Connect with us

Business

How to network without being inauthentic

Published

on

This is an audio transcript of the Working It podcast episode: ‘How to network without being inauthentic

Alison Fragale
Strategic and authentic are not opposites. They can go together. And what I’m hearing in Natasha’s story is I love to run. That’s authentic. And I’m returning from maternity leave. I have to think about re-engaging. And so I’m gonna be strategic in doing that. But again, not in a fake way, doing something I really like.

[MUSIC PLAYING]

Isabel Berwick
Hello and welcome to Working It from the Financial Times. I’m Isabel Berwick.

Advertisement

[MUSIC PLAYING]

Professional networking can be pretty uncomfortable. Approaching senior colleagues or strangers with an agenda is so transparent. And a lot of us find it a bit daunting. In fact, I used to find it so difficult. But I spent a lot of time at drinks events, not networking at all, but hiding in the ladies bathroom. Bonding with colleagues over genuine shared interests is a different story. It’s a great way to make yourself known to people at all levels and quite possibly boost your career as a result. Lots of workplaces, organised sports teams, choirs or other societies to help colleagues bond. How can we use these extracurricular activities to make connections we might not otherwise make? And how can we socialise naturally but strategically with colleagues? To find out, I’m speaking to Alison Fragale, an organisational behaviour professor at the University of North Carolina at Chapel Hill. Alison, hello.

Alison Fragale
Hello.

Isabel Berwick
Alison’s new book, Likeable Badass, is a science-backed guide to winning respect, power and influence. I’m also speaking to Natasha Wood, head of strategy for the FT’s events business FT Live. Natasha, welcome.

Advertisement

Natasha Wood
Hello. Thank you for having me.

Isabel Berwick
Natasha is gonna tell us how sport helped her meet crucial people at a pivotal moment in her career. Let’s get started. Allison, in your book Likeable Badass, you talk about the relationship between power and status. Could you tell us a bit about how you define those terms and what the relationship is between them?

Alison Fragale
So status is how much other people respect and regard us. So it’s a judgement other people make about us. Power is resources we control like money, authority, the ability to reward and punish. And those are both fundamental human needs. We care about them greatly. Life is better with them than without them. And the relationship between them is that status being highly regarded and respected is a prerequisite or a gateway for being able to have other people give us resources, give us power. So what we often see is that having status ends up making it easier for us to get and hold power.

Isabel Berwick
If you have power but you haven’t bothered to achieve status on the way up, is that gonna be tricky for you at the top?

Advertisement

Alison Fragale
Turns out it’s really problematic. So not only is power harder to get without status, if somehow you do, it’s actually really hard to use it effectively. We don’t really like resources being controlled by people we don’t respect and therefore we don’t treat them very well. They’re often the recipients of a lot of mistreatment. Things like having their judgement questioned, being interrupted, having their ideas ignored, you know, even more kind of aggressive behaviours that sort of communicate. I really don’t think you should have this control. And it turns out it’s a really miserable existence.

Isabel Berwick
I can see exactly what you mean, but I’m really interested in how we can grow our status through internal mechanisms that are not about promotion, things like socialising with colleagues or sport. You know what that can do for your standing. And I was gonna bring in Natasha here because you recently participated in a relay race organised by the FT and our parent company Nikkei. Could you tell us about that and why you did it?

Natasha Wood
Yeah, it’s a great question. First of all, I’m a passionate runner, so when the invitation came around to participate in an ekiden, which is a Japanese form of relay race, it naturally spoke to me. But I had recently returned from maternity leave and I was very conscious of my status or lack thereof because I had not been at work for 10 months. And I thought, oh this will be a great opportunity. It’s sponsored by a board member, John Ridding our CEO was very much instrumental in the FT sponsorship of it. And so it was a fairly calculated play to apply for a place because I knew it would help build those connections and build my profile as I look to re-establish some level of status following a career break.

Isabel Berwick
And how do you feel afterwards?

Advertisement

Natasha Wood
Well, it certainly achieved my aims. I made some connections internally at the FT. We continue to go for running sessions at lunchtime. That means that I’m having those conversations that I wouldn’t necessarily be having thanks to that sporting platform.

Isabel Berwick
Alison, how do you rate Natasha’s approach? Is that a status-building activity?

