< Previous20 Business Link www.blmforum.net EDUCATION AND TRAINING Business Link shares the barriers to regular training in a business and how to overcome them.www.blmforum.net Business Link 21 EDUCATION AND TRAINING © stock.adobe.com/Right 3 A ll organisations can be improved by regular employee training programs, whether these are conducted in-house or outsourced to a provider. Recurrent training ensures a cohesive approach to tasks from all employees, keeps organisational practices up to date, and provides the opportunity to consider diversification of approaches. However, if employees aren’t committed to learning, or if the material feels outdated and irrelevant, then there will be little benefit to the significant commitment that is organisational learning. Here, we will explore the most common pitfalls to avoid when devising a training plan, and how to combat them should they emerge within your business. These challenges demand adept strategies, from tackling narrow project focus to addressing leadership gaps. Here, we delve into these obstacles and unveil pathways to surmount them. In the bustling landscape of business, it’s easy for the spotlight to be fixed on project triumphs rather than the bigger picture of organisational growth. The energies of your workforce often funnel into project delivery, sidelining broader improvements. Tackling this challenge requires a strategic shift in focus. Exploring avenues to break free from the confines of program-centred thinking is essential for true progress. To surmount this obstacle, it’s imperative to engage your team in a dialogue that transcends the immediate task. Sharing the “why” and “how” of their efforts becomes paramount: why is this task integral to the bigger vision? What personal gains await them? Could alternative approaches yield innovative outcomes? What skills can they amass along the way? These questions serve as the compass guiding employees towards 22 Á22 Business Link www.blmforum.net EDUCATION AND TRAINING holistic growth, bridging the gap between program accomplishments and the overarching evolution of your organisation. In the tempest of economic downturns, organisations often wield the budget axe on training and development initiatives. Yet, a paradigm shift is needed, one that reframes training as an investment rather than an expendable line item. The allure of acquiring new knowledge resonates with most individuals. However, the scarcity of resources looms as a barrier to organisational learning, particularly within the workplace. Navigating this challenge necessitates astute management decisions. Crafting a supportive environment for those who thrive on continuous education is paramount. But how can organisations transcend the hurdle of limited resources to pave the way for learning? In fact, over 68% of employees hold Training & Development in the highest esteem, underscoring the profound value they place on learning. Fostering a culture where learning thrives becomes imperative. An organisational transformation is in order, one that reconfigures policies, standards, regulations, budgets, and expenses to align with learning motivations. The aim is to nudge employees towards a path of self-improvement, ensuring that the organisational architecture acts as a catalyst rather than a barrier. Furthermore, the infusion of creativity and ingenuity becomes the cornerstone, seamlessly weaving learning opportunities into the fabric of everyday activities. Despite an apparent willingness to learn, one significant barrier looms large: employee resistance to change. The comfort of familiarity often clashes with the prospect of new ways of functioning, erecting hurdles on the path of progress. Human nature tends to cling to established routines, rendering the adoption of novel processes a formidable challenge. Fear of losing the comfort associated with existing systems and processes further compounds this resistance. Yet, the heart of evolution pulses with change. Adapting to shifting market trends, refining internal processes, and harnessing cutting-edge technology are all contingent on an organisation’s ability to embrace change. For true growth, the cycle of transformation must continue. The key to overturning these attitudes lies in transparent communication and trust-building. To dismantle resistance, employees must understand the why and the urgency behind the change. Highlighting the benefits and infusing a touch of awe can pave the way for trust to flourish. For those seeking © stock.adobe.com/Prostock-studiowww.blmforum.net Business Link 23 EDUCATION AND TRAINING Food industry is well-served by Verner Wheelock Skipton-based training company, Verner Wheelock, is renowned for responding to food industry trends. This year it launched two new courses. Managing Vegan Requirements was developed in response to the increased consumption of vegan foods. It takes food manufacturers through the differences between vegan and vegetarian, how to avoid cross-contamination with non-vegan products, correct food labelling and applications for Vegan status. Enabling a Positive Food Safety Culture is designed to help companies meet requirements under the new BRCGS Global Standard for Food Safety Issue 9. The training communicates the benefits of a positive food safety culture, assists with implementation and demonstrates how to foster a mindset of continuous improvement throughout an organisation, led from the top. Verner Wheelock has a long history of delivering top-class training in HACCP, Auditing and Food Safety. Recently one delegate scored 98.5% in their RSPH Level 4 Food Safety & Hygiene exam. Visit vwa.co.uk for more information. comprehensive strategies to tackle employee resistance, a guide is at your fingertips. It offers a treasure trove of best practices and effective solutions, enabling organisations to break down resistance’s formidable barriers. In the intricate tapestry of organisational dynamics, a common divide emerges – that between work and learning. Naturally, the need to get work done frequently relegates learning to the shadows. To foster