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Category: News

  • How to get hired in a flooded job market

    Kim Streich from Debut talks with Patrick Crowder about applicant numbers, and how to stand out from the crowd

    There are over 1,000,000 job vacancies in the UK, according to the Office for National Statistics, but graduates are still struggling to find employment in a flooded market. Debut is a networking application which focuses on connecting qualified graduates with employers across the UK. Marketing Director Kim Connor Streich spoke to us about the app, the graduate job market, and how to stand out from other candidates as a graduate.

    So what problems to graduates face now? “Recent university graduates are facing strong competition from those among the previous year’s cohort who are still actively looking for jobs,” Streich explains. “Applicants for graduate jobs still outnumber the available graduate positions despite the massive growth in vacancies.”

    The pandemic has led to a two-year pileup of fresh graduates as opportunities dwindled, and many were left directionless. It has also led to hesitancy to work in the industries hit hardest by the pandemic, including hospitality, despite a significant number of vacancies.

    According to Streich, searches for entry-level graduate jobs have increased by 350 per cent since March 2020. So what can applicants do to stand out from the crowd? Streich says that it could simply come down to how and when you apply.

    “When sending out your application, you should aim to be the first in their inbox when the job goes live. Anyone who works on a computer will know the struggle of email overload. You need to avoid the competition by sending your application early in the day – you want it to be the first thing the hiring manager sees.”

    Putting aside time of day, even the time of year can affect the success of a job search. Internal data from Debut suggests that the best month to apply for a job is November, when an average of 14 per cent of a year’s jobs are posted. October and December are the second and third best months, making the end of the year a better time to apply than others. According to Streich, this is because hiring is often not a priority for companies during the Summer.

    “From experience, many companies spend their human resources budgets well before the Summer hits,” Kim said, “Not only does this mean hiring managers and recruiters stop searching during these warmer months, but resources could be lacking and many will spend summer months preparing reports and trends.”

    Debut currently hosts 10,504 graduate roles and saw over 20,000 jobs go live between July and September of this year. For graduates today, the job search is not easy. However, the good news is that there are roles available, and more will continue to become available as we recover from the pandemic.

  • New recruitment platform places diversity at the forefront

    A conversation with ‘Diversifying’ CEO Cynthia Davis about equality, what’s being done, and looking to the future.

    Diversifying is a recruitment platform which places diversity at the forefront of their model. They work with some of the biggest brands including Sky, Aldi, eBay, Metro Bank, and even the Royal Household.

    CEO Cynthia Davis has worked in recruitment for 22 years. She has seen the way that diversity is handled in the jobs market and is unimpressed. She founded Diversifying as a way to go beyond the “tick-box” or tokenistic approach to diversity she has seen over the years, towards a more genuine, holistic approach.

    “When I started my career, diversity and inclusion weren’t really talked about at all, so I wasn’t seeing people like me from an ethnic minority background,” Davis says. “There weren’t women of colour who I could relate to working in the environments that I was working in, and it was really hard being in the minority.”

    Davis describes being passed over for a promotion, then being required to train the less-qualified person who got the job, while she was never considered for the role due to her race and gender. She also mentions the toxic environment in her workplace which she had to face.

    “There was a lot of banter which could be deemed to be inappropriate – racist jokes, misogynist comments, and micro-aggressions as well which I was subjected to,” Davis explains. “And all those things led me to think ‘there’s got to be a better way of working’.”

    Since then, she has strived to create a means to find employers who are committed to workplace equality and diversity. In the past, companies released blanket PR statements against racism, sexism, and homophobia while the internal workings of the company did not reflect those statements. Now, Davis sees how people are no longer satisfied with hollow messaging, instead looking for evidence of real change.

    “Especially in light of the Black Lives Matter movement, people have been calling for change. They’ve realised that we can’t keep going in this vicious circle where there’s so much inequality,” Davis continues. “Some of these are deep-rooted systemic barriers which we need to start dismantling to allow this talent to come through.”

    Davis created Diversifying to bridge the gap between diversity-focused employers and people searching for a workplace with equal-opportunity practices, providing evidence of the way a company is run, what support they offer, and their hiring practices.

    “I wanted to move beyond that outward statement of ‘we’re an equal-opportunity organisation’ to really showcase what’s going on behind the scenes, to see that change, and measure that to hold people to account.”

