It’s an unfortunate fact of life that people get sick. In the winter months especially, there can be a lot of cold and flu bugs going around.
But what percentage of working hours do you think are lost to sickness?
The ONS (Office of National statistics) in the UK has just released details of the number of sick days in 2016. The number of hours lost to sickness as a percentage of working hours was 1.9% or to put it another way, about 137 million working days were lost due to illness in the UK last year.
This may sound a lot but of the number of sick days taken has fallen over the last few years. Last year the average number of sick days per worker was 4.3 whereas when records began in 1993 it was 7.2 days per worker.
It looks like the fall in sick days could be down to a number of factors.
The economic downturn in the late 2000’s arguably caused people to “struggle on” through an illness rather than risk losing their job. Companies are also more flexible nowadays when it comes to letting people work from home. If someone isn’t feeling 100%, a lot of employers will let them work from home and even if they are not up to full speed at least they will be doing some work.
The details also show that there’s a difference between the public sector and the private sector. The percentage absenteeism in the public sector is 2.9% compared to 1.7% in the private sector.
The most common reasons for missing work last year included minor illnesses such as colds (25%), musculoskeletal problems such as back ache (22%), mental health problems including stress and depression (11.5%), stomach upsets (6.6%) and headaches and migraines (3.4%).
https://www.theexpgroup.com/wp-content/uploads/2017/03/illness-at-work.jpg476846Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2017-03-04 12:35:562017-03-04 12:35:56How do you feel?
It’s a busy time for new parents when a baby comes along. Lots of employers give maternity and paternity leave for the new mums and dads but what about when your “baby” has 4 legs and a waggy tail?
Artisan Brewers BrewDog are a Scottish beer company who are very successful and sell their craft beers around the world.
They are also pretty unusual. They have grown from having two staff and two investors in 2007 to a current global team of in excess of 500. It has broken crowdfunding records with more than 32,000 shareholders.
More recently though, they became the first major company to offer their employees a week off if they get a new puppy. This will enable the humans to bond with their new pets without worrying that their work will suffer.
Founders James Watt and Martin Dickie, who themselves founded the company with their dog Bracken, said in a company statement that ‘Yes, having dogs in our offices makes everyone else more chilled and relaxed – but we know only too well that having a new arrival – whether a mewling pup or unsettled rescue dog – can be stressful for human and hound both.
‘So we are becoming the first in our industry to give our staff help to settle a new furry family member into their home,’
If any employees are thinking of getting a new puppy, then they won’t be the first in the company with a dog.
As well as providing time off for new dog owners, BrewDog also allow their employees to take their pet dogs into the office and there are currently over 50 employees at their head office alone who take their dogs to the office every day.
https://www.theexpgroup.com/wp-content/uploads/2017/02/puppy-leave-brewdog.jpg29915318Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2017-02-28 15:01:582017-02-28 15:01:58Your new (waggy tailed) baby
If I had asked that question 10 years ago the chances are that a large proportion of answers would have been “a suit”.
Things are different now though. Tastes are changing and so are a number of office dress codes. As a result, fewer people are now wearing suits to the office.
A number of major companies revised their dress codes this year. JP Morgan for example decided to allow their employees to wear business-casual attire on most occasions. PwC also switched to a more casual dress code where employees were allowed to wear jeans as long as there were no client meetings.
Whilst this relaxing of business wear rules can have benefits for individuals who prefer to work in more casual clothing, there are some organisations who will suffer.
Fashion brands focussing on tailored men’s suits are an obvious example of a business which could suffer due to the decline in demand for men’s suits.
Brioni, the Italian menswear fashion house owned by French holding company Kering was founded in Rome in 1945 and is renowned for its high-quality suits. It has had numerous famous faces as its customers including James Bond in the Bond films from Goldeneye to Casino Royale and more recently it was reported that Donald Trump has been wearing Brioni suits during his US presidential campaign.
But things aren’t going well for Brioni.
Earlier this year Bloomberg reported 400 job losses due to a fall in demand and recently Justin O’Shea, the creative director of Brioni who was brought in to modernise the luxury Italian brand, left abruptly after just six months in the job.
Mr O’Shea is well respected in the fashion industry and has a reputation for being a very straight talking person. He told Vogue that “First of all, I would change the shitty logo. I would change the campaign. I would change the clothes. In fact, I would change pretty much everything.”
When it comes to change though, one thing seems certain and that is that the fall in demand for men’s suits is unlikely to change given the relaxing of more and more office dress codes.
https://www.theexpgroup.com/wp-content/uploads/2016/11/suit-product-life-cycle.png475844Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2016-11-01 10:39:402016-11-01 10:39:40Does this suit you?
