Online Finance Blog

According to a survey from the Chartered Institute for Securities & Investment (CISI) prospects for the financial sector in terms of recruitment for finance jobs are looking much better than the were in 2009.

Around 60% of the survey participants taken from the financial services industry expressed that they are confident that the companies they work for will start to bring in more recruits in 2010.

43% estimate that the levels of staff at their current companies will increase by 5% thanks to the increase in recruitment. A further 9% of those partaking in the survey felt that recruitment levels would increase by 6-10% and 8% are expecting staff levels to rise by over 11% in 2010.

But not everyone is so optimistic, as four out of ten are predicting a decline in recruitment levels or a complete freeze at their company.

These are obviously just the views of a select group of people in the financial sector, but does show hope for the future of recruitment in the sector.

George Osborne, the shadow chancellor of the Conservative Party spoke out yesterday against Britain’s Retail banks paying ‘significant’ cash bonuses to employees in finance jobs. He believes there should be a drive to plough profits back into new lending and rather than paying out large bonuses, the money should go into the banks balance sheets explicitly to support new lending. Osborne, who named no individual institutions, is believed to have been alluding to the four big high street banks, Lloyds, Royal Bank of Scotland, HSBC and Barclays.

He called on the Treasury and Financial Services Authority to work together and stop retail banks ‘paying out profits in significant cash bonuses’. Osborne’s reaction comes after Gordon Brown said that he would crack down on unreasonable bonuses, the Prime Minister said “We are continuing to act on unfair and excessive bonuses being paid in the banking system that your money helped save.” Liam Byrne, chief secretary to the treasury said ‘We have stopped short of banning all bonuses for retail banks because it is unworkable, but we are presently negotiating with RBS and Lloyds on the payment of 2009 bonuses.”

Osborne’s call for a ban, which is the strongest attack yet by the Tories on banks suggested the bonuses be paid in shares to employees in banking jobs and that they should not be cashed for at least three years and he claimed that billions of pounds in ‘subsidised profits’ threatened to worsen the credit crunch.

With the tax payers bailing out the bank to help increase lending again, Osborne argued that the move wasn’t intended to leave Britain in a position where credit was being rationed while banks return to their big bonuses.

An argument that will continue to grow and develop I am sure, but who is right? Do we run the risk of losing invaluable financing and accounting staff in the haste of a total ban of bonuses or is it ludicrous to think that any member of banking staff should receive bonuses after the tax payers bailed the banks out last year?

Not surprisingly, as the financial crisis continues to grip the UK, there is an increasing shift on demand from private to public sector jobs in finance. An inevitable trend which sees finance jobs in the realms of Central and Local Government, Health, Housing, Education and charities, a preferable role with added security. Commitment to investment and borrowing from the government to protect and increase the scope of public sector jobs makes it more of an enviable sector to be in. Differences continue to divide the private and public sectors and some of the challenges that will always remain in public sector recruitment continue to be the complexity and importance of the accounting positions in the sector and the demand of specialist knowledge and capabilities within those roles.

Salaries, benefits and the general tone of working have always segregated the sectors but a continuous push from the public sector to become more in line with the private sector is starting to make a difference. Targeting candidates from industry and banking due to their results-focus and business intelligence provides more commercial awareness and increases business efficiency and performance for the public sector. Adopting a more commercial structure and identifying the transferable experience an individual has into non-profit environments are key factors to ensure public and non-profit organisations get as much value for money in a time when government reviews and motions are becoming increasingly more demanding.

However transferable and relevant a private sector individual has to the public sector still won’t deter from a greater need for understanding and empathy with the ‘product’ of the non-profit sector. Nor will it be acceptable for individuals to see public sector recruitment as the safest avenue, gaining employment in this sector requires a high level of commitment to integrating within the team and meet the public sectors demands and expectations and attaining highly accountable targets. There are certain roles within the private sector that lend themselves better to public and non-profit sectors than others and individuals from the private sector who have highly technical finance skills within a banking background find themselves well equipped with highly regulated organisations like government departments for example. For a true insight into getting into public sector roles based on your experience to date contacting a specialist recruitment agency will provide you with the vital information you need.

