Loans are almost synonymous with a good credit score. You have a terrible score, late payments, missed bills, you can kiss a personal loan goodbye. Or if you are lucky enough to get one, chances are lenders will hit you with some terrible deals.
Payday loans are different though. Here’s what you need to know about the correlation between payday loans and your credit score.
Your credit score prior to the payday loan
These days, you can find dozens, if not hundreds of payday loans online. Your options are extremely diversified. While you can research lenders yourself, it’s wiser to rely on a comparison site to find all the deals sorted by different criteria. It’s just faster and easier to choose the best possible deal.
Now, how about the credit score? Does it really matter? While some lenders may try a credit check, the truth is most of them won’t bother. Why? Simple. Payday loans are meant to be short term loans. The ideal payday loan should be repaid in full once your paycheck comes.
In other words, they’re meant to last for less than a month.
In some cases, you can get payday loans extended over more months, but interest rates will clearly add up. In terms of requirements, lenders will need a few things. You need to be over 18, and you must be a resident. You’ll also need a source of income.
Otherwise, how can you prove that you’ll be able to repay the loan? Exactly! Your credit score is irrelevant at this point. If you have a job, no one will really bother about how bad your score is.
But at the same time, since payday loans are meant to last for less than a month, you won’t get a fortune, You’ll get enough to fix your car, pay a medical bill or handle an event, such as your kid’s birthday. You won’t get more than your actual income, until you get a payday loan that expands over more months.
And at this point, it’s no longer referred to as a payday loan…
Bottom line, your credit score doesn’t matter when you go for a payday loan, but your job, business or other source of income, which you’ll need to prove. If you have a job, a few payslips will usually do. If you run a business, you’ll probably need accounting records.
Whatever your source of income is, check the lender’s requirements.
Your credit score after a payday loan
Cover your repayment in full once your paycheck comes, and your payday loan won’t affect your credit score. Even if you have a loan expanding over more than just one month, stick to the monthly repayments, and you won’t have any issues with your credit score whatsoever.
In fact, repaying everything on time will actually help you improve your credit score, which is a pretty good thing if you’re actually getting ready for a bigger loan. That’s because it proves you can stick to the terms and conditions, but you’re also financially responsible.
Just like all types of borrowings, payday loans can and will show up on your credit report if you apply for something else or someone takes a look into it. Unexpectedly, some lenders refuse people who still have ongoing payday loans that haven’t been completed yet.
It’s not even recommended to go for more than one payday loan at once, after all.
While not always a general rule, some lenders may have a negative view on your report if they see payday loans popping up on your report on a regular basis. If you need to get a payday loan every few months, chances are you’re not budgeting accordingly, so you’re not even ready for a bigger loan.
In other words, a payday loan will show up on your credit record, and it will affect it. It’s up to you to determine whether the outcome is positive or negative. Repay it on time and respect the terms and conditions, and your credit score will go up.
Default on it, and your score will go down. At the same time, you’ll be hit with extra fees and expenses, putting you in even more debt.
Indeed, just because your credit score goes low, it doesn’t mean you’ll be rejected by another payday lender because they don’t really look at credit reports. But then, a different type of loan could come with some restrictions or a bad deal.
As a short final conclusion, payday loans are not affected by the credit score, but they will, on the other hand, affect it in one way or the other. It’s a type of borrowing and will show up on your record. It may affect future applications for other types of loans, even if payday lenders don’t look at it.
Most forex traders tend to use short-term strategies like scalping because of its profit potential. However, long-term strategies can generate a lot of profit as well. Some argue that the benefits of long-term forex trading are better than short-term trading.
These tried-and-true strategies increase traders’ potential for long-term success. They get a better idea of the bigger picture that short-term traders might not understand, which can help them make consistently profitable trades.
Plus, it teaches discipline, emotional control, and objective reasoning since you will have to deal with short-term price fluctuations.
If you want a successful long-term career as a forex trader, these strategies can push you closer to your goals.