Sometimes it’s not what you do that counts but what your competitor does.
Apple are without doubt a great company and one of the most successful organisations that has ever existed.
They released their iPhone 7 the other week and whilst the die hard Apple fans will say that it is a big step forward for the iPhone, a number of commentators were not overly impressed with it.
But, and it’s a big but – their share price has been performing phenomenally well over recent weeks.
Just over 3 months ago at the end of June the price of an Apple Share was $92.04.
Since then the share price has increased by nearly 28%. This increase is partly due to the introduction of the new iPhone but the problems of their biggest competitor have also played a major part in their share price increase.
Samsung’s Note 7 has been a disaster for the South Korean company. Reports of the newly introduced Note 7 catching fire and the subsequent withdrawal of the phone from the market have caused big problems for Samsung.
Not so for Apple though as the 28% increase in their share price driven by the new iPhone and the problems at Samsung has resulted in the company increasing its value by $138 billion in the 109 days from 27 June to 14 October. Yes, the market value of Apple increased by $138,000,000,000 in just over 100 days.
$138 billion in 109 days is equal to
$1.27 billion per day, or
$52.75 million per hour, or
$879,205 per minute, or
$14,653 per second.
That’s not too bad an increase is it?
https://www.theexpgroup.com/wp-content/uploads/2016/10/apple-share-price.png9401671Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2016-10-16 15:23:262016-10-16 15:23:26Is it you or your competitor?
As England’s football manager there are certain things that you should do and certain things that you shouldn’t do.
Winning a major tournament is a thing that you should do for example whilst looking to receive large amounts of money to advise people how to get around football transfer rules is something you shouldn’t do.
Alas for Sam Allardyce he did the latter and not the former and is now no longer the England football manager.
There are plenty of ways that football managers can make money in a legitimate and ethical way and maybe Mr Allardyce should have followed the example of the current Manchester United boss Jose Mourinho.
In addition to the £12 million wages Mr Mourinho receives from Manchester United he also does pretty well from various other activities.
Hublot watches, Adidas, Jaguar, BT Sport, Lipton Tea and EA Sports all pay a significant amount of money to Mr Mourinho to endorse their products. They see him as an internationally recognised figure with global appeal.
The latest big name to sign him up is Heineken. They reportedly will pay him £4 million for a 2-year deal to be Heineken’s global football ambassador.
That’s a pretty nice sum of money to receive and it got the accountant in me thinking about the financials from Heineken’s point of view. How many additional litres of beer would Heineken need to sell to cover the cost of appointing José Mourinho?
Heineken’s latest set of published accounts show revenue of €20.5 billion with an operating profit of €3.4 billion. In 2015 they sold 18.8 billion litres of beer. Ignoring various accounting items such as contribution and fixed costs it follows that each litre of beer generates approximately €1.09 of revenue and €0.18 of operating profit.
To cover the £4 million (approximately €4.6 million) cost of José the company would need to sell an additional 26 million litres of Heineken!
This clearly shows the challenges involved when an organisation is deciding whether or not to undertake any form of sponsorship or increasing brand awareness as it is virtually impossible to accurately place a financial value to the benefits achieved. The marketing guys would argue that the value is more than purely an increase in immediate sales revenue.
The fact is that it is extremely difficult to directly link an appointment of a brand ambassador to an increase in sales. There are numerous other items which can impact on the sales of a product. For example, a sudden heatwave would increase the amount of cold beer that is drunk and not even Jose Mourinho could claim to be able to impact the weather.
Back to Mr Allardyce though and whilst I doubt that many companies will be approaching him to sign him up as a brand ambassador, at least he can claim to be the only England manager who won all of the games where he was in charge (even if it was only for one game…)
https://www.theexpgroup.com/wp-content/uploads/2016/09/corporate-sponsorship.png9371666Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2016-09-29 12:28:042016-09-29 12:28:04Sam Allardyce and José Mourinho
The Financial Reporting Council (FRC) has just published its audit quality inspection reports for the 6 largest auditing companies in the UK. The job of the FRC’s Audit Quality Review (AQR) team is to monitor the quality of the audit work of those UK audit firms that audit public interest and large entities.
The AQR team have been busy over the last year and have now released lengthy reports for BDO, Deloitte, EY, Grant Thornton, KPMG and PwC.
Overall, the quality of the audits has improved during the last year with the number of audits that required “significant improvements” dropping from 10 to 2 for the Big 4. There were no audits that required significant improvements at BDO or Grant Thornton.