Alison Fragale
I love it. It’s 10 out of 10. So the two things that I’m hearing there that I really emphasise with people is, one, strategic and authentic are not opposites. They can go together. And what I’m hearing in Natasha’s story is I love to run. That’s authentic. And I’m returning from maternity leave, I have to think about re-engaging and so I’m gonna be strategic in doing that. But again, not in a fake way, doing something I really like. That’s one thing. And the second one is just the power of similarity. So I’m a psychologist and we look across all of psychology. The greatest basis of liking and attraction that psychology has ever documented is similarity. This adage birds of a feather flock together, that’s true. So when you have a shared similarity, it is the beginning of a relationship. It’s easy to build a relationship when someone sees themself in you. And most of the similarities that draws together at work don’t have to be about work at all. So anything. Oh, you have three kids. I have three kids. You spell your name with one L, so do I. All kinds of silly things we see in the research lead people to have a sense of connection. And so when you find those things, it’s very powerful.

Isabel Berwick
In workplaces that are increasingly diverse Alison, what kinds of things are similarities? Because I suppose in the olden days, it used to be white men feeling similar to other white men, didn’t it?

Advertisement

Alison Fragale
Well, there’s no doubt that we can draw similarity from things we can easily observe without even opening our mouth. And that’s why I do a lot of work advocating for women. And I say, when you look different than everyone else around you and you don’t do anything about it, then it’s logical that when people look at you, they simply assume that you are different. But between any two people, I guarantee you if you start to chat, you are gonna find a real genuine similarity. And again, the beauty of the research in psychology is that these similarities can be so trivial. You know, you order the same thing at Starbucks. I do. It truly doesn’t matter as soon as someone has that. Wait, that’s me too. You instantly light up. So the task is for everybody, but particularly if you look different than people around you go searching for those points of connection because they will trump anything that is visible. But if they’re not brought to the surface, then people will simply assume difference.

Isabel Berwick
And Natasha I know you find traditional networking slightly icky, we can call it perhaps. What do you think’s different when you socialise or play sport with colleagues?

Natasha Wood
It’s a great leveller, the sporting world activities that we choose to do that aren’t related to our day jobs. Work status goes out of the window and it’s just about engaging on a very, very personal level. Sport is about performance. It’s about testing your own individual limits and endurance, certainly within the running world. And that is an egalitarian world that makes it very easy to connect with people, regardless of whether the CEO or the latest intern. And making those connections that way, rather than I need something you have it for me means that those connections are a much more positive and likely to endure.

Isabel Berwick
Alison, how does that kind of bonding translate to the professional world? Are there tangible professional benefits we can reap from something like sport?

Advertisement

Alison Fragale
Absolutely. People cannot respect you if they don’t know you exist. So if we’re in sport or any other activity that’s outside of work, it gives people a chance to know we exist, to find some similarities with us and to start to like us a bit and to feel familiar. And familiar things are liked more. And then how can you start to add value to their life, not just in the personal domain, but the professional?

So I was thinking about a woman I met. We were just sitting next to each other working at shared tables at a co-working space that we both belonged to. And I didn’t know her and I struck up a short conversation with her, learned a little bit about what she did, and then connected with her on LinkedIn, because that’s what I do. And then no sooner I was back at my desk at home and an email comes through and it’s about a media that was looking for some people to write articles on different topics. And one of the topics was about mindfulness at work, which was her area. So I looked her up on LinkedIn. I had met her only the afternoon prior and I sent her this and I said, This sounds like it’s up your alley. And she wrote, ended up getting selected, wrote the article, and she’s been a great supporter of mine ever since.

And so it was that initial conversation that was just chit chat. But when I learned something about her, I kept my eyes open. I didn’t go out of my way that day to say, how can I make her life better? But when something crossed my desk and I thought of her, it took the extra minute to say, this could help you. And that was a simple thing the day, the day we met and that was years ago. And ever since then, she’s been very loyal to me and looked for opportunities to try to give back to me as well. So that social piece gives you the information. What’s this person about? And then when you’re going through your day, you can find those opportunities to think about how can I add a little bit of value?

Isabel Berwick
So would you say that achieving status is also about amplifying others? I think in your book you talk about, you know, supporting others. How can we best make that work?

Advertisement

Alison Fragale
Well, people respecting us, it’s not a random judgment. It’s based on two things that we pay attention to. How capable are you? Are you good at what you do? If I give you tasks, can you get them done well? And do you care about people other than yourself? Those are the two things that lead us to respect people. And if you can show up as both, hey, I have interesting knowledge, skills, attributes to share and I’m gonna do that for your benefit. That’s what gets you respect. And so what I help people think about is how can you do that in easy ways? There’s a lot of high effort ways you can do that.

But if you’re gonna build status really broadly, you can’t invest in every relationship extremely deeply. But a quick introduction, chit chatting with somebody while you’re taking a break, you know, in a co-working space to I’m gonna forward you an email that has a lot of value to you that opens up a door. Five minutes of your time can be a really big investment or value to that particular person. So that’s what I encourage people to look for is once you have the relationship, how can I add value to it in a way that allows me to show up as unique?

