5 Tips to Help You Reduce Your Warehouse Costs

February 1, 2022

When it comes to operating a warehouse, you may be aware that its expenses can be challenging to manage. The profit and your expenditure vary greatly depending on the season and state of the economy.

That being said, it’s still important to keep an eye out for ways to reduce your costs. The less you spend, the more you can ensure your stability throughout the year.

In this article, a leader in Warehousing Sydney, One Warehousing is going to take a look at five tips to help you reduce your warehouse costs.

Want to learn more? Then keep on reading!

Repair and upgrade equipment

Certainly, one of the best ways to cut warehouse costs is to repair and upgrade your equipment. Just take a look at dock leveler repair as an example. By ensuring that everything is working effectively, you reduce unexpected downtime that can lead to significant losses.

The same goes for all other types of equipment that you use, like pallet jacks, pallet racks, or electric forklifts. By maintaining things correctly, you’ll save money and decrease the risk of workplace accidents.

Invest in better inventory management software

There are many reasons why utilizing inventory management software is vital when running a warehouse, including optimizing operations, tracking stock levels, and effectively managing resources with the support of efficient pallet wrapping machines. Not only does it improve productivity by making it easier to locate stock, but you can check your inventory in a matter of seconds, thus reducing the risk of human errors.

There are many great types of software out there to choose from, so make sure you assess your options carefully. It can make a big difference in your overall operations.

Opt for used containers over new

Packing and shipment containers can add up to be one of your most significant expenses. While it’s not something you can eliminate completely, there is a way to reduce its cost.

Instead of using brand new, opt for pallets, drums, bins, and baskets that have been previously used. Most of them are in excellent condition, and you won’t need to pay such a high price.

Cut down on utility bills

Cutting down your energy and water usage in your warehouse may seem impossible, but you can do it. With a few simple changes, you can save money and reduce your business’s carbon footprint.

For instance, you might switch to LED lighting, install low-flow faucets and section your warehouse by temperature if you store a variety of different products. There are so many solutions that will keep your wallet happy.

Improve employee retention

Finally, many companies assume that in order to save money on labor-related costs, they need to automate as many aspects of their warehouse as possible. However, while this can help in some ways, it’s much better to focus on employee retention.

When you put it into perspective, it’s much easier and more affordable to retain experienced and qualified workers than to employ newbies. This is because warehouse training is extensive due to the large amounts of machinery and equipment.

Final words

And that’s it! These were five tips to help reduce your warehouse costs. So, while it may seem overwhelming, there are many things you can do to save money. Just remember to be patient, regularly assess your finances and aim for consistent improvement.

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Smartmatic’s Global Controversies: Follow the Money

February 1, 2022

By Dr. Dan Steinbock

Philippine authorities allege Smartmatic “is compromised.” In the past, the software contractor has been linked with murky controversies and mysterious fortunes. The debacle casts a dark shadow over the 2022 Philippine election.

According to the Philippine Cybercrime Investigation and Coordination Center (CICC), the system of Smartmatic, the contractor of the Commission on Election (Comelec), “is compromised” and not the server of the poll body. The tentative results of the CICC inquiry were disclosed on Friday in the Joint Congressional Oversights Committee, as reported by The Manila Times.

Since 2004, Smartmatic’s election technology has been used in Africa, Latin America, Europe, Asia, and the United States. These activities have gone hand in hand with vocal controversies, particularly in Venezuela, the US and Philippines.

Smartmatic’s PH debacles – from cyber ploys to Bautista

Some three years ago, Senator Vicente Sotto III called for probe on alleged manipulation of May 2016 poll results in the Philippines. The alleged irregularities surfaced with the contest for Vice President.

Days after the May 2016 elections, Ferdinand “Bongbong” Marcos Jr. alleged that Smartmatic had tampered with the votes which cost him being elected Vice President. Marcos attributed his narrow and controversial defeat to Liberal Party’s Leni Robredo to discrepancies and irregularities in Comelec’s servers and data. Currently, Bongbong and vice-presidential hopeful Sara Duterte dominate Philippine election surveys, with Robredo far behind.

The debacle about Comelec’s data was soon linked with Andres “Andy” Bautista, a constitutional legal expert, who was appointed Comelec’s chairman in 2015 by former President Benigno Aquino III. In 2010-15, Bautista had served as Aquino’s chair of the Presidential Commission on Good Government (PCGG), whose primary mandate had been to recover “ill-gotten wealth” accumulated by Bongbong Marcos’s father, Ferdinand Marcos.

Yet, PCGG itself has been implicated in several corruption scandals. One of these involves its chairman Bautista. The story goes back to 2017, when his estranged wife Patricia Paz Bautista released information on his unexplained wealth.

How to make P1 billion while “fighting corruption”

Following his wife’s disclosures, Bautista announced he would resign as Comelec chairman hoping to get out in time. But the House of Representatives voted to impeach him. Shunning the House and the Senate committee subpoena, Bautista “disappeared.” In early 2018, he surfaced in the US claiming he could not travel, due to ill health.

Documents presented by his wife to the National Bureau of Investigation (NBI) indicated that her husband had a boxful of bank books and documents for undeclared wealth worth P1billion, or $20 million.

In May 2021 the Court of Appeals affirmed the findings of the National Privacy Commission (NPC) that Bautista had violated Philippine data privacy Act in the April 2016 data breach; just a month before election. The breach placed the personal information of millions of Filipino voters at risk.

In 2016, when the Pandora Papers exposed an alleged shadow financial system for the world’s richest, it also featured Bautista and his Baumann Enterprises Ltd, registered in the British Virgin Islands in 2010. The same year when Aquino made him the chair of the PCGG to fight corruption. The offshore company was reincorporated in 2017, when Bautista got in hot water. It was not declared in his official Statement of Liabilities, Assets and Net Worth (SALN).

When Bautista was officially investigating Marcos’s wealth, he was unofficially accumulating his own ill-gotten wealth.

But if the Smartmatic Philippine story is Kafkaesque, its own story is even more so.

Smartmatic’s odd origins

Over two decades ago, three engineers, led by Antonio Mugica, began to develop a new election technology in Venezuela. After the controversial 2000 US election, they saw an opportunity. With funds from private investors, they incorporated in Delaware in 2000. One of the investors was Jorge Massa Dustou, Venezuela’s richest man married with the sister of Gustavo Cisneros, a billionaire and Dustou’s former boss. Reportedly, Cisneros bankrolled the failed 2002 Venezuelan coup d’état attempt against Hugo Chávez.

