Connect with us

Business

Bank of England makes controversial choice for new governor to succeed Mark Carney – MarketWatch

Published

 on


The U.K. has picked Andrew Bailey as its safe choice to succeed Mark Carney as governor of the Bank of England, in what some will also consider a controversial appointment.

Bailey currently heads the Financial Conduct Authority (FCA), which oversees London’s financial center. During his tenure, the regulator has been criticized for the mishandling of a number of scandals.

Read: FCA boss Andrew Bailey criticised over RBS scandal

British politicians called for Bailey to resign after London Capital & Finance collapsed. The regulator’s reputation has also come under the spotlight after the investment fund of Neil Woodford was suspended.

The worst misstep was the regulator’s mishandling of the scandal surrounding Royal Bank of Scotland’s Global Restructuring Group, which deliberately mistreated small companies.

Despite this he is still considered a safer choice, than some of the other candidates competing for the role – due to his longstanding experience as a U.K. regulator. He will be in charge of the country’s monetary policy and financial system at a critical juncture.

Read: U.K. Government Chooses Safe Pair Of Hands With Andrew Bailey as Central Bank Appointment

Bailey will be the 121st governor in the Bank’s 325-year history and will receive a £495,000 ($646,000) salary. He starts his new job on 16 March and serve an eight-year term until 2028.

Bailey said on Friday: “It is a tremendous honor to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.

“I am committed to the Bank being an accessible and approachable institution, as well as an open and diverse place to work.”

Read: ‘A safe pair of hands on the tiller’: City welcomes new BoE governor

Mark Carney said: “I am delighted to welcome Andrew Bailey back to the Bank as its next Governor.

“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA.”

Watch this: Lord Mayor interviews Andrew Bailey, Chief Executive of the FCA

The Bank’s Financial Policy Committee oversees regulation of the UK’s financial sector which includes banks listed on the FTSE100

UKX, +0.09%

  – some have dual listings on the Dow Jones Industrial Average

DJIA, +0.26%

 .


#div-gpt-ad-1569967089584-0 > div > iframe width: 100% !important; min-width: 300px; max-width: 800px;

Let’s block ads! (Why?)

728x90x4

Source link

Business

Show Employers You Can Hit the Ground Running

Published

 on

Employers are increasingly stating: “We want someone who can hit the ground running.”

Essentially, the message is, “Don’t expect us to explain the basics. We expect you to know your sh*t.” Employers understand you’ll need time to learn their business, applications, software, infrastructure, etc. However, they expect that you’re proficient in Microsoft Office Suite software (Word, Excel, PowerPoint), understand file management (creating, saving, and organizing files), and know how to troubleshoot common computer problems, and won’t be learning these basic computer skills as part of your learning curve on their dime.

Employers aren’t in the business of training people. You’re responsible for your career; therefore, you’re responsible for acquiring the skillset you need.

For an employee’s compensation to be justified, an ROI (return on investment) is required. When referring to employment, ROI refers to the value an employee brings to the company relative to their compensation. Employers pay their employees, and employees work for their wages. Employee work value is created when their work directly or indirectly results in profitably selling the company’s goods and services. Your best chance of job security (no guarantee) is to be an employee who undeniably contributes measurable value to your employer’s profitability.

(Employee’s measurable value to the company) – (Employer’s investment in compensation) = (ROI)

Understandably, employers are looking for candidates who can make an immediate impact, individuals who can jump right in, learn and adapt quickly, and start delivering results as soon as possible. Hence, you want to distinguish yourself as being capable and willing to “hit the ground running.”

Here are some tips to help you present yourself as a fast-starting, high-potential hire:

Emphasize relevant experience

Presenting irrelevant information will be perceived as lacking the ability to communicate succinctly, a highly valued skill in the business world. Only share experiences and quantified results (key), results that are pertinent to the position you’re applying for.

When crafting your resume and cover letter, identify the skills, knowledge, and previous responsibilities/quantified results that align with the job you’re aiming for. By demonstrating that you’ve “been there, done that” and brought measurable value to previous employers in a similar scenario, employers will feel confident that you can immediately deliver value.

Showcase transferable skills

Consider the universal soft skills that employers universally value.

  • Analytical
  • Communication
  • Interpersonal
  • Problem-solving
  • Project management
  • Time management

Tell STAR (Situation, Task, Action, Result) stories—describing a specific situation, the task you were assigned, the actions you took, and the results of your actions—that showcase your soft skills and explain how you can leverage them to succeed in the role you’re applying for. This’ll assure your interviewer you have the fundamental skills to achieve successful outcomes.

“While working at Norback, Jenkins, & St. Clair, I led a team of five architects to redesign a historic downtown Winnipeg landmark according to strict deadlines and complex stakeholder demands. I conducted Monday morning team meetings and used Slack to provide tailored updates to keep the team aligned. As a result of my communication skills, the project was completed on time and under the $7.5 million dollars budget.”

Discuss onboarding insights

A great way to position yourself as someone eager to hit the ground running is to show that you’ve considered what it’ll take to start delivering value.

