profit organisations they share a lot of business characteristics with commercial organisations but there is one key difference.
Commercial (for profit) organisations generate revenues and incur expenses. The expectation is that the income they generate will exceed the expenses incurred and as a result there will be a profit for the shareholders.
Not for profit organisations also generate revenues and incur expenses. The key difference though is that the focus isn’t on making a profit. Instead, they aim to have as high a surplus as possible between their revenue and their expenses so that this surplus can be spent on supporting the causes they want to support.
The revenue for a not for profit organisation includes for example donations from the public whilst the expenses would include the costs of running the charity such as staff salaries and office rental expenses.
In simple terms therefore, the more a charity can increase its income whilst keeping their expenses as low as possible means that they will have more to spend on the causes they are supporting.
One of the challenges facing charities in today’s environment is getting awareness of the work they do to the public in the hope that the public will help with donations. Awareness and PR campaigns can be very expensive and are out of the reach of most charities.
The Gorilla Organisation is an excellent charity. They have a team of hard working inspirational people who are doing as much as they can to help the critically endangered species. The brains behind the Gorilla Organisation have recently pulled together some fantastic volunteers who also just happen to have some amazing talent.
Some famous actors, producers, directors, editors and creatives have all got together to produce a series of short films.
If you go to mygorilla.org you can see some marvellous short videos featuring an extremely talented Gorilla called Toby.
As well as being the creators of what is in my opinion without a doubt the best series of short gorilla films, the Gorilla Organisation also hosts the iconic Great Gorilla Run where thousands of people dress up as Gorillas and run around the City of London.
In the film below, Toby the Gorilla is promoting the Great Gorilla Run as well as showing off his skills on the piano.
For details on the fantastic work the Gorilla Organisation does visit gorillas.org.
The image at the top of this post is courtesy of the Gorilla Organisation.
https://www.theexpgroup.com/wp-content/uploads/2015/08/gorillas-org.jpg9821745Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-08-13 15:07:532015-08-13 15:07:53Is Toby the Gorilla more talented than you?
You don’t have to be working inside a company to be charged with insider dealing.
Insider dealing is where a person uses information which is not in the public domain to make money out of share price movements.
A typical example of insider dealing would be where an individual works for a company whose shares are quoted on a stock exchange. The individual becomes aware that the financial results of the company which are about to be released to the public are better than expected. Before this information is made public though the individual buys shares so that he or she can sell them for a profit when the unexpected good news about the financial results is made public and the share price increases.
In other words, the individual is making a financial gain by “dealing” in shares using information which is “inside” the company and not available outside of the company. Hence the name “insider dealing”.
Insider dealing is illegal and action taken by the authorities against individuals involved in insider dealing is normally taken against employees of the company in question who are undertaking the insider dealing and / or their friends or associates who may have been involved in the insider dealing activities.
Recently though there was an unusual case where it was announced that federal investigators in the US had broken an insider trading gang who had a rather different approach.
Their unusual approach was that rather than working for the organisation who were about to release their results the gang instead hacked into the systems of financial newswire services to get hold of press releases of companies who were about to release their financial results.
The key thing though was that by hacking into the systems of the newswire services they got hold of these press releases before they were made public and used the information in the press release to purchase shares before these shares increased in value once the results were made public by the press release.
This was a pretty sophisticated criminal activity as it was reported that more than 100,000 press releases were stolen and as a result over $100 million of illegal profits were made by the gang.
The gang was said to have been run from Ukraine and 32 people have been charged in connection with the offence.
In conclusion therefore, you can be outside the company and still be charged with insider trading.
https://www.theexpgroup.com/wp-content/uploads/2015/08/insider-dealing-example.png457813Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-08-10 19:19:492015-08-10 19:19:49They are outside but still inside.
If you wanted to buy clothes 10 years ago the chances are that you would have purchased them in a shop. Nowadays though things have changed and in a lot of countries internet shopping is incredibly popular.
After all, why travel to the shops, try to find somewhere to park and then purchase your items when instead you can order the items in the comfort of your own home and they can be delivered to you the next day.
One challenge though is the delivery the next day as where will you get your shopping delivered? If you’re at work you don’t want your shopping delivered at home as you’re not there. The obvious solution is to get your internet order delivered to your office.
Well, if you thought that getting your internet shopping delivered at work was a good idea then you are not alone. According to the office for National Statistics in the UK, 75% of Britains have brought at least one item online during the last year and a lot of them are getting their shopping delivered to the office.
That’s great news for the companies that are selling online (more sales means more revenue), great for the buyer (items delivered to the office so no waiting at home for the postman) but it’s not so great for the employers.
The cost and security implications for handling all the personal parcels delivered to offices have caused a number of firms to tell their employees to stop having personal items delivered to the office.
In Canary Wharf, the east London financial centre, there were reportedly more than 130,000 parcels delivered in the last year alone. One Canada Square (the main office building in Canary Wharf) has over 11,000 deliveries per month with an estimated 30% of these being private parcels.
The extra cost of receiving, storing and security testing these parcels has resulted in a number of companies telling their staff not to have personal parcels delivered to the office. HSBC, Citigroup and JP Morgan have all now instructed their employees not to have personal parcels delivered.
Is this a good move in that it helps keep control of costs and minimize security risks or is it a bad move in that it could demotivate staff?
Only time will tell but one thing for sure is that other organisations are not standing still.
Doddle, which is a collection service where parcels can be delivered and people can pick them up has recently opened a depot at Canary Wharf. My guess is that they will soon have plenty of people picking up their parcels which can no longer be delivered to the office.
https://www.theexpgroup.com/wp-content/uploads/2015/08/parcel-deliveries.png484861Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-08-07 20:25:372015-08-07 20:25:37No personal deliveries to the office please.
Her full name is Barbara Millicent Roberts. She’s 56 years old and has had over 150 different careers including being a lifeguard, a doctor and a Spanish language teacher. Perhaps most impressively of all she travelled into space in 1965, four years before Neil Armstrong walked on the moon.