    Many people feel the need to hide parts of themselves in the application process, be it their names, backgrounds, sexual orientations, or other parts of their identities. Davis realised that the companies which were making real strides towards equality and inclusion didn’t have a platform to find people from these different backgrounds.

    “If you’re going to recruit from us, you know that you’ll be getting people from all walks of life, from all different backgrounds, and we’ll never hide that,” Davis explains. “It’s about flipping the process on its head to say ‘right, for those companies that are genuine, here’s a platform where you can reach people where you know who they are, their names, where they went to school, and you’re hiring that person because they’re the best for the job’.”

    In order to ensure that the companies advertising positions on Diversifying are genuinely committed to the mission, each company must create a profile describing what diversity means to them as an organisation. This also involves showcasing things like employee resource groups, flexible working hours and childcare for parents, mental health and wellbeing policies, and other real changes the company has made towards equality. By making diversity the main focus of the platform, candidates are able to see immediately if a job is doing enough to support them.

    “There are no recruiters on the platform, it’s direct communication between candidates and employers, giving them that access to liaise together,” Davis says. “The first thing that anybody sees when they land on a company is the essential information about culture, benefits, and that’s at the forefront before anybody is applying for a job.”

    With low retention rates and a finite amount of talent in the jobs market, employers must consider things like diversity and inclusion if they want to attract new employees. In this new work environment which can be seen following the pandemic, people are no longer tolerating sub-par practices in the workplace. Davis believes that Diversifying can help facilitate this change.

    “People have found their voice. They’ve learned how to stand up for themselves, and people are demanding action and holding leaders to account,” Davis says. “For me, that’s the beauty of the mission and purpose of what we’re trying to achieve.”

  • New survey: 66 per cent of workers require more mental health support

    New survey: 66 per cent of workers require more mental health support

    Patrick Crowder

    Over half of the UK is nervous about returning to work, according to a study by Westfield Health. Some sectors are experiencing more anxiety than others, and overall, employees are asking for more wellbeing support and a clear plan from their employers about the future.

    Westfield Health surveyed 1,500 people in the UK about what the return to work following the pandemic will mean for them. 89 per cent of employees surveyed said that they were happy with their proposed future work plans, but in the government, transport and logistics sectors, there is a large amount of uncertainty and dissatisfaction.

    The pandemic has caused some companies to look more closely at the mental health and wellbeing of their employees. However, it is not the case that all companies are doing a good job of this. According to Westfield Health, 66 per cent of employees surveyed said that they desired more wellbeing support from their employers, with 26 per cent saying that their company is currently missing “key wellbeing initiatives”.

    In transport and logistics, 69 per cent of employees stated that they were nervous about returning to work, and 15 per cent are unhappy with the level of communication they have received from their employers regarding future work plans. As the world tries to figure out what the future of work is going to look like, some employees are being left behind by employers who have not yet clarified what the “new normal” will look like for them.

    In terms of Covid restrictions, the transport sector is now in a strange limbo. Masks are still required on TfL services, for example, but all it takes is a ride on the tube to see that these rules are not widely enforced. This could add anxiety for transport employees who must work in-person, particularly for those who are concerned about catching Covid due to health issues.

    Government jobs had the highest level of uncertainty, with 25 per cent of employees reporting that they are unhappy about proposed future working plans. Furloughed workers are also lacking information, leaving only 28 per cent of them satisfied with their employers’ levels of communication.

    Coming out of the pandemic, people will need a strong sense of direction and certainty from their employers. It is, of course, difficult to predict what the future holds. However, continuing without the clearest roadmap possible in terms of the future of work, employees will be left to struggle with uncertainty and anxiety.

    The future of work

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  • Nicolas Croix on how tech can improve our social care system

    Nicolas Croix on how tech can improve our social care system

    By Nicolas Croix

    The biggest challenge for UK care homes has been a shortage of skilled care workers in senior roles in the past ten years. There are several reasons for this, the most significant being the perceived unattractiveness and low status of care work, relating to low pay levels and job security. In addition, a lack of specialist HR managers can result in long-term vacancies, with the industry already battling a shortage of registered nurses and care home managers.

    However, since the outbreak of COVID-19, safeguarding employees’ mental health has overtaken the skills shortage as the biggest challenge for HR leaders in health and social care. Recently, my team surveyed 158 senior professionals from the industry; 54 per cent of the respondents reported employee mental health support as the biggest challenge, followed by staff development (41 per cent), shortage of labour (39 per cent), lack of skilled workers (37 per cent), and increasing paperwork (33 per cent).

