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The journey toward decarbonizing buildings can seem complex, but it is powered by several core technologies that make it easier and more efficient to reduce emissions.

Understanding these technologies helps property leaders make informed decisions and implement the most effective solutions for their portfolios.

Heat Pumps: Efficient Heating and Cooling

Heat pumps are one of the most important technologies in the decarbonization toolkit. Unlike traditional gas or oil-based heating systems, heat pumps move heat rather than generating it, making them much more efficient. They can be used for both heating and cooling, reducing the need for separate systems. Air-source heat pumps, for instance, draw heat from the outside air even in cold weather, while ground-source heat pumps tap into the Earth’s stable underground temperatures.

By replacing gas boilers with heat pumps, property owners can significantly reduce their reliance on fossil fuels, cutting carbon emissions and energy costs simultaneously.

Renewable Energy Systems: On-Site Power Generation

Solar panels are the most commonly deployed renewable energy technology for buildings, especially in urban settings where roof space is readily available. Advances in photovoltaic (PV) technology have made solar panels more efficient and affordable than ever before. In some cases, properties may also benefit from wind turbines, geothermal systems, or even solar thermal systems for water heating.

For larger properties or portfolios, energy storage systems like batteries can be paired with renewable generation, allowing buildings to store excess power generated during peak production periods for later use.

Smart Building Automation: Optimizing Efficiency

Smart building technologies are essential for optimizing energy use and reducing waste. By integrating IoT devices into building management systems (BMS), property owners can automate and monitor everything from lighting and heating to security systems. These technologies allow for real-time adjustments based on occupancy, weather conditions, and energy prices, ensuring that no energy is wasted.

For example, smart thermostats can automatically adjust heating or cooling when tenants leave or enter a space, while smart lighting systems can dim or turn off lights when rooms are unoccupied. These small adjustments can lead to substantial energy savings over time.

Advanced Insulation Materials: Cutting Edge Efficiency

While insulation may not seem as exciting as high-tech gadgets, advancements in insulation materials have made it a critical component of decarbonization efforts. New materials like aerogels and vacuum-insulated panels offer dramatically improved thermal resistance with much thinner profiles, making them ideal for retrofits in older buildings where space is limited.

Properly insulating a building is one of the most cost-effective ways to reduce heating and cooling needs, contributing to lower energy use and emissions.

Actionable Tips

Property leaders should consider piloting new technologies in a few buildings before rolling them out across their portfolios. It’s also wise to work closely with technology providers to customize solutions based on the unique needs of each building. Regularly attending industry conferences or subscribing to technology-focused publications can help property owners stay informed on the latest innovations.

By leveraging these technologies, property managers can significantly reduce their buildings’ carbon footprints and enhance overall efficiency.

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The Essential Technologies Driving Building Decarbonization

Drew Soule is a seasoned HR professional with a passion for people development and a track record of success in the corporate space.

With a Masters in Human Resource Management from the University of Illinois, Drew Soule has made significant contributions to companies like Northrop Grumman and Pinterest. His expertise in talent management, employee relations, and organizational development, combined with his advocacy for disability rights, makes him a unique voice in the HR field.

In this exclusive interview, Drew Soule shares insights on innovation in HR, maintaining a positive industry reputation, and strategies for professional growth.

How does innovation or new tools impact your career and business strategy?

As a seasoned HR professional with over 12 years of experience, I’ve seen firsthand how innovation and new tools can significantly impact both my career and the business strategies I help develop. Throughout my career working in HRBP roles at companies like Northrop Grumman and Pinterest, I’ve made it a priority to stay on the cutting edge of HR technology and leverage data-driven insights to drive impactful business outcomes. Tools like Workday, Lattice, Tableau, and Peakon have been game-changers, allowing me to collect, analyze, and interpret people data in ways that were simply not possible just a decade ago. With access to robust HRIS systems, performance management platforms, employee engagement surveys, and advanced analytics, I’m able to uncover trends, identify areas for improvement, and make more informed, data-driven recommendations to leadership.

For example, by leveraging Workday and Tableau, I can quickly pull comprehensive reports on everything from headcount and turnover to compensation benchmarking and skills gaps. This empowers me to have more strategic, consultative conversations with business partners, allowing us to make proactive, targeted decisions that positively impact areas like employee satisfaction, productivity, and overall organizational health.