Isabel Berwick
That’s great advice. So how can we network with the right people without looking like we’re just schmoozing or being self-promoting? How can you be strategic as well as being authentic?

Alison Fragale
The authentic piece comes with meet lots of people, talk to lots of people. You never know where the next great, I call them other promoter or sponsor the person who’s really gonna advocate for you and build your status. You never know where that person is gonna come from. There’s a woman, Rachel Sheerin, I talk about her a lot every time I give a presentation. I wrote about her in the book. I met her in an airport bar, just chatting to the person next to me and turns out we are in the same line of work. And she has opened a tremendous amount of doors for me. So I would say meet people broadly.

Advertisement

Switch from this idea of networking to what Heidi Roizen, who’s a well-known venture capitalist and the subject of a oft-taught business school case. She said it’s not networking, it’s a relationship-driven life. And I think that’s right. I’m building relationships with people, and that’s authentic. And then looking for what do you care about so that I can think about as things cross my desk, the easy ways to add value to you. And that’s the kind of stuff that I’m always trying to think about when I meet people is, OK, who are you and how could I think about something that would make your life better?

One simple one that I offer to everybody is the idea of making an introduction. And when I make that introduction, I’m making two people’s lives better, not just one, if it’s a mutual benefit. And it’s a very easy thing to do. And a lot of those introductions have delivered a lot of value to people and in turn they feel very loyal to me for making them. So that’s one of the things we can start to think about is just meet people, listen to people, and then think about what can I do to add a little bit of value to their life. It’s very authentic, but it’s also strategic because it ends up being reciprocated.

Isabel Berwick
Do you think, Alison, that socialising with our colleagues has become more valuable since the pandemic? Now we’re in a hybrid world. Has that changed?

Alison Fragale
Well, I think it’s changed a little bit, but I was . . . we’ve had smartphones for a while. We’ve been doing things behind screens for a very long time. And so I see it not as like a cliff in the evolution of our social lives, but more just like a continuation of using technology more and more and more. And I think that you can build relationships behind screens, you can build relationships face to face.

Advertisement

I think the bigger impediment is not the technology or the medium you’re in, but more the mentality that you have, which is I want to strike a personal connection, I want to meet people, I want to add value to people. And if you start thinking about life that way, you can find ways to do it, even if you’re, you know, fully asynchronous, even if you’re just doing it by email, you can find ways to be able to add value. So I think it’s shift the mentality and not worry so much about what mode we are in because we can build relationships throughout.

Isabel Berwick
So Natasha, you’re an events expert. How can we best approach, you know, perhaps a real-life event? Because we don’t go to that many, but when we do, they’re quite special.

Natasha Wood
It’s really interesting as I was listening to Allison talk, I was thinking to my day job leading strategy for FT Live, the FT’s events business. And the feedback we so often get from our attendees is, I want to be able to network better. What tools do you have available? What app can I use to connect with other people? And the apps are great, but if we’re at an in-person event, the most valuable connections, the ones that are going to last you into the future, are actually the serendipitous conversations that you’re having whilst you’re waiting for a coffee, whoever’s picking up your badge.

So taking Alison’s advice to heart when you’re at a live event, introduce yourself. The person sitting next to you is probably feeling just as uncomfortable as you are in that environment. So be the one. Find out, do they spell Annabelle with two Ls, but you only spell it with one? Have they run a marathon? Believe me, it’s the age-old joke. If they have, you will know. They’ll tell you within five seconds of starting the conversation. But it’s a great way of knocking down those walls and starting to build relationships and who knows where they can go.

Advertisement

Isabel Berwick
That’s great advice. Alison, What would be your parting advice to listeners?

Alison Fragale
Just be yourself in the most strategic way possible. So start talking about what you love and what you do and have the mentality of How can I make others lives better? If you do that, then you’re gonna do 90% of the work that it takes to build sense.

Isabel Berwick
And Natasha, what’s your advice?

Natasha Wood
Find your passion and pursue it. Coming back to sport, there are so many connections that you can make. It’s a great way to build status because you’re exhibiting all of those leadership skills just by participating the resilience, the teamwork. So double down on your passions. And it’s amazing where those connections will take you.

Advertisement

Isabel Berwick
Thank you.

Natasha Wood
Thank you for having me.

Isabel Berwick
Alison, thanks so much.

Alison Fragale
Thank you for having me.