She’s managed to do all of this despite being only 29 cm tall.
The Barbie doll is the centrepiece of many a child’s toy cupboard and it’s been estimated that over a billion of them have been sold in more than 150 countries since they were first introduced in 1959.
There have been a number of business issues faced by Barbie recently. Even though there’s an Accountant Barbie, I should in fact clarify that and say that there have been a number of business issues faced by Mattel, the owner of the Barbie brand.
Some of you may have heard of Bratz dolls.
Bratz dolls were a competitor to Barbie dolls back in the early 2000s and they were pretty successful. They were so successful that by 2004 they had taken more than 40% of the UK toy doll market and had in fact also taken the top spot for sales of dolls which had been held by Barbie since records began 10 years earlier.
In 2006 Mattel sued MGA Entertainment, the owners of the Bratz brand as they claimed that the Bratz doll creator Carter Bryant was working for Mattel when he developed the idea behind Bratz.
In essence Mattel argued that as they were paying Mr Bryant to work on Mattel matters and not those of another venture the Bratz doll idea was Mattel’s and not MGAs.
Back in 2008 a Californian judge agreed with Mattel’s claim and told MGA to stop making and selling Bratz dolls and also ordered MGA Entertainment to pay Mattel $100 million in damages.
However, MGA weren’t happy with this decision and the case went back to court in 2011 where a federal jury delivered a verdict supporting MGA.
Now whilst the court cases between Mattel and MGA are all very interesting, if you’re a parent of a young daughter what is probably of more relevance is that the Bratz dolls are being relaunched onto the market this coming weekend.
So, if you’re queuing up with your daughter to buy a Bratz doll this weekend you can impress her with your background knowledge of who owns the brand as well as let her know that the UK doll market is the second largest and second fastest growing segment of the UK toy market and has grown 11% over the last year to reach £288m.
I’m sure she’ll be very impressed with your discussion and won’t at all be interested in the doll she’s about to get….
https://www.theexpgroup.com/wp-content/uploads/2015/07/barbie_accountant_l.png548974Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-07-23 11:34:382015-07-23 11:34:38An impressive lady but competition is coming.
Picture the scene. It’s the office Christmas party and you’ve had a couple of drinks. You’re relaxed and are having a good time.
So far so good but what would you do next?
a) Carry on in a chilled relaxed way to enjoy yourself and celebrate the festive period, or
b) Drink too much, tell one of the directors of the company and a senior project manager to (rude word removed so as not to offend any of our readers) off, make a female colleague cry by telling her that she was a stuck up (another rude word deleted), keep on pestering another female colleague to go horse riding together, hold another female colleague’s face in your hands and kiss her on the mouth and then finish the evening off by asking another female colleague what colour underwear she was wearing.
Whilst most normal people would opt for option a), Stephen Keenan, a team leader at Leighton Boral and Amey Joint Venture in Australia chose option b).
Mr Keenhan had reportedly had about 10 beers and one vodka and was by all accounts extremely drunk.
Telling a director to “go forth and multiply” as well as insulting female colleagues and kissing them against their wishes isn’t the most impressive way to act during a Christmas party and it was probably no surprise when he was called into the office on his return to work after the Christmas break to be told that he would be dismissed for sexual harassment.
However, what will probably come as a bit of a surprise though was that he made a claim for unfair dismissal at the Australian Fair Work Commission (FWC) and surprisingly enough he actually won his case.
Yes, despite insulting a number of his colleagues and trying to kiss a female colleague against her wishes he won his case for unfair dismissal.
Adam Hatcher, a vice-president at the FWC found that none of the incidents were valid grounds for dismissal and concluded that Mr Keenan had been unfairly dismissed.
The FWC tribunal found that there was no evidence the board member took offence or remembered the incident. They also found that proposing to meet up with a colleague was not sexual harassment and the kiss occurred in the upstairs bar after the function had officially ended. As a result it was not connected to Mr Keenan’s employment.
Mr Hatcher also said that “In my view, it is contradictory and self-defeating for an employer to require compliance with its usual standards of behaviour at a function but at the same time to allow the unlimited service of free alcohol at the function,”
In other words, the employee couldn’t be held responsible as the employer had partly contributed to the actions by serving unlimited free drinks.
Now whilst Mr Keenhan is no doubt pretty happy about the decision (and in fact will probably head out for a few celebratory drinks…), the decision of the tribunal is causing a fair amount of concern for some people in Australia. After all, the fact that an employee’s unacceptable behaviour was excused due to free alcohol being supplied by the employer has led some to worry that to avoid such a situation in the future, Australian firms may stop providing free alcohol at their Christmas parties.
https://www.theexpgroup.com/wp-content/uploads/2015/07/drunk_businessman.jpg565848Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-07-19 10:06:302015-07-19 10:06:30How did he get away with this?
When you’re at work it’s always worth taking a step back and doing a reality check every now and then to check that everything is ok.
Steve Pallet, a Jersey politician is no doubt a busy man but he should have taken a step back to review things a couple of weeks ago.
Earlier this month, in what was probably one of the simpler tasks on his to-do list, he needed to fly from the UK to Bucharest, the capital of Romania to be present at the handover of the Dance World Cup.
This year’s Dance World Cup took place in Bucharest where nearly 3,000 competitors from 32 countries took place in the annual dance event.
Jersey is hosting next year’s Dance World Cup and Mr Pallet was flying to Bucharest to attend the official handover where he was due to make a speech and receive a special flag from his Romanian hosts marking the fact that Jersey will be hosting the next World Cup.
You’re probably thinking that there’s nothing particularly difficult about flying from one country to another to give a short speech, receive a flag, shake a few hands and no doubt have a nice meal and a couple of drinks.
Whilst most people would probably agree with the assumption that it was a fairly simple exercise, Mr Pallet decided to prove everyone wrong. Instead of flying to Bucharest in Romania he flew to Budapest, the capital of Hungary which is about 500 miles (800 km) short of where he should have been.