When Mugica’s company got funds from the Chavez government, the US began to investigate Smartmatic’s links to the Venezuelan government. And so, the software contractor moved quickly its HQ to London in 2012. Two years later, in a murky reorganization, CEO Mugica and British Lord Mark Malloch-Brown launched SGO Corp. Ltd. The holding company’s key asset was Smartmatic.

Malloch Brown’s Philippine ties stem from the mid-1980s when the former Economist journalist became the lead international partner at the Sawyer-Miller Group, Presidential hopeful Corazon Aquino’s PR agency. After a poll controversy, Aquino won, but tightly and Malloch Brown formed a close relationship with the thankful family dynasty. Cooperation was re-ignited ahead of the 2010 election, when Benigno S. Aquino III became the first Philippine President whose votes were counted by Smartmatic, despite persistent allegations about systemic vulnerabilities.

In July 2015, Malloch Brown returned to the Philippines. Subsequently Comelec’s Bautista awarded Smartmatic contracts at a total of P2.6-billion in the 2016 election.

But Smartmatic was a small stepping stone for Malloch Brown’s big ambitions.

Soros and his protégé

It is the interplay of public agendas and private gains that seems to be the common denominator of Malloch Brown’s activities with billionaire speculator George Soros, starting with the Brit’s Refugees International which focused on commodity-rich poor countries in which the West and Soros had “strategic interests” in the ‘90s.

Malloch Brown also joined the Soros advisors, ahead of the devastating conflict when the billionaire financed agencies cooperating with US authorities, such as Philip Goldberg – later US Ambassador to Philippines until his departure and alleged regime change plan in fall 2016, as The Manila Times reported at the time.

During the ’90s, Malloch Brown rented his apartment from Soros while working on UN assignments in New York. From the World Bank, he moved on to serve as the head of the UN Development Program and Kofi Annan’s deputy. Soros expanded his projects with Malloch Brown and UN, particularly in Eastern Europe where his Open Society Institute shaped the West’s post-Cold War agendas.

In 2002, Malloch Brown suggested that the UN and Soros’ Open Society work together to fund humanitarian functions, despite associated moral hazards. In exchange, Soros’ Quantum Fund in 2007 appointed Malloch Brown as VP, and vice chair of the Open Society. Yet, the Brit had no prior investment experience. Afterwards, he became chairman of the US-based FTI Consulting, one of the largest financial consulting firms, whose restructuring business made fortunes from the 2008 Great Recession.

When Malloch Brown stepped down as chair of SGO in December 2020, he was made the president of Soros’s Open Society Foundations. As Smartmatic’s chair, he was succeeded by Peter Vance Neffenger, a US Coast Guard Admiral and President Obama’s head of transportation security and a member of Biden’s transition team.

Trained in Harvard and US Naval War College, Neffenger was seen as the right man to protect elections worldwide (and to sell Smartmatic to skeptical Americans).

Smartmatic’s origins are overshadowed by the election software contractor’s odd associations and long trail of controversies, moral hazards, conflicts of interests and unexplainable fortunes in the name of “good governance.”

Perhaps sometimes those who speak loudest for “public interest, freedom and democracy” are but façades for private interests and oligarchies derailing the very democracy they purport to serve.

Electronic election software has great demand and multifaceted vulnerabilities.

This article was originally published in The Manila Times on 31 January 2022. It can be accessed here: https://www.manilatimes.net/2022/01/31/opinion/columns/smartmatics-global-controversies-follow-the-money/1831212

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About the Author

Dr. Dan Steinbock is an internationally recognized strategist of the multipolar world and the founder of Difference Group. He has served at India, China and America Institute (US), Shanghai Institutes for International Studies (China) and the EU Center (Singapore). For more, see https://www.differencegroup.net/

How to Obtain an Encumbrance Certificate?

February 1, 2022

What Exactly is an Encumbrance?

If a property has been mortgaged, it is considered to have an encumbrance. In a real estate deal, the buyer must ensure that the property is free of encumbrances. If he purchases such a home, he will be responsible for the outstanding loan payments. A third party, including a mortgage lender, might contest the ownership of a property with an encumbrance.

Online EC

An Encumbrance Certificate (EC) identifies any encumbrances on the property being sold. If it occurs, an online EC for the transacted property is granted. A Non-Encumbrance Certificate is issued if it has no encumbrances.

Who Issues an Online EC?

An Online EC is issued by the SRO in whose jurisdiction the transacted property is located.

What is the duration of time that an EC is valid for?

Online EC usually lasts between thirteen and thirty years.

What are the differences between Forms 15 and 16?

If a property contains encumbrances, a Form 15 EC will be issued. The SRO issues the EC on Form 16 if the property is free of encumbrances at the time of issuance. The certificate will subsequently be known as a ‘Non-Encumbrance Certificate.’

When do you need an EC for Home Loan Online?

It is critical to provide proof to the buyer that the property you are selling to him is free of encumbrances when you are selling it. While conducting due diligence or a title search on your property, the property buyer checks your EC.
While taking out a mortgage.
While submitting an application for a property change.

Procedure for Obtaining Online EC

Fill out Form 22 at the SRO’s office. On the Delhi Revenue Department’s website, you can schedule an appointment with the SRO.
Submit your application, along with Form 22 and any other required documents, as well as the appropriate costs.
Save the SMS notifying you that your application is being reviewed.
Return to the SRO after 15 to 20 days to get your Online EC.

Charges

The fees you must pay are determined by the location of your property, its size, and the number of years it is being pursued.

What does the EC keep Track of?

The name of the property owner, the description of the property, the form of transfer to the current owner and the specifics of the encumbrance are all displayed on an EC on Form 15. A non-Encumbrance Certificate on Form 16 certifies that your property is free of liens at the time it is issued.

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Racial Inequalities and the COVID-19 Pandemic

February 1, 2022

By Graziella Bertocchi and Arcangelo Dimico

Since the outbreak of the COVID-19 pandemic, evidence has been accumulating about its disproportionate impact on racial and ethnic minorities, for a variety of health outcomes including infection, hospitalization, death, and vaccination rates. To address and quantify the extent to which minorities are disproportionally affected by COVID-19 is essential to understanding how to implement appropriate prioritization strategies for future vaccination campaigns.

