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Young entrepreneurs: more to go it a-loan?
Haines Watts waits with interest to view the finer detail of the government’s loan scheme for young entrepreneurs, announced in the Budget
The pilot follows a campaign by Sir Richard Branson among others, recommending the introduction of loans for start-up businesses on similar terms to student financing.
The one-year loan scheme, which will be launched by March 2013, will enable up to 7,000 young people (aged between 18 and 24) to apply to borrow between £5,000 and £10,000 to back their business idea. Before being granted the loan, it’s expected the scheme will provide applicants with mentoring to help develop a viable business plan and gain more skills.
The Government is looking for third parties to administer the scheme and plans to introduce it on a permanent basis if successful.
At the time of going to press several questions remain unanswered about the scheme – it’s not yet known what rates of interest will be charged – and it’s not clear what will happen if a young person’s business fails after they’ve received the loan. Under the student loan system people only start paying money back when they’re earning, but if the young entrepreneur’s business fails they may not have the means to pay anything back.
Tara Burn, winner of the Haines Watts Young Entrepreneur of the Year competition 2011, said: “I think that making loans more available for those with good business ideas for start-ups will be a great help. I’ve been offered loans before but they’ve not been at viable rates. This scheme would allow people to invest in their business and in return grow, encouraging employment and supporting their local economy.” But Burn added: “I think the government could do more to help provide information for business start-ups. In the past we had local services but many have recently seen enormous cuts and the information they provide is a great deal less than when I started up.”
Haines Watts will also be interested to see what comes of the chancellors’ Budget remarks about the need to reform the UK school system, so that young people leave education better prepared for the world of work.
Tara Burn (left) with Jane Gregory from Haines Watts
For details of the Haines Watts Young Entrepreneur of the Year 2012 competition see below.
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'Reality gap' in UK managers' capability
New research finds ‘reality gap’ in the capability of UK plc’s eight million managers, undermining attempts to boost economic growth
Poor managers need to look in the mirror if they want to get the best out of their people
New research from the Chartered Institute of Personnel and Development (CIPD) has found that three quarters of employers report a lack of leadership and management skills and too many managers have an inflated opinion of their ability to manage people. In response, the CIPD is urging Government and employers to recognise that just a small increase in capability amongst the UK’s eight million people managers would make a significant contribution to productivity and growth.
According to the CIPD’s research, 72% of employers report a deficit of leadership and management skills*. However, the CIPD’s quarterly Employee Outlook survey of 2,000 employees, also suggests that one problem in tackling this skills deficit is that many managers don’t know how bad they are at managing people.
Eight out of 10 managers say they think their staff are satisfied or very satisfied with them as a manager whereas just 58% of employees report this is the case. This ‘reality gap’ matters as the survey finds a very clear link between employees
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who say they are satisfied or very satisfied with their manager and those that are engaged – i.e. willing to go the extra mile for their employer.
Ben Willmott, head of public policy at the CIPD, commented: “Leadership and management capability continues to be an Achilles heel for UK plc, despite mounting evidence that these are ‘skills for growth’ essentials. Our research shows almost three in 10 people (28%) – equating to about eight million people across the UK workforce – have direct management responsibility for one or more people in the workplace, and yet only just over half of employees are satisfied with their manager. ”
The CIPD research found a significant contrast between how managers say they manage their people and the views of their employees:
• Six in 10 (61%) of managers claim they meet each person they manage at least twice a month to talk about their workload, meeting objectives and other work-related issues. However, just 24% of employees say they meet their managers with such frequency.
• More than 90% of managers say they sometimes or always coach the people they manage when they meet, while only 40% of employees agree.
• Three quarters (75%) of managers say they always/sometimes discuss employees’
development and career progression during one to ones, but just 38% of employees say this happens.
• There are similar gaps in views between managers and employees on how often managers: joint problem solve with employees; discuss ideas employees might have to improve the business and; discuss employees’ wellbeing.
Willmott continued: “Too many managers fall into a vicious circle of poor management; they don’t spend enough time providing high quality feedback to the people they manage, or coaching and developing them or tapping into their ideas and creativity, which means they then have to spend more time dealing with stressed staff, absence or conflict and the associated disciplinary and grievance issues. Good managers value and prioritise the time with their staff because they realise that this is the only way to get the best out of them. Employers need to get better at identifying and addressing management skills deficits through low cost and no cost interventions such as coaching by other managers, mentoring, on-line learning, the use of management champions, peer to peer networks, toolkits, and self assessment questionnaires.
*CIPD/Cornerstone onDemand Learning and Talent Development Survey 2012.
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2012
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