Mr Pallet only realised his mistake as his plane was coming in to land in Budapest. It was too late for him to arrange transport from Budapest to Bucharest and as a result he was unable to accept the official handover of the World Cup flag.
When the news of his error broke he pointed out that the flight booking had been made by a colleague of his but this isn’t really a particularly good excuse as it was him personally who got on a plane flying to the capital of Hungary expecting to land in Romania.
He did apologise though and said “It is really disappointing, I have to apologise for wasting taxpayers’ money and for letting down the Dance World Cup. I don’t know the exact cost as I’ve still got some figures to come back, but it won’t be less than £1,000. All I can do is apologise for what is a schoolboy error.”
He mentioned it was a “schoolboy error” but given Mr Pallet’s geographical knowledge (or rather, his lack of geographical knowledge), then I guess he probably made plenty of schoolboy errors in his geography lessons at school.
https://www.theexpgroup.com/wp-content/uploads/2015/07/dancing_businessman.jpg464825Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-07-15 01:18:532015-07-15 01:18:53Dancing towards a big mistake.
I’ve checked the calendar and it’s July. It’s not April or to be more precise, it’s not 1 April.
It may sound like an April fool’s joke but it’s not.
Carlsberg, the famous Danish beer company has just released a new product.
“A new product?” I hear you say.
What would be a suitable new product for a beer company?
Some of you may be thinking that it’s a new flavour of beer or maybe a complimentary product such as a “stay chilled beer glass” but no, Carlsberg have taken the concept of brand extension a step further.
They have just announced the launch of a series of male grooming products. Yes, shampoo and body wash for men made out of Carlsberg beer.
In a partnership with cosmetics producer Urtegaarden, Carlsberg has launched a product range which contain the main ingredient found in Carlsberg lager (barley, hops and yeast) but instead of producing it in such a way that you drink it, it is produced in such a way that you rub it on your hair or body to wash.
Now, whilst some of us have no doubt ended up with beer on our hair and/or body when we were younger this time it would be a deliberate move to keep clean.
A survey conducted by Epinion found that 65% of men in the UK were daily groomers and nearly half of the men used their girlfriends or wives grooming products on a weekly basis.
Zoran Gojkovic, who not only has a great job title being “Director of Research at Carlsberg Laboratories”, was also quoted as saying “Men do care about looking good, but they often seem to lack alternatives to the more female-friendly beauty options available. And what better way to give them just that, than to introduce a grooming series made from beer?”
Each product in the Beer Beauty series contains 0.5 litres of real Carlsberg beer which is freeze-dried into powder and then mixed with organic ingredients in order to create products including shampoo, conditioner and body lotion.
More details can be found here and will this mean that wives and girlfriends the world over will no longer be criticising men when they say they “stink of beer”?
https://www.theexpgroup.com/wp-content/uploads/2015/07/Carlsberg_Beer_Beauty_Series_16_9_low.png478850Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-07-03 07:36:502015-07-03 07:36:50Is it a good thing to be smelling of beer?
She is the first female boss of a major accountancy company in the UK and Sacha Romanovitch is doing things differently.
At 47, Sacha who heads up Grant Thornton in the UK is one of the youngest leaders of a major City firm and has certainly got some innovative views in terms of how she plans to run Grant Thornton.
She has just announced a profit share scheme for the whole business which could boost salaries by 25%. She will oversee a “shared enterprise” scheme which will allow future profits to be shared between all of its 4,500 staff instead of being restricted to the most senior staff.
Ms Romanovitch was quoted as saying “The benchmark that we are working to is that in great organisations that do this, it ends up being between 10 and 25 per cent of a person’s salary. That is what they can potentially earn as a profit share. John Lewis [a prestigious UK department store] does it, Arup [an engineering firm] is the other one that does it really well.”
She has also announced plans to “crowd source” new business ideas and to consider allowing lower ranked staff to join board meetings.
In a move which will no doubt endear her to the team at Grant Thornton she has also agreed to cap her own salary. She has stated that her salary will be limited to a maximum of 20 times the average salary in the company.
This is an admirable move, especially when you consider that bosses of FTSE 100 firms (the largest 100 stock exchange quoted companies in the UK) have on average a salary which is 149 times the average salary in their respective firms.
In a recent newspaper interview Ms Romanovitch, who is a married mother of two and who works from home in the beautiful county of Devon on Fridays, said she was a fan of social media and thinks firms that restrict staff use of social media are wrong.
She said “A lot of firms don’t let their people use social media because they’re worried that they will say something they shouldn’t.
I find that a bit scary. I employ great people. If I was worried that they were going to say something on social media that they shouldn’t, I’d question whether I should employ them at all.”
Congratulations on a great start Sacha and if you’re interested, the marvellous photo of Sacha at the top of this article is from her twitter page which can be found here.
https://www.theexpgroup.com/wp-content/uploads/2015/07/Sacha-Romanovitch.png6971239Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-07-01 09:57:152015-07-01 09:57:15A very forward thinking leader…
It’s a great life being an auditor. You visit your clients and can ask as many questions as you like.
After all, your job is to confirm the accounts are showing a “true and fair view” or to be more precise, your job according to “International Standard on Auditing (ISA) 700, Forming an Opinion and Reporting on Financial Statements”, is to “form an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.”
So, that’s the job of the auditors.
Who checks the quality of the audits though?
In the UK, the Financial Reporting Council (FRC) undertakes annual quality inspections of the largest auditing firms in the UK including Deloitte, EY, KPMG, pwc and a number of mid tier firms.
The latest annual report has been released and whilst there has been an improvement in the performance compared to previous years with 67% of all audits inspected in 2014/15 being assessed as either good or only requiring limited improvements, 33% of the audits inspected fell below the highest standards set by the accounting regulator and were classified as either requiring improvements or significant improvements.
Let’s just pause there for a moment.
What this is saying is that one in every three audits undertaken by the leading accounting companies in the UK have been classified as needing improvements or even worse, needing significant improvements.