Advertisement

[MUSIC PLAYING]

Isabel Berwick
This episode of Working It was produced by Mischa Frankl-Duval and mixed by Simon Panayi. The executive producer is Manuela Saragosa, and Cheryl Brumley is the FT’s global head of Audio. Thanks for listening.

[MUSIC PLAYING]

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Travel

Ryanair to launch 11 new flights from two UK airports this year

Published

on

Ryanair is launching new UK flights, including nine new routes from Birmingham Airport

RYANAIR has confirmed new routes are being launched this winter from two airports outside of London.

Both Birmingham and Manchester will be welcoming the new flights later this year.

Ryanair is launching new UK flights, including nine new routes from Birmingham Airport

3

Ryanair is launching new UK flights, including nine new routes from Birmingham AirportCredit: Alamy
Destinations include Paphos, Paris and Agadir (pictured)

3

Advertisement
Destinations include Paphos, Paris and Agadir (pictured)Credit: Alamy

From Birmingham, the budget airline will launch flights to Agadir and Marrakech in Morocco, as well as Paphos in Cyprus and Paris.

Other destinations include Lodz (Poland), Plovdiv (Bulgaria), Treviso (Italy) as well as Berlin and Derry.

An official start date for each destination has not been confirmed, although the flights are already on sale from £19.99 as soon as next month.

The airline has been operating from Birmingham for 34 years, with the new routes taking it up to 39 destinations.

Advertisement

Ryanair’s head of communications Jade Kirwan, said they would also be expanding their existing winter routes.

She told local media: “Ryanair will operate a total of 39 routes to/from Birmingham this winter with extra flights added on 8 of our most popular routes.

“[This includes] city breaks like Bucharest, Budapest, and Krakow, alongside winter sun hotspots, like Barcelona, Malta and Porto, giving our Birmingham customers even more choice and regular connections at the lowest fares in Europe.”

She confirmed that the airline saw a 13 per cent growth in traffic from Birmingham Airport this year.

Advertisement

And the two new routes being launched from Manchester are Memmingen in Berlin and Tangier in Morocco.

Ryanair currently operates 65 routes from Manchester, making it one of the major airlines at the airport.

The new routes will welcome as many as 7.6million passengers to and from Manchester.

Ryanair launches new flights to cheap holiday hotspot

Manchester Airport managing director, Chris Woodroofe praised the news.

Advertisement

He said: “We’re proud to connect the north to the world, with a route network unrivalled by any UK airport outside London.”

This week, new routes from Liverpool also launched.

Ryanair confirmed that Budapest, Marrakech and Paphos would now operate from Liverpool Airport.

Along with increased flights for existing routes, this takes the current destinations offered by Ryanair from Liverpool to 24.

Advertisement

Earlier this month, Ryanair launched their first ever flights to Turkey.

Having previously operated routes to Turkey from Dublin and Bratislava, the airline will now operate from London Stansted.

Starting next year, the new routes include Bodrum and Dalaman, with £30 fares.

Luggage Rules for Major Airlines

Advertisement

British Airways

  • Cabin Baggage: 1 cabin bag (max 56 x 45 x 25 cm) and 1 personal item (max 40 x 30 x 15 cm), total weight up to 23 kg.
  • Checked Baggage: Economy allows 1 bag up to 23 kg. Premium Economy, Business, and First Class allow more.

EasyJet

  • Cabin Baggage: 1 small cabin bag (max 45 x 36 x 20 cm), no weight limit but must fit under the seat.
  • Checked Baggage: Fees apply, up to 23 kg per bag. Passengers can pay for additional weight up to 32 kg.

Ryanair

  • Cabin Baggage: 1 small bag (max 40 x 20 x 25 cm). Priority boarding allows an additional larger cabin bag (max 55 x 40 x 20 cm, up to 10 kg).
  • Checked Baggage: Fees apply, options for 10 kg or 20 kg bags.

Virgin Atlantic

  • Cabin Baggage: Economy and Premium allow 1 cabin bag (max 56 x 36 x 23 cm, up to 10 kg). Upper Class allows 2 bags.
  • Checked Baggage: Economy Light has no checked baggage. Economy Classic, Delight, and Premium allow at least 1 bag up to 23 kg. Upper Class allows 2 bags.

Emirates

  • Cabin Baggage: Economy allows 1 bag (max 55 x 38 x 20 cm, up to 7 kg). Business and First Class allow 2 bags (total up to 12 kg).
  • Checked Baggage: Economy Class varies by fare type (from 20 kg to 35 kg). Business and First Class allow up to 40 kg and 50 kg respectively.

