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Reading Time | < 1 min 08 Mar 2016

Businesses under-reporting cyber attacks

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Businesses are underestimating the importance of cyber security with 28% of cyber attacks being reported to the police, according to research by the Institute of Directors (IoD).

A survey of 1000 businesses found that 49% have experienced damage and interruptions to their business operations from cyber attacks.

There is also an increasing gap between awareness of the risks and business preparedness on cyber attacks. Findings include:

  • 91% said that cyber security is important to their business
  • 57% said they had a formal strategy in place
  • 49% provided cyber awareness training to their staff
  • 1% said that their business is not reliant on the internet.

The IoD has reported that the growing business activity and threats of cyber attacks will form a ‘cyber paradox’ – resulting in firms not being able to encrypt sensitive information on their databases. 

Professor Richard Benham, author of the report, said:  

“Cybercrime is one of the biggest business challenges of our generation and companies need to get real about the financial and reputational damage it can inflict. 

“The spate of recent high-profile attacks has spooked employers of all sizes and it is vital to turn this awareness into action. Customers and partners expect the businesses they deal with to get it right.

“As attacks become more prevalent and increasingly sophisticated, businesses need to defend themselves, know how to limit damage, and be ready to respond quickly and comprehensively when the inevitable happens.”

Talk to us today about protecting your business.

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Reading Time | < 1 min 07 Mar 2016

Parents unaware of support available

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50% of first-time mothers are unaware of the government’s childcare policies and the support available to them, according to a Social Mobility and Child Poverty Commission (SMCPC) survey.

The survey also showed that working-class parents (57%) and middle-class parents (40%) perception on childcare costs was a deterrent to working more hours.

Other findings from the survey: 

  • 14% of new parents were aware about what childcare funding they were entitled to, 
  • 47% of all parents had little understanding of childcare support available to them in the early stages of parenthood
  • 18% said they had no idea what support was available 
  • 29% said that they were aware of some support available but unsure if they were eligible or how to get it.

By 2020 the government will invest £6 billion into childcare support with 6 different funding plans which will offer parents financial help and support raising their children. These include:

  • working tax credit becoming part of the universal credit
  • childcare vouchers
  • ‘tax free’ childcare system from 2017
  • 15 hours free childcare for all 3 and 4 year olds
  • 15 hours of free childcare for disadvantaged 2 year olds.

Alan Milburn, chair of the Social Mobility and Child Poverty Commission, said:

“The way childcare is being funded is a confusion piled on a muddle piled on a mess. Without urgent simplification there is a real risk that the government’s noble aims to close the gender pay gap and boost maternal employment will simply not be realised.”

Contact us today to discuss your family finances.

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Reading Time | 2 mins 04 Mar 2016

Workers willing to exchange pay for greater flexibility

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A quarter of workers would be willing to take a pay cut in exchange for more flexible working hours, according to a report by Scottish Widows.

The report by the Centre for the Modern Family, based on 2000 working adults and 500 businesses, shows that although employers are often positive about introducing flexible working policies, some are failing to live up to employees expectations.

More than 21% of workers without children think that parents receive better support when it comes to flexible working arrangements.

51% of the employers surveyed are currently offering flexibility for mothers with children. 

However, fewer employers were supportive of fathers with children (35%), older workers (26%) and other employees (34%) who may have additional responsibilities such as caring for an unwell relative, volunteering or attending training courses outside of work.

Clarity on benefits

Despite reporting having a positive view on the introduction of flexible policies for employees, many businesses still suffer drawbacks when it comes to intention and action.

The report finds:

  • 17% of businesses have called for clearer information around the benefits of flexible working
  • 31% place the duty on employees to consider taking cuts in return for flexible working hours.

However employees felt the exact opposite: 

  • 24% suggesting that employers should offer flexible shift patterns
  • 23% are willing to be paid less in return for fewer working hours if this was made available as an option.

Anita Frew, chair of the Centre for the Modern Family, said:

“Although employers have taken promising steps towards offering more flexible working hours, there is still work to be done to ensure these policies are being rolled out to all employees. 

“Our economy depends on a skilled and motivated workforce that functions productively – and our best hope of achieving this is through encouraging employers to adapt to the evolving needs of the workforce.”

Talk to us today to discuss employee benefits.

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Reading Time | < 1 min 03 Mar 2016

Businesses lacking leadership skills

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Shortages of leadership and management skills have had an adverse effect on business growth and productivity, according to the report by the Federation of Small Businesses (FSB).

Just under half of all UK start-ups fail in their first 3 years and the UK currently has the widest productivity gap in the G7. Poor leadership and management skills are held up by many as a leading factor behind this.

The FSB report found that 59% of business owners update their business knowledge at least once a year, but fall short on skills and management training.

25% of business owners had undertaken management training in the last 12 months and 19% pursued external management training for their employees.

The cost and availability of training were identified as key factors in the fall of leadership and management.

43% of businesses listed the cost of training as a major factor while 34% listed availability of training as a problem.

FSB has recommended the following to improve leadership and management growth:

  • leadership and management taster courses which are flexible and available online
  • more involvement from finance providers and professional associations
  • business supporting business through peer networks.

Mike Cherry, policy director for the FSB, said:

“The UK is well known as being a great place to start a business, but we need to get better at helping small firms reach the next level. A key aspect of this is making sure the right management and leadership capabilities are in place, and that these grow in line with the business.”

Talk to us today to discuss business management.

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