Three of the more common issues identified in the report were:
Insufficient scepticism in challenging the appropriateness of assumptions in key areas of audit judgement such as impairment testing and property valuations.
Insufficient or inappropriate procedures being performed. This is common to many areas including revenue recognition.
The failure to adequately identify the threats and related safeguards to auditor independence and to appropriately communicate these to audit committees.
The FRC do however appear to be trying to improve things and have introduced various initiatives.
For example, they now “require firms to develop action plans to address the weaknesses identified in individual audit engagements and firm-wide procedures”. In conjunction with the development of these action plans they now require firms to undertake a detailed rootcause analysis of the factors contributing to the issues arising from the inspections and those action plans together with the related analyses will then be subject to follow-up inspections.
If you’ve just had a baby the concept of taxation is probably one of the last things on your mind but for anyone who has purchased a SnuggleBundl for their baby there is an interesting link to taxation.
According to the manufacturers the SnuggleBundl is “the world’s first lifting wrap for babies. This beautiful multi-award winning hooded baby garment ties at the front and the soft, strong handles on this wearable wrap let you lift and lay your baby so gently that they’ll stay sleeping”.
It seems that they have been selling very well and there have no doubt been lots of parents, babies and possibly very small adults who are extremely pleased with the warmth and comfort of the SnuggleBundl.
The tax authorities though had different things on their minds. They were more concerned as to whether the SnuggleBundl was baby clothing or was a blanket.
And the reason the tax authorities were so concerned about the classification was because of?
Well, the reason was all down to VAT. As is the case in a number of countries, the UK tax authorities do not levy VAT on children’s clothes. They do however levy VAT at 20% on blankets.
The tax authorities claimed the product was a blanket whilst the company claimed it was clothing.
The simple difference was that if it was classified as clothing it would be sold for £34.99 whereas if it was classified as a blanket it would be sold for £41.99 (£34.99 plus 20% VAT of £7).
This difference in price would have a major impact on the number of SnuggleBundl’s sold as it’s a big difference for a parent if they have to pay £34.99 or £41.99 for the item.
Given that in both of these cases the company would end up with the same amount of money, it was obvious why the company wanted it to be classified as clothing (if the item was classified as a blanket and sold at £41.99 the £7 VAT would need to be paid over to the tax authorities by the company leaving them with £34.99).
In what no doubt caused a huge sigh of relief the company (plus a few happy gurgles by some babies) the company won the case and the courts found that the product was in fact clothing and not blankets.
The directors of the company can sleep peacefully now…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-06-13 09:57:262015-06-13 09:57:26Is it clothing or a blanket?
Keeping your clients happy is key in any business. Every now and then an organisation comes up with an extremely creative way of improving things for their clients.
Humanitas is a retirement home in Deventer in the Netherlands.
A retirement home is accommodation that has been designed to look after the needs of old people and whilst lots of these homes do a good job in terms of looking after their clients by way of the accommodation, food and medical support one area which is often lacking for the elderly residents is fresh communication.
In the Netherlands there is a shortage of accommodation for university students and Humanitas realised there was a nice opportunity to link the shortage of accommodation for students with the need for the elderly residents to have fresh communication.
Given that the retirement home had surplus rooms they have decided to let university students live at the retirement home free of charge. The only requirement is that they have to spend at least 30 hours per month acting as “good neighbours” to the elderly ladies and gentlemen they share the accommodation with.
Yes, the university students are being provided with free accommodation in exchange for agreeing to spend time with the pensioners who live there.
I think this is a really great idea and will benefit both the students and the pensioners.
Importantly though, will we see a sudden surge of pensioners taking selfies whilst wearing a traffic cone on their head and challenging each other to drinking games…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-06-09 09:53:342015-06-09 09:53:34Who would learn from who?
Be honest now – have you ever thought that it would be nice to be able to cheat in your exams and get away with it? Have you ever thought it would be great to be able to pass your exams with ease without putting in any real effort?
Well, if the thought has crossed your mind you are not the only one. The girlfriend of Ayan Zhademov thought it would be a good idea to cheat in her exams and she managed to persuade 20 year old Mr Zhademov to help her cheat.
Unfortunately for the lady (but fortunately for all the hard-working honest students who were sitting the exam) the plan wasn’t the smartest and her boyfriend didn’t look much like a woman.
“Didn’t look much like a woman” – why does it matter whether or not he looked like a woman I hear you say?
Well, the plan was for Mr Zhademov to pretend that he was his girlfriend and to sit her exam for her.
When the day of the exam came around, he wore her clothes together with a wig and lots of make-up.
It was reported that despite his efforts to dress up as a woman he simply look like a man wearing a dress and make-up which had been put on badly. The exam invigilators noticed something was wrong and became even more suspicious when he spoke as he had an extremely deep manly voice.
The end result was that he was caught out, his girlfriend failed her exam and he was fined £1,400.
The morale of the story is that it doesn’t pay to cheat and no matter how tempting it may appear to be, just don’t do it. Not even if your girlfriend or boyfriend is a genius and looks exactly like you.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-06-04 09:43:462015-06-04 09:43:46Not the brightest individual.
Those of you that are attempting the June 2015 ACCA exams will no doubt be feeling a mixture of emotions.
Some of you will be fully confident of passing although probably the majority of you are only hopeful of passing at this stage and are frantically trying to cram as much knowledge into your heads as possible by undertaking some last minute revision before the exams next month.
One of my students at a recent session was unfortunately ill during the run up to the exams and wasn’t feeling at all confident entering the exam hall. Pleasingly he managed to pass his exams and when he told me he the good news he referred to it as his “great escape”.
Hopefully you’ll be successful in your exams and won’t be relying on a “great escape” when you sit your papers but we’ve now released our ACCA exam tips for the June 2015 ACCA exams and the link to them is at the bottom of this blog post.