As soon as COVID-19 hit the world, concerns about a disproportionate impact of the pandemic on racial and ethnic minorities were brought to center stage. In the US, on March 4, 2020 The Atlantic[1] was the first to launch a cry for attention to the disproportionate impact of COVID-19 on African Americans. Early accounts by the media estimated that Black Americans were dying at a rate 2 to 3 times higher than their population share. In the UK, the racial issue jumped to public attention when the first eleven doctors who died from COVID-19 were all reported to belong to Black, Asian, and minority ethnic (BAME) communities.[2]

The urgency of the racial issue was widely acknowledged also by the medical literature.[3] While the higher risk of COVID-19 death among minorities tends to correlate with pre-existing health conditions, possibly because of genetic and biological factors, from the very start the consensus was that race differentials are also associated with socioeconomic disadvantages reflecting living and working conditions. Not only does a large share of minorities live in poor neighborhoods characterized by high unemployment, low housing quality, and unhealthy living conditions, but they are also not as able to adhere to social distancing restrictions, whether because of working as essential workers or because of living in more crowded dwellings.

Early evidence

Initially, however, the racial and ethnic demographics of the people who were affected were not released or even collected, so that an assessment of the unequal racial and ethnic impact of the pandemic turned out to be very hard to reach. Early evidence on disparities in COVID-19 fatalities was collected on the basis of an extraordinarily detailed daily dataset covering Cook County, Illinois (US), the county that includes the City of Chicago.[4] The data is provided by the medical examiner and includes race among a wide array of other individual characteristics such as age, gender, pre-existing conditions, and even the home address of the deceased. We produced an initial assessment over the first window of three months of the course of the epidemic, starting on March 16 when the first death was recorded in Cook County, and ending on June 15 which marked the peak of the first wave. This data documents two facts. First, Black Americans in Cook County did die from COVID-19 at a rate higher than their population share and, second, they were hit earlier than other groups.

This is the detail: In those three months, the medical examiner reported 4,325 COVID-19 deaths, of which 35% of Black Americans against a Black population share of 27%. Thus, Black Americans have been dying at a rate 1.3 times higher than their population share. While these figures do confirm they overrepresentation in terms of fatalities, they also paint a somewhat more moderate picture, compared to the ones reported by media earlier on. This seeming inconsistency is explained by the different timing of the epidemic onset: Not only were Black Americans disproportionally affected by COVID-19, but they also started to succumb to it earlier than other groups, which explains the consequent decline in their share of cumulative fatalities as the epidemic followed its course. Thus, what the epidemiological curve reveals is an extraordinary degree of racial segregation, with different groups displaying distinct patterns in the extent and even in the timing of their exposure to the epidemic.

To search for the roots of the higher vulnerability to COVID-19, we dig into its potential determinants by exploiting information on the home address of the deceased, to show that the redlining policies dating from the 1930s still exert an effect, with a sharper increase in mortality, driven by Black and Latino minorities, in historically low-graded neighborhoods. Thus, residential segregation induces a higher degree of vulnerability to the epidemic which, far from being determined by genetic and biological factors, is caused by socioeconomic status and household composition. It is through these two channels that the legacy of historical discriminatory policies manifests itself.

A broader picture

Subsequent studies extended and confirmed these early findings. For the US and up to the end of 2020, estimates of excess deaths (that is, deaths in excess of those to be expected in the years prior to the pandemic) show that the mortality burden was borne by racial and ethnic minorities, who not only have died at greater rates, but also did so at younger ages.[5] Overall, without taking the younger age of minorities into account, Black and Hispanic populations suffered the highest rates of excess death: Black Americans saw a 25 percent increase in mortality relative to trend, Hispanic Americans a 39 percent increase. These disparities widen further when excess mortality rates are age-adjusted: This implies that those who died on average had many more years of life left to live, compared to other groups in the population.

A systematic review[6] of world-wide evidence collects information on the association between racial, ethnic and socioeconomic status and a broader variety of health outcomes, beside death from COVID-19 and excess death. The evidence documents that racial and ethnic minority groups also had higher risks of infection and hospitalization. Low level of education, poverty, poor housing conditions, low household income, and living in overcrowded households were cited as risk factors.

The vaccination phase

The latest and still developing wave of evidence has focused on racial and ethnic inequities in vaccination rollout, raising questions on how prioritization strategies should or should have been implemented. In the US, after having secured shots for health care workers and nursing homes residents, a debate arose on how to approach the next, large-scale immunization effort. Despite the acknowledgement of the above-documented disproportionate impact of the pandemic on racial and ethnic minorities, adoption of race and ethnicity among prioritization criteria was ruled out based on legal and ethical considerations, since the higher risk borne by minorities is not biological or genetic but rather driven by socioeconomic factors. Eventually, the CDC settled on a racially neutral approach and released guidelines placing first in line, immediately after the over-75, frontline essential workers, in the hope that this strategy would still be effective in mitigating health inequities, since minorities are overrepresented among essential workers.

In practice, few US states followed CDC guidelines closely, and a variety of schemes were adopted. Eligibility criteria for frontline workers have in fact been the most diverse, likely reflecting local political pressure. Preliminary evaluations showed that lower income was a predictor of a lower chance of having been vaccinated among equally prioritized groups, and that the vaccination rate for Black people was lagging behind, a fact that could be partially justified by their lower representation among the elderly but remained at odds with their higher representation among essential workers. A December 2021 report^[7] concludes that, while over the course of the immunization campaign Black and Hispanic people have been less likely than their White counterparts to receive a vaccine, these disparities have narrowed over time, particularly for Hispanic people. These improvements likely reflect a combination of factors, including efforts to increase information among disadvantaged groups and to reduce the indirect cost of vaccination, where the latter is explained by difficulties in taking time off from work and in reaching vaccination spots. Still, inequity is still present, with 58 percent of White people having received at least one vaccine dose, against 51 percent of Black people. The persistence of vaccine hesitancy among Black Americans has been linked to the lingering mistrust in medicine due to the infamous Tuskegee experiments, where for decades Black men were infected with syphilis and deliberately denied effective care.

