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"What Next for Tech Millionaires? Keep Creating!"
Research suggests that these tech superstars are driven to achieve more, and they are often driven by far more than simple money. This phenomenon is shown in the film The Social Network, in which Facebook backer and Napster founder, Sean Parker (played by Justin Timberlake), announces that a million dollars isn't anything special ? what's really cool is a billion.
Mark Zuckerberg, the Facebook founder, is a prime example. Already a billionaire, he came to Silicon Valley to change the world with his coding skills and grand visions of an online social platform. Similar stories are told of Sergey Brin and Larry Page, the founders of Google, and it will no doubt happen to Twitter's founders.
The tech billionaires' decision to keep working after their stock-market windfalls is actually not too different from financiers and investment bankers who also tend to simply keep working in a bid to continue their success. And yet their successes are flaunted in conspicuous ways, from sports cars and custom-made suits to lavish holidays and expensive markers of wealth. For Silicon Valley's millionaires, the flaunting of wealth is far more uncommon. As often as not, they are using their money to create new technologies or to invest in the next entrepreneur's start-up idea.
One of Google's multi-millionaires, Scott Hassan, explains this trend perfectly when he says that a person can only buy 'so many shiny things'. He says that Silicon Valley's start-up founders are often engineers and never lose their desire to keep building something new, even if they have already earned enough to retire in luxury.
Many of the newly wealthy went back to work to start up new companies. Hassan himself set up a robotics incubator for engineers who specialise in the field of telepresence robotics. He explained that he was passionate about building a new company that could affect the world. Start-up founders are driven by that need to keep building new things, often from nothing at all. This is often a different kind of person than a successful investment banker.
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"Confusion Reigns over Government's Help To Buy Scheme"
Analysts have expressed concern and confusion about the new Help to Buy scheme
The government's share isn't obligatory ? the buyer can buy it out whenever they like. However, the homeowner doesn't need to pay the government anything unless they do want to buy out
In Northern Ireland a different system operates that is known as the co-ownership scheme. It has been in existence since 1978. Under the scheme, potential property owners take as big a share in
The Northern Irish and Scottish governments don't charge interest on these equity shares. In England a 1.75pc charge is applied after five years, growing with inflation annually afterwards.
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Business Transformation Expert Engaged by Leading Pawnbroker
Pawnbrokers Albemarle & Bond Appoint Business Transformation Expert
Ailing pawnbrokers Albemarle & Bond have appointed Colin Whip business transformation expert, to turn around their fortunes and get the business back on track. Whip is a Fellow of the Institute for Turnaround and joins as Chief Restructuring Officer following various positions with household names that include Procter & Gamble and Scholl.
At the same time, the business has appointed a new CEO, Chris Gillespie. Both will get to work immediately to reassure lenders and shareholders alike that they can turn around the struggling business. In a further change, Greville Nicholls reverts to his previous role in the business of non-executive chairman.
Dropping gold prices and rising competition have left the business adrift and needing to extend debts, having failed to secure additional finance to avoid breaches of covenants if a solution is not found by the end of this month. The share price plummeted to 36p from a 52-week high of 266p, although it is showing small signs of recovery in the light of Whip and Gillespie's appointments ? it has risen back to 45p.
From its lowly origins as a single shop 30 years ago in Bristol, Albemarle & Bond has grown and now has more than 140 stores nationwide. Now a major UK pawnbroker and buyer of gold and second-hand jewellery, they were at risk if gold prices fluctuated much, and indeed the shine has come off the business. This is despite the current economic climate and the business having diversified into offering cheque-cashing and short-term loans. The high-risk strategy of opening 25 new stores last year coincided with the gold price peaking, and with the current focus on pay-day loans and potential new legislation there are difficulties ahead.
Whip has an Impressive Record in Business Transformation
The two appointments mark the start of a new chapter for the firm. Whip has an impressive track record in delivering financial change in consumer-facing businesses. His experience covers both the public and private sectors, in both commercial and financial roles.