Similarly, platforms like Lattice and Peakon provide powerful employee feedback mechanisms that give me a pulse on the workforce. I can identify pain points, recognize high performers, and develop tailored programs to address specific needs—all while ensuring a more positive, engaging employee experience. Recruitment tools like Greenhouse and ADP Applicant Tracking Systems have also transformed my approach to talent acquisition, enabling me to streamline processes, reduce hiring timelines, and bring on higher-quality candidates that are better aligned to the organization’s values and strategic objectives. Ultimately, the innovative HR tech landscape has been integral to my success as an HR leader. It has allowed me to evolve my skillset, shift my focus to more strategic, value-add work, and drive measurable business impact in a rapidly changing world of work. As I continue to advance in my career, I’m excited to see what new tools and technologies emerge and how I can leverage them to take my practice to the next level.

What steps do you take to maintain a positive reputation in your industry?

As an HR professional with over 12 years of experience, I’ve come to understand that maintaining a positive reputation within the industry is paramount to driving long-term success and impact. Throughout my career, I’ve made it a priority to consistently embody a set of core values that have become the foundation of my personal brand. Honesty, transparency, and candor are non-negotiable for me. I firmly believe that building trust with both internal and external stakeholders is essential, and I work hard to establish myself as a reliable, credible partner who is always willing to have difficult conversations and provide unfiltered, honest feedback.

When I make mistakes, and we all do, I own them. I take full accountability, reflect on what I could have done differently, and implement measures to ensure I don’t repeat those errors. This commitment to continuous growth and self-improvement has been instrumental in maintaining strong, long-term relationships. Equally important is my focus on being customer-centric and tailoring my approach to the unique needs of the businesses I support. Whether I’m working with leaders at Northrop Grumman, Pinterest, or any other organization, I make it a priority to truly understand their strategic objectives, pain points, and cultural dynamics. This allows me to provide highly effective, customized guidance and consultation that delivers measurable impact.

Additionally, I’m proactive about building genuine relationships from day one. I don’t view my role as a transactional one; I see it as a collaborative partnership where open communication, active listening, and a mutual commitment to success are paramount. By investing the time to understand my stakeholders as people, I’m able to anticipate their needs, address concerns before they escalate, and position myself as a trusted advisor they can rely on. Underlying all of this is a deep passion for people analytics and using data-driven insights to drive positive organizational outcomes. As a self-proclaimed “data nerd,” I’m constantly exploring new tools and technologies that can enhance my ability to uncover trends, identify areas for improvement, and make more informed, strategic recommendations. This commitment to ongoing learning and professional development has been essential to maintaining a positive reputation as a forward-thinking, innovative HR leader. My approach to reputation management boils down to a relentless focus on integrity, customer-centricity, relationship-building, and continuous improvement.  By embodying these principles in everything I do, I’ve been able to establish myself as a trusted, respected HR professional who delivers consistent, high-quality results. It’s a formula that has served me well throughout my 12-year career, and one that I’ll continue to uphold as I progress in my field.

What is your key strength at work, and how do you leverage it to achieve success?

At the core of my approach is a deep commitment to embodying values like honesty, transparency, and candor. I believe that establishing trust is the bedrock of any meaningful partnership, and I work hard to demonstrate my integrity through my words and actions. Whether I’m interfacing with C-suite executives or front-line managers, I’m always forthright, even when the conversation is difficult.

This dedication to transparency allows me to have candid discussions about sensitive topics, uncovering the true root causes of problems rather than just treating the symptoms. I’m not afraid to ask tough questions or provide unfiltered feedback because I know that my stakeholders trust me to have their best interests at heart.

Importantly, I also take full accountability for my own mistakes. When I fall short, I own up to it immediately, reflect on what I could have done differently, and implement measures to prevent a recurrence. This vulnerability and commitment to continuous improvement further solidifies my credibility as a trusted advisor. But building trust is just the first step. I then leverage that foundation to influence and support business leaders as they grapple with complex, high-stakes decisions. Drawing on my extensive HR expertise and data analysis capabilities, I’m able to provide strategic counsel that is tailored to the unique needs and challenges of each organization.

Whether it’s optimizing talent management processes, driving employee engagement initiatives, or aligning workforce planning with business objectives, I consistently deliver customized, data-driven solutions that generate tangible results. And because I’ve taken the time to establish myself as a credible, reliable partner, my recommendations carry significant weight. My ability to build trust and use that trust to drive positive change is what sets me apart and fuels my success. It’s a strength that has served me well throughout my 12-year HR career, and one that I will continue to leverage as I progress in the field. By maintaining the highest standards of integrity and positioning myself as a true strategic partner, I’m able to create lasting, transformative impact for the organizations I support.

How do you handle complaints, criticism, and feedback to improve your professional growth?