Implications for policy

The position of ethnic and racial minorities is a critical issue that policymakers must address. While its relevance from a socioeconomic perspective was already well understood, the novel implications for global health took center stage as a result of the COVID-19 outbreak. It bears ramifications not only for how to handle public health systems but also for how to regulate future migration flows and preserve public trust in health authorities.

The first conclusion for policymakers is that there is a need for internationally-coordinated data collection to account for racial and ethnic factors. To address and quantify the extent to which minorities are disproportionally affected by COVID-19 is essential to understanding the effect of the pandemic on public health and its socioeconomic implications. In addition to health outcomes, data should include individual-level information – at the finest possible level of disaggregation – on characteristics such as age, sex, residence, and comorbidities, as well as socioeconomic information reflecting an individual’s income, work status, and educational attainment. Other relevant dimensions such as co-residence patterns, dependence on public transport, access to health, and participation in the activities of local communities, should also be documented. Crucially, given the relevance of the spatial dimension for the diffusion of the pandemic, individual data should be collected at the finest available disaggregation, such as the region, county, or municipality.

The second conclusion, also in light of the latest developments and in particular the spread of Omicron, is that – even after the ongoing effort to administer booster shots and to vaccinate children is completed – vaccination campaigns represent an enduring challenge for the years to come. Appropriate prioritization strategies need to be implemented for the time when the emergency will be over. The facts tell us that a disadvantaged socioeconomic status, which is highly correlated with race and ethnicity, represents an obstacle to obtain a vaccine. Furthermore, targeting essential workers proved ineffective, thus providing no support for the hypothesis that minorities can get vaccinated quickly in virtue of the fact that they are often employed as such. Not only should socioeconomically vulnerable groups be ranked highly in future prioritization strategies, but campaigns should be conducted in such a way to actually reach them. Vaccination drives should be organized at workplaces, in poor and crowded neighborhoods, and at other frequent points of contact such as places of worship and motor vehicle bureaus. Policies aimed at fostering trust in medicine should include employing race-concordant medical practitioners within Hispanic and Black communities and using the media to spread information and facilitate the endorsement of public health measures. Prioritization strategies for the future should take these evidence-based considerations into account.

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About the Authors

Graziella Bertocchi is Professor of Economics at the University of Modena and Reggio Emilia and President of the Einaudi Institute for Economics and Finance. She earned a PhD from the University of Pennsylvania and has taught at Brown University and several other institutions. Her research focuses on the economics of culture, gender, race, education, growth, and institutions.

Arcangelo Dimico is Senior Lecturer at Queen’s University Belfast and Director of the Centre for Health Research at the Management School (CHaRMS). He earned a PhD from the University of Nottingham and his research focuses on modern development economics, with broad applications to labor, political economy, education, gender and family.

References

[1] Kendi, 2020, “Why Don’t We Know Who the Coronavirus Victims Are”, The Atlantic, April 1, https://www.theatlantic.com/ideas/archive/2020/04/stop-looking-away-race-covid-19-victims/609250/.
[2] Kirby, 2020, “Evidence Mounts on the Disproportionate Effect of COVID-19 on Ethnic Minorities”, Lancet Respiratory Medicine 8, 547-548, https://www.thelancet.com/journals/lanres/article/PIIS2213-2600(20)30228-9/fulltext.
[3] Yancy, 2020, “COVID-19 and African Americans” Journal of the American Medical Association, April 15, https://pubmed.ncbi.nlm.nih.gov/32293639/.
[4] Bertocchi and Dimico, 2020, “COVID-19, Race, and Redlining” Covid Economics 38, 129-195, https://cepr.org/content/covid-economics-vetted-and-real-time-papers-0.
[5] Alsan, Chandra, and Simon, 2021, “The Great Unequalizer: Initial Health Effects of COVID-19 in the United States” Journal of Economic Perspectives 35, 25-46, https://doi.org/10.1257/jep.35.3.25.
[6] Khanijahani et al., 2021, “A Systematic Review of Racial/Ethnic and Socioeconomic Disparities in COVID-19” International Journal for Equity in Health (2021) 20, 248, https://doi.org/10.1186/s12939-021-01582-4.
[7] Ndugga et al., 2021, “Latest Data on COVID-19 Vaccinations by Race/Ethnicity”, Kaiser Family Foundation, December 15, https://www.kff.org/coronavirus-covid-19/issue-brief/latest-data-on-covid-19-vaccinations-by-race-ethnicity/.

The Push for, and Rewards of, Greater Board Diversity in the Financial Services Sector

February 1, 2022

By Emma Bartlett

Businesses today operate within a highly competitive and fast-moving global marketplace. For all of the benefits that this brings, it also presents significant challenges – challenges which have only been compounded by the pandemic-induced turmoil of recent years. In this landscape, a strongly performing board is more critical than ever to the success of a business, and diversity at board level is increasingly recognised as a key driver of that performance.

The financial services sector is no exception. At a regulatory level, in early 2022 the UK’s Financial Conduct Authority (“FCA”) is expected to announce whether it will implement proposed rule changes that would require certain financial services companies to disclose annually, on a comply or explain basis, whether their boards meet specified diversity targets. In its consultation on the proposed changes, the FCA explained that it was considering targets of 40% of a given board being women, at least one senior board position being held by a woman, and at least one member of the board being from a non-White ethnic minority.

The UK is far from alone in this regard. For example, in August 2021 the US Securities and Exchange Commission approved new listing rules proposed by NASDAQ, which require certain listed companies to publicly disclose board diversity statistics, to have a minimum number of “diverse” directors, or explain why they do not. In Hong Kong, SEHK published a consultation paper in April 2021, which contained proposals that would implement various expectations and requirements concerning board diversity. The Financial Services Agency in Japan published a consultation on diversity in Senior Management in April 2021, Singapore has established the Council for Board Diversity to increase female representation on boards, and Australia already sets diversity targets for companies listed on the Australian Securities Exchange.

With the foregoing in mind, the push for greater board diversity in the financial services sector raises the question – why try? Setting to one side the obvious – and important – moral case for greater board diversity, there is a growing body of research to suggest that there are practical and tangible benefits on offer to businesses that are able to achieve a higher degree of diversity at board level.