    The only way to operate any care organisation with minimal HR issues is to employ and reward the best staff: skilled professionals who are passionate about their work, know they’re in the right job, and care both about residents and the business’s goals. To achieve this, organisations need careful recruitment practices, with a watertight hiring and onboarding process to deliver only the best candidates. This requires investment in three core areas: HR, social outreach, and technology.

    The Care Quality Commission (CQC) estimates that around 11.5 per cent of care homes do not have a registered manager in place. HR roles are just as important as skilled care work, with the best HR people most qualified to negate challenges around recruitment and people management – and care organisations should never stop recruiting. Taking on the right people goes back to some basics of good personnel practice:

    • creating standardised interview procedures
    • using sensible and consistent scoring of candidates
    • testing for behaviour rather than competence
    • scrupulously monitoring recruitment performance

    It also involves building and maintaining relationships with local job centres and sector-based work academies, offering visits to the home, and even ‘taster shifts’ to potential applicants.

    Investment in social outreach helps take your brand to a bigger audience, widening your talent pool and access to potential applicants. Recruiting via the internet is no longer a nice-to-have but critical in opening up worldwide possibilities. Paradoxically, most recruitment to care assistant roles are typically from a care home’s immediate neighbourhood, so cultivating positive coverage in local media is valuable in attracting staff and residents.

    Investment in technology ensures that care organisations can maintain a better connection with remote care workers who can feel isolated, reducing job satisfaction. Automation of routine tasks also significantly reduces the monotony of repetitive and time-consuming paperwork for all care workers whilst helping implement new strategies to improve work-life balance and sustain motivation, such as flexible working and other workplace initiatives.

    Gateshead-based care home company Helen McArdle Care is family-run and says ‘caring for staff with a personal touch’ enables it to retain staff and rehire workers who had left for alternative employment. The business hosts an annual family fun day, where staff are invited to bring their relatives to work. Helen McArdle Care also empowers its managers hearing of a staff member suffering hardship or other personal problems to offer the appropriate support – though this is a policy all care homes should adopt.

    To attract the best staff, care organisations must be able to find them in the first place. Another challenge the industry faces is a lack of sector-based academies providing good enough qualifications, allowing staff to earn better pay, whilst only half of those surveyed (53%) said the Government’s national recruitment campaign helps them attract social care workers.

    More needs to be done to attract higher volumes of people into health and social care. Only by improving the quality of training and pay rates and adopting innovative approaches to care home management will the sector become more attractive and start to plug the skills gap against a backdrop of continued disruption due to Brexit and the COVID-19 pandemic.

    The writer is the founder and CEO of Moonworkers

  • The gas crisis and employability – what you need to know

    Patrick Crowder

    As gas prices soar, many are concerned about food supply issues, higher bills, and a potentially cold winter. Business Secretary Kwasi Kwarteng has said that he does “not expect supply emergencies to occur this Winter,” promising “no three-day working weeks or a throwback to the 1970s,” and dismissing such thinking as alarmist. So what is likely to happen this winter, and how will the gas crisis affect employability in and beyond the energy sector?

    Why is there a gas crisis?

    The price of gas has increased by 250% on the wholesale market, and the energy regulator Ofgem has raised the energy price cap by £139, from £1,138 to £1,277. The price cap shields consumers from rapid price fluctuations, such as the one we’re currently seeing, but it also means that some energy suppliers will fold in the coming months.

    Gas prices have increased due to a combination of factors. The winter of 2020/2021 was cold, which depleted gas stores across the country. Normally, summer provides enough time to replenish gas stores, but a rise in demand due to the reopening of the world economy as the pandemic subsides has left the UK in a tight spot. Milder than expected weather has also meant that wind farms have not been able to produce as much energy recently. Meanwhile, supplies from Russia’s gas company Gazprom have booked fewer gas shipments than usual, in a move which some suspect is meant to pressure Europe to accept Russia’s controversial Nord Stream 2 pipeline. Gazprom claims to have met the conditions of their contract.

    That’s not all. In Kent, a fire at the Sellindge Convertor Station has reduced the amount of electricity France is able to export to the National Grid. These factors have created a perfect storm to raise gas prices, and the government has said that they will not bail out energy companies which go bust.

    How Will This Affect Jobs in the Energy Sector?