For those of you interested in seeing an example of a “rubbish escape” as opposed to a “great escape” the video below of two prisoners trying to escape from a New Zealand court makes nice viewing.
Good luck with your final revision and here are the June 2015 ACCA exam tips (after selecting this link, click on the paper you are interested in and the exam tips are on the right of that paper’s page).
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-05-27 09:40:512015-05-27 09:40:51ACCA exam tips released. Will you have a great escape or a rubbish escape?
The Institute for Religious Works, or as it’s more commonly known “the Vatican Bank”, has just released its latest set of accounts and they show a sharp increase in profits.
The bank has just reported net profits of €69.3 million for 2014 which compares very favourably with the corresponding figure of €2.9 million in 2013.
So what has caused the turnaround?
The bank has reported that the improved figures were as a result of a fall in operating expenses together with higher income from trading in securities.
Last year, the management of the bank was replaced as part of a clean up ordered by the Pope to remove corruption in the bank. The reforms also involved the bank bringing in anti-money laundering experts to screen all the accounts to ensure they comply with international laws governing the banking sector and the bank’s new standards for clients. Over 4,000 accounts have now been closed since 2013 and whilst the majority were dormant accounts, 554 accounts were closed because they did not meeting the bank’s new standards.
President of the Board of Superintendence, Jean-Baptiste de Franssu said that “The long-term, strategic plan of the Institute revolves around two key objectives: putting the interests of the clients first by offering appropriate and improved services and by de-risking the activities of the Institute”.
In summary, the bank seems to be doing much better now. If you are interested in opening an account with the bank though it’s worth noting that the use of the bank is limited to clergy, Vatican employees and staff at its embassies. There are now reportedly over 15,000 clients on the banks books.
More details on the Vatican bank’s accounts can be found here.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-05-24 09:36:422015-05-24 09:36:42The Vatican Bank releases their results.
How much do you get paid? My guess is it’s not as much as the chief executive of WPP.
Sir Martin Sorrell (pictured) is chief executive of the advertising business WPP and his annual pay has just been revealed in the company’s annual report.
His total pay was £42.98 million. In case you think that’s a typo – it’s not. He received nearly £43 million in pay.
As well as being the chief executive, Martin Sorrell is the founder of the company.
The company has grown significantly since it was founded in 1985 and it is now quoted and part of the FTSE 100 (the largest 100 companies on the London stock market).
As a result of being quoted there are numerous corporate governance requirements which need to take place. One of these is the disclosure of the directors’ remuneration policy in the published accounts.
Following the publishing of his remuneration package in the accounts it became apparent that one element of his package was very unusual.
Included within his remuneration package of $43 million is a payment to him in respect of his wife’s travel expenses. Now his wife’s travel expenses which were paid by his employer were pretty significant and definitely amounted to more than the occasional taxi journey. In fact, they amounted to £274,000!
That’s not a bad amount for travel expenses is it?
So, should you suggest to your boss at your next salary review that you should receive a travel allowance for your husband or wife?
My guess is that if you do, the response to your request would be fairly brief and probably include a rude word or two…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-04-30 09:16:002015-04-30 09:16:00Should you be able to get this benefit at work?
Let’s be honest now. Have you ever played around on the Internet whilst at work?
Most of us will probably have had a quick look at websites such as Facebook or news sites but it’s worth bearing in mind that most organisations have a policy which restricts looking at non-work related websites.
Some people will mistakenly think that if they delete the browser history it will remove all traces of what sites have been visited but the IT savvy people amongst you will realise that the history is stored on servers.
Three judges in the UK obviously didn’t realise their browsing history would be tracked and following an investigation they were fired as they had been viewing pornographic websites on court computers.
The court cases they were presiding over obviously weren’t exciting enough and they took matters into their own hands to liven up their days by viewing adult websites on the court computers.
One of the judges who was fired was called Timothy Bowles. In a bizarre coincidence there is in fact another judge in the UK with the same name.
You have to feel sorry for the innocent one of the two.
Imagine the scene, the innocent Timothy Bowles is sat at work when word goes around amongst his colleagues that Timothy Bowles has lost his job because he was looking at porn during working hours.
A frantic clarification was issued by the Judicial Conduct Investigations Office stating “that District Judge Timothy (Paul) Bowles who sat at Romford County Court and has been removed from office should not be mistaken for the High Court Chancery Master Timothy (John) Bowles. There is no connection between the two.”
So, in conclusion three judges have lost their job due to watching pornography on court computers.
There is an important lesson to be learnt from all of this and that is, if you’re going to look at pornographic websites in the office it’s best to do so using a colleague’s computer rather than your own…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-04-15 12:51:462015-04-15 12:51:46This is one way to lose your job…
As you progress through your career there’s a good chance that at some stage or another you’ll have to make a presentation involving a microphone.
It may be stating the obvious but whenever a microphone is near you think carefully about what you say.
American basketball player Nigel Hayes unfortunately didn’t appreciate that his voice would be picked up so clearly before a press conference started.
Whilst waiting for the press conference to start, Mr Hayes noticed a journalist by the name of Debra Bollman in the audience. He turned to his fellow players who were sat next to him and whispered “God, she’s beautiful”.
With the microphones doing what they were supposed to do they picked this statement up loud and clear and the journalists all laughed.
Mr Hayes’ reaction when he realised that his comments had been overheard can be seen in the video below.
Looking on the bright side for Mr Hayes though, at least he thought the journalist was attractive as it would have been a lot worse had he said “God, she’s ugly”.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-04-10 00:44:522015-04-10 00:44:52Be careful what you say as you never know who can hear you.
Cathy is the first female CEO of a major accounting firm in the US. She’s been appointed as the leader of Deloitte’s 65,000 US employees and it sends a great message about equal opportunities.
It’s a fantastic achievement so many congratulations.
There’s an interesting interview with Cathy in the Washington Post.
The interview highlights some nice facts. For example, when Cathy first started at Deloitte in 1986 only 7% of Deloitte partners and principals were women. Fast forward to 2015 and women now make up about 25% of the partners in the firm. There is still a way to go until it’s 50% but it is certainly heading in the right direction.