Gillespie's background is built on solid financial-services experience with companies such as Barclays, Bradford & Bingley and Provident Financial.
Whip will be looking to get going straightaway. As a Fellow of the Institute of Turnaround, no doubt he will be looking to personify the institute's goal of professionalising the business transformation. Appointing someone with his evident expertise should prove to be a shrewd move for Albemarle & Bond, particularly if he can create a turnaround that proves to be socially useful, as members of the IFT should.
Written by David Archer of Circle Square - Investment Banking Recruitment
Related posts: Banking Industry Transformation Looks Likely Finance Sector puts Reputation First
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Recession could be Caused by US Default
Chief of IMF Voices Concerns over US Default Causing Recession
She was being interviewed for a US TV show when she said that if they do default, then it could cause 'massive disruption the world over'.
If no agreement is reached to increase the US's debt limit, the US Treasury will begin to run out of money and a recession will be imminent.
The leaders of both the Democratic and the Republican parties held talks on Saturday, the first of their kind to take place in several weeks.
When interviewed by the NBC programme Meet the Press, Christine Lagarde said that American would have to raise their debt ceiling before the deadline
She was reported as saying that the uncertainty could cause severe problems, not just in the US around the world. Not only would it cause disruption, but it could also lead to another recession.
World Bank News
Jim Yong Kim, the president of the World Bank, has also issued warnings about the potential consequences of the situation and the threat of recession. He has expressed his concern that the US is only a few days away from a potentially very damaging situation.
The bank's president was eager for the policy makers in the US to reach some kind of agreement over the debt ceiling before the deadline warning, that a failure to do so could be a 'disastrous event' and cause global recession.
He expressed his concern over a potential drop in growth and confidence and a rise in interest rates, and he had particular worries about the developing world.
International finance ministers don't believe that the US will default, but there is a general uneasiness about the potential impact of the crisis and the looming threat of recession.
After the White House rejected a deal for a short-term increase to the borrowing limit, it is now a race to reach an agreement. The partial shutdown of the US government has been in place since they failed to pass a budget and has meant thousands of federal employees have been sent home.
The shutdown could be costing the government dearly, with an estimate from the US Treasury Secretary suggesting that it could be shaving 0.25% off economic growth with every week it continues.
Written by David Archer of Circle Square - Financial Jobs London / Accountancy Jobs London
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Shared Services A Quiet Revolution
If the move towards shared services had a higher profile then the unions would protest, the media would criticise and the academics would find flaws. The sea of change around the way large organisations are now structuring themselves and outsourcing key services such as HR, IT, procurement and finance is happening very discreetly. Part of the reason why the change has been fairly gradual is because it's taken big organisations a long time to wake up to the advantages.
Shared Services a Cost Saving Solution
The Benefits of Shared Services Have Been Understated
A Common Perception is that Shared Services are Bad
Despite this research has found little wrong with the shared services because it combines market principles with in-house control. Service providers can act in a dynamic and entrepreneurial way but are still accountable to the host organisation in the knowledge that if they get it wrong, they could lose the contract.
Shared-service agreements have generally been set up over time and their effect has also been gradual. However, they are changing the way companies operate, improving processes and enabling more communication between different areas of the business to ensure the organisation is far more joined up. It also enables companies to concentrate on their core business.
The Government is Encouraging Outsourcing to the Private Sector
Such is the effect of shared services that the government is now urging public bodies to go down this route by outsourcing to the private sector. It is encouraging hospitals, police forces and schools to set up shared-service arrangements. Whether they too can manage to outsource their recruitment or finance departments quite so quietly is another question.
Written by Victoria Campbell of Circle Square - Finance Jobs London / Accountancy Jobs London
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The Areas CFOs Should be Concentrating on
With glimmers of hope for the UK economy starting to appear, CFOs need to begin planning for the future. Many companies aren't making huge moves to expand or invest, but what areas should they be concentrating on?