“Based on my understanding of the typical onboarding timeline for this type of position, I anticipate completing all training and ramp-up activities within my first two weeks, enabling me to begin tackling projects by my first quarter.”

Assuming you’ve researched the company and studied current industry trends, which you should have done, mention the extra steps you’ve taken to prepare for the role. This’ll show your willingness to learn and will require minimal handholding.

Emphasize quick adaptability

Employers value the ability to adapt quickly to new situations and challenges. During your interviews, share examples of your flexibility and agility.

At some point in your career, you’ve likely had to learn something new (e.g., software, operating system) on the fly. Also likely, you’ve had to navigate a major change or disruption. Using STAR stories, explain how you approached these scenarios, your strategies, and the positive outcomes.

By showing resilience, resourcefulness, and adaptability, you demonstrate that you can thrive in ambiguous or rapidly evolving environments.

Propose a transition plan.

Presenting a transition plan is a strategy that wows employers, primarily because it is rare for a candidate to do this. This shows you’re ready to take ownership of your onboarding and deliver results.

Include specifics like:

  • Milestones you aim to accomplish in your first 30, 60, and 90 days.
  • Training activities or learning opportunities you’ll pursue.
  • Initial projects or tasks you’d tackle to demonstrate your capabilities.
  • Ways you’ll quickly build relationships with your new colleagues.

Showing this level of forethought and initiative shows you’re a strategic thinker, able to organize your thoughts, and, most importantly, eager to get started.

By touting your relevant experience, showcasing your transferable skills, discussing your onboarding insights, emphasizing your quick adaptability, and proposing a detailed transition plan, you’ll position yourself as a self-driven professional capable of driving results from the start, differentiating you from your competition.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

 

 

 

Continue Reading

Business

Half of Ontarians support union’s goals in ongoing LCBO strike: poll

Published

 on

Fewer than one-third of Ontarians say they want the provincial government to intervene to end the 12-day strike at Ontario’s main liquor retailer, while about half are supportive of the striking union’s demands.

That’s according to a new Leger poll that asked if the government should use binding arbitration or legislation to ensure LCBO stores open as soon as possible.

Twenty-nine per cent of respondents supported such a move, while 44 per cent opposed it. The poll also asked if respondents support the union’s stated goals, including wage increases and more permanent positions. Just under half, 49 per cent, answered in the affirmative, while 25 per cent said they were not supportive.

Awareness of the strike in Ontario is high, according to the poll, with 89 per cent saying they knew about it, though only 15 per cent reported being personally affected. The Leger poll of 601 residents, conducted last weekend, can’t be assigned a margin of error because online surveys are not considered truly random samples.

Approximately 10,000 workers at the LCBO walked off the job on July 5 after negotiations broke down.

The union representing the workers said the sides were headed back to the bargaining table Wednesday.

The Ontario Public Service Employees Union has said the main issue is the province’s alcohol expansion plans that would see ready-to-drink cocktails sold outside LCBO stores — a move it maintains poses an existential threat to the LCBO and could lead to major job losses.

Colleen MacLeod, chair of the union’s LCBO bargaining unit, has said the plan would “mean thousands of lost jobs, fewer hours for the 70 per cent of LCBO retail workers who are casual and struggling to make ends meet, and hundreds of millions in dollars of lost public revenues drained from health care, education and infrastructure.”

The LCBO, a Crown corporation, nets the province $2.5 billion a year.

On Monday, the Ontario government sped up its expansion plan. The 450 stores across Ontario already licensed to sell beer, wine and ciders will be able to start ordering coolers and seltzers on Thursday and sell them as soon as they arrive.

The province has said it does not want to privatize the LCBO, and that the expansion is about giving people more choice and more convenience to buy alcohol.

Stephanie Ross, an associate professor in the school of labour studies at McMaster University, said Premier Doug Ford doesn’t have a great reputation when it comes to labour, given the high-profile disputes in recent years with health-care and education workers. And he’s faced accusations of making policy moves that benefit friends in the private sector, a criticism that’s been levied against him in the LCBO dispute.

“There is a base of support for the union’s message here, both in terms of the working conditions that they’re trying to fight to improve, and in terms of the role that the LCBO plays in funding public services in the province,” she said.

But the public may not be as sympathetic to LCBO workers as it has been to some others, like in the Metro grocery workers’ strike last year, she said — a relatively straightforward fight by low-paid workers struggling to afford food against the industry being partially blamed for food prices.

“And so in the depths of a kind of historic cost-of-living crisis, I think it was easier to feel sympathy for such workers in terms of really having to fight to make up lost ground.”

That means the LCBO union has its work cut out to try and convince the public of its cause, said Ross, especially when consumers are already divided on the liquor privatization issue in the first place. She thinks the union is doing a good job, however, of arguing the case for the LCBO as a public asset that helps fund important public services.

Larry Savage, a professor in the labour studies department at Brock University, said it’s clear both the union and the Ford government “are working hard to win over the public to their respective positions.”

The union has a “potentially powerful strategy” to gain public support, but it’s not a surefire one, he said in an email.