Before proceeding, it is also important to note that diversity is an incredibly broad concept. Much attention in recent years has, for good reason, been paid to increasing the representation of women on company boards. However, achieving greater board diversity in the financial services sector also means, for example, increasing the representation of people of minority ethnicities, from less-privileged socioeconomic backgrounds or with neurodiverse characteristics.

Where gender diversity is concerned, perhaps the strongest correlation in the research is between more gender-diverse boards and more positive corporate governance and firm conduct outcomes – from reduced misconduct to fewer financial reporting mistakes. Similarly, there is some evidence to suggest that more gender-diverse boards achieve better risk management and, especially where a “critical mass” of women is achieved, better performance outcomes. For both gender and ethnic diversity at board level, there is also a growing body of evidence to suggest that this may be a factor in businesses achieving greater innovation.

Speaking in more general terms, where boards are able to draw on a broader range of expertise, backgrounds, and skillsets, there will in a number of respects be a deeper pool of knowledge to draw from when making difficult and critical decisions at board level.

The effects of diversity at board level may also trickle-down to the wider workforce. Starting at the management level, increased board diversity, including cognitive and socioeconomic diversity, may enhance mentoring and oversight of management. This might especially be the case where management is supervised by directors with whom they do not have prior relationships. The benefits of more effectively mentored and monitored management will in turn filter down through the organisation.

Similarly, the fostering of diversity and inclusivity at the very top of a business can trickle down in a way that improves diversity and inclusivity throughout the organisation. Although inclusivity is not a well-measured concept, there is some evidence to support there being positive practical benefits for businesses that achieve inclusivity. For example, employees with greater feelings of inclusion tend to work for businesses that outperform the S&P500. Further, one study found that as the number of employees answering “prefer not to respond” in surveys about their sexual orientation and disability status increased there was a corresponding drop in employees’ faith in management, sense of safety in the work environment, and in signs of teamwork – all of which are drivers of company performance and innovation.

Looking beyond the organisation, one of the best possible ways for a business to demonstrate its commitment to diversity, to current and potential investors, customers, and employees alike, is to embed diversity at the highest level of its corporate structure. In a global marketplace where Environmental, Social, and Governance factors are increasingly at the forefront of minds, not least of all the minds of investors, there is clear scope for rewards to be reaped when it comes to publicly demonstrating a commitment to diversity at board level, and likewise opportunities to be missed for businesses that cannot.

The research in this area is, by no means, conclusive. However, one benefit of the push by regulators around the world for greater transparency around board composition and diversity within the financial sector is likely to be a stronger body of evidence for researchers to engage with.

It is also important to note that achieving greater diversity at board level is only the first step to realising the potential benefits that diversity has to offer. Without pairing a diverse board with a healthy board culture that encourages a diverse range of opinions to be voiced, any practical benefits of diversity may ultimately be muted. In a recent survey of 700 directors, nearly half of respondents said that they found it difficult to voice a dissenting view in the boardroom. Plainly, this is a real challenge for businesses to address for a variety of reasons, not least of all with respect to harnessing the potential benefits that diversity has to offer. Companies should work to ensure that their board-members, whatever their backgrounds or characteristics, are encouraged and enabled to voice diverse perspectives and that those perspectives are embedded in the board’s decision-making process.

Notwithstanding the potential benefits of board diversity, it should be noted that much of the improvement in board-diversity in the UK, when looking at the FTSE 350 companies, has principally stemmed not from pursuit of these benefits but from external pressure. Not least of all, public scrutiny of boards that failed to meet the voluntary target of one third of women on boards lobbied for by the Hampton-Alexander review was a crucial driver of change. In the same vein, this target and the publicity around it has enabled shareholders and investors to push diversity higher-up board agendas, and these groups have themselves had a major influence on diversity. Lastly, executive board recruiters have been instrumental in expanding the selection of available board candidates beyond the same, typically non-diverse, talent pool.

If as expected the FCA’s proposed rule changes, as discussed above, are implemented in the near future, we may expect that affected businesses will again want to avoid being publicly singled-out for failing to meet the new targets.

Lastly, it is worth addressing in brief the question of achieving diversity in the context of smaller companies. With fewer seats at the table, and potentially a smaller pool from which to draw board members, diversity can be more difficult to achieve. The FCA, and similar bodies around the world, have recognised this, for example by noting that more time may be needed to recruit diverse board members where small companies are concerned. Difficulties notwithstanding, the potential benefits of board diversity for small companies in the financial services sector are there to be realised if they are able to meet the challenge.

Although there is much more work to be done, both in terms of the research into the impact of diversity at board level in the financial services sector and in terms of achieving that diversity in practice, the direction of travel (not least of all at a regulatory or public level) seems clear. In the coming years, we may well find ourselves asking more often not simply what the benefits are to a business that is able to achieve greater board diversity, but what the costs are to one that is not.

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About the Author

Emma Bartlett is a Partner specialising in employment and partnership law at leading employment firm CM Murray.

Emma advises on a varied cross-section of employment law matters, including unlawful discrimination, whistleblowing, equal pay, unfair dismissal, breach of contract, restrictive covenants, protecting confidential information, boardroom and partner disputes and claims under TUPE. She has particular expertise in dispute resolution and litigation, notably discrimination, bonus, whistleblowing and trade union issues. She is a specialist in contentious discrimination matters and handling high-value contentious claims for employers and senior individuals.

Financing Options For Small Businesses: A Beginner’s Guide

February 1, 2022

When building a business from scratch, you may find no options other than using your own money or finding investors. Unfortunately, everyday business owners rarely have enough cash in the bank to cover startup costs and expenses.

Even if someone you know has enough money to fund a fledgling company in their savings account, they’re probably not going to take a risk on someone else’s idea. Luckily, businesses can always turn to an outside source for funding. Here’s your guide to financing options that will help your business put its best foot forward.

Business loans and business lines of credit

If you can meet the requirements, a business line of credit is a great way to cover costs as they arise. With this type of credit, you only borrow what you need and repay balances as quickly as possible so that your interest charges remain relatively low.

For those looking for capital without the credit score to qualify for a loan, bank lines of credit are also available. Service providers like AdvancePoint can help simplify small business financing decisions by identifying the best loan or line of credit for your company, ensuring you receive approval quickly.