Next week Ryanair flights to Lapland-Rovaniemi will take off from both London and Liverpool.

And back in April, the airline launched flights from Norwich Airport for the first time.

The airline confirmed new routes at Manchester Airport as well

3

The airline confirmed new routes at Manchester Airport as wellCredit: AFP

Source link

Advertisement
Continue Reading

Business

In a first, Kerala lottery revenue breaches Rs 11,000 crore mark- The Week

Published

on

In a first, Kerala lottery revenue breaches Rs 11,000 crore mark- The Week

Kerala’s lottery revenue crossed Rs 11,000 crore for the first time in history. The state’s major share of tax and non-tax revenue comes from a few key commodities, including petroleum, alcoholic beverages, and lotteries. In 2022–23, lottery sales generated ₹11,892.87 crore, accounting for 78.67 per cent of the state’s non-tax revenue.

The state’s total own revenue in 2022–23 was Rs 87,086.11 crore, 1.42 per cent higher than the budget estimates. Notably, while the budget had projected lottery revenue at Rs 8,402 crore, the actual figure reached Rs 11,892.87 crore—41 per cent higher than expected, providing a significant boost to the overall revenue.

According to the latest CAG report on state finances, non-tax revenue, which has ranged between 7.51 and 13.59 per cent of the state’s revenue receipts over the last five years, saw a substantial increase of Rs 4,655.45 crore (44.50 per cent) in 2022-23 compared to the previous year.

Back in 2013-14, the state lotteries contribution to state exchequer was Rs 3,796 crore. A decade later, this contribution has increased by 213.3 per cent, reflecting a significant rise in revenue from state lotteries.

Advertisement

Other than State Own Tax Revenue and Non-tax Revenue, the other sources of receipts for a state government are the devolution of States’ share in taxes, Grants in aid and transfers from the Union Government and non-debt capital receipts. The share of Grants-in-aid in revenue receipts rose from 12.27 per cent in 2018-19 to 20.63 per cent in 2022-23, indicating Kerala’s increased reliance on the support of the Union government. The State Government received Rs 4,587.79 crore as the central share for the Centrally Sponsored Schemes (CSSs) in the year.

Some critics contend that lotteries disproportionately affect low-income individuals who spend a larger share of their income on tickets. This has led some to describe lotteries as a “tax on the poor”. Notably, lotteries yield significant GST revenue also on the sales value. Against the actual sale proceeds of Rs 11,892.87 crore during 2022-23, the GST collected on sales value is Rs 1,660.52 crore. That brings the total contribution from lotteries to Rs 13,553.39 crore, reaffirming its role as a crucial source of revenue for the state government.

Kerala government, however, claims to spend a major share of revenue it earns through lottery sales on expenses like distribution of prizes and agent commission and that the money is being diverted back to the people. Notably, the state lotteries have a wide distribution network of more than 55,414 agents and over 1.5 lakhs retailers.

Advertisement

Source link

Continue Reading

Money

Credit Card Companies Secretly Adding Fees – How to Avoid Hidden Charges

Published

on

What is the Average Credit Score in the UK

Hidden Fees Alert: How Credit Card Companies Are Charging You Without Warning: Credit Card Fees Under Fire – How to Avoid the $1.99 Paper Statement Charge

Two major credit card companies are facing backlash for quietly imposing a $1.99 fee on consumers opting for paper statements. In a push to encourage customers to switch to digital statements, these companies are penalizing those who still prefer traditional paper billing. However, there are ways to avoid this fee—by opting into electronic statements or contacting your card issuer for potential exceptions.

The Shift to Digital Statements and the $1.99 Fee

Credit card issuers, including Synchrony Bank and Citibank, have introduced this fee for customers who choose paper statements instead of going digital. Synchrony Bank, which offers more than 100 co-branded and store-affiliated credit cards—such as Sam’s Club Credit Card, Lowe’s Store Card, and Amazon Store Card—is one of the key players imposing the charge. Citibank followed suit in late 2022, requiring customers to switch to paperless billing to access their accounts online or through the Citi Mobile App.

Despite the shift, legally, credit card companies must still offer paper statements, but customer consent is required for paperless billing. Many customers, like Alicia Galowitsch, find themselves facing additional costs. “It’s very tight for us,” she told NBC, explaining how these fees have impacted her household finances. “We had to start going to a food bank. It’s going to be $11.94 [in fees],” she shared, highlighting how small fees can quickly add up for families managing multiple accounts.

For some, paper statements are essential for organization, particularly when managing multiple credit card accounts. Ms. Galowitsch added, “If I’m not here, the payments are going to be late because [my husband] Mark’s not going to know what to do.” For people who rely on paper statements to stay organized, these new fees feel like an unfair burden.