Best Forex Long-term Trading Strategies
Here are the most common and effective long-term forex trading strategies:
1. Price Action Trading Strategy
The price action strategy is perhaps one of the forex market’s most common long-term trading strategies. Price actions refer to the study of price movements. Since most fundamental analysis and technical indicators are based on market price action, traders decided to study and learn from the price itself.
Therefore, the price action trading strategy involves studying the price of an asset to make technical trading decisions. While it can be used as a standalone method, it is typically used along with a technical indicator for added accuracy. It is also relatively easy to use if you are just getting started in the forex market.
The moving average is the most common technical indicator used along with the price action trading strategy.
When the price action strategy is combined with a couple of MAs, it helps to identify key areas of support and resistance and determine the strength of the prevailing trend.
Relevant Elements for Price Action Trading
For a price action trader, there is nothing more important than price and time. So, the price chart is the most essential tool for a price action trader, not technical indicators.
The candlesticks, which are one of the main elements of a price chart, give all the details about the price that you need. It indicates a currency pair’s high, low, opening, and closing prices for a certain time. Also, these candlesticks tend to come in different sizes and shapes to reveal the market direction.
For instance, some candles, like the hammer, are referred to as bullish signals, while others like the hanging man, are bearish signals. Chart patterns are another element of a price chart that price action traders consider.
If these patterns are spotted, interpreted correctly, and combined with trading risk management, they can point out lucrative trading opportunities in the market.
2. Order flow trading Strategy
Order flow trading or tape reading is a technique that involves analyzing the flow of unexecuted trading orders and their later impact on future price movement. In other words, it is a trading analysis method that helps traders predict future price imbalances or fluctuations.
This strategy is popular among traders because of its insight into what is going on behind the price chart. Order flow trading gives you information about:
Big buy and sell orders that can impact the market price
Liquidity flow of unexecuted orders
Exhaustion of market momentum
Momentum buying and selling
This information is displayed on something called the order book, which is a list of all unexecuted trading orders.
It provides a microscopic view of the finer details behind buying and selling volume. Plus, understanding order flow trading allows you to enter the market with increased precision and accuracy.
Combined with technical indicators, this strategy gives you a better picture of the market forces and increases your trading flexibility. However, the use of indicators is not required.
How to Use the Order Flow Trading Strategy
The order flow trading strategy involves analyzing unexecuted orders and making trading decisions accordingly. The purpose of using this strategy is to spot market imbalances that will enable you to determine areas of high buying and selling pressure.
Every trading day is a battle between buyers and sellers for dominance in the market, and order flow trading puts you at the frontline. Therefore by learning how to analyze the order book and use the order flow trading strategy, you will gradually develop a sixth sense for price fluctuations.
Let’s look at it this way.
You are trading the currency pair GBP/USD, but the market has been moving slowly; there hasn’t been any significant market news to impact movement or fluctuations to provide trading opportunities. But when you look at the order book, you notice a large buying order for 2 million lots for the base currency GBP.
Considering the currency pair’s liquidity, such a large order might not be unusual. Still, an institutional investor or government entity typically places this type of order. For a retail trader, spotting this large order provides an opportunity for you.
To take advantage of such an order’s impact, you can execute a trade in the direction of the order.
It will be harder for government agencies and major investors to hide their trades. It also becomes easier to notice the exact moment economic news impacts the market, and you get to be among the earliest traders to benefit from market changes before the momentum slows down or reverses.
Risk of the Order Flow Trading Strategy
This strategy has stood the test of time and remains one of the best ways to get reliable market information. It is also not limited to the forex market and can be used for trading stocks, options, and futures. But it does have its limits.
Few trading platforms provide the level 2 market data needed for order flow trading. In many cases, access to the market data is restricted to certain assets, and even then, you might still not have access to the data.
Also, learning how to properly read and use the data for trading takes some time. So, before anything, extensive research is needed to discover which brokers offer you access to level 2 market data. You also have to decide on the industry or market to trade in before finding the best trading platform for reading market data.