However, probably the most interesting fact that came out of the interview was her admission that she made up stories so that she could get out of work to spend some time with her kids:
“I used to make up stories if I had to leave early for something related to my kids. I learned my lesson, because a woman who left the firm actually shared that she was leaving because she didn’t have kids yet, she wasn’t even married, but she saw people like me and didn’t want to be like that—always working.”
A very honest interview by Cathy and of course, she doesn’t make up stories any more. She’s the CEO so she can leave whenever she wants to…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-04-05 00:30:532015-04-05 00:30:53Deloitte’s new US CEO used to make up stories to leave early.
We’ve all made typos in the past but I bet your typo wasn’t as expensive as this one.
Typos, where you misspell a word or put in a wrong word by mistake, are fairly common. This particular typo though was incredibly costly as it resulted in a company going out of business, 250 people losing their jobs and the government having to pay £9 million in compensation.
Back in 2009 Mr Davison-Sebry, the MD and co-owner of Taylor and Sons Ltd was enjoying a holiday in the Maldives when he received a phone call asking why his company had gone into receivership.
Receivership is very often the first stage of a company going out of business. It typically occurs when a company is suffering financial difficulties and an independent “receiver” is called in to run the company instead of the directors.
Taylor & Sons Ltd was a successful company. It had been established back in 1875 and was doing very well so why the call to the MD asking why his company had gone into receivership?
Well it turns out that Companies House (the organisation in the UK that publishes official notices about companies) had issued a notice saying that Taylor & Sons Ltd had gone into receivership.
Unfortunately for all of the people involved with Taylor & Sons Ltd, it was a typo by Companies House and the company that had actually gone into receivership was Taylor & Son Ltd and not Taylor & Sons Ltd.
Companies House rectified their “one letter mistake” within a few days but it was too late. There was a snowball effect as one supplier after another heard about it and despite being told that Taylor & Sons Ltd was financially secure, they terminated the orders and cancelled the credit agreements.
Within 3 weeks all of the company’s 3,000 suppliers had cancelled agreements and would not supply the company anymore.
The end result was that Taylor & Sons Ltd lost all of their suppliers and as a result couldn’t produce anything for their customers so they ended up going out of business.
The end of a 140 year-old company and all due to a one letter type.
The directors were understandably unhappy about this and took Companies House to court where they were recently successful in their case and won nearly £9 million in damages.
That was probably the most expensive one letter typo in history.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-03-20 21:34:532015-03-20 21:34:53Is this the most expensive typo in history?
The James Bond franchise is one of the most successful film series in the world but this success doesn’t come cheap.
It’s been reported that the producers of Spectre, the latest 007 movie, are facing a spiralling budget and the current gross budget is over $300 million which would make it one of the most expensive films ever made.
That’s a lot of money and the producers are under pressure to cut costs to reduce the film’s budget to $250 million.
Gone are the days of relying on the revenue from cinema tickets and DVD sales to cover the costs. Film companies are looking at ever inventive ways of generating revenue.
One idea which has been around for a while is that of product placement. This is where a company pays to have its product on prominent display in the film.
We’ve blogged elsewhere about Heineken paying to have their beer placed in the previous Bond movie but the latest Bond movie has taken that a step further and instead of simple “product placement” it has now got “country placement”.
It’s been reported that Mexican officials are paying the Bond producers up to $20 million to portray a positive image of Mexico in the film.
$14 million will be for filming approximately 4 minutes of footage in Mexico in the opening scenes and $6 million will be paid for the producers highlighting the skyline and modern features of Mexico City.
The idea behind the payment is that it would be a great showcase for the country’s tourism industry. After all, James Bond rushing around in some fantastic scenery should be a great advert for the country.
They also went further in promoting the country as the agreement included a Mexican actress being cast in a leading role. It was recently announced that Mexican actress Stephanie Sigman has joined the cast of Spectre as Bond girl Estrella.
Whilst $20 million is a lot of money, in my mind it seems pretty good value for the Mexican tourist board. They will have stunning shots of Mexico included in the film and the film itself is going to be shown worldwide.
Mexico’s famous tequila drink though won’t be featured in the film as Mr Bond will be drinking sponsored vodka in his vodka martinis (shaken not stirred) as Polish Spirit maker Belvedere has signed a multi-million pound deal to product place Belvedere Vodka in the film.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-03-16 14:37:322015-03-16 14:37:32James Bond – from Mexico with love.
Despite being one of the best known names on the retail market, Marks & Spencer is unusual.
M&S is unusual in that it has got a very high proportion of individual shareholders.
Whilst a lot of other companies have major corporate shareholders such as pension and investment funds, M&S has over 190,000 private investors who between them hold 30% of the shares.
M&S has just announced an extremely novel idea involving these individual shareholders and their next dividend payment. The individual shareholders will be offered the chance to exchange their dividends for M&S vouchers at a 10% discount. In other words, they can exchange a dividend of £900 for M&S vouchers of £1,000.
That’s a very nice idea.
It’s optional and not compulsory so if individual shareholders still want to receive the dividend in cash they can.
Shareholders however who are interested in buying items from M&S get more for their money and from M&S’s point of view, given that their gross profit margin is more than 10%, they will still be making a profit on items that they sell to holders of these vouchers.
All in all a very innovative idea which works well for all parties.
Will we see this idea spreading to other companies when considering their dividend payments?
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-03-12 21:05:272015-03-12 21:05:27Dividends – do you want them in cash or clothes?
Having a good website is vital in today’s business environment but if you’re looking for a certain name for your website there’s a chance you may have to pay a lot of money for it.
360.com has reportedly just been sold by Vodafone to the Chinese security software and mobile services company Beijing Qihoo Technology company for $17 million.
The Chinese Technology company previously used 360.cn but they wanted the .com domain to drive their global strategy.