Advertisement

Related: Should I use my credit card for big purchases?

Growing Consumer Frustration and Security Concerns

Beyond the financial strain, many customers are also concerned about the security risks associated with digital statements. Those who aren’t comfortable with online banking worry that going paperless could leave them vulnerable to fraud. In response, frustrated credit card holders have taken to forums like Reddit to voice their discontent.

One Reddit user shared, “I received a letter today about my PayPal Mastercard. Starting in April, they will impose a charge if you don’t opt for electronic statements.” The fee in this case is $2.50—slightly higher than Synchrony’s—but still a source of frustration. Another user mentioned they were closing their account entirely due to the fee.

This latest wave of fees follows recent changes by credit card giants Visa and American Express, which subtly reduced the value of rewards points. With Americans sitting on millions of credit card points for flights, hotels, and cash-back options, the impact of inflation has caused these points to lose value. Once worth roughly one cent per point, their purchasing power has dropped by 20% since 2018, according to data from the Bureau of Labor Statistics.

Advertisement

How to Avoid the Paper Statement Fee

If you’re being charged for paper statements, here’s how you can avoid paying unnecessary fees:

  • Switch to electronic statements: Opting for digital billing is the simplest way to sidestep the fee.
  • Request an exception: In some cases, particularly for elderly or disabled customers, credit card companies may waive the fee upon request.
  • Track your statements online: Even if you prefer paper, familiarizing yourself with online banking can help you stay on top of your finances.

Signs Your Credit Has Been Compromised

Amid concerns about switching to online statements, it’s crucial to keep an eye out for signs that your credit may have been compromised. According to Michael Bruemmer, vice president of Experian Global Data Breach Resolution, these warning signs should not be ignored:

  • Unrecognized charges on your credit card or bank account
  • Unexpected credit checks appearing on your report
  • Receiving unfamiliar bills
  • A sudden drop in your credit score

“If you notice any of these, it could be a red flag that someone is using your identity,” Bruemmer warns. Early detection is key to minimizing potential damage to your credit.

Conclusion

As credit card companies push customers toward digital billing, it’s important to stay informed about fees and how they can impact your finances. Whether you’re holding onto paper statements for organization or security reasons, knowing how to avoid fees can save you money. Stay vigilant about your accounts, and keep an eye out for any signs of fraud to protect your financial health.

Source link

Advertisement
Continue Reading

Business

WPP returns to sales growth but warns over economic uncertainty

Published

on

Unlock the Editor’s Digest for free

WPP returned to net sales growth in the third quarter but the advertising agency warned of continued economic uncertainty and a tougher end to the year.

The London-based marketing group said like-for-like revenue when removing pass-through costs — the fees paid to external suppliers — was up slightly in the third quarter by 0.5 per cent to £2.8bn. 

Advertisement

However, WPP said this measure for the full year would be between 1 per cent lower to flat, warning that recent client wins would only start to benefit the company next year. Shares in the group rose almost 4 per cent to 804p, taking its market capitalisation to £8.7bn.

Revenue growth in the US and western Europe was offset by a fall of more than a fifth in China, which WPP blamed on client losses and “persistent macroeconomic pressures impacting both our media and creative businesses”.

UK revenues were flat for the quarter. Mark Read, WPP chief executive, said consumers were being cautious ahead of next week’s UK Budget, which had caused a similar slowdown in marketing activity. He said the long wait for a Budget widely expected to bring tax rises had “not helped”.

“It has been a little bit wait and see,” he said, adding that while “people are expecting tougher times ahead financially”, clarity on the Budget “will make things easier to see”.

Advertisement

Read said US consumers were also feeling pressure, especially in the lower income brackets, but that the country’s economy remained strong ahead of the election next month.

WPP this summer was forced to downgrade its revenue forecasts for the rest of the year, but Read said the “momentum” behind the company was better given recent successes in gaining and retaining clients.

“It’s an important first step to demonstrate the competitiveness of our offer,” he said, pointing to the adoption of AI in its businesses and services offered to clients.

He predicted that using AI tools would make WPP staff “20 per cent more productive”, but said the impact of the technology on job numbers was not clear as he expected that AI would also “make more work”.

Advertisement

“We are encouraged by progress during the quarter, but with recent new business wins primarily impacting 2025 and continuing macroeconomic pressures, our expectations for the full year remain unchanged.”

Analysts at Shore said the company had shown “a positive revenue performance, progress against strategic goals, client wins and retentions and a reiteration of full-year guidance”.