I firmly believe that embracing complaints, criticism, and feedback—even when it’s difficult to hear—is essential for driving meaningful growth, both on a personal and professional level. Throughout my career, I’ve made it a priority to build trust with my various stakeholders, from business partners to employees. I make it abundantly clear that I welcome and actively seek out constructive feedback, as I view it as a critical ingredient for honing my craft and enhancing the value I’m able to provide.

When I receive complaints or criticism, my first instinct is not to get defensive but rather to approach it with genuine curiosity and a growth mindset. I know that there is often a kernel of truth, even in the most challenging feedback, and I’m eager to uncover those insights so I can identify areas for improvement. I make it a point to have open, transparent dialogues to fully understand the nature of the complaint or criticism. I ask clarifying questions, listen attentively, and resist the urge to jump to conclusions or make excuses. My goal is to gain a comprehensive understanding of the issue so I can develop an effective plan of action. Once I’ve gathered all the relevant information, I quickly take ownership of any mistakes or shortcomings on my part. I firmly believe in the power of accountability, as it not only helps to rebuild trust but also signals my commitment to learning and growth. From there, I work diligently to implement corrective measures, drawing on my expertise and data-driven approach to ensure I don’t repeat those errors.

I also make it a priority to proactively solicit feedback from my stakeholders, setting the tone for open, honest communication. Whether it’s regularly scheduled check-ins or more informal conversations, I’m always seeking to understand how I can enhance my performance and better support the business. Importantly, I don’t just demand feedback from others; I also hold myself to the same high standards. I set ambitious professional and personal goals, and I regularly assess my progress, identifying areas where I can improve. This relentless drive for self-improvement not only benefits the organizations I work with but also fuels my own growth and development as an HR leader. By approaching these challenges with humility, transparency, and a genuine desire to learn, I’ve been able to continuously hone my skills, strengthen my relationships, and deliver increasingly impactful results for the businesses I support. It’s a mindset that I will continue to cultivate throughout the rest of my career.

How do you plan and set goals to ensure continued growth and success in your career or business?

I recognize the importance of aligning my personal development objectives with the strategic goals of the business, ensuring that my efforts contribute to the overall success of the organization. One of the key strategies I employ is the use of SMART goals – specific, measurable, achievable, relevant, and time-bound. By setting clear, well-defined objectives that are in line with the expectations of my role and the values of the organization, I am able to focus my efforts on areas that will drive meaningful impact and growth.

For example, when setting goals related to leveraging data to improve employee satisfaction, performance, and productivity, I ensure that each goal is specific and measurable. This might involve defining metrics to track the impact of my initiatives, such as increasing employee engagement scores or reducing turnover rates, and establishing key performance indicators to monitor progress. I make sure that my goals are achievable and relevant to the strategic priorities of the organization. By aligning my personal development objectives with the broader goals and objectives of the business, I ensure that my efforts are contributing directly to the success of the company. Setting time-bound goals is also crucial to my approach. By establishing clear deadlines and milestones for achieving each objective, I create a sense of urgency and accountability that drives me to stay focused and on track.

In addition to setting SMART goals, I regularly engage in self-assessment and reflection to evaluate my progress and identify areas for improvement. This ongoing process of feedback and self-correction allows me to continuously refine my goals and strategies, ensuring that I am constantly evolving and growing in my career. By prioritizing goal-setting, aligning my objectives with the expectations of my role and the values of the organization, and maintaining a commitment to continuous improvement, I am able to ensure continued growth and success in both my career and the businesses I support. This proactive and strategic approach not only benefits my professional development but also contributes to the achievement of organizational goals and objectives.

What methods do you use to build and enhance your professional reputation?

At the core of my strategy is a steadfast commitment to my personal and professional values. I hold these principles – which include honesty, compassion, and an unrelenting drive for excellence – as the foundation for all of my interactions and decision-making. By consistently embodying these values through my behaviors and actions, I’ve been able to establish a reputation as an HRBP who acts with the utmost integrity and puts the needs of the organization and its people first. Cultivating strong relationships and open communication is also a critical component of my approach. I make it a priority to engage proactively with key stakeholders, from business leaders to frontline employees, to truly understand their pain points, goals, and needs. This allows me to provide tailored, customer-centric guidance and solutions that consistently deliver tangible results. I’m not afraid to have difficult conversations or provide unfiltered, constructive feedback when necessary. I’ve found that by approaching these interactions with empathy and a genuine desire to help, I’m able to build trust and credibility, even when addressing sensitive or challenging topics.