Peer-to-peer lending

In the past few years, peer-to-peer lending has risen in popularity and quickly became a viable option for many small business owners. Sites like Lending Club and Prosper connect borrowers with lenders, making it easy to secure the cash you need. This method of financing works best for prospective borrowers who have been in business for at least two years and carry no significant risk factors such as heavy debt or bankruptcy.

Crowdfunding

Funding your new company has never been easier with sites such as Kickstarter or IndieGoGo. Using social media to spread the word about your new venture can help drum up interest from potential investors all across the nation.

In addition, crowdfunding allows you to keep equity in your company while gaining quick access to capital. Make sure you do your homework, though; while anyone can be an investor, it’s essential to make sure any contributor is still somebody who shares the same goals and values as you.

Small business grants

Small businesses grants are an opportunity for small businesses to acquire funding without paying it back. These grants often come with specific guidelines that must be followed for you to be eligible, but they can be a fantastic opportunity for qualified applicants.

Search engines might connect you with any number of government grants, some of which may not apply to your business niche. Be sure to narrow your search results accordingly to save time.

Conclusion

Whatever type of business you are running, there is a way for you to obtain the funding it needs to succeed. These are only some of the options available to you; be sure to research to discover what else might be out there. Also, be aware that not all financing options are created equally, and different methods can come with their advantages or disadvantages.

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8 Tips for Companies to Manage and Reduce Financial Risks

January 31, 2022

No business doesn’t want to cut down its financial cost without losing its efficiency and efficacy. Lower costs reduce prices of products in the market, boost demand, increase sales, and raise a company’s profits. It also aids higher employment via industrialization and improves standards of living.

However, none of these would be achievable without good financial risk management. Risk management is one of the essential tools for all businesses for various reasons. For instance, companies that manage risk find it easier to coordinate and control necessary business data. Financial risk management also provides companies with better opportunities for performance management and protects a firm’s financial status.

Today, economies worldwide have been suffering massively. Therefore, it’s best if all businesses assess their risks correctly and prepare for the worst. Without proper risk management planning, any surprise can take an organization downhill in a matter of days. Here are a few common ways to mitigate your company’s financial risk.

1. Plan

Planning must always be your foremost step for any business decision. Creating a business plan will assist you in figuring out how much time and money you are willing to invest. Additionally, a business plan enables you to keep track of things properly and lets you allocate your resources more strategically. Good business planning also plays a pivotal role in managing cash flows and developing accountability. And most importantly, once you carry out market research, you get a fair idea of whether your business idea will succeed in the market or not.

While planning, it will be a good idea to hire a professional for additional help. A qualified and skilled business planning expert, preferably someone with an accounting master’s degree, can significantly ease your planning process. They can also help you identify gaps and potential risks in your business plan earlier to avoid facing difficulties later.

Solid business continuity and disaster recovery plan are also advisable for your company to follow in the event of a disaster, this could include having emergency fuel services to ensure that any interruptions are survived and won’t have a serious impact on your business.

2. Purchase insurance

Insurance is hands down the best way to limit losses. However, you must understand that insurance’s purpose is to cover only those losses you can’t afford. Hence, choose a proper insurance plan and avoid paying higher premiums for lower deductibles.

You can opt for life insurance, disability insurance, professional insurance, completed operations insurance, or others. It is best to do your due research and pick the one that suits your company’s needs the most.

Apart from managing and reducing a firm’s financial risks, insurance protects the business image and promotes business continuity. It also provides coverage for lawsuits and settlements, advertising liability, and keeps your business up and running.

3. Quality control tests

Performing beta tests with a limited audience before launching a product into the market is an excellent step for all new and established businesses. Quality control tests help gain reviews beforehand and predict the extent of success of your product/service once launched. It enables you to prepare, improve, and considerably increase your success chances. Remember, customer service is everything to a business. It directly impacts your company’s reputation.

Quality control tests ensure quality assurance and enhance production competency, cost efficiency, and customer trust. Quality control also encourages business growth and creates better work environments.

4. Limit liability

Limitation of liability is a favorite textbook technique of reducing financial risk. Experts say that by limiting one’s liability, they are allowing for more accurate budgeting and forecasting.

If you are a sole proprietor, consider switching to a limited liability company or a corporation. Under the latter, you no longer remain personally liable to pay off a company’s debt or other liabilities. An LLC also has a pass-through taxation policy, no restriction on numbers of members, higher flexibility, less paperwork, and a more organized company structure.

5. Lower loans

Although most businesses commence operations through loans and grants, it’d help if you start with a loan as low as possible. However, it must still be sufficient to provide your startup with enough capital and growth prospects.

The amount you need to borrow will depend on the type of your business and your current financial situation. But you have to consider the amount because business loans come with many unfavorable restrictions and regulations. These include strict payment schedules, high-interest rates, processing fees, and tedious application processes. Some loans also require significant collateral as security.

6. Create a cash management strategy

Cash is highly imperative to any business. Running out of money means the permanent destruction of a business. Therefore, establishing a solid cash management strategy is essential.

Efficient cash management can not only considerably reduce risk but can also streamline processes and eliminate downtime. It gives faster access to cash and resourceful business data, allows for tailored solutions, and detects cash embezzlements. Cash flow management also fastens the workflow capital cycle, organizes your spending, and gives you higher control over your company’s cash.

7. Diversify your investments

Diversifying your investments limits the risk of an individual stock, reduces volatility, and limits chances of sudden market turndowns. With diversified investments, your portfolio can also outperform individual stocks, expose you to more opportunities for higher returns, and safeguard you against negative market cycles.

Varying investments also help achieve long-term investment plans, keep your capital safe, and help avail benefits on compounding interests. You can diversify your investments by:

Spreading wealth
Keep building on your portfolio
Making use of index and bond funds
Rebalancing your portfolio periodically

8. Improve your accounts receivable

Ensure to keep track of your invoices and whether your customers are paying bills or not. Maintaining accounts receivable is crucial for mitigating financial risks.

You can consider creating an A/R aging report, calculating your ART, and diversifying your client base. You must also be proactive in your invoicing and collection efforts. If possible, offer an early payment discount and a payment plan.

Furthermore, establish a clear and concise credit access process, maintain accurate customer data, prioritize credit management, and shorten payment terms.