But they added that “WPP’s performance, although improved, remains some way below best in class” rivals such as Publicis.

The planned disposal of a majority stake in corporate public relations firm FSG Global to KKR is on track to close in the fourth quarter, with expected net proceeds of about £604mn

Advertisement

WPP, with its partner Bain Capital, is also looking to sell Kantar Media, a division of the Kantar market research group that runs the UK’s TV audience measurement system. The sale has attracted interest from a number of private equity groups, according to people close to the talks.

Source link

Continue Reading

Money

The Morning Briefing: AHR Group’s ‘USP’; ‘possibility’ the chancellor may create a new tax

Published

on

The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Wednesday 23 October 2024. To get this in your inbox every morning click here.


AHR Group’s transparency is its ‘USP’

The success of AHR Group is due to the “transparency of the whole business” whereas the financial sector has been “historically opaque” which has given the international financial advice firm a “USP”.

This is what AHR Group managing director & co-founder William Burrows told Money Marketing when explaining how the firm first came about.

Advertisement

AHR Group was founded in 2020 following the merger of UAE-headquartered Arlo Wealth and Harrison Rowe, an international advisory business.

Founders Burrows, Tyla Phillips, Asad Sheikh and Daniel Waterman were at Harrison Rowe whilst Daniel Dickinson and Marc Beattie were at Arlo Wealth.


‘Possibility’ the chancellor may create a new tax during the Budget

There is a “possibility” that chancellor Rachel Reeves may create a new tax during the Budget on 30th October.

Advertisement

This is what Barnett Waddingham self-invested pensions technical specialist James Jones-Tinsley told Money Marketing.

“There is a lot of precedent that this may happen,” and as Reeves is early into her career as chancellor she could be “experimental”.

Jones-Tinsley predicts that the new tax would be likely to target the ultra-wealthy who traditionally vote Conservative.

Still, a new tax brings with it, a lot of “unprecedented” changes as well as legal challenges as ultra wealthy people tend to have lawyers, Jones-Tinsley said.

Advertisement

In Conversation With… Jordan Sriharan: Navigating Turbulent Waters – A Market Outlook and Strategies for Financial Advisers

Join Kimberley Dondo and Jordan Sriharan, Fund Manager at Canada Life Asset Management, as they discuss the current market landscape and the impact of global trends on the UK.

In this episode, Jordan shares his revised outlook, outlines strategies for mitigating risk, and identifies potential opportunities for UK investors.

Tune in for valuable insights and actionable takeaways to help you navigate the turbulent waters and guide your clients through these challenging times.

Advertisement


Quote Of The Day

Lloyds is the first major UK bank to report third-quarter earnings, and it hasn’t disappointed. In tune with recent trends, impairment charges were better than expected and drove a good chunk of the pre-tax profit beat, as borrowers continue to stand firm

– Hargreaves Lansdown senior equity analyst Matt Britzman on Lloyds Q3 earnings with underlying profit coming in higher than expected



Stat Attack

Association of Investment Companies (AIC) research shows how the Financial Conduct Authority labels to tackle greenwashing will impact trust in sustainability claims for financial advisers and wealth managers.

Advertisement

64%

said the labels would increase their trust, with this number higher among wealth managers (78%) than financial advisers (55%).

54%

said the Sustainability Focus label is most likely to be used for screening purposes. The Sustainability Impact label was the second most popular (52%), followed by Sustainability Improvers (47%) and finally Sustainability Mixed Goals (37%).

Advertisement

63%

of private investors said they would increase their trust in funds’ sustainability claims.

71%

of private investors who held sustainable investments already have increased their trust in funds’ sustainability claims.

Advertisement

Source: AIC 



In Other News

Allfunds a B2B WealthTech platforms for the fund industry, which offers fully integrated solutions for both fund houses and distributors, has releases a trading update for the third-quarter period ended 30 September 2024.

Its total assets under administration (AuA) increased by 10% since December to €1,522bn, representing a 15% increase year-on-year.

Advertisement

Platform service AuA increased by 19% to €1,102bn year-on-year with “strong” net flows in the quarter (€23bn) continuing the positive evolution since Q1.

Total net revenues of €154m, representing a 16% increase year-on-year underpinned by significant growth in both net platform and subscription revenues.

Allfunds chief executive officer and founder Juan Alcaraz said: “Allfunds delivered another quarter of robust, diversified growth. We are proud to announce a new record milestone of €1.5trn in AuA, driving a 16% increase in revenues year-on-year. Our core platform business continues geared to an improving macro cycle. Our dedicated commitment to innovation and technology allows us to deliver a unique one-stop shop proposition, following the launch of our top-leading Alternatives solutions platform and expanding into our recently announced ETP platform.