    Many jobs in the energy sector are in traditional fossil fuel production methods, which is already an unstable industry as we make the switch to renewables. As this shift continues, many employees will be made redundant or asked to retrain. For employees at the UK energy company Bulb, prospects are grim. The company, which provides for 1.7 million customers, will likely go bust without a government bailout. Looking at the government’s current position, a bailout looks unlikely. The energy industry has long boasted high pay and opportunities for a stable career, so we’ve examined some of the most popular jobs, their salaries, and sticking power in the future.

    In the Field

    Working on an oil rig, you will be expected to undertake strenuous work in harsh conditions, living offshore on an oil rig for two weeks at a time. The accommodations on an oil rig can be fairly nice, with gyms and recreation rooms a standard on most rigs. Drilling engineers are tasked with the planning and execution of drilling operations, and must be specially trained at least to the undergraduate level.

    Qualifications: To become a drilling engineer you’ll need a degree in engineering, with marine and civil engineering being popular choices. In this competitive industry, high marks are essential. Other degrees relating to nature and geology can also be useful, as are Master’s degrees, though they are not strictly required. Those looking for a faster entry into the industry could consider becoming mudloggers, who are responsible for using specialised equipment to monitor various aspects of a drilling operation. Mudlogging requires an undergraduate degree, usually in mathematics, engineering, physics, or geology.

    Salary: Drilling engineers make £40,000 to over £80,000, depending on seniority and qualifications. Mudloggers make less, from £25,000 to £30,000, but there are opportunities for advancement.

    Pros and Cons: Oil rig workers operate on an unusual schedule, which many find to be freeing. Working for two weeks pulling 12-hour shifts in the North Sea is hard work, but the gaps between time on the oil rig leaves many opportunities for holidays and time with family. As we move away from fossil fuels, traditional jobs in oil will fall by the wayside, but for now there are still many jobs available which are here to stay.

    In the Office

    If long hours on an oil rig doesn’t sound like the job for you, have no fear – you can still make a good career in the energy industry. Oil, gas, and renewable energy companies all have administrative and analytical positions, as well as land-based engineering opportunities.

    Qualifications: Onshore jobs vary more widely compared to offshore jobs in terms of qualifications, but generally, you will be expected to have at least an Undergraduate degree in engineering, geology, science, and others, depending on your position. Senior positions will require a Master’s degree, and many companies have postgraduate programmes available as well as apprenticeships. These programmes have stringent requirements for entry, and as with the offshore jobs, high marks are essential to winning a place in this industry.

    Salary: While this depends on position and seniority, the starting pay is roughly the same as the offshore jobs. An energy analyst, for example, can expect to make around £40,000 a year. Aerospace engineers and nuclear technicians can expect to make £80,000 to over £100,000 a year.

    Pros and Cons:

    Working in an office will not offer the same flexibility as an oil rig will, but it does fit a more traditional work lifestyle while offering competitive salaries. Onshore jobs in renewable energy are sure to survive the switch to renewable, so this is also a good way of ensuring stability. As we can see with the current gas crisis, the industry can be volatile, so it is worth researching the particular job you’re after to see if it is stable enough for you.

    Photo credit: By Divulgação Petrobras / ABr – Agência Brasil [1], CC BY 3.0 br, https://commons.wikimedia.org/w/index.php?curid=5621984

  • What does Keir Starmer think on work and education?

    The Labour leader has outlined his policies in a 31-page essay, Patrick Crowder doubles down on the employability aspects

    Labour leader Sir Kier Starmer has released an essay entitled “The Road Ahead”, setting out his beliefs and goals ahead of the 2021 Labour conference.

    In his essay, Starmer writes of a nation “at a crossroads” between returning to the “same old Tory approach to economy and society” which he says is a con, and a Labour government in which “everyone has the chance to fulfil their potential and their ambition”, and everyone’s contributions to “a healthy society, safe communities and a strong economy (are) properly rewarded”. He separated the essay into “past”, “present”, and “future” sections, addressing climate change, public health and the pandemic, public safety, and the economy. These issues will surely lead to hot debate, but today we’re focusing on his plans surrounding education and employability.

    In a section entitled “The best start in life for every child”, Starmer addressed issues at the primary and secondary school level. He pointed out that the UK had the “largest primary school classes in the developed world for the first time ever” in 2019 and promised to decrease inequalities between richer and poorer students. He also believes in modernising education, referencing data which states that fewer than 50% of British employers believe that full-time students leaving school have sufficient digital skills.