Wrapping up

Risks are reasonable but only to a certain extent. Too much risk can trigger uncertainty in a business and disrupt operations. Managing and controlling financial risks will help managers and executives make more informed decisions and act in favor of customers and employees.

Without sufficient knowledge about risk, business professionals will be unable to deal with potential problems. Therefore, ignoring risk is highly threatening. It might create several hostile obstacles for businesses if not attended to immediately.

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Recruiting React JS Developers for Your Project

January 31, 2022

When it comes to designing bespoke software for your business, you want everything to flow smoothly from planning to launch. If you want to build a high-quality product that meets all of your requirements and runs smoothly, you’ll need to recruit the right developers. You should know where to seek, what to look for, and how to onboard your selected React web developer if you want to recruit React developers

React Web Developers’ Responsibilities

Before you hire React JS programmers, you need have a thorough grasp of what they do and what skills the ideal candidate should possess in order to build your software product correctly. With this knowledge, you’ll be able to conduct informed interviews to choose the best React web developer for your project.

Hard Skills for React JS Developer

JavaScript. Your ideal applicant will have a thorough understanding of the Javascript programming language and a track record of successful JS projects in their portfolio.

Operating Systems. A skilled React web developer will be familiar with both iOS and Android operating systems, as well as their distinctions.

The fundamentals of React. You should hire a React JS developer that is familiar with the basics of the framework, including JSX, class and function components, props, state, lifecycle methods, and hooks. Those concepts should be ingrained in the React JS developer you hire.

Testing Tools. Test your candidate’s knowledge of testing tools, which are critical for finding and removing faults and problems in your product both throughout and after the software development lifecycle. Names like React Native Testing Library, App Center, Redux, ESLint, and Sentry should be on your radar.

Style. Your React JS applicant should be able to articulate their programming style in terms of readability, consistency, and clarity. Inquire about the resources they employ, such as the Google JS Style Guide.

Optimization. Make sure your React developer understands how to improve your product’s performance before releasing it. Beyond coding, optimization necessitates an understanding of the product’s purpose, end-users, and special client needs. Finding solutions for improvement and applying them in the source code is an example of optimization.

A React Software Developer’s Soft Skills

Communication. Miscommunication is frequently the root of costly errors that cause your project to be delayed and disrupted. Examine your candidate’s writing and vocal communication abilities, and make it obvious that frequent communication is a must-have work need.

Receptiveness. A true professional understands how to receive constructive criticism without being threatened or offended. Constructive criticism benefits your team’s professional development and ensures better project outputs.

Teamwork. You wish to recruit a React JS developer who is willing to collaborate and spread the burden with colleagues because software development is a team effort. Teamwork is what makes the dream come true!

The ability to think critically. Every project has issues, and the majority of them cannot be discovered in a manual. To come up with inventive and effective answers to key situations, a React web developer needs strong critical thinking abilities.

Experience. It’s critical to measure your React developer’s hourly fee against the candidate’s experience when calculating the cost per hour to hire a React JS developer. A new developer may be eager to work for a low hourly rate, but they are more likely to make important errors that slow down your project and lower the quality of your final product, thus costing you more money.

Identifying and Recruiting React Developers

Once you’ve determined the talents your React web developer should have, it’s time to start looking for and hiring a React developer who will work well with your team and project. It’s important to know where to look, but finding the appropriate applicant isn’t always simple.

There are many of sites that provide React developers for hire, but not all of them will have the skill set, expertise, or experience you require in a React JS developer. You may want to check total talent solutions from High5.

The React JS Hiring Process

Finding the right React web developer for your project is only the beginning. React JS developers are in great demand, and the hourly pay for one may be rather expensive.

You must resolve the following difficulties in addition to agreeing on your React developer’s hourly rate:

Availability. Finding the ideal individual with the specific talents you want for your project is relatively easy, but finding one who is available to work within your deadline might be difficult. Make sure you have a firm start date and a reasonably precise predicted completion timeframe before you begin interviewing applicants. React interview questions should also be prepared.

Time Zone. Some of the top React JS developers in the world may be found on the other side of the globe, typically for a low hourly rate. However, if your staff is spread across countries, collaborating across time zones might be difficult. Before you hire a React JS developer from another country, be sure your team is prepared to put up with the inconvenience of working late.

Communications. Communication has become easier thanks to technology, but when it comes to essential tasks, clear and precise communication is critical. Consider whether you’re willing to work past language obstacles that might result in misconceptions that have a negative influence on your project.

Compensation terms. You should start into the job search with your eyes wide open, which means having a budget in place that includes a certain amount for developer costs. Knowing how much you can afford to spend will help you cut down your prospect pool so you don’t waste time interviewing people who are too expensive. You should also decide if you want to pay by the project or by the hour ahead of time, and hunt for employees who are prepared to work under those conditions.

Contingencies. It’s always a good idea to have a backup plan in place in case your React JS developer cancels at the last minute, or worse, mid-project. Make a list of outsourced service providers who can step in quickly in an emergency, and keep the names of the most promising candidates on file for future reference.

You should have your legal adviser prepare a formal contract and lock it in with the signatures of all key parties once you’ve found and hired a React web developer that is willing and able to satisfy all of the above requirements for your project

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An Easy Guide To Making Your Business Successful

January 31, 2022

Achieving success with your business is difficult, but not impossible. One of the hardest things for new business owners to contend with is marketing, which we will explore later on in this article. Another problem faced is competing with long-established industry rivals, who will mercilessly attempt to drive you out of business by taking away your customers.

Making your business successful requires time, planning, and observation. You also need to spend a lot of time reading, researching and studying. When starting your very own LLC, formation services can help with the establishment process to give you the best possible start. Click here to learn about the best formation services operating now.

This article will present an easy guide to making your business successful:

Virtual Offices

Businesses that have physical office locations are more respected by consumers. Not everybody is able to afford an office, especially in larger cities like London. Thankfully there are services that offer virtual offices in London, allowing you to put an address on your business cards, website, and in your email tag. As London is the United Kingdom’s business hub, it should come as no surprise that businesses with London addresses are more desirable to consumers than businesses with no address, or with an address in a smaller town or city. Virtual offices give you authority and make you appear more established.