Maintaining Cash Flow
It's important to keep cash within the business. Funding is still hard to come by, particularly from traditional lenders, so keeping money in the business is essential. Ensure you don't reach credit limits and that your business will still be able to operate if interest rates increase.
Ensure Good Returns
Many businesses have been putting money aside since the downturn so that they rely less on credit. As they've not been investing, large amounts remain in company bank accounts. It's crucial that you consider how these funds should be invested whether that's making acquisitions or continuing to save. If you're holding on to the money you need to find a good interest rate. For large investments, the money should be spread across different banks in case one goes under.
Large Debts
Lots of companies took on too much debt during the good years and are now struggling with this burden. They're often referred to as 'zombie companies', as they've got little chance of paying off the debts. The loans may have been sold to new lenders who will look to restructure the company's finances and agree new payment plans.
The Eurozone
Prepare for the Future
Global Markets
More companies are looking beyond Europe for their next growth market. For this you need to think about the different approaches you may need to adopt, based on financial restrictions or local customs. Approaching new markets through a local partner or franchise model could be options.
We also have a dedicated career advice section and guides on your options with each accountancy qualification - ACA Careers CIMA Careers CA Careers CPA Careers ACCA Careers
If you're not sure which career move would best suit your skills and experience take a look at our Job Profiles. The profiles provide advice on the qualifications, skills and experience required for each career option. The job profiles also outline salary expectation, job responsibilities and career progression.
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Sick Days Cost Businesses 29 Billion A Year
The Real Cost of Sick Days
UK Staff Take Almost Double the Sick Days of US Workers
The survey results showed that staff in the UK take off 9.1 days on average every year for sick days. This is almost double the time that US workers take off, at 4.9 days a year for sickness absence. It is also four times as much sick leave as staff in the Asia Pacific region, who take 2.2 days. It is also higher than in the rest of Western Europe, where the average is 7.3 days.
In fact, sick day absence equates to around 90pc of UK business's bill for absence overall, which includes figures for industrial absence, compassionate leave and other reasons.
The Overall Cost for Sick Days Has Risen Too
The trend may be improving very slightly, with unscheduled absences in the UK dropping to 9.8 in 2013, compared to 10.1 days two years ago. However, the figures attributed to sickness have risen to 9.1 days this year, from 8.7 in 2011. At the same time, the overall cost of those sick days has risen too, accounting for 28.8 billion of the country's overall 31.1 billion bill for workplace absence.
Finance Drain for UK's Business
The PwC lead for HR consulting, Jon Andrews, said that absence still led to a big resource and finance drain for the UK's businesses, particularly at a time when companies should be striving for growth. Businesses need to find ways to improve staff morale, motivation and health to improve the figures potentially by increasing workplace flexibility to cut back on the sickness cycle.
He pointed to forward-thinking businesses that were investing in their health and wellbeing provision for staff to tackle the issue at its roots, before its effects began to hit the bottom line. This is particularly important for SMEs and start-ups, where absence costs can be particularly challenging.
Workforce Demographics Playing a Part
Another challenge is the change in workforce demographics, with the overall staff profile ageing as more people are forced to work for much longer before they are able to retire. This means that businesses that fail to take steps to address the issue now are likely to see escalating sickness levels.
In terms of different industries, the sector with the lowest sickness record was the technology sector with an average of 3.4 days a year, which three times lower than the 11.1 recorded for public-sector workers.
Written by Rachael Clarke of Circle Square - Financial Recruitment
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Employment - Summer Slow Down
The Summer Employment Slowdown - Myth or Reality?
Depending on how you interpret the Employment slowdown, it can be both. The summer slowdown has been a genuine problem for the US economy over the last few years. However, the data revealed in the ADP's National Employment Report (July 2013) indicates that this year it may be avoided as job-growth figures remain strong, but some industry sectors might struggle to fill their new positions. Whether it's a healthy or a struggling jobs market, the myth or reality of the summer employment slowdown is not to do with whether the jobs are there or not. It is simply the experience of delays at that time of year.