    Starmer believes that vocational training is essential to developing relevant skills in school and university, but he is quick to point out that he has “no time for those who say that when it comes to poorer children, we should stick to the hard, vocational skills.” Starmer stated that all children should have the same access to extracurricular activities that those in independent schools do, with the belief that the ‘soft skills’ developed through these activities can greatly benefit children’s confidence, self-worth, and communication skills.

    He outlined a desire to make sure that vocational training is not merely practical, but exciting, creating a system for young people “that is as ambitious as they are”. Starmer also lamented the “wasted potential” he sees in the current system, stating that children from all backgrounds must be given the tools needed to succeed in order to “remake the nation” following the pandemic and the failings he sees in the current educational system.

    Turning to jobs, Starmer promised a “new deal for business and working people”. Addressing the relationship between government and businesses, he says that a Labour government will follow an approach “in which (they) don’t treat the economy as a battle for supremacy between public sector and private sector, but a joint effort”.

    The main points of Starmer’s new deal include raising the minimum wage, ensuring that workers receive the rights they are entitled to by strengthening unions and closing current loopholes, and replacing universal credit with a social security system in which “work pays”.

    Starmer says that he sees the shift towards sustainability and addressing climate change as an opportunity to create jobs. By building more offshore wind turbines, increasing clean steel manufacturing, and making Britain the leading producer of electric vehicles, Starmer hopes to create jobs for working people while reducing industry’s effects on the planet. He also announced targets to remove “the vast majority” of carbon emissions by 2030.

    Starmer stated that the approach to the relationship between the government and the private sector must be a “partnership”, outlining expectations for businesses and promises from the government. Businesses must “play by the rules, respect their workforce, and contribute to their communities,” Starmer said, in order to enjoy the benefits of “a level playing field, a skilled workforce, and modern infrastructure from transport to public services” which he says a Labour government would provide.

    On taxes, Starmer stated that the government officials should spend taxpayer money as if it were coming out of their own pockets, and accused the Conservative government of using the pandemic to “hand billions of pounds of taxpayer money to their mates and to flaunt the rules they expected everyone else to live by.” He also called for an end of “the shambolic experience of public procurement” and promised to “fix holes in the shoddy Brexit deal”.

    In the past, Starmer has been accused of not being vocal enough about his views, and not making it clear to voters what he stands for. Some believe that this essay is his way of silencing critics before the Labour conference begins. He will speak at the conference in Brighton, which runs from Saturday the 25th to Wednesday the 29th of September.

    Photo credit: By Rwendland – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=87235934

  • Metro Bank partners with BAME Recruitment

    Metro Bank partners with BAME Recruitment

    Patrick Crowder

    Metro Bank has partnered with the consultancy firm BAME Recruitment in order to promote diversity and inclusion in their company. According to BAME Recruitment, they are “working on ways to better attract and retain staff from Black, Asian and minority ethnic, LGBTQ+, Female Leaders, people living with a disability and other diverse backgrounds.”

    Workplace diversity is essential because it encourages people from different backgrounds to work together and combine their experiences in a productive way. It also ensures that groups of people are not excluded from certain sectors based on race, ethnicity, religion, sexual orientation, gender, or background.

    Aside from the societal benefits of a diverse workplace, evidence shows that diversity can help grow a business. A study conducted by management consultants McKinsey and Company shows that companies with a higher level of representation than the national average can outperform other less diverse companies by up to 36 per cent.

    As of 2019, 50 per cent of Metro Bank’s Executive Leadership Team were women, and the company as a whole was about 40% white. BAME Recruitment promises to build a “truly inclusive working environment” where “everybody can be their authentic selves” and be proud of who they are.

    Simi Dubb, Director of Colleague Experience and Inclusion, has said that they are “proud to partner with BAME Recruitment as they focus on social change and will support us on our priorities towards being the UK’s best community bank,” adding that “Both (Metro Bank and BAME Recruitment) have a shared vision, putting people at the heart of everything we do.”

    Metro Bank is the most recent company on a long list of clients. BAME Recruitment is already recruiting for many major organisations, including Aldi, Capitol One, Bank of England, Oxford and Cambridge Universities, and more.

  • What does Gavin Newsom’s Recall Election win mean for Californians?

    What does Gavin Newsom’s Recall Election win mean for Californians?

    By Patrick Crowder

    California Governor Gavin Newsom survived the recall election on September 14th which could have caused a great shift of power in the state – but how did it come to this, and what does this mean for Californians?