One website that was sold for an undisclosed sum of money is loser.com. Whilst it’s not clear how much was paid for the domain it’s fair to say that it would have been pretty expensive with some people estimating it to be up to $500,000.
But what was the return and what was the website used for?
If you go to loser.com it redirects through to the rapper Kanye West’s Wikipedia page.
Yes, whoever bought the loser.com domain obviously doesn’t like Kanye West but does have a lot of money!
If you’re interested in other expensive domain names, the top 15 most expensive web domains which have been sold are:
1. Insurance.com $35.6 million in 2010
2. VacationRentals.com $35 million in 2007
3. PrivateJet.com $30 million in 2012
4. Sex.com $24 million in 2014
5. Internet.com $18 million in 2009
6. 360.com $17 million in 2015
7. Insure.com $16 million in 2009
8. Hotels.com $11 million in 2001
9. Fund.com £9.99 million in 2008
10. Porn.com $9.5 million in 2007
11. Porno.com $8,888,888 in Feb 2015
12. Fb.com by Facebook for $8.5 million in 2010
13. Business.com $7.5 million in 1999
14. Diamond.com $7.5 million in 2006
15. Beer.com $7 million in 2004
Looking at the above list makes me think what a great idea it would have been if I’d thought of buying up a load of domain names back in the 90s when the internet was just getting going and domain names were very cheap.
The people that bought those sites and then sold them are no doubt doing very well and flying around in their (number 3 in the list above) whilst drinking lots of (number 15 from the list above) and possibly wearing lots of (number 14 from the list above).
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-03-08 10:08:532015-03-08 10:08:53Somebody is calling him a loser…
As an education technology company we’re supporters of people who are keen to learn. Priscilla Sitienei ranks high up the list of people that we admire in terms of determination to obtain new knowledge.
And what makes Priscilla so special?
Well, what makes her very special is that she is 90 years old and attends primary school together with six of her great-great-grandchildren.
Priscilla lives in Kenya and is believed to be the oldest person in the world attending primary school and if I’m honest I can’t imagine many other people older than her heading off to to school every day.
She missed out on going to school when she was younger as she got married young, raised 10 children and then worked 65 years as a midwife.
Interestingly, her job as a midwife involved delivering some of her schoolmates who are now aged between 10 and 14.
She’s living proof though that you’re never too old to chase your dream and 5 years ago enrolled in the Leaders Vision Preparatory School.
“I also want to inspire children to get an education… Too many older children are not in school. They even have children themselves…. I see children who are lost, children who are without fathers, just going round and round, hopeless. I want to inspire them to go to school.”
You certainly are an inspiration Priscilla.
[Image of Priscilla via BBC]
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-03-05 01:21:582015-03-05 01:21:58Will you do this when you are 90?
Interviews can be stressful occasions. The best you can do though is to be as prepared as possible, be confident and answer questions as well as you can.
Unfortunately for this particular individual though, no matter how well he performed in the interview he was never going to get the job.
Matt Buckland was on the tube in London heading to the office. Anyone that has been on the tube in rush hour will know that it gets very crowded but generally people can get in and out of the train without too much drama.
Matt got to his station and was waiting for the doors to open to get off the train when a gentleman behind him started pushing and trying to get past him.
Matt politely told the other individual that he was getting off at that station but the other guy just ignored him, pushed him out of the way and then turned to him and rather aggressively told him to, how can I say it, but perform an act on himself which as far as my understanding of biology goes would be physically impossible.
Anyway, the grumpy individual carried on his way and Matt headed into the office where he was due to interview some people for a job.
In a fantastic coincidence, one of the people that Matt was interviewing that day was the grumpy guy who had told him to “go forth and multiply with himself” on the tube.
Brilliant! A rude person pushes past you and swears at you but you then meet them again a short while later to decide whether or not they should be offered a job at the company you work for.
Needless to say the individual didn’t get the job and as a learning point from this it’s best not to be rude to too many people on the way to an interview.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-03-02 00:41:372015-03-02 00:41:37Probably not a good idea to do this before an interview.
Do you grab a bite to eat and head back to your desk to continue working (or at least pretend to work whilst playing on the internet)?
Do you grab some fresh air outside the office to recharge your batteries?
A recent initiative between the app based taxi service Uber and an animal rescue organisation has resulted in what I think would be a fantastic way to spend your lunch break and also to recharge your batteries.
You can get a kitten delivered to your office for 15 minutes between midday and 4 pm.
Yes, a real live cute fluffy kitten!
What a great way to de-stress the office – adorable kittens arrive for 15 minutes of playtime in the office.
The kitten visit costs approximately £20 and they can be ordered vie Uber’s app. All the proceeds go to the animal rescue centre.
Everyone here in the office was getting excited when they heard the news but sadly the service isn’t currently available in the UK (at the moment it is only available in Australia and America).
I think it’s a brilliant idea though – it can help de-stress the office, the cat’s rescue centre gets additional revenue and if you happen to fall in love with the kitten the kitten may well find it’s new “forever home” rather than have to stay at the cat’s rescue centre.
It also has an added benefit if you happen to dislike a colleague in your office who is allergic to cats…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-02-12 21:04:542015-02-12 21:04:54Would you like to do this at lunchtime?
Professionalism and confidentiality are two important features which should be present in today’s business environment.
Unfortunately for two individuals working at Marsh Insurance in New Zealand they undertook some activity in the office which was neither professional nor confidential.
A married manager in his 40s was working late with a junior colleague in her 20s when one thing led to another and before you could say “how do we record this on the timesheets” they were getting down to let’s just say some “activities which would be difficult to record on a timesheet”.
Whilst people having relationships with colleagues in the office maybe isn’t that unusual, what was unusual about this situation was what they got up to and also that they left the lights on and the blinds in the office were open.
This, together with the fact that the Marsh offices were directly opposite the Carlton Bar and Eatery which at the time of the “short term intimate team building exercise” was hosting a live band playing a concert with over 50 people in attendance.