this culture of learning, an organisation must harmonise work and learning through its culture, underpinned by the company’s core values. This barrier can also show in the form of resource scarcity. Employees are frequently frustrated by a lack of organisational support in their quest for skill enhancement and knowledge acquisition. The yearning for growth, met with the absence of resources, poses a formidable challenge to organisational learning. The answer rests in the proactive provision of learning avenues, coupled with motivational support. By weaving learning opportunities into the organisational fabric, employees are empowered to explore new realms and nurture personal development. Moreover, the clarion call of learning should resonate in every communication about organisational goals and values. A robust learning culture, when nurtured, becomes a potent tool for both individual and collective progress. To overcome these constraints, companies must take a holistic approach by delving into the realm of organisational learning and development, unearthing strategies to effectively manage learning within the confines of a bustling work environment. Investing in advanced training tools can further pave the way for streamlined and efficient learning experiences. The final barrier comes from the leaders pushing the initiative. Many leaders are reluctant to tackle confrontation, address challenging inquiries, or navigate uncomfortable conversations. This deficiency in leadership proficiency casts shadows of chaos within sessions and creates a substantial impediment to the flourishing of training initiatives. So, how can organisations surmount this barricade? The remedy lies in elevating organisational learning to a priority that resonates from the upper echelons downward. Organisational learning should be embedded within the organisation’s strategic priorities. It must not only be acknowledged but also championed by leaders who recognise its pivotal role in sustained growth. Dividing the journey of organisational learning into distinct stages, each with dedicated leadership engagement, forms a robust approach. Leaders’ participation at every juncture ensures a consistent commitment to fostering a culture of learning.24 Business Link www.blmforum.net Global interest rates remain higher than pre- pandemic levels, and the prospect of recession is looming on the horizon, so thoughts are turning to the economic outlook for the latter half of 2023.. W ith Summer having just passed us by, many remember the anxiety that descended last winter amid grossly inflated energy bills and sky-high food prices. For answers, we turn to the expert opinions of two global financial monoliths: JP Morgan, and the Bank of England. According to JP Morgan, global economic growth gained momentum in the first half of 2023, reaching 2.8%. This growth surge was partly attributed to diminishing supply shocks following the aftermath of the COVID-19 pandemic and Russia’s invasion of Ukraine. Yet, despite these positive factors, the tightening of monetary policies has been gradually catching up. The global policy rates have climbed by nearly 400 basis Financial outlook in the latter half of 2023 © stock.adobe.com/Williamwww.blmforum.net Business Link 25 FINANCE points since 2022, exerting pressure on interest-sensitive spending and hampering industrial output. However, this current growth trajectory seems insufficient to counter the impending moderation, as the resilience of the global economy starts to wane. It is widely anticipated that a fresh round of tightening measures will be implemented in developed markets before the conclusion of 2023, aimed at reining in inflation. Nevertheless, the potential consequences of further tightening raise concerns about the vitality of the private sector. Such a scenario sets the stage for a synchronised global recession that could potentially materialise before the close of 2024. Predictions for the latter half of 2023 indicate a probable slowdown in global economic growth and a corresponding easing of inflation. However, projections suggest that global core inflation will remain elevated, surpassing 3%, throughout 2024. Bruce Kasman, Chief Global Economist at J.P. Morgan, emphasizes that inflation is unlikely to retreat to levels deemed acceptable by central banks unaided. The ongoing decline in inflation is evident, yet the enduring supply-related impairments are expected to keep it above 3% in the United States and the euro area. The persistent elevation of inflation will sustain pressure on central banks, hinting at potential further tightening measures to come. Entering the latter part of 2023, J.P. Morgan Research observes a defensive trend that could bolster the strength of the U.S. dollar. As growth momentum tapers off in both China and Europe, the U.S. dollar is poised to strengthen against currencies tied to lower yields and growth sensitivity. Meera Chandan, Co-Head of Global FX Strategy at J.P. Morgan, holds an optimistic outlook for the dollar’s performance in the latter half of the year. Inflation differentiation is expected to play a pivotal role, with certain countries like the U.K. and Sweden grappling with more persistent core inflation, consequently impacting their respective currencies. Ultimately, the second half of 2023 is likely to witness a shifting landscape in developed markets, driven by factors such as relative central bank policies, housing market dynamics, and disparities in inflation levels. Understanding the global financial outlook for the remainder of this year, research from the Bank of England seeks to explain the reasons behind the incredible rate of inflation, and what can be done to reduce it. The Bank of England attributes the 26 Á26 Business Link www.blmforum.net FINANCE high inflation rate to a series of significant economic “shocks” over the last three years. The initial shock was the onset of the Covid-19 pandemic, during which people shifted their purchasing habits from services to goods due to lockdowns. However, supply chain disruptions hindered the availability