    California heavily favours Democratic candidates, and Governor Newsom is a progressive who is much hated by the GOP. However, groups across California managed to gather over 1.5 million signatures to successfully petition for a recall election.

    For working Californians, Newsom retaining power means that they will keep their $14 an hour minimum wage and strict gun control. For Republicans in the state, it means that they will continue to lobby for reduced minimum wage and gun control, which are likely to be points of debate in the next gubernatorial election.

    Who wanted Newsom gone?

    The California Patriot Coalition was a major source of signatures on the petition. They said that Governor Newsom “failed Californians”, and called him a “Little Tyrant”. The CPC is led by Orrin Heatlie, a retired sheriff who has been vocal against Newsom. The petition did not initially gather enough signatures within the 160-day deadline, but a Sacramento Superior Court judge made the decision to extend the deadline by 120 days due to the pandemic.

    The campaign did not gain traction until the pandemic took full effect. A major driving force behind the recall campaign was Newsom’s shifting position on how best to handle Covid. This amounted to a strong lockdown in the beginning, an easing of restrictions, then more lockdowns. The inconsistency in the approach frustrated many Californians. Newsom was also caught at a Napa Valley restaurant maskless with friends during the height of a lockdown. This breaking of his own rules angered voters who then boosted the petition signature numbers greatly.

    Who could have replaced him?

    The frontrunner to replace Newsom in the event of a recall was Larry Elder. He is a Conservative talk show host who opposes the current Covid regulations and does not agree with Newsom’s policies which include police reform and minimum wage. If elected, Elder would have become California’s first black governor. He was the victim of a seemingly racially motivated attack last week, when a woman wearing a gorilla mask yelled and threw eggs at him. There have been reports that racial slurs were used during the attack. He has railed against the media, saying that “If (he) were a Democrat, obviously, this would be called systemic racism, they’d be calling it a hate crime.” Elder was accused of domestic violence by his ex-fiancee in 2015, which he has denied.

    John Cox is a businessman who is best known for campaigning around California with a live bear. He promised to bring “beastly change”, which included tax cuts, increased police funding, and the end of Covid restrictions thereby opening schools.

    Caitlyn Jenner also ran, though she did not debate any other candidates. She is a Republican who ran on a platform consistent with conservative views, which caused controversy in the transgender community over the way that Republicans have failed to protect their rights. It is not clear how seriously she took her campaign, but she was never a likely candidate to replace Newsom.

    What Does This Mean for Californians?

    California will keep its governor and, for the most part, return to normal. However, Newsom will only remain in office until January 2nd, 2023, and this recall election could be seen as a preview of the coming election.

    Minimum wage has been a major point of contention in this recall election, with Larry Elder saying that the “ideal minimum wage is zero”. Critics of the minimum wage say that it drives up the price of consumer goods and causes a loss of jobs. With Newsom in power, Republicans will continue to fight against minimum wage, and address this issue in the next election.

    Elder’s views on gun control were not aligned with those of most of the state, and Newsom’s continued governance will mean that California’s famously strict gun laws are not going anywhere. This debate will continue, as it always does, and will also figure prominently in the next election.

    Overall, Newsom represents a continuing policy of minimum wage, gun control, and welfare in California, largely sticking to the status quo which has stood for many years. California, for now, remains a liberal state, and even the rise of the right which can still be seen directly following the Trump presidency was not enough to change that. At least until the 2023 election, California will continue on its current path.

  • The Importance of Principle: lessons from a brutal reshuffle

    The Importance of Principle: lessons from a brutal reshuffle

    by Finito World

    There is nothing, you might think, particularly edifying about a reshuffle like the one Prime Minister Boris Johnson conducted yesterday. We experience all the hoohah and fandango of politics, knowing that this episode too shall soon be in the past. Who in a few months time will be able to recall how Dominic Raab made way for Liz Truss as foreign secretary (though not before securing the dubious bauble of Deputy Prime Minister)? Who but a few scarred parents will remember how Gavin Williamson was moved for Nadhim Zahawi?

    It was an image of the here-today-gone-tomorrow nature of British politics. Writing for the BBC, political editor Laura Kuenssberg remarked: “With no one strong ideology other than a desire to win, it begs the question of what it’s all really for.” Of course, success always has a certain sense of being for its own sake. It must be admitted that there is a kind of confusion at the edge of life, as to what any of it means.