With financial pressures hitting almost everybody at the moment, many people have been trying out new cost-cutting measures. One of the ones that’s been gaining popularity involves car insurance, but people aren’t shopping around for the best deals; they’re simply not buying any.

However, with a fine of £200, their vehicle being seized, and six penalty points being added to their license, people who get caught driving without insurance may end up wishing they’d just forked out for it. In most cases, it works out cheaper.

With the methods of catching uninsured drivers increasing, and more and more of them being caught (up to 500 a day, according to the Motor Insurers’ Bureau), it’s becoming harder and harder to get away with it. There’s even a database that shows which parts of the country contain the highest number of uninsured vehicles (Greater London - 13%, Merseyside - 12%, Greater Manchester - 10%, West Yorkshire - 7%, and the West Midlands - 7% are the top five, if you’re interested) so police know where to concentrate their efforts.

The MIB has begun a campaign to point out the risks faced by driving uninsured. It’s not just when people get caught that they run into problems. Anybody involved in an accident whilst they’re uninsured risks being taken to court over road traffic accident claims, and if you don’t have an insurer to pay compensation, you’re going to be paying out of your own pocket.

With the number of No Win No Fee companies around, having to pay compensation on injury claims is a real possibility, and one that could result in enormous financial difficulties.

When all of this is considered, skipping insurance to save money suddenly doesn’t seem like such a good idea.

When looking for a new job, it’s important to know what it is you want. This doesn’t cover just the industry and pay grade (though of course you don’t want to be looking for accountancy jobs when you’re interested in software engineering), but what you expect from your workplace. What might seem like the best job in the world could turn into a daily trip to hell if you don’t like the people you work with.

Some aspects that you might want to consider are things such as the size of the company. Whereas a larger company may offer more benefits, and possibly higher pay, you may find that you’re a small cog in the machine, often ignored or overlooked. If you are comfortable with that, or if you believe you possess the tenacity to make yourself heard, then that’s fine. If not, you might want to consider working in a smaller company, where it will be easier to get to know everybody and make yourself heard, but you may have more responsibilities and a larger workload, coupled with fewer benefits.

Once you have decided what you want from your workplace, do some research on any companies you apply to. This can involve talking to friends and family, or looking online for past and current employee stories. If you find something on a major news site, be very sure to check if its positive or negative.

Remember to make the most of your interviews. Ask probing questions, and pay attention to how people treat each other. If you have a chance to get to know the current employees then make the most of it. These are some of the best opportunities you’ll have, as only you know what you’re really looking for.

Though it may seem a little daunting to try and base your opinion on what could be a single interview, you’re not alone in your search. Websites such as bestcompanies.co.uk can help you discover if your potential employer has a good track record, and they operate in multiple sectors, from finance jobs to careers in creative design. Not every company is listed in these sites, but if yours is, it’s a very good sign.

Hopefully, these tips will ensure you don’t end up working for a nightmare company. It’s another item in a long list of factors that you have to bear in mind when looking for jobs, but it is an important one.

It is a common thought that talking about money with your boss or in an interview is a tricky subject and you would think this is even more the case during these hard times. It seems that most people currently looking for jobs are scared of talking money for two reasons, one being that their not currently worth as much as they had thought or secondly, someone less experienced will come along and work for less.

But you can talk about money during an interview; you just need to be clever about it.

Before going to an interview, you should know what your salary expectations are, in line with the current trends. To get a reasonable figure you should research on the internet, talk to finance and accountancy recruitment specialists and read up on salary surveys. Once you have a figure in your head you can be clear about your expectations when asked. This position will allow you to know how to be flexible when the subject is brought up.