In addition to my interpersonal skills, I also leverage my technical expertise and data-driven approach to further enhance my professional reputation. As a self-proclaimed “data nerd,” I’m adept at using workforce analytics and insights to drive measurable improvements in areas like employee satisfaction, performance, and productivity. This ability to deliver data-backed, impactful solutions has been instrumental in positioning me as a trusted, strategic partner. I’m constantly seeking opportunities to expand my knowledge and skillset, whether through formal training, industry events, or peer-to-peer learning. By continuously investing in my own professional development, I’m able to stay ahead of industry trends and bring the most cutting-edge expertise to the organizations I support. My focus on integrity, empathy, results, and continuous improvement has allowed me to cultivate a strong, positive professional reputation throughout my 12-year HR career. This hard-earned brand equity has not only opened doors for me, but has also enabled me to drive transformative impact for the businesses I’ve had the privilege of partnering with.

We want to thank Drew Soule for providing valuable insights into his approach to HR leadership and professional development. His commitment to innovation, integrity, and continuous improvement serves as an inspiration for aspiring HR professionals.

Read more:
Drew Soule is Pioneering HR Strategies and Fostering Inclusive Workplaces in the Tech Industry

The UK economy returned to growth in August, expanding by 0.2% after two months of stagnation, according to official figures from the Office for National Statistics (ONS). This growth was in line with economists’ expectations, following 0% growth recorded in June and July.

The ONS data showed that the economy also grew by 0.2% over a rolling three-month period to August and expanded by 0.8% over the past year. Growth was driven by a 0.5% increase in manufacturing production and a 0.4% rise in the construction sector, both of which had declined in July. The services sector, which constitutes three-quarters of the UK economy, recorded a 0.1% increase in August, matching its growth in July.

Notably, half of the 14 subsectors of the services economy, including scientific, technical, and professional services, experienced growth in August.

After a strong rebound at the start of the year, with 0.7% and 0.5% growth in the first and second quarters respectively, growth has cooled in recent months. Economists predict GDP expansion of 0.3% to 0.4% for the last two quarters of the year, bringing the annual growth rate to between 1.2% and 1.3%, below the government’s G7 growth target. The US is expected to outpace the UK with an estimated 2.6% growth in 2024.

“All main sectors of the economy grew in August, but the broader picture is one of slowing growth in recent months, compared to the first half of the year,” said Liz McKeown, director of economic statistics at the ONS.

August’s return to growth followed the first interest rate cut in four years, with another rate reduction expected in the coming months. Consumers have benefited from a decline in borrowing costs, mortgage rates, and inflation, which dropped to 2.2% in August and is projected to fall further to 1.9% in September, boosting real income growth for households.

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UK economy returns to 0.2% growth in August after months of stagnation

The UK Government has put in place requirements for UK employers and businesses to obtain a sponsorship licence if they intend to hire a foreign worker from outside or inside the UK.

There is no need to have a company in operation for a certain length of time to apply for a sponsor licence.

Requirements for a Sponsor Licence

A business intending to apply for a UK Sponsorship Licence must meet the following requirements –

Must have a robust HR procedure in place to meet the compliance requirements;
Must intend to hire a genuine worker with relevant skills and experience (Skilled Worker);
Should be lawfully trading in the UK with genuine activities;
Must have the key personnel – authorizing officer/Level 1 user – who should not be under immigration control and should be honest and timely report company activities and worker activities via the sponsor management system and not have criminal offence;
When applying must be able to provide at least 4 documents from Appendix A Supporting Documents;
The company should not have been rejected a sponsor licence in the last 6 months.

Certain companies have mandatory documents or registration requirement, such as a care home would need CQC registration if operating in England.

Process for Sponsor Licence Application

Once an organization meets the relevant requirements, the authorizing officer needs to create an account to apply for the sponsor licence. In order to create an account, you only need an email address and your full name. Upon registration you will get a user id and a temporary password will be emailed to you. You should change your password and make a record of the login details.

You will need to fill in the application form and select the relevant documents which you need to provide according to the organization type.

Whilst completing the application you will need to request for certificate of sponsorship (Also known as CoS), the CoS request at the time of completing the form is for workers you intend to hire from inside the UK. The CoS to sponsor workers from inside the UK is called the undefined CoS, which is granted on annual basis after receiving the sponsor licence.

The CoS to sponsor workers from outside the UK is known as defined CoS, this can only be requested once you have been granted a sponsor licence.

You should also provide all the details for the authorizing officer including the immigration status and if they want to appoint another person from the organization to manage the sponsor management system, they can appointment a level 1 user. A representative can also be appointment as a level 1 user after the approval of the sponsor licence.

Before submitting the sponsor licence application, you must make sure you have provided answers to the questions on Appendix A, these are to be provided as an attachment with the supporting documents. The questions include information on the business and the details about the vacancy you wish to hire the worker for.

