New research into the overlap of personal and professional social media use has found that those working within the finance sector are most likely to be judgemental of what they find on the social media accounts of an interviewer or interviewee.
In the study, 1 in 5 employees in the finance sector admitted that what they’d found on social media profiles about an interviewer or interviewee had altered their judgement of them.
The finance sector were also found to be the most choosy about who they accepted as ‘friends’ on Facebook, with 42% saying they would accept some colleagues but definitely not their manager.
The research – which was carried out in October 2015 of over 1,000 UK employees – found that finance employees are the most cooperative with their employer’s social media rules, with over half (55%) stating that they’ve read and follow their company’s social media policy.
What do the findings mean for the finance sector?
The findings are encouraging, demonstrating that the financial sector is taking steps to protect and manage the risk to its reputation.
Following the latest report from Ipsos Global Reputation Centre which found that the finance industry has not regained trust following the 2008 crisis; it’s more important than ever that the finance sector is proactive in limiting the chances of a pubic crisis and this involves monitoring risk across all sectors of a business.
So often, the marketing and communications department of a business is relied upon to manage and monitor for PR crises; but increasingly, companies are realising that a risk to reputation can come from any area of a business.
There have been a number of highly-publicised cases in the past few years where an employee has posted something offensive or ill-judged on social media and consequently brought the company they work for into disrepute.
These cases highlight the importance of implementing and enforcing a social media policy for employees; educating them on what should and should not be posted in relation to their job or the company online.
That the finance sector is seemingly so compliant with corporate social media policies is a good sign that companies are protecting themselves from an online blunder.
How the finance industry compares
Overall, the study – over eight sectors – gleaned some interesting insight into how employees in varying industries use social media.
In contrast to the finance sector, the property sector seemed the least concerned with social media risk. 31% of property employees admitted their company doesn’t have a social media policy, compared to just 7% in the finance sector.
The study found the travel & leisure sector to be the least likely to allow their personal and professional social media lives to cross over, with 16% admitting they had read their company’s social media policy, but they don’t follow it, compared to just 9% of finance employees.
Unsurprisingly, the marketing & advertising industry was found to be the most willing to allow their personal and professional online lives to merge, with 10% even admitting they used their work email addresses to log into personal social media accounts.
A welcoming 41% of marketing & advertising employees also said they’d be happy to accept any colleague as a friend on Facebook, compared to 32% in the finance sector.
The social media risk
The growing influence of social media has created somewhat of a HR dilemma in recent years. Is it acceptable to discipline staff based on what they post on their personal social media accounts? Many companies have shied away from setting any rules in place for social media for their staff because they don’t know what they can and cannot enforce.
In July 2012, two care home workers were suspended for posting a picture on Facebook in which they mocked patients. The picture caught attention on Facebook and gathered momentum until a local newspaper published it, and subsequently the police, social services and the Care Quality Commission got involved.
The company which owned the care home had to prepare and release statements to the press and to the family of patients, demonstrating the impact that one ill-judged photo posted online can have.
Although you can’t always control what your staff may post online, had this company implemented a social media policy which made it inherently clear what was and was not acceptable behaviour, this situation may have been avoided.
It’s not just employees posting about their company either, if they’re posting offensive messages publicly and they’re associated with a company (their company name might be in their profile, for example) then they are putting that company at risk.
Effective corporate social media guidelines should clearly state what type of behaviour would result in discipline, and how social media profiles might be monitored.
A policy should also include what employees should do if they spot a potential issue and who they should escalate it to. By having a crisis plan in place, companies can jump on a threat as quickly as possible.
Boeing cites risks in design of newest Airbus jet
By Tim Hepher
PARIS (Reuters) – Boeing Co has raised concerns over the design of arch-rival Airbus’ newest narrow-body jet, the A321XLR, saying a novel type of fuel tank could pose fire risks.
The U.S. plane giant’s intervention is not without precedent in a global system that regularly allows manufacturers to chime in whenever safety rules are being interpreted in a way that might affect the rest of the industry.
But it comes at a pivotal moment as Boeing emerges from a two-year safety crisis over its competing 737 MAX, and Airbus faces its own crucial test of the tougher mood expected from regulators worldwide following the MAX’s 20-month grounding.
In a submission to the European Union Aviation Safety Agency (EASA), Boeing said the architecture of a fuel tank intended to increase the A321XLR’s range “presents many potential hazards.”
The debate surrounds the hot-selling A321XLR’s main marketing point – the longest range of any single-aisle jet.
In most jets, fuel is carried in wings and central tanks.
To meet demand for longer routes, Airbus has already added optional extra fuel tanks inside the cargo bay of some A321s.
For the A321XLR, Airbus plans to eke out more space for fuel by moulding one tank directly into the fuselage, meaning its shape would follow the contours of the jet and carry more fuel.
The concept caught the attention of EASA which in January said it would impose special conditions to keep passengers safe.
“An integral fuselage fuel tank exposed to an external fire, if not adequately protected, may not provide enough time for the
passengers to safely evacuate the aircraft,” it said.
In comments to EASA first reported by Flightglobal, Boeing cited risks if a jet veers off a runway or its wheels fail.
“Public consultation is part-and-parcel of an aircraft development programme,” an Airbus spokesman said, adding any issues raised would be tackled together with regulators.