Going into interviews especially for finance jobs, you shouldn’t be in the mindset that the employer is the one completely in charge. Some people can feel this way if they have been made redundant and are desperate for work. If you can keep cool and have the relevant background and experience then you will be in a strong position. The fact that a company is looking for new employees in these hard times and you have made it into the interview stage, shows that they really need someone with your skills in their organization.

One common problem facing the recruitment world at the moment, is a lot of experienced people are aiming for junior roles just so they can get back into the workplace. But organizations want to know that their new employees will be committed to the company and feel these experienced individuals will probably jump ship as soon as the market starts to improve. If you are in this position, you will need to convince the employer you are in it for the long term. To help this you should talk about how you hope to progress through the company and your long term goals within the organization.

Once you have been offered a role, you will be in a stronger position to negotiate on your salary. The key here is to not appear greedy, show you are pleased in securing the job and explain how your proposed salary fits in with the current market place. If they do not offer exactly what you want, you should bear in mind that a slight in reduction in the expected amount isn’t that bad in this climate.

Good luck in your job hunting.

Prior to the worldwide economic slowdown we were encouraged to use our credit cards as a source of easy flexible credit to help fund luxury purchases. This free spending culture is perhaps best epitomised by the slogan ‘whack it on the plastic’. However for many people this led them to build up large credit card balances on which they were only able to pay the minimum monthly repayment on. If you are in this situation you probably can’t see a way of ever reducing this debt. But with the following suggestions and professional advice a debt free future can be secured.

So how can you work your way towards a clear credit card? The first step is perhaps the most obvious- stop using the credit card. The more you spend, the more you have to pay back. With every purchase you are only digging yourself into a deeper hole. If necessary cut up the card to ensure you will not keep using it.

Next switch your balance over to a credit card that offers a better interest rate than your current card. This will help slow down the rising cost of your debt. Ideally you are looking for a card that offers a 0% interest rate for a selected period. During this time you will be better able to clear your credit as your won’t be accruing extra debt in interest.

If you have any savings it may be worth using these to pay off your credit card. There is no point saving money in one place and be obligated to a debt in another. Pay off that credit card and once you are debt free you can concentrate on saving again.

However if you don’t have any savings then the only way you will have a clear credit card is to pay off more than the monthly minimum. Even if it’s only a small amount extra each month it will help you to slowly reduce that debt. The best way to arrange this is to sit down and make a list of all the money coming in and all of your outgoings. How much do you have left once the bills have been paid and you’ve budgeted for food etc? This will give you a guide to how much you can afford to pay off on a monthly basis. To ensure you stick to this budget see if you can set up a direct debit to pay off the card.

It’s not always easy to clear your credit but with careful planning and a prudent approach to your spending you can soon bring your credit card balance under control.

Accidents happen all the time. Unfortunately they are a way of life, yet some of them can be avoided. It seems that more and more people are making personal injury claims due to road traffic accidents. It would be fair to say that the majority of us don’t drive to the same standard that we did when we passed out test. Over time we have become lazy and less cautious of the dangers that lay in front of us. So what can we do to become safer drivers? We need to remember some of the things we were taught whilst learning to drive and combine it with a little common sense.

1. Be Aware!
   There are many dangers on the road and one of which is the junction. This seems to be an accident hotspot and provides a great place for cars to collide. There seems to be two factors to these accidents. One part is a lack of awareness from the person pulling out of the junction. Very often they don’t look long enough and refuse to slow down enough at the junction to register the flow of the traffic. The second part of the responsibly lays in the hands of the other driver in regards to their speed. The two combined can cause a fatal mistake for some.
2. Over Taking
   With so many other road users such as caravans, lorries, cyclists and tractors it becomes all too easy to be impatient with these slow moving travellers. Many drivers find themselves taking unnecessary risks to overtake and gain a few seconds over these types of traffic. It’s worth while remembering that you should not be over taking on a corner or on the brow of a hill. You need to remember at all time when over taking ‘what if some one is doing what I’m doing on the other side of the road?’
3. Always look right
   Roundabouts are always another popular place for an accident. By not looking properly and becoming impatient whilst waiting for a gap an accident is on the horizon for many car drivers. Consider these two factors with the thought that people using the round about might not be in the correct lane, you can’t help but approach the roundabout with a little more care.