This meant that the “teambuilding exercise” was viewed by all of the people in the pub with a number of them filming the action and subsequently posting it on facebook and YouTube.
Despite the cheers and encouragement from the pub the two office workers didn’t notice that their indiscretions were on view for all to see. When they finished the “teambuilding” the band in the pub across the road even struck up a rendition of King’s of Leon hit “Sex on Fire” but the couple were still unaware that their indiscretions had been recorded and proceeded to get dressed and head out of the office back home to their respective partners / homes.
With the viral power of the internet, word soon got around and my guess is that there was a fair amount of explaining needed both at home and in the office regarding their professionalism at the office.
It’s not been reported what the colleague whose desk was used for the “teambuilding” thought of the matter.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-02-10 20:41:162015-02-10 20:41:16A pretty unusual team meeting for all to see.
Here’s a question for you – if you’ve just been lucky enough to get a new job, can you think of one thing that you should NOT do?
A lady by the name of Cella has just found out the answer to that question the hard way.
She had just been offered a job at Jet’s Pizza in Texas, America and had accepted it. She was due to start the following day but in the evening before her first day at the pizza parlour she posted on Twitter “Ew I start this f*** a** job tomorrow”.
Unfortunately for her the tweet was noticed by an employee of the pizza parlour and he told the owner of the restaurant about it.
The owner, a gentleman by the name of Robert Waple then tweeted at her “And… no you don’t start that FA job today! I just fired you! Good luck with your no money, no job life!”
The twitter exchange became an online hit and has been retweeted nearly 4,000 times.
A valuable lesson for Cella as apparently the job would have involved working the till, taking phone orders, making sandwiches and salads and importantly eating free pizza.
In summary, she was sacked before she started due to her tweet and now she’s missing out on her salary and free pizza!
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-02-06 20:08:532015-02-06 20:08:53You can wave goodbye to the free pizza
English is often considered to be the international language of business.
Whilst you’re (or is that your?) not expected to speak 100% perfect English to pass your professional exams you are however expected to be able to understand English to such a level that you can effectively communicate business concepts to other business professionals around the world.
The global professional bodies such as ACCA and CIMA are certainly international. ACCA for example has over 162,000 members and 428,000 students in 173 countries and it’s a fair guess that the majority of ACCA students and members speak another language other than English as their first language.
Whilst the number of English speakers in the world has been steadily increasing there is an interesting debate as to whether technology will result in fewer people speaking English and instead other languages taking off.
Most of us have heard of or used Google translate which translates written text from one language to another on the internet but Skype has recently announced a novel approach to translation.
Skype offers VOIP (Voice Over Internet Protocol) calls and enables people to speak to each other free of charge over the internet.
They have just announced a beta version (a test version) of Skype which will provide near instantaneous VOICE translation between Spanish and English.
In other words, I can call a Spanish friend who doesn’t speak English, I speak in English on Skype and my Spanish friend will hear the words in Spanish rather than English.
Ignoring the question of how we became friends if neither of us speaks the other person’s language, this is a pretty impressive bit of technology.
Whilst it is still very much a test version and a lot of the initial calls may well be translating English and Spanish swear words, there are some interesting potential uses in the not too distant future.
Will we for example all have our own mini voice translation device with us in 10 years which will enable us to understand 50 different languages (or swear in 50 different languages)?
Will some lesser spoken languages become more popular than they are now?
Only time will tell or should that be only technology will tell?
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-01-28 07:00:462015-01-28 07:00:46Your phone – a communication or translation device?
It’s nearly the end of January and the New Year celebrations feel as though they were a long time ago.
In a lot of countries it’s traditional to make New Year’s Resolutions to change a certain area of your life.
The vast majority of resolutions though get broken by the end of January (anyone that goes to a gym will know that it is generally a lot busier in January than it is in July!).
As well as getting fit, other popular resolutions are to lose weight and (occasionally) to study harder towards the professional exams.
Some people have getting a new job as a New Year Resolution and one person who has made a very successful (and certainly very unusual) career change is Mark Warburton.
Mark has a financial background and worked as a financial trader in the City of London. As well as being good with figures he also had a love of football. This love of football resulted in him deciding to leave his well paid job in the City back in the early 2000s and to obtain his football coaching qualifications.
He took a 90% pay cut (yes, 90%!) but it’s paid off in the long terms as he has worked his way up the football career path and is now manager of Brentford who are currently in the playoff position in the Championship hoping for promotion to the Premier League.
If Brentford are successful in getting promotion to the Premier League then Mr Warburton would have successfully made the transition from analysing financial spreadsheets to analysing the tactics of his competing Premier League managers such as Jose Mourinho and Manuel Pellegrini.
Of course, anyone who follows football will know that football management is a tough job and the long term career prospects aren’t always that good. At the moment though things are going well for Mr Warburton and we wish him all the best.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-01-26 08:44:512015-01-26 08:44:51Financial Trader to Football Manager.
Let’s be honest here. Would you have done what Rick Holley did?
Who is Rick Holley I hear you say?
Mr Holley is head of Seattle based Plum Creek Timber, a company that manages forest land as well as energy and mineral extraction, and he did something which is extremely unusual.
He was awarded a bonus worth $1.85 million but he refused to accept it as he didn’t feel comfortable accepting the bonus.
According to the terms of his contract he was entitled to receive the bonus but he wasn’t comfortable accepting the bonus as he felt it wasn’t the right thing to do given that the shareholders returns in the company were down 10%. He stated that the results of the company he was running didn’t show the strong performance he believed was deserving of a bonus.
I can’t imagine many other people refusing to accept a bonus worth $1.85 million.
Cynics may point to the fact that he still received over $8 million in remuneration during the year but even so it’s an honourable thing for him to do and I’m sure the vast majority of the stakeholders were impressed by his actions.
Now, hands up who else would refuse a bonus of $1.85 million?
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-01-22 08:50:402015-01-22 08:50:40Would you have refused to accept this?
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