This strategy “requires people to connect the dots between the privatization of the LCBO and the loss of a critical revenue stream that contributes billions to public services like health care and education.”

Meanwhile, the government’s strategy has been to try and leverage consumer frustration over the strike in order to drive more support for increased privatization, said Savage.

“It’s a high-risk strategy because a heavy-handed approach can sometimes backfire and garner greater sympathy for the workers and their cause.”

In the Leger poll, 32 per cent of respondents said they looked for alternative locations to buy alcohol due to the strike, and while 15 per cent said they were concerned the strike could cause them to spend more money on alcohol.

Savage said while many consumers are likely inconvenienced, he also thinks most Ontarians are suspicious of the premier’s intentions when it comes to the LCBO: “It’s a classic case of private profits over the public good.”

This report by The Canadian Press was first published July 17, 2024.

 

728x90x4

Source link

Continue Reading

Business

Half of Ontarians support union’s goals in ongoing LCBO strike: poll

Published

 on

 

Fewer than one-third of Ontarians say they want the provincial government to intervene to end the 12-day strike at Ontario’s main liquor retailer, while about half are supportive of the striking union’s demands.

That’s according to a new Leger poll that asked if the government should use binding arbitration or legislation to ensure LCBO stores open as soon as possible.

Twenty-nine per cent of respondents supported such a move, while 44 per cent opposed it. The poll also asked if respondents support the union’s stated goals, including wage increases and more permanent positions. Just under half, 49 per cent, answered in the affirmative, while 25 per cent said they were not supportive.

Awareness of the strike in Ontario is high, according to the poll, with 89 per cent saying they knew about it, though only 15 per cent reported being personally affected. The Leger poll of 601 residents, conducted last weekend, can’t be assigned a margin of error because online surveys are not considered truly random samples.

Approximately 10,000 workers at the LCBO walked off the job on July 5 after negotiations broke down.

The union representing the workers said the sides were headed back to the bargaining table Wednesday.

The Ontario Public Service Employees Union has said the main issue is the province’s alcohol expansion plans that would see ready-to-drink cocktails sold outside LCBO stores — a move it maintains poses an existential threat to the LCBO and could lead to major job losses.

Colleen MacLeod, chair of the union’s LCBO bargaining unit, has said the plan would “mean thousands of lost jobs, fewer hours for the 70 per cent of LCBO retail workers who are casual and struggling to make ends meet, and hundreds of millions in dollars of lost public revenues drained from health care, education and infrastructure.”

The LCBO, a Crown corporation, nets the province $2.5 billion a year.

On Monday, the Ontario government sped up its expansion plan. The 450 stores across Ontario already licensed to sell beer, wine and ciders will be able to start ordering coolers and seltzers on Thursday and sell them as soon as they arrive.

The province has said it does not want to privatize the LCBO, and that the expansion is about giving people more choice and more convenience to buy alcohol.

Stephanie Ross, an associate professor in the school of labour studies at McMaster University, said Premier Doug Ford doesn’t have a great reputation when it comes to labour, given the high-profile disputes in recent years with health-care and education workers. And he’s faced accusations of making policy moves that benefit friends in the private sector, a criticism that’s been levied against him in the LCBO dispute.

“There is a base of support for the union’s message here, both in terms of the working conditions that they’re trying to fight to improve, and in terms of the role that the LCBO plays in funding public services in the province,” she said.

But the public may not be as sympathetic to LCBO workers as it has been to some others, like in the Metro grocery workers’ strike last year, she said — a relatively straightforward fight by low-paid workers struggling to afford food against the industry being partially blamed for food prices.

“And so in the depths of a kind of historic cost-of-living crisis, I think it was easier to feel sympathy for such workers in terms of really having to fight to make up lost ground.”

That means the LCBO union has its work cut out to try and convince the public of its cause, said Ross, especially when consumers are already divided on the liquor privatization issue in the first place. She thinks the union is doing a good job, however, of arguing the case for the LCBO as a public asset that helps fund important public services.

Larry Savage, a professor in the labour studies department at Brock University, said it’s clear both the union and the Ford government “are working hard to win over the public to their respective positions.”

The union has a “potentially powerful strategy” to gain public support, but it’s not a surefire one, he said in an email.

This strategy “requires people to connect the dots between the privatization of the LCBO and the loss of a critical revenue stream that contributes billions to public services like health care and education.”

Meanwhile, the government’s strategy has been to try and leverage consumer frustration over the strike in order to drive more support for increased privatization, said Savage.

“It’s a high-risk strategy because a heavy-handed approach can sometimes backfire and garner greater sympathy for the workers and their cause.”

In the Leger poll, 32 per cent of respondents said they looked for alternative locations to buy alcohol due to the strike, and while 15 per cent said they were concerned the strike could cause them to spend more money on alcohol.

Savage said while many consumers are likely inconvenienced, he also thinks most Ontarians are suspicious of the premier’s intentions when it comes to the LCBO: “It’s a classic case of private profits over the public good.”

This report by The Canadian Press was first published July 17, 2024.

 

728x90x4

Source link

Continue Reading

Trending