These three tips alone could help you avoid any un-necessary collisions with other road users. Just remember to be considerate and un-agitated and driving will become more of a pleasure than a chore.

So you may have heard about bank charges and bank charge refunds but may be wondering what they are. Some of you may have already experienced an unfair bank charge, these are when banks will charge you £30 for accidentally dipping into your overdraft by a pound or something similar. Some people have obviously been hit a lot harder than this and received multiple unfair bank charges.

The theory on why people are making claims for refunded bank charges is that bank charges are said to be unlawful. But not surprisingly the banks don’t agree with this, so this subject has been much debated and has been taken to court.

The main argument that people are making is the banks should only make charges that are in proportion to the costs. According the Unfair Terms in the Consumer Contract Regulation a charge should not be more than the cost to the provider. So if you dip into your overdraft by a pound or have a direct debit payment that bounces then some banks have been charging up to £39 each time. The cost to the bank for this service is sending a computer generated letter to you which most people would agree does not cost the bank £39 a time. One professor has estimated that the actual costing of you going getting a bank charge is between £2.50 and £4.50.

The latest news is that claiming bank charge refunds are on hold while the courts decide which direction to take the situation. But this currently this doesn’t apply to people in financial hardship who can still claim bank charge refunds.

It is thought that hundreds of thousands of people are currently in queue to have their bank charges refunded so it would be advisable to join the queue and see if you can make a claim.

The ruling on where you stand with bank charges is changing, so it is a good idea to seek advice from a finance specialist about what you can do and whether you are eligible to have your bank charges refunded.

In times like these paying the bills can be a most stressful commitment. Meeting the needs of the bank as well as keeping the family fed can be a balancing act that many are unable to undertake. It seems that houses all around the world are at risk of being lost by the owners and those with a celebrity style status have become no exception.

The former home of Jimi Hendrix made news recently when it came to light that the home was to be torn down. Hendrix’ childhood home was declared a ‘shack’ and is to be demolished by local authorities. The Seattle council claimed that the property has become an eyesore after years of neglect. Many fans are mourning the loss of the house as to them it wasn’t a wreck but considered as the childhood home of the great legendary rock star. One of the most famous musicians to be born in Seattle some considered it a shame that no city body stepped in to intervene.

The building was purchased by developer Peter Sikov but after many attempts to relocate the property to reside opposite Greenwood Memorial Park Cemetery (where Hendrix is buried) had been turned down it seemed that the endeavor was a lost cause. Yet Sikov is still looking on the demolition of the property as a positive thing. The remains of property can be auctioned off for charity he explains “Can you imagine a guitar made out of wood from Jimi’s house?” he asks. “Who wouldn’t want that?”

Yet not all houses of the famous fall foul to the redevelopment of the local area. The National trust continues to make a great deal of effort in maintaining and preserving the family homes of the famous. One such house that the trust is now responsible for is that of former Beatle John Lennon. The property at 251 Menlove Avenue in Liverpool was the childhood home of this Rock ‘n’ Roll icon. Raised there since the age of 6 by his auntie and uncle, Lennon was brought up in the semi detached property and stayed there for many years, the national trust boasts that some of the earliest Beatles tracks where written there.

For many people the change of a developer or the National Trust buying up their house in their hour of need is a fantasy at best. There are many companies that offer a Quick Property Sale and a Cash for Property service. This service will enable you to get your finances back on track and a few of the companies also offer you the chance to stay in your home with a Sell your Property and Rent Back option. For more information on this service follow the links to the site.