Such technical exchanges rarely capture attention. But a battered aerospace industry is on edge after the MAX crisis, compounded by COVID-19, shook confidence in aviation.
Commercial stakes are also high.
One industry source familiar with the project warned any extended wrangle over certification could delay the A321XLR’s service entry from “late 2023” to 2024 or beyond.
Should that happen, sources say Boeing is expected to encourage airlines to wait a few years longer for a potential all-new model that insiders say would leapfrog the A321XLR.
While insisting they never compete on safety, Airbus and Boeing have a record of goading each other in the past over issues like novel flight computers on the Airbus A320 or European claims that four engines were safer than the 777’s two.
Fuel tanks have provoked particularly sharp disagreement.
In 2001, the U.S. Federal Aviation Administration triggered changes to the design of fuel tanks worldwide, five years after a Boeing 747 exploded in mid-air.
Investigators said TWA 800 was brought down by a fuel-tank explosion in the presence of unwanted oxygen, but Airbus officials maintained their own jets were less at risk.
(Reporting by Tim Hepher in Paris; Additional reporting by Eric M. Johnson; Editing by Matthew Lewis)
UK extends furlough scheme by five months, gives more help to self-employed
LONDON (Reuters) – Britain will extend its huge job-protecting furlough programme by five months until the end of September and expand parallel support for the self-employed, finance minister Rishi Sunak is due to announce in a budget speech on Wednesday.
Workers covered by the furlough scheme – currently about one in five private-sector employees – will continue to receive 80% of their salary for hours not worked.
But employers will have to start contributing to the cost as the economy reopens from lockdown, paying 10% of the hours their staff do not work in July, rising to 20% in August and September, the ministry said.
“Our COVID support schemes have been a lifeline to millions, protecting jobs and incomes across the UK,” Sunak was due to say in his budget speech to parliament, according to excerpts sent to media by the finance ministry.
“There’s now light at the end of the tunnel with a roadmap for reopening, so it’s only right that we continue to help business and individuals through the challenging months ahead – and beyond.”
The Coronavirus Job Retention Scheme (CJRS) had been due to expire at the end of April, raising fears of a sharp jump in unemployment at a time when the economy is still likely to be struggling under the weight of coronavirus restrictions.
The Confederation of British Industry welcomed the move. “Extending the scheme will keep millions more in work and give businesses the chance to catch their breath as we carefully exit lockdown,” CBI chief economist Rain Newton-Smith said.
The CJRS will cost 70 billion pounds ($98 billion) between its launch in March last year during the onset of the pandemic and the end of April, according to estimates made last month by the National Institute of Economic and Social Research.
Sunak is also due to announce on Wednesday that a further 600,000 self-employed workers will become eligible for government support. Until now the government had only allowed applications from workers who were self-employed in the 2018-19 tax year, but eligibility for the Self-Employment Income Support Scheme (SEISS) will be expanded to those who first reported being self-employed in 2019-20.
A fourth SEISS grant for the self-employed will be available from next month worth 80% of three months’ average trading profits up to 7,500 pounds in total, and details of a fifth grant would be provided on Wednesday, the ministry said.
(Writing by William Schomberg; Editing by Catherine Evans)
German exports to UK fell almost a third in January as Brexit hit
By Paul Carrel and Rene Wagner
BERLIN (Reuters) – German exports to the United Kingdom fell by 30% on the year in January as the impact of Brexit turned Europe’s largest economy away from the UK, exacerbating the hit to business from the coronavirus pandemic, official figures showed on Tuesday.
The UK left the European Union’s single market at the end of last year, raising barriers to trade. That final split followed more than four years of wrangling over its terms of exit from the EU, during which German businesses had already begun to reduce their interactions with Britain.
“Since 2016 – the year of the Brexit referendum – German exports to the UK have steadily declined,” Germany’s Federal Statistics Office said in a comment on the preliminary figures. It did not give a sector-by-sector breakdown.
The Office attributed the January slump to “the effects of Brexit after the year 2020, which was marked by the Corona pandemic.”
The impact of COVID-19 meant that the UK economy was smaller in January than a year earlier. The International Monetary Fund estimates that the UK and euro zone economies will not return to their pre-pandemic levels until next year.
Ahead of formal departure from the EU on Dec. 31, British businesses rushed to bring goods into the country – stockpiling that often results in a dip in activity later.
The January slump in bilateral trade compared with a more modest decline in December 2020, when German exports to the UK fell by 3.3% on the year, to 5.0 billion euros, and imports from the UK dropped 11.4% to 2.8 billion euros.
Gabriel Felbermayr, president of the IfW economic institute in Kiel, said the January export slump was probably an “outlier” as the pandemic slowed trade, and as exporters adjusted to new customs formalities.
“In the long term, we assume that German exports to the UK will be 10% below the level expected without Brexit,” Felbermayr told Reuters.
The Brexit deal is “far removed from the rules of the single market” in the EU and will dampen trade, he added, with many firms on the continent having already reorganised supply chains and scaled back business with Britain.
New customs rules which took effect in January have increased the cost and complexity of trade between Britain and the EU, especially for smaller firms, and caused delays to freight at the borders.
In 2020 as a whole, German exports to the UK fell by 15.5% compared to 2019, recording the biggest year-on-year decline since the financial and economic crisis in 2009, when they fell by 17.0%, the Office said.
In 2015 German exports