    And yet Kuenssberg has a point. There is something befuddling about the British system. Zahawi had spent 2021 delivering a successful vaccine rollout programme and acquiring knowledge in that area; overnight he is asked to master the complexities of the British education system – but more than that, to run it. Likewise, Steve Barclay, Chief Secretary to the Treasury, and on the eve of the autumn Spending Review, was moved to be Chancellor of the Duchy of Lancaster. Will he maintain a hand in the process he has presumably spent some time planning? His new duties are likely too onerous for that.

    The necessity of the political moment can be exciting; it has the flavour of Shakespearean drama. Many pundits, swept along by the excitement of watching it unfold at close quarters, add to the giddiness by reaching for the most theatrical language imaginable. We hear of a Night of the Long Knives, and a ‘purge of the wets’, when what we are witnessing is more mundane than our news media would allow us to admit.

    But as much as there is thrill here, it also opens up onto a problem which reaches into the heart of policy-making. Limited staying power is also in evidence at the civil service. Ewart Keep, a Professor at Oxford University, explains a problem at the Department for Education: “Every time you turn up there for a meeting it’s a room full of people who can’t remember the last meeting,” he tells us. It’s this lack of long-term thinking which is worrying. Compare this to the single-minded focus required to succeed in business and it’s clear why we sometimes find ourselves lamenting our inability to plan for the future.

    And if you ever attend a fund-raising dinner you’ll see these different mindsets dramatised. Donors who have seen many prime ministers come and go sit back, knowing that they’ll attend the next dinner no matter who the prime minister is. Meanwhile ministers and advisors move around the room with an energy which feels temporary. They might own this moment, but will they even experience this room next year? And if that’s the case, are they really so powerful in the present as they seem to think?

    Who’d be in politics? A successful business achieves lasting change in a way which is getting harder and harder to come by in Westminster. At Finito, we have many students whom we are happy to help in their political careers, but we would always hope that this route is embarked on with a commitment to principle. “Those are my principles and if you don’t like them – I have others,” as Groucho Marx once joked. In fact, a firm commitment to bettering the lives of others is the only thing which makes the uncertainty of top politics bearable.

    So yesterday’s reshuffle is a reminder of the hurdy-gurdy nature of politics. This is theatre, and as Sir David Lidington once told us, there’s a possibility you’ll be ‘pelted with tomatoes’ at the end of it, as Robert Jenrick , Robert Buckland, Raab and Williamson all were yesterday.

    If you’re thinking of politics, be sure you don’t want to do something else. Certainly, there is world of difference between success which is meaningfully tethered to some good, and success which opens up only onto itself. If you pursue the former you can’t fail; if you pursue the latter, failure is inevitable, because it will all have been for nothing in the end anyway. That was the lesson of Johnson’s reshuffle, and it wasn’t a pretty one.

  • The Race to $1 trillion – which companies are on track?

    The Race to $1 trillion – which companies are on track?

    Patrick Crowder

    New research from approve.com has examined the growth of companies, showing which are on track to reach a valuation of 1 trillion dollars.

    Currently, only five companies have reached the benchmark (Apple, Microsoft, Saudi Aramco, Amazon, and Alphabet), but more companies are set to surpass $1 trillion by the end of the year.

    Tesla has shown a very high growth rate, averaging an increase of 124% per year. Tesla is currently valued at $584bn, but they are on track to surpass 1 trillion by the end of the year according to the study.

    Facebook and Chinese tech company Tencent are also on their ways up, with growth rates of 40% and 97%, respectively. Facebook’s growth rate is not as great as Tesla or Tencent, but as Facebook is already valued at $947 billion, they don’t have far to go.

    Researchers also looked at what the fastest growing sectors are based on the same annual growth data. They’ve found that telecommunications is in the lead, with the automotive and entertainment industries following close behind.

    One driving force behind the growth in telecommunications is Comcast, with a growth rate of 187%. Tesla’s success has led to growth in the automotive industry as well, despite the recent hit that industry has taken due to the pandemic.

    The pandemic has also driven up internet traffic and led to the growth of streaming services, so entertainment companies such as Disney and Netflix are also growing fast. Netflix, with a growth rate of 74% annually, has greatly benefitted from the rise in home movie streaming.

    Approve.com’s projection puts Comcast on track to reach $1 Trillion by 2023, while Netflix will have to wait until 2024. Disney, currently valued at $322bn, is projected to reach the mark by 2030.