Meticulous Organization

You need to organize your business meticulously. If you aren’t organized and don’t have your proverbial socks pulled up, then you will struggle to make your business a success. Write out a business plan, detailing your goals and how you intend on achieving them. Additionally, plan each day methodically, starting with what you will do in the morning, how you will ensure that the day is productive, and finishing with what you will do at the end of the day. Organizing your business will make you a more organized and careful person. It will also help you to make your business more of a success.

Expert Recordkeeping

You need to keep your business’s record expertly. If you struggle to keep records or simply don’t have the time, then you should hire an accountant or business manager to handle these things for you. Your business’s records are very valuable, especially when it comes to paying your taxes each year. In addition to helping you to make your tax returns clearer, your business’s records will make it easier for you to sell, improve, and work on your business. Recordkeeping is not something that you should overlook, especially if you want to make your business a success.

Industry Analysation

You need to carefully study and analyze your industry and your direct competition. If you don’t know who you are competing with, you will not be able to overcome them and establish yourself as an authority in your niche. Studying your competition will also teach you a few things about marketing in your niche, especially if your competition is already established. You can adopt the same marketing methods as them, take their customers, and push them out of business. In addition to analyzing competition, analyze the industry and how it is currently functioning.

Risks and Rewards

Starting a business isn’t easy. There is a lot that can go wrong. If you aren’t fully aware of the risks and rewards from the outset, you will suffer in the future. You need to sit down before you start your business and work out what all of the risks and rewards will be for you personally by starting a business. If there are more risks than there are rewards, that’s not to say that you shouldn’t still give it a go. As the old adage goes, who dares wins. Consider your family, livelihood, and career when you are working out risks.

Be Creative

There are very few business concepts that have not already been done. That is not to say that you cannot put your own spin on an already existing concept. Starting your business is a very complex process and creativity is a very big part of it. If you aren’t creative then you will struggle to distinguish yourself from your competition. Try to be as creative as possible. If you are fortunate enough to be so creative that you come up with a novel idea that has never been done before, then it is definitely advisable to copyright or trademark it.

Maintain Focus

When you are starting a business, it is easy to become complacent. Complacency, unfortunately, will be a killer for your business. You need to maintain focus all the time; keep your eye on the ball. If you fall off for even a second, your competition will be able to outdo you. One of the primary reasons that businesses fail is because their owners lose their drive, become complacent, and allow their businesses to deteriorate. If you remain tightly strung and do not allow your business to fail, you are guaranteed success.

Making Sacrifices

Becoming a success isn’t easy. You will need to make sacrifices. As we mentioned earlier regarding risks and rewards, there is a lot that can go wrong when you are starting a business. This is especially true if you are leaving a reliable job to start your business, or if you are starting a business in an industry that you aren’t familiar with. You will have to make sacrifices, some of which might be very uncomfortable and impact your quality of life. Persevering, pushing through, and overcoming hardships will not only make you stronger but will also benefit your business and make you a more competent director.

Provide Quality Service

If you want to make your business a success, then it is absolutely crucial that you provide your customers with quality service. If the service that you offer is not quality, then consumers will not want to do business with you. This is especially true if there are other businesses in your niche offering more superior services. A quality service should include customer service, tech support, product warranties, and communication. In addition, try to build relationships with your customers, especially high-value ones.

If you want to make your business a success, then follow this guide’s advice. Everything that you need, from quality service to meticulous organization, is covered here. Becoming a success is definitely challenging, but with the right attitude, it is achievable.

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How Can Video QR Codes Assist Educators in Improving Their Knowledge Acquisition?

January 31, 2022

How can video QR codes incorporate the visual and aural styles of learning and enhance the students ’ learning opportunity, given that learners are classified into three learning styles: graphic, aural, and tactile?

With auditory and visual learning styles commonly used in distance learning, video lectures become a teacher’s tool for bridging interactive teaching gaps. The video QR code is a solution created by combining two technological resources.

How Can Video QR Codes Help Students Improve Their Academic Performance?

As today’s learning approaches are enhanced with multimedia content such as videos, and sound clips, video QR codes can help students improve their academic performance through the following reasons.

1. Aids in putting ideas and techniques into action

In most scenarios, this is not achievable. Experimental studies and practical exercises might consume resources and manpower. Because of that, it is recommended to opt for video content, which is sufficient in reducing the academic gap for graphic learners.

When materials are sent using QR codes, students can easily access them with a smartphone scan. They no longer have to type a URL by hand. The more straightforward it is for a pupil to focus on the learning component, the easier it becomes.

2. Allow for Learning Variability

Students do not learn and comprehend at the same rate. As a result, even if a teacher is discussing visually, it is easy for a pupil to fall behind.

With video QR codes, a learner not only receives the necessary learning resources but the video can also be delayed and repeated. This will make the students study at their speed.

3. Simpler to Examine

Browsing through one’s notes might be perplexing. Anyone can write some things that are difficult to recall.

When a learner has to review anything, clips are simpler to comprehend. Teachers may examine it at any time and as many times as needed, making it easier by being embedded in a QR code. With the vast presence of a QR code generator with logo online, teachers can quickly transform their learning clips into a QR code.

4. Develop fairly straightforward accessible Materials

Normally, an educator would be supposed to hand over learning materials to a student. When that is not practicable, a problem occurs. There are a lot of kids, which can be exhausting for the teacher in some instances.

Video QR codes address that technique. Many photographs can be emailed or displayed on a digital classroom board. Learners are directed to their instructional materials when they scan them. They can do so whenever and wherever they like.

They may simply save it as QR codes as well. As a result, a learner is not required to go to the location where the QR code has been posted and rescan it.

5. Provide Instructional Resources That Are Updatable

An educator will undoubtedly discover superior educational materials, rendering the old ones outdated and unneeded.

Because all of the videos teach the same idea, it can be difficult for a student to navigate through them. It can be confusing when kids switch between the visual learning they have connected with a topic.

As a result, an educator should take the first step and supply just the ideal educational materials. QR codes enable this strategy by using their fully editable data functionality.

Conclusion:

With so many QR codes’ benefits, it is difficult to dismiss them. They are not just learning aids; they are essential components of every classroom, either in-person or digital.

Advanced educators are enlisting the assistance of a QR code generator online to transform conceptual understanding into practical learning using video QR codes because of their capacity to increase today’s students’ learning ability.

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