If you already have the employee working with on another visa or you have shortlisted someone you intend to hire, then you will also be requested to provide the details of the person you want to hire.

A representative can also complete your application; however, it must be submitted by the authorizing officer.

Interview for Sponsor Licence

Since April 2024 there have been changes to the sponsor licence process and now the Home Office can decide to interview the authorizing officer on the compliance requirements, such as right to work check, etc. The interview is carried out via Microsoft teams and there are certain compliance questions which are sent to the company before the interview is carried out.

Visa and Migration Ltd assists in preparation of the interview and advises of the compliance requirements to be followed by the organization.

Appropriate salary for Skilled Worker

The authorizing officer must be aware of the appropriate salary for the particular role the intend to hire a worker for, the occupations must be eligible under Skilled Occupations Code (SOC) 2020.

The minimum salary for the roles currently depends on the immigration status, age and job title and the applicant must score the points for salary. If the salary is not appropriate is can result in refusal of the sponsor licence.

Salary of £38,700 or higher if on the occupation code – if applying for skilled worker visa after 04 April 2024; or
Salary of £34,830 or 90% rate on the occupation code, if higher than £34,830, if you hold PhD and applying after 04 April 2024; or
Salary of £30,960 or 80% of going rate on the occupation code, whichever is higher – 20 Points, relevant if you hold PhD in STEM subjects and are applying skilled worker visa after 04 April 2024; or
Salary of £30,960 or higher if on the occupation code, for job title on Immigration Salary List; or
Salary of £30,960 or 70% rate on the occupation code, if higher than £30,960 for New Entrant – employee who are below 26 years of age, or present in the UK on a Tier 4 Visa who complete the degree or PG diploma in education or in post-doctoral program or apply after end date on CAS, Graduate visa or New Entrant Salary can only be paid for 4 years; or
Salary of £23,200 or higher if on the occupation code, applicants after 04 April 2024 under Health and Care job roles in Table 3 of Appendix Skilled Occupations

The sponsor licence application process is therefore quite technical and has a complex process, however, if you need assistance and advice on the sponsor licence process you can contact Visa and Migration Ltd

Read more:
UK Sponsor Licence Requirements and Process

Angela Rayner, Deputy Prime Minister, is set to grant an additional 9 million UK workers the right to sue their employers for unfair dismissal from the first day of their employment, as part of a sweeping overhaul of workers’ rights.

Currently, employees must be with a company for two years before they qualify for these powers.

Business leaders have criticised the reform package, calling it “chaotic” and warning that it risks damaging companies’ willingness to hire new recruits. The Federation of Small Businesses and the Recruitment and Employment Confederation have expressed concerns about potential economic inactivity and reduced business confidence.

The reforms, described as the “biggest upgrade” to workers’ rights in a generation, include measures such as banning fire and rehire practices and ending exploitative zero-hours contracts. However, elements of the package have been watered down, including extending the recommended probationary period for new hires.

Labour’s new measures aim to drive productivity by modernising workplaces, with Rayner stating: “We’re replacing a race to the bottom with a race to the top.” However, critics argue that the changes will empower unions to hold businesses to ransom and stifle investment, with shadow business secretary Kevin Hollinrake warning that Labour’s policies may negatively impact business confidence.

The new Employment Rights Bill is expected to be introduced this week, with further reforms, such as access to flexible working and improved parental leave, also on the agenda.

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Rayner’s employment rights overhaul to grant 9m workers the right to sue employers

Barclays, one of Britain’s largest mortgage lenders, has called on the government to introduce tax breaks and financial incentives for downsizers to encourage them to move into smaller homes, potentially freeing up 3.8 million properties for families.

The bank suggests allowing downsizers to offset moving costs against their stamp duty bill when purchasing a new home.

In a report released on Thursday, Barclays emphasised that reducing the financial burden of moving house could encourage “under-occupiers” to relocate, helping to ease the housing crisis. Alongside financial incentives, the bank called for measures to simplify the moving process and build more retirement housing.

Barclays estimates that this could significantly increase housing market liquidity, benefiting growing families in need of larger homes. “A stronger, more holistic strategy is needed to tackle the immense issues faced by the housing market,” said Mark Arnold, head of mortgages and savings at Barclays.

The call for downsizers’ support follows a report by Savills showing that over-60s account for 44% of homeowners, yet downsizers make up less than 10% of market activity. Lucian Cook, director of residential research at Savills, said reducing the stamp duty burden on downsizers could encourage more people to move, making better use of existing housing stock.