of goods, leading to increased prices, especially for imported items. The second emerged from Russia’s invasion of Ukraine, causing substantial spikes in gas prices, and subsequently influencing the cost of food. Poor harvests in other regions exacerbated this situation, resulting in a 17% rise in food prices compared to the previous year by June. The third shock stemmed from a notable decrease in available workforce, directly linked to the pandemic. To attract job seekers, employers had to raise wages, driving up business costs. This compelled many businesses, particularly in the service sector where wages constitute a major portion of expenses, to raise their prices. As of Thursday, August 3, 2023, the interest rate was raised by 0.25 percentage points to 5.25%. This adjustment could lead to higher mortgage and loan payments for borrowers, while savers might experience an increase in their returns. Failing to implement this rate increase could result in prolonged high inflation. © stock.adobe.com/Deemerwha studioCHARTERED CERTIFIED ACCOUNTANTS To find out how to get your business on the up visit www.dextersharpe.co.uk Offices in Boston, Bourne, Horncastle, Lincoln, Louth & Skegness We pride ourselves on providing a pro-active, friendly and accessible service. Experts in Accounts and Tax Returns Tax Planning and Book-Keeping Audits and Business Advice We’re here to get you in the right direction Keeping business on the up… www.blmforum.net Business Link 27 FINANCE Higher interest rates function by increasing the cost of borrowing, discouraging spending, and encouraging savings. Reduced overall spending tends to slow down the rise in prices, consequently curbing inflation. Although acknowledging the difficulties this presents for many individuals, it is imperative to take these measures to prevent long-lasting negative economic effects. The strategy employed to maintain stable and low inflation is referred to as monetary policy. Monetary policy is essential as persistent high inflation has disproportionately detrimental impacts on those in precarious employment. The rate of inflation has already begun to decline, dropping from over 11% in October of the previous year to just under 8% in June of the current year. Forecasts predict a further decline to around 5% by the year’s end, despite the potential for certain food prices to rise faster. An essential factor in this anticipated reduction is the expected decrease in energy bills due to a recent significant drop in gas prices. Higher interest rates will also contribute to lowering inflation by reducing overall spending in the economy. This trajectory is projected to continue into 2024, ultimately reaching the target inflation rate of 2% by early 2025. While prices would continue to rise, the pace of increase would be gradual. Prevailing expert opinion appears to be that many will experience yet another tough winter, as whilst rates are falling, they are still projected to be higher than average. Ultimately, whilst there is reason to be positive when considering last year’s economy, there is good reason to be cautious when making investments and considering expenditure. Yet, one should remain positive, as inflation should be at a more manageable rate by mid-2024. 28 Business Link www.blmforum.net OFFICE SOLUTIONS Collaboration and document management tools can be used to drive positive results in any business setting, as we explore. I n today’s fast-paced business landscape, effective communication and seamless collaboration are paramount to achieving success. The advent of advanced communication and collaboration tools has revolutionised the way teams interact, share ideas and work together. From startups to multinational corporations, businesses of all sizes are recognising the value of these tools in streamlining operations, boosting productivity and fostering innovation. Traditional office setups often relied on face-to-face interactions and cumbersome email threads for communication and collaboration. However, the rise of digital transformation has led to the development of sophisticated tools that transcend geographical barriers and enable real-time interactions. Modern messaging platforms facilitate instant messaging, file sharing and collaboration within dedicated channels. These platforms enable quick decision-making and reduce email clutter, clearing your desktop while providing an accessible hub for discussions. Video conferencing is one of the most useful tools for enabling meetings, Driving business success www.blmforum.net Business Link 29 OFFICE SOLUTIONS © stock.adobe.com/Romana regardless of the number of participants or their locations. They enhance engagement and understanding, making them ideal for team meetings, client presentations and remote work scenarios. Virtual whiteboard spaces can be used while meetings take place for brainstorming, ideation and collaborative visual planning. These platforms encourage creative thinking, help teams organise concepts visually, and ensure that nobody’s best ideas get lost to the ether. While communication programs connect teams anytime and anywhere, collaboration tools such as project management software support better teamwork and efficiency. Project management tools with a multitude of organisation functionalities assist in setting deadlines and tracking progress. They can also provide transparency into project status and encourage accountability, with every task and employee linked into a virtual desk for overseeing operations, whether from a single screen or web of devices. Document collaboration software can then direct everyone’s focus and creativity to the same task in real-time. Many platforms are available which allow multiple team members to simultaneously access and annotate documents, reducing version control issues and expediting content creation. Expanding outwards from there, cloud storage solutions allow teams to store, access and share files from anywhere to anyone, enhancing accessibility and preventing data loss. Through every stage of planning, design, development or editing, 30 ÁNext >