3. The 5-3-1 Trading Strategy
The 5-3-1 trading strategy is not your typical trading strategy that requires price charts and technical indicators. Instead, it is a strategy focusing more on developing a sound trading structure and principles. The 5-3-1 trading strategy is among the best long-term strategies traders can use because it helps to maintain discipline and follow a well-defined structure to achieve the best results.
By providing a focused approach to trading, this strategy prevents traders from becoming overwhelmed by the bulk of information in the market and can channel their attention to the most profitable trades.
How the 5-3-1 strategy works
The numbers five, three, and one represent key steps in the strategy. They stand for:
Five (5)
There are more than 180 currency pairs in the forex market, but not all are great for trading. These minor currency pairs offer low liquidity, high spreads, and not enough volatility to make profitable trades. Since you can use only five currency pairs, choosing from popular pairs like EUR/USD, GBP/USD, USD/JPY, and many more is advisable.
Before selecting a currency pair to trade with, consider the trading volume, volatility, and strength of the economy behind it. If you already have some knowledge of the market, choose assets that you are most familiar with and work best for your time zone. For instance, if you stay in Australia, you can choose pairs like AUD/USD, AUD/JPY, EUR/AUD, etc.
Three (3)
For this next step, you are required to use three trading strategies only. This also applies to your choice of technical indicators and trading style. Using multiple forex trading strategies gives you enough room to diversify your approach and manage risk without getting overwhelmed. With different trading strategies, you can adapt to the volatile nature of the market and take advantage of complementary relationships.
Here, you can choose strategies like level 2 market data strategy, scalp trading strategy, swing trading strategy, chart pattern analysis, or any strategy specific to your needs.
One (1)
The best part about the forex market is that it is open 24/7. So, you can choose what time works best for you with little to no limitations. By focusing on just one trading session, traders can pinpoint the best opportunities and trading setups to increase their profitability.
However, failing to trade as scheduled may lead to missed opportunities or the market moving against your position.
The time frame you choose for trading depends on your trading style and location. For example, breakout traders might choose hours with increased volatility. Traders who enjoy trading in ranging markets may choose times with low trading volume and volatility.
Conclusion
Every strategy has its benefits and risks. But the best long-term strategy emphasizes discipline, patience, diversification, and effective risk management. Before you choose a strategy, ensure that it suits your trading style, goals, time horizon, and risk tolerance.
It also helps if it can be used in different market conditions and incorporates technical and fundamental analysis.
Once you have found a strategy that suits your criteria, it is always advisable to backtest it and practice with a demo account before using it to trade.
The UK Government today launched its draft legislation – the Digital Markets, Competition and Consumer Bill – which many believe will offer similar consumer protections to that already introduced in the EU via the EU Digital Services Act Package. The move has been welcomed by many.
Peter Harper, Partner, Competition, Trade and Foreign Investment Group, Eversheds Sutherland said:
“What is clear from the Bill is that the CMA will be at the heart of the UK Government’s plans to regulate the digital economy. The CMA’s new powers are sweeping – and it has been given a big stick to enforce these new powers. Not only will it be able to determine which companies are regulated, it will also be able to set expectations as to how regulated digital companies conduct themselves and will have broad powers of investigation.
“Given the importance of this new digital markets regime for UK Government policy, both the CMA and the UK Government will be keen for the CMA’s Digital Markets Unit to use these powers (and to be seen to be doing so). The CMA has been actively building up the DMU so that the DMU can hit the ground running. However, a key question will be the extent to which the Bill and the DMU becomes a forum for complaints?
“The Bill also reinforces and broadens the CMA’s powers to carry out faster and more flexible investigations and take enforcement action against anti-competitive conduct to do more to protect consumers, businesses and to support the economy. For example, it expressly enables the CMA to assess anti-competitive conduct which takes place outside of the UK but which impacts the UK economy. Similarly, the CMA’s continued and often high profile role in assessing M&A deals is expanded while a whole new suite of powers are afforded to the CMA to enable it to investigate and fine companies for breaches of consumer law.