Recruitment - A Question of Logistics
Candidate Availability
Keep the Employment Process Moving
Candidates should keep searching during summer. Be available - isn't it more important to secure a job than go on holiday? Be patient - expect the process to take a little longer. Consider temporary roles. Many companies backfill their summer employment shortages with temporary staff This is a great way to get known within the company and these can sometimes lead to full-time positions. Remember the process can just as easily speed up as it can slow down as companies take advantage of staff availability before their holidays. So it really can pay to keep searching for employment over the summer.
Recruiters - Plan the Employment Process in Advance
If you plan to hire over summer get your process rolling straightaway. Plan interview dates well in advance so you know which staff you have available to conduct them. It may be significant to see which candidates will forego or interrupt holidays to secure a job and which let holidays take precedence. Source your ideal candidates well in advance if you are looking for college or university graduates. They will be keen to know they have secured employment.
Thomson Reuters Investment Banking Scorecard
The Thomson Reuters Investment Banking Landscape as of July 12, 2013
Investment Banking - the number of Italian companies involved in mergers and acquisitions was up by 30% so far in 2013, with a total value of $30.6 billion. LVMH have acquired an 80% stake in Loro Piana SpA, the cashmere clothing producers at a cost of $2.6 billion.
Increase in Italian Investment Banking
This means that Italian involvement in the consumer staples market is up to 9% of total activity compared to only 2% this time last year. The majority of merger and acquisition activity undertaken by Italian companies this year has been in the financial, industrial, energy and power sectors, accounting for 72% of overall Italian involvement compared to 74% last year.
Dominating the field in a financial advisory capacity for the Italian mergers and acquisitions was Goldman Sachs, overtaking last year's top contributor Mediobanca and keeping Deutsche Bank off the top spot as well.
US Mergers and Acquisition Rate Falls
Despite a $2.5 billion bid by Kroger for Harris Teeter Supermarkets, the US rate of retail mergers and acquisitions has only reached $12.7 billion for the year to date. This is a decline of 31% on last year's rate, although the total US target mergers and acquisitions has reached $457.3 billion this year, which is up 21% on last year. Around 88% of all US target mergers and acquisitions are by US buyers, which is an increase on last year's 75%. At 18% of all mergers and acquisitions, healthcare is at the forefront of activity so far this year, with energy and power accounting for 15% and real estate in third with 12%.
As Harris Teeter's advisors, JP Morgan remains in the top spot for US target mergers and acquisitions, with Goldman Sachs coming in second and Bank of America Merrill Lynch coming in third in their role as sole adviser to Kroger.
Reduction in Global Investment-Grade Debt
General Electric Capital Corp has this week made a $3.5 billion corporate bond offering, the largest issuing of global investment-grade corporate bonds since June, when $6 billion was raised by Chevron. This brings the strongest weekly total for global investment-grade debt since early June, standing as it does at $14.4 billion. There has been a 3% annual decline on overall global investment-grade debt in the corporate sector, with a total of $1.5 billion to date.There has been an 18% decline in global investment-grade debt from European issuers, whilst in the US it has increased by 19% in the year to date. Morgan Stanley has moved up from sixth place to top the rankings for financial advisors involved in mergers and acquisitions.
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Headhunters...How to Deal with their Calls!
What to Do When a Headhunters Calls
A Headhunters Call is Both Exciting & can Offer Many Benefits
Establish the Headhunters Relationship with the Employer
The Role of the Headhunter is not Career Coach or Advice Giver
They have contacted you because they want to make a sale. Of you and your skills. They are brokers. The negative associations some people have about them are because of these assumptions that they have magical powers and job seekers need them. This is not true it is a two-way street.
If you decide to proceed with an executive search partner, they should never try to hustle or spook you into believing you would be lost without them. Should such tactics be used, back away. Getting a call from a headhunter is a sign to you that you have the power and if you choose to work with them to advance your career you can harness that power to your advantage.