Unfortunately for KPMG though, they were the company that undertook the two audits that were highlighted by the FRC as needing significant improvements.
The FRC reviewed 22 KPMG audits and out of those there were 2 that required significant improvements.
The first one involved a change of systems and a 3rd party IT provider. The FRC identified that the KPMG audit team did not “design and perform procedures to obtain sufficient audit evidence in response to the migration risk”.
In the second audit where there were problems the FRC highlighted that insufficient audit work had been performed in relation to revenue and inventory.
Details of the scope of the reviews can be found here and are the full reports on the individual companies are on the following links:
WOW – thank you so much. We’re celebrating 200,000 fans on Facebook so a big, big, big thank you to all of you that follow us on Facebook – it’s much appreciated!
Whether you attend one of our classroom courses, our online courses or access our free courses on our website thank you so much for your trust in us and we hope we’ve helped you in your professional development.
Thanks again from all of us here at The ExP Group.
https://www.theexpgroup.com/wp-content/uploads/2016/05/exp-group.jpg8991598Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2016-05-07 18:32:502016-05-07 18:32:50Thank you 200,000 times from ExP…
It’s always nice to grab a social bite to eat with colleagues or clients but if I’m honest, I’m not sure I’d recommend the Bunyadi restaurant for such events.
The reason I wouldn’t recommend the restaurant for such events is not because of the food, location or service (which I’m sure are all very good).
No, the reason I think it would be an awkward location for colleague or client dinners is due to the fact that, how can I put it but using business terminology, they have taken an extremely differentiated approach to competing.
The Bunyadi restaurant has announced that it is opening in central London in June and the different thing about it is that it will be a naked restaurant.
Whilst an increasing number of people are choosing to eat their food in a more “natural” state without additives or preservatives, the company behind Bunyadi are taking things a step further by having a naked section in the restaurant.
Seb Lyall, the founder of the company behind the restaurant said “we believe people should get the chance to enjoy and experience a night out without any impurities: no chemicals, no artificial colours, no electricity, no gas, no phone and even no clothes if they wish to. The idea is to experience true liberation.”
When you arrive at the restaurant, you’ll enter the bar area (where everyone is fully clothed) and then head to the changing rooms where you will be given a gown. You then go to the naked area, take off your gown, fold it and put it on your seat and then sit down to enjoy your meal (and no doubt concentrate very carefully when eating your hot soup so that you avoid spilling any of it in your lap).
If you are interested in going to the restaurant you can sign up on their website but you’d better hurry. At the time of writing, there were over 15,000 people on the waiting list.
If a company outsources jobs, in some situations it can be seen as good business practice but if an individual outsources his own job then what is that seen as?
Outsourcing is where a company gets another organisation to undertake a job or business function that would have previously been completed in-house. This is often done for cost saving reasons and an illustration of outsourcing would for example be getting another organisation to maintain your payroll.
I’ve never heard of an individual outsourcing his own job though but that has just changed.
Verison is one of the leading telecoms companies in the US and their security team provided details of a case study where an employee by the name of “Bob” who was a top developer had actually outsourced his own job to China without his employers knowing about it.
In other words, he had received his salary from his employers but had personally paid for somebody else to do his job at a cheaper rate without his employer knowing about it!
He was paid in excess of USD 100,000 for his job and yet he was paying a Chinese consulting firm less than 20% of that to do the job for him.
9:00 a.m. – Arrive and surf Reddit for a couple of hours. Watch cat videos (!!) 11:30 a.m. – Take lunch 1:00 p.m. – Ebay time. 2:00 – ish p.m Facebook updates – LinkedIn 4:30 p.m. – End of day update e-mail to management. 5:00 p.m. – Go home
Despite not actually doing any of the work himself his performance reviews were excellent and he had been regarded as the best developer in the building.
So, in summary – he was paid a pretty good salary and all he did was play around on the internet.
All his real work was outsourced by him to a Chinese company. He paid them whilst his employer paid him 5 times the amount that he had paid the Chinese company.
Bob has now lost his job but it does raise an interesting debate as when a company outsources it’s seen as a clever move but when an individual outsources their own job they end up losing that job.
Anyway, whilst you’re thinking of that particular point I’d like to mention that the next blog article will be written by a Chinese company but please don’t tell my employer.
Meanwhile I’m off to watch some cat videos…
https://www.theexpgroup.com/wp-content/uploads/2015/11/outsourcing-examples.jpg8251467Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2015-11-06 15:51:252015-11-06 15:51:25Would you do this with your job?
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?
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