“We expect the CMA to fully utilise its new powers when the Bill takes effect – evidence of a clear step-change in competition regulation in the UK that is just beginning.”
It’s Fresh! has secured a £6.7 million investment led by BGF – one of the largest and most experienced growth capital investors in the UK and Ireland – and Zintinus, a German-based venture capital fund, alongside existing investor Praesidium.
Founded in 2011 and headquartered in Burntwood, Staffordshire, It’s Fresh! is a global food technology business that helps extend the shelf-life of fresh fruit and vegetables throughout the entire food supply chain to reduce waste and optimise produce quality.
Food waste is a significant economic cost to society, with the UN Food and Agricultural Organisation estimating the cost of global food waste to be $940 billion while also accounting for 8% of global CO2 emissions. Fresh produce is a large contributor to global food waste, with some estimates claiming 40-50% of fresh food is wasted from harvest to post-purchase, with long storage and transit times accounting for a considerable portion of these losses.
It’s Fresh! has commercialised and further developed applications for the patented technology which controls the impact of ethylene emitted by fresh produce, and which ultimately controls the rate of ripening, and the eating quality of that produce. The company’s technology slows the rate of ripening and can be applied across the supply chain from harvest through to transit, to in-store fruit containers, making fresh produce safer, more available, and affordable for growers, distributors, retailers, and consumers.
In contrast to existing technologies that either completely block ripening and flavour development permanently, have insufficient capacity for ethylene removal, require high levels of capital, or are unsafe for direct food contact, the It’s Fresh! solution overcomes all of these issues to deliver a cost-effective solution which is easy to implement.
The combined investment will be used to support the business’ global growth strategy and expansion into new markets, as well as the development of new solutions such as using the company’s unique technology within modified air packaging bags.
Commenting on the deal, Rob Ward, CEO of It’s Fresh!, said: “Our ground-breaking technology rises to the challenge of reducing food waste across the supply chain. We not only deliver shelf-life extension, which reduces waste, but at the same time enable our customers to deliver optimal quality to consumers. We’ve already generated significant traction across our core markets in USA, South America, and Southern Africa, so this latest investment round comes at a pivotal time for the business, setting us up to scale rapidly and fulfil our potential as global leaders in innovative solutions tailored to fresh produce.”
BGF’s Rowan Bird said: “It’s Fresh! is an excellent example of a technology business that’s addressing a critical climate challenge with innovative solutions that benefit the entire fresh produce supply chain. The business has outlined an impressive growth strategy to capitalise on the market opportunity that’s reinforced by strong technical validation and early commercial success. We look forward to working in partnership with the team and its existing investment partners to achieve our combined growth ambitions while supporting a business that’s making a positive climate impact.”
Zintinus’sOlaf Koch said: “Extending the shelf life of fresh products is an exceptional opportunity to both contribute to the sustainability of the industry and generate economic benefits along the entire chain. It’s Fresh! has developed an excellent technology over the years that is easy and effective to use and has a high impact. We look forward to supporting the whole team at It’s Fresh! On their way ahead.
Praesidium’s Graham Ellis said: “In the past year since Praesidium’s initial investment, the company has transformed itself, growing revenue, generating new IP, and has shown how its unique applications address the issues faced by growers and retailers. This Series B investment sets the company up for a strong period of growth, and we remain committed to helping Its Fresh accomplish its goals.
A LEADING employment body will bring up to 50 organisations together under one roof for its first conference in Wales.
The IEP (Institute of Employability Professionals) is to host a regional networking event at Venue Cymru in Llandudno on Wednesday May 3.
Sponsored by PeoplePlus and supported by Conwy Employment Hub, the focus is on meeting recruitment demands in multiple industries and uniting the public and private sectors to share best practice and work closer together in the future.
Libby Duo FIEP, Strategic Manager for Conwy Employment Service – which delivers the Welsh Government’s Communities for Work Plus programme in the county – is a Fellow of the IEP and said it is pivotal the employability and skills sector “are on the same page” post-pandemic.