“Our ongoing digital transformation efforts are central to this success, enhancing our platform’s capabilities and client experience, thereby establishing us as the premier Wealthtech partner for our clients. In this quarter, we are also pleased to announce the completion of our share buyback programme, further demonstrating our commitment to delivering value to our shareholders.”

Advertisement

Stocks drift, dollar and gold rise as traders weigh US rates, election (Reuters)

Donald Trump accuses UK Labour party of interference in White House race (Financial Times)

Local transport funding at risk as Reeves considers big budget cuts (Guardian)


Did You See?

Advertisement

Industry experts have urged the government to “keep up the momentum” after it gave an update on the Pensions Dashboard Programme yesterday (22 October).

Pensions minister Emma Reynolds announced that the MoneyHelper Pension Dashboard service will be made available before commercial dashboards.

Reynolds added that it is too early to confirm a launch date to the public.

The Department for Work and Pensions (DWP) previously said the launch date will only be announced once it is assured most pension schemes have connected and the dashboards are working well.

Advertisement

The Pension Dashboards Programme (PDP) has been given the task of developing the Pension Dashboards ecosystem and organising for most schemes to connect to it.

Pension schemes must connect to the dashboard ecosystem by October 2026 at the latest, but have been urged to connect earlier, starting from April 2025.

The FCA is expected to publish the final rules of the governance framework for commercial dashboards before the end of the year.

Dan Cooper has the full story.

Advertisement

Source link

Continue Reading

Business

Meet T.M. Mathachan, the man who made Ratan Tata a ‘taxi-driver’- The Week

Published

on

Meet T.M. Mathachan, the man who made Ratan Tata a ‘taxi-driver’- The Week

T.M. Mathachan breaks into a smile as he recollects the time Ratan Tata walked up to him and asked, “Don’t we know each other? Then, why didn’t you come and say hello when you saw me?”

As young men, this former employee of TELCO (now Tata Motors) and the chairman emeritus of Tata Sons were hotel-mates in Jamshedpur. Now retired and settled in his home in Kandanad in Kerala’s Ernakulam district, Mathachan could not stress enough the warmth of the legendary industrialist.

Mathew, known locally by his family name as Thukalan Mathachan, and Tata were hostel-mates in 1962 when they were trainees in TELCO. He fondly remembers Tata as the personification of grace, nobility, and humility.

ALSO READ: Ratan Tata’s 12 closest family members

Advertisement

After the training, Tata moved back to Mumbai. After a decade or so, Tata spotted Mathachan in the crowd when he was leading a delegation from Africa to the training centre in Jamshedpur. As he was an employee, Mathachan chose to be professional and stayed in the background. However, Tata spotted him immediately, walked over, and broke the ice with his friendly query.

No special service

The Jamshedpur hostel was managed by the trainees themselves. So, they devised a way to keep the mess bills down—providing room service to special guests. This and any other additional privileges were billed and the money was added to the common pool. Tata was given special service, but he was only charged the regular amount.

The following month, when Mathachan took over as mess manager, he mentioned the discrepancy to Tata and suggested that it should be corrected. The conversation was interrupted by a shocked hostel warden, but Tata intervened, saying, “He has the patience to explain it to me, and I have the patience to listen. Please don’t interfere.”

Advertisement

READ MORE: End of an era: Ratan Tata, titan of India Inc, passes away

Tata explained that he assumed the meals were being sent to his room as his presence in the dining hall might inconvenience others. Mathachan assured him that his presence was always welcome. Tata smiled and added humorously, “By the way, my car is a bit large. Do I need to pay a parking fee?”

Tata, the ‘taxi driver’

Mathachan also recalled the time when Baiju, a canteen worker from Odisha, fell off his bicycle and injured himself. As Mathachan rushed around to find transportation to the hospital, Tata stepped in and offered his car. When Mathachan said a taxi might be more appropriate, Tata insisted on using his car and personally drove Baiju to the hospital.

Advertisement

ALSO READ: Tata and Tejas: How Ratan Tata saved light combat aircraft Tejas programme from being shut down

While returning, Tata asked Mathachan, “Aren’t you the one who insists on following all the rules? Shouldn’t I be paid taxi rates for this trip?” To this, Mathachan replied, “How could I ever think of you as a taxi driver?” The trainees both laughed at the banter as they drove down to the hostel.

Sitting in Kandanad, Mathachan today mourns a man who was his boss, and genuinely, a friend.

(This story first appeared in Malayala Manorama)

Advertisement

Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com