However, critics argue that such tax breaks would disproportionately benefit wealthier homeowners rather than first-time buyers or hard-pressed families. Mortgage broker Martin Stewart questioned the fairness of the plan, asking, “Why incentivise the generation that have been the biggest beneficiaries of house price inflation over the past few generations?”

Aneisha Beveridge, head of research at Hamptons, echoed these concerns, suggesting that subsidies may be better targeted elsewhere, particularly as downsizers are often mortgage-free and have benefited the most from house price growth in recent decades.

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Barclays calls for downsizers tax break to free up 3.8m homes

Rachel Reeves, the Chancellor, is expected to introduce a £25 billion tax increase in this month’s budget to avoid plunging Britain back into austerity, according to the Institute for Fiscal Studies (IFS).

The IFS has warned that the tax rises will need to be twice as large as those introduced by George Osborne in 2010 to ensure public spending can rise as promised, even with looser fiscal rules.

Reeves is said to be exploring an increase in employer national insurance contributions as a key option, after Sir Keir Starmer declined to rule out the move. Labour’s manifesto pledge to avoid raising taxes on “working people” does not cover employer contributions, and a 1% increase could generate an estimated £8.9 billion. Labour is also considering measures such as adding VAT to private school fees and imposing a tougher levy on oil and gas companies, but the IFS cautions that these measures alone will not raise enough to protect public services from further cuts.

The IFS estimates that even if Labour’s proposed tax reforms generate £9 billion, an additional £16 billion in tax rises would be required to ensure departmental budgets grow in line with national income, making a total tax increase of £25 billion necessary. This would exceed the tax hikes imposed by both Gordon Brown in 1997 and Osborne in 2010.

Paul Johnson, director of the IFS, said, “The first budget of this new administration could be the most consequential since at least 2010. The new chancellor is committed to increasing investment spending, and to funding public services. To do so, she will need to increase taxes, or borrowing, or both.”

Reeves is also reportedly exploring changes to pensions, such as reducing the tax-free lump sum people can take out at retirement from £268,275 to £100,000, and adjusting rules around pension pots passed on after death.

The IFS predicts that even with optimistic economic forecasts, significant tax increases are needed to balance the books, especially as welfare costs rise due to an ageing population and growing debt interest payments. A Treasury spokesperson said the government is focused on making the UK’s economy more pro-growth despite the challenges.

Read more:
Rachel Reeves faces £25bn tax hike to avoid austerity, says IFS

FinTech Monese has been saved by Cardiff-based digital banking provider Pockit after HSBC became the latest investor to write off its investment in the struggling London firm.

The acquisition comes after Monese’s failure to raise new funds and pre-tax losses of £30.5 million in 2022, despite revenues climbing to £27.7m.

Founded in 2015 as the UK’s first app-based bank, Monese was once seen as a potential unicorn, with its valuation expected to surpass $1 billion. However, it lagged behind competitors such as Revolut, Monzo, and Starling Bank. HSBC’s $35m investment in 2021 as part of a strategic partnership was written off recently, leaving Monese in need of a rescue.

Pockit, which serves 900,000 customers who are “underserved” by traditional banks, has now acquired Monese, creating a combined customer base of around 3 million people and generating nearly £30m in annual revenue. Pockit will benefit from Monese’s regulatory infrastructure and product offerings, enabling it to accelerate new services like multi-currency accounts.

The deal, pending approval from the FCA, will involve an equity capital injection of up to £15m from Pockit’s shareholders, led by Puma Growth Partners, to fund the integration and future growth. Financial terms of the acquisition remain undisclosed.

Pockit CEO Virraj Jatania will lead the enlarged business, with Monese founder Norris Koppel staying involved to ensure a smooth transition. Both companies’ services will continue independently for now, with a careful review process planned.

“This is a transformational acquisition for Pockit,” said Jatania. “It immediately propels us to a size where we can support financial inclusion for a critical mass of people locked out of mainstream finance. Over time, this deal will bring new products and an enhanced in-app experience.”

Koppel added, “This new era with Pockit is a fantastic way to build on our success. The two businesses are highly complementary in terms of products and geographic footprint, and we’re looking forward to the next chapter.”

Read more:
Monese acquired by Pockit as HSBC writes off its investment

Artificial Intelligence (AI) is commonly mentioned these days, rapidly transitioning from a cutting-edge luxury to an indispensable necessity. Among the various branches of AI, generative AI has emerged as a game-changer, revolutionizing how businesses operate, innovate, and compete.

However, not every company knows how to implement it properly. That’s where generative AI consulting services come in handy to provide expert guidance, strategic planning, and technical support to businesses looking to effectively harness the power of generative AI.

In this article, we’ll discuss why generative AI has become an essential tool for modern businesses and explore its impact across various sectors and functions.

Understanding Generative AI

Generative AI refers to artificial intelligence systems that can create new content, including text, images, music, and even code. These systems learn from vast amounts of data to generate original outputs that mimic human-created content.

Unlike traditional AI that follows predefined rules, generative AI can produce creative and contextually relevant results, opening up a world of possibilities for businesses.

The Shift from Luxury to Necessity

AI is no longer a nice-to-have but a must-have for gaining a competitive market. It helps increase the customer experience, boost innovation and efficiency, and optimize resources.

1. Competitive Edge and Market Differentiation

Staying ahead of the competition is crucial for every business. Generative AI provides firms with a significant competitive advantage. Businesses that leverage generative AI can:

Develop innovative products and services faster.
Personalize customer experiences at scale.
Optimize operations and decision-making processes.

A fashion retailer, for instance, can use generative AI to create unique designs, predict trends, and offer personalized style recommendations to customers. This level of innovation and customization sets them apart from competitors who still rely on traditional methods.

2. Enhanced Customer Experience

Customer experience has undoubtedly become a key differentiator in many industries, with companies that prioritize it often outperforming their competitors. Satisfied customers are more likely to repeat purchases, recommend the brand to others, and remain loyal to the company, leading to increased revenue and long-term success.

Your business must implement Generative AI-powered solutions to improve shoppers’ experiences. Tools like chatbots and virtual assistants have revolutionized customer interactions, offering personalized support and faster response times.

These AI-driven tools do an excellent job of providing 24/7 customer support for clients. They also recommend products personalized for each visitor and handle complex queries with human-like understanding.

Banks are a key in point. They should implement genAI chatbots to assist customers with account inquiries, loan applications, and financial advice round the clock, significantly enhancing the customer experience and reducing the workload on human staff.

3. Innovation and Efficiency

Real-world use cases of generative AI, such as ChatGPT, have demonstrated the potential for AI to drive efficiency, streamline processes, and unlock new growth opportunities.

They allow your employees to automatically create content for marketing and communication and create prototypes and designs for product development.

Particularly, software companies are greatly leveraging generative AI for code generation, which can significantly speed up their development process, enabling them to bring new products to market faster and stay ahead of industry trends.

4. Cost Reduction and Resource Optimization

While the initial investment in generative AI may seem substantial, the long-term benefits of cost reduction and resource optimization make it necessary for businesses aiming for sustainable growth. It’s reported that AI could automate up to 30% of tasks in 60% of occupations, leading to significant money savings and improved efficiency.

Thanks to generative AI’s capabilities, businesses can automate repetitive tasks, optimize supply chain management seamlessly, reduce errors, and improve quality control.

5. Talent Attraction and Retention

As the business world becomes increasingly tech-driven, companies that embrace technologies like generative AI are more likely to attract and retain top talent. LinkedIn estimated that 91% of talent professionals say soft skills are critical to the future of recruiting and HR.

To achieve that, generative AI will come in handy to help showcase the company’s commitment to innovation. Plus, your business should provide employees cutting-edge tools to support and enhance their work. Not just stop there; people should receive good training about using and leveraging these tools so that they don’t feel that AI will replace and thread their jobs.

Conclusion

The transition of generative AI from a luxury to a necessity in modern business is driven by its ability to provide competitive advantages, enhance customer experiences, and optimize operations. As we move further into the digital age, businesses that fail to embrace generative AI risk falling behind more agile and innovative competitors.

However, remember to approach the implementation of generative AI strategically. Start by identifying areas where generative AI can provide the most value, develop a clear implementation strategy, and invest in the necessary infrastructure and talent to support AI initiatives.

The question is no longer whether businesses should adopt generative AI, but how quickly and effectively they can integrate it into their operations to stay competitive and relevant in the modern business landscape.

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Why Is Generative AI No Longer a Luxury but a Necessity for Modern Businesses?

In the realm of business planning, forecasting and budgeting are two essential financial models that serve distinct purposes but often get confused due to their overlapping characteristics.

While both processes involve predicting the future financial performance of a business, their objectives, methodologies, and applications differ significantly. Understanding these differences is crucial for effective business planning and decision-making, particularly when leveraging advanced tools like a financial modelling course online to refine these skills. In this article, we will explore how forecasting and budgeting differ, and how they both play a vital role in financial strategy.

What is Budgeting?

Budgeting is a financial process used to allocate resources over a specific period, typically a fiscal year. A budget represents a business’s financial plan that outlines expected revenues, expenses, and cash flows based on its goals and objectives. The purpose of budgeting is to set financial targets, guide day-to-day operations, and ensure that the company stays within its means while achieving its strategic goals.

A budget is generally fixed once it’s established, though some companies may allow for adjustments during the fiscal year. Budgets tend to focus on the short-term and provide a detailed account of planned income and expenses. Companies use budgets as a benchmark for performance, comparing actual results against projected figures to monitor how well they are adhering to the plan.

 Key Characteristics of Budgeting:

Timeframe: Typically covers a 12-month period.

Detail-Oriented: Focuses on specific financial targets, including revenues, expenses, capital expenditures, and cash flow.

Goal-Driven: Aligns with the business’s strategic goals, often based on past performance and predefined objectives.

Fixed Nature: Once approved, a budget is relatively rigid, with limited scope for adjustments unless significant events occur.

Performance Benchmark: Helps evaluate financial performance by comparing actual results to budgeted figures.

What is Forecasting?

Forecasting, on the other hand, is a dynamic and continuous process that aims to predict future financial performance based on both historical data and current market trends. Unlike budgeting, forecasting is more fluid and adaptable, often being updated periodically to reflect new information or changes in the business environment. Forecasting provides businesses with a forward-looking view of their financial trajectory, allowing them to anticipate potential opportunities or risks and make informed decisions.

Forecasting can be both short-term and long-term, depending on the company’s needs. For example, a business may forecast monthly sales for the upcoming quarter or project its financial outlook over the next five years. The ability to update forecasts as new data becomes available makes this approach more flexible than budgeting.

Key Characteristics of Forecasting:

Timeframe: Can vary, from short-term (quarterly or monthly) to long-term (multiple years).

Adaptability: Continuously updated as new data and market conditions evolve.

Data-Driven: Relies heavily on historical data, market trends, and external economic factors.

Strategic Decision-Making: Helps businesses adjust strategies based on predicted outcomes and trends.

Focus on Future: Offers a predictive view of potential financial outcomes, allowing for proactive adjustments.

The Key Differences Between Forecasting and Budgeting

Though budgeting and forecasting are related, they serve different purposes in business planning. Below are the key differences:

Purpose: Budgeting is primarily used for setting financial targets and allocating resources, while forecasting is designed to predict future performance and guide strategic adjustments.

Flexibility: Budgets are generally static and fixed for a defined period, whereas forecasts are dynamic and can be updated regularly.

Time Horizon: Budgeting typically focuses on the short term (usually a fiscal year), whereas forecasting can be applied to both short-term and long-term periods.

Level of Detail: Budgets tend to be more granular, providing a detailed breakdown of expected revenues, expenses, and cash flows. Forecasts are often more high-level and adaptable, focusing on broad financial trends.

Strategic Role: Forecasting plays a larger role in helping companies make real-time strategic adjustments, whereas budgeting primarily serves as a benchmark for performance evaluation.

How Forecasting and Budgeting Work Together

Despite their differences, forecasting and budgeting complement each other in the financial planning process. Budgeting provides a financial roadmap for the business, setting clear objectives and constraints. Forecasting, in turn, helps businesses stay agile by predicting how actual performance will align with the budget. If forecasts suggest that the company will not meet its budgeted targets, management can adjust strategies or reallocate resources to stay on course.

For example, if a company’s forecast shows a downturn in sales due to unexpected market shifts, management can proactively cut costs or explore new revenue streams to maintain profitability. In this way, forecasting acts as an early-warning system that allows for quick corrective actions, while the budget remains the foundational guide for resource allocation.

The Role of Financial Models in Forecasting and Budgeting

Both forecasting and budgeting rely on robust financial models to simulate different scenarios and project potential outcomes. These models use historical data, market assumptions, and various financial variables to provide a comprehensive view of the company’s future financial health.

A financial modelling course online can teach professionals how to build and interpret these models, ensuring accurate and effective forecasting and budgeting. From creating cash flow projections to sensitivity analyses, financial models are indispensable tools for business planning and decision-making.

Conclusion

In summary, while both forecasting and budgeting are vital components of financial planning, they serve distinct purposes. Budgeting focuses on setting financial targets and allocating resources, while forecasting provides a dynamic and adaptable view of future performance. Understanding the differences between these two processes, and how they complement each other, is essential for businesses to remain competitive and agile in a rapidly changing economic landscape.

By mastering these processes through tools such as a financial modelling course online, professionals can ensure that they are well-equipped to make informed financial decisions, ultimately leading to better business outcomes.

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Forecasting vs Budgeting: How Financial Models Differ in Business Planning