She added: “The current skills and employment system consists of national, regional, and local employment and skills related schemes managed by different organisations and agencies, and this provision expanded rapidly during the pandemic.
“Significant and different labour market and skills challenges and opportunities now exist at both a national and local level and the impact of Covid-19 has created new challenges, exacerbating previous ones we were already facing.
“This is the IEP’s first networking event in Wales, so we are pleased it is being held in this region where so much good work has taken place to develop skills and help people into jobs and education.
“We hope even more people sign up and join us as this is a great opportunity to work together to support social and economic recovery across North Wales, to celebrate and professionalise the employability sector – especially for those new to the industry – and shine a light on the best ways to move forward collectively.”
Among those set to be in attendance are Conwy County Borough Council, Welsh Government, RCS Wales, Creating Enterprise, Serco, Careers Wales, DWP, Coleg Cambria, Grwp Llandrillo Menai, NHS Wales, Capita, Trigon Recruitment, Court Enforcement Services and Ambition North Wales.
Launched in 2011, the IEP is the only professional membership institute for the employability profession, offering a wide range of services from mentoring to networking, training, and industry news.
IEP Group Chief Executive Scott Parkin FIEP said: “As the employability sector continues to evolve it’s important for employability professionals to have a platform to connect, share knowledge and learn from one another.
“We’re excited to host this regional networking event in Wales and bring together employability professionals and other stakeholders to collaborate, inspire and drive positive change in our communities.”
A spokesperson for PeoplePlus added: “We believe by bringing organisations and people together to create opportunities for meaningful employment that will contribute to the growth of the Welsh economy. This event presents us with the perfect opportunity to do that.”
The free event takes place from 11am-1pm and will feature seminars on topics including youth employment and mental health, local social provision and the economy and skills. There will also be lunch and networking, and a speed networking session.
In a modern environment where technology has well and truly taken over, it’s no surprise that businesses have turned to a selection of handy tools that are geared towards making operations run more smoothly. Nowadays, these tools tend to come in the shape of apps that are available on both mobile and desktop devices.
What are the benefits of using a business app?
Although many companies still prefer humans to be at the forefront of certain operations, there are some beneficial apps that provide solid services in several departments, perhaps for dealing with finances or even assisting with communication. On the whole, they’re often cheaper to use than hiring a professional, too.
Online casinos use apps to market their business
Many businesses across a wide range of industries use apps to help the company function more smoothly. The online casino industry is one that uses a variety of modern-day tools. For example, Paddy Power uses Twitter to inform bettors of any up-to-date race results, while also showcasing a selection of clever marketing campaigns to promote their games, such as Big Bass Bonanza and a range of innovative live casino products. Likewise, some casino businesses use services like Asana to organise their output, while others use Microsoft Teams to conduct meetings and communicate. Essentially, although these types of apps aren’t new, the fact that they have become go-to tools even within such big industries suggests that they have well and truly become the standard for all businesses.
Business apps cover a range of departments
Business apps come in all shapes and sizes, too. Many products are even reducing the need for as much human input. For example, some businesses turn to accounting tools that can efficiently handle their numbers and calculations, which, according to an article on Rapid Formations, can minimise errors, generate specific reports, and make number crunching less of a pain. Likewise, some apps provide sales and marketing hubs that offer a range of tools that can cover content management, sales, and marketing, therefore leading to a reduced need for marketing roles. Ultimately, helpful apps like these enable owners to gain clear control of their business needs, which could potentially lead them to make cutbacks in certain departments.
Some of the most popular options in the UK
Throughout the UK right now, business people are being supported by a variety of apps. Some of the most popular options in this particular space include the likes of Hubspot Marketing Hub, Asana, FreshBooks, RingCentral MVP, Freelancer, HelloSign, Slack, Expensify, HootSuite, Smart Recorder, and Square.
Final thoughts
As society becomes more tech-savvy and people become more reliant on apps, business apps have become a standard tool that company owners, big and small, are increasingly opening themselves up to. They’re making a genuine difference to businesses all over the UK, too.
Lloyds Banking Group, Britain’s largest lender, has announced it is taking a £1.5bn provision for bad loans, ahead of a potential “mortgage shock” that could hit around 200,000 of its home loan customers.
Charlie Nunn of Lloyds Banking group has warned of a “mortgage shock” that is set to affect 200,000 of its home loan customers, saying that 10% of them were due to exit a fixed rate deal this year. Given the price hikes of the recent year, many of these customers may be about to find themselves struggling to afford their mortgages.
Nunn said that the bank is focusing on looking at the customers who are going to see a jump in their mortgage interests as a percentage of their income. These customers will be giving up a huge percentage of their take-home pay just to stay afloat with their mortgage debts. Nunn estimates that less than 1% of their customers will face a shock like this.
He has revealed that Lloyds Group has a provision of £1.5 billion for bad loans ahead, £500 million of which was for the final quarter. This is because the group fears defaults could rise because of the higher interest rates.
Lloyds has reported a 12% increase in its bonus pool for 2022. This is despite pre-tax profits remaining flat on the previous year. This 12% rise has brought the bonus pool to £446 million, which is above the peak rate of inflation seen over the past year.
Of that sum, Nunn received £1.33 million, according to the bank’s yearly report. Along with this, he also received a long-term plan award of 150% of his salary, taking his total earnings to £3.8 million. The group also announced it would pay a 1.6p per share final dividend and a share buyback of up to £2 billion, totalling £3.6 billion of shareholder returns.
Despite the positive financial results, Lloyds shares fell back by 2% at the market opening. Senior investment manager at RBC Brewin Dolphin, John Moore, said, “Lloyds has finished off the major UK banks’ results season with a performance that is 80% NatWest and 20% Barclays. Profits have been flat year-on-year, with bad loan provisions adding extra costs, among other moving parts.”
Lloyds says that it has been making efforts to support its customers through these challenging times. The bank claims that it had approved more than 21,000 loans under the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and backed over 175,000 bounce back loans (BBLs) as of December 2021.
On top of that, Lloyds is investing in new initiatives such as its green finance products to help customers and clients transition to a more sustainable future. The bank has set a target of helping its clients generate £2bn in net zero financing by 2030 and providing £5bn in sustainable finance solutions.
Clix Technology Ltd, a UK-based start-up combining mobile-first technology with customisable smart locker design for retail, is launching a new product – the Clix Smart Locker – having trialled it in B&Q Cardiff since July 2022. The trial is part of a wider Clix strategy which has used the data and learnings from the B&Q trial and customer interaction to help iterate and finesse the technology and experience.
Data from the technology’s initial introduction of the smart lockers into B&Q’s Cardiff store shows a significant improvement in customer experience, with NPS scores for the store increasing by 9.1% over the first five months of the trial.
Due to the Clix web app, B&Q has seen customer feedback increase to over 50%, compared with a previous 3% of customers choosing to feedback through the existing B&Q NPS survey delivered to their emails.
Of the increased 50%, 93% of those responding about the smart lockers rated their overall experience on the app as ‘excellent’. This insight is gathered via a built-in customer feedback loop, which maximises the capturing of live data, offering a direct reflection of a customer’s experience.
These evolving trends highlight why retailers are trialling new technology that takes a mobile-first approach to design and development.
The Clix mobile-first approach is unique as it enables customers to access their locker directly from a link embedded in an SMS, significantly cutting the steps a customer has to go through to make their collection. This system differs from traditional click and collect lockers as customers can access the content of their locker by opening them directly from the SMS, reducing time by eliminating the need to queue at a shared touch screens and then having to make a further trip to find their particular locker.
Offering businesses numerous features unique to the market, most notably Clix’s Progressive Web App (PWA) negates the need for the shared touch screens which are often seen on more ‘traditional’ smart locker manufactures. Consumers simply receive a customer branded SMS, containing an embedded link, that directly opens their locker in just a couple of clicks. This allows secure access without the need for pin-codes, barcodes or time-consuming app downloads, direct from a customers mobile phone. Contributing to an improved, seamless , customer journey.
In addition to the Clix PWA eliminating in-store queueing for customers and cutting down the time to collection, it also allows the store to be unaffected by customer collection peaks. With the time saved from staff not needing to permanently man click+ collect desks retailers are now able to repurpose in-store staff towards assisting customers on the shop floor.
Clix PWA is also the first to fully integrate with the headset UK market leader VoCoVo. This allows for the Smart Lockers to be a completely autonomous installation in-store.
The connection to the headsets worn by staff working elsewhere in the store means that – should a customer require assistance – the built in ‘help me’ button connects directly to in-store staff alerting them and directing them to the exact location of the customer.
Future features on the app will also allow add-on benefits to retailers, including customer loyalty and insight activities; unique to the mobile-first offering, as other traditional smart lockers offer retailers no way of interacting with their customers.
By putting the customer first and enabling retailers to optimise and redeploy staff resources, as opposed to manning a click and collect desk, significant ROI is also expected alongside increased NPS.
In reference to B&Q’s technology strategy, Sean Heenan, Director of Retail Operations, B&Q, commented: “At B&Q, we’re constantly looking at ways we can help customers deliver their home improvement in the most fast, efficient, and convenient way possible, meeting increasing consumer demand for speed, convenience, and mobile access.. Around 85% of our customers’ shopping journeys start online, a smooth and easy collections and returns in stores are an essential part of our ecommerce offer.”
Matt Cater, Co-Founder of Clix Technologies, adds: “Aligned with our mobile-first strategy, B&Q is an early adopter of smart technology, from scalable mobile apps and seamless payments to smart search, and more efficient web content management. Our dynamic, contactless, integrated storage solution is not only smart, but fully customisable, able to adapt to the market’s and the brand’s future requirements. This is both in terms of its design, which is modular and can be designed to match a store’s branding or campaign – and its tech, which is configurable and aimed at the shopper of tomorrow. For example, retailers have full control to quickly adapt to customer insights and market changes and integrate with additional software they may already be using, such as automated age verification messaging to producing QR codes to access Smart Gates.
“Trialling our technology with such a forward-thinking company is an exciting step. By leveraging B&Q’s experience in the industry, we’ve been able to refine our proposition and iterate other offerings. Taking the developed learnings, which have been invaluable in helping the business meet retail trends and emerging challenges head-on. We’re fully focussed on offering the best-in-class click + collect service to help retailers like B&Q compete with e-commerce giants, drive customer loyalty and convenience,” adds Matt.
About Clix Technologies:
Clix is a dynamic tech business that makes innovative and consumer-focused Smart Lockers. The main aim of Clix and the Vault OS operating system is to take the fuss out of click and collect. With a ‘mobile-first’ ethos, we’re putting the future of retail convenience in the customer’s hand. Our pioneering custom built software is revolutionising the way stores, and their customers look at the click + collection retail experience.
80% of UK businesses surveyed (92% of whom are SMEs) attempting to recruit have faced challenges, with hospitality and manufacturing firms still the most likely to report difficulties
Almost six in ten (59%) UK businesses are actively trying to recruit staff
The British Chambers of Commerce calls on the government to work with business on solutions including skills training, investment and urgent reform of the Shortage Occupations List
The latest Quarterly Recruitment Outlook (QRO), a survey of more than 5,000 UK firms of all sectors and sizes by the British Chambers of Commerce (BCC) reveals businesses are still facing record high difficulties in hiring new staff.
The first quarter results for 2023 show that recruitment difficulties have fallen just two percentage points from the record high level of 82% in Q4 2022.
Attempted recruitment in Q1 was virtually unchanged from the previous quarter, with 59% of those surveyed looking to find staff (61% in Q4 2022). In Wales, 45% of businesses attempted to recruit in Q1 2023 and 71% experienced difficulties in finding suitable staff.
While recruitment difficulties are being experienced across the economy, firms in the hospitality and manufacturing sectors were the most likely to report recruitment difficulties (83% in each sector). This is closely followed by the construction and engineering sector (81%) and then professional services; and public, education, health sectors on 79%.
The recruitment pressure points vary across sectors. For firms who struggled to recruit in the construction and engineering sector, 71% faced difficulties in finding skilled manual/technical workers. However, for hospitality businesses that struggled to recruit, 64% faced difficulties in finding semi/unskilled workers.
Across all sectors in Wales, 60% of businesses faced difficulties in finding skilled manual/technical workers, closely followed by professional and managerial staff and semi or unskilled workers.
Investment in training remains stubbornly low in an environment of increasing cost pressures. Just over a quarter of firms (27% in UK and 26% in Wales) reported an increase in their training investment plans over the last three months.
Overall, 67% of businesses say labour costs are a source of inflationary pressure, with a similar number (66%) worried about energy costs. Concerns around labour costs are highest in manufacturing (76%) followed by construction and engineering, logistics, and hospitality (each at 70%).
In Wales, the pressure to raise prices because of labour costs has increased from 63% in Q4 2022 to 79% in Q1 2023, a significant jump that indicates that it is an employee’s market at present.
Paul Butterworth, Interim CEO of Chambers Wales South East, South West and Mid: “This latest survey shows recruitment remains an ongoing challenge for businesses in Wales and the UK.
“While fewer businesses in Wales attempted to recruit within the last quarter, a significant percentage of those that did continued to experience difficulties in finding suitable staff.
“Investment in training remains low due to overall cost pressures, including labour costs. 64% of businesses in Wales told us that they were under pressure to raise prices of their goods and services due to existing labour costs.
“We need to see the commitments made in the Spring Statement regarding employment and enterprise propelled into action so that employers can respond to skills and labour gaps in their businesses and look ahead to growth.”
Jane Gratton, Head of People Policy at the British Chambers of Commerce, said: “People shortages are a massive issue and employers can see little sign of improvement. The high number of unfilled job vacancies is damaging businesses and the economy. Firms are struggling to fulfil order books and turning down new work.
“While investment in training is part of the solution, it is being held back by rising overall cost pressures and a lack of time and resource at firms to mentor and support new recruits.
“There is no quick fix and employers and the government need to work together to find solutions. While firms can do more to make workplaces more flexible and jobs easier to access, the government must redouble its efforts to encourage and help people into work.
“Support for parents and carers, older workers and those with health issues will be crucial. At the same time, where there is evidence of urgent and critical skills shortages that are crippling business sectors, the government must adopt a sensible and pragmatic approach to immigration and ensure that the Shortage Occupations List reflects the reality on the ground.
“The Chamber Network is rooted in its communities, representing businesses of all sizes across the UK, and these are the big issues they are telling us need addressing if we are to get the economy growing again.”
Punter Southall Law, the leading consultancy model law firm that advises clients and high net worth individuals, is pleased to announce the appointment of two new partners.
Jonathan Dawe and Tony Grant have joined as Partners in its corporate team. The two co-founders of Grant Dawe LLP bring with them an extensive client following, boosting Punter Southall Law’s corporate team and adding strength to the firm’s expertise in law.
Jonathan and Tony have a wealth of experience advising a range of domestic and international clients in the media, sport tech, retail, and real estate sectors. They were both previously partners at Dentons and went on to establish Grant Dawe LLP in 2006. They have considerable international expertise, both having worked in the overseas offices of Dentons in Asia and the Middle East.
Simon Cullingworth, Managing Director at Punter Southall Law, said: “Jonathan and Tony’s arrival reinforces the strength of our corporate team. Their loyal client following is a testament to their exceptional client service. We believe that they will help us continue to deliver high-quality legal services and support our clients in achieving their goals.”
Tony said: “We are excited to join Punter Southall Law, a leading law firm with an excellent reputation for providing high-quality legal services.”
Jonathan said: “Tony and I look to forward to working with the firm’s talented team of lawyers and contributing to the continued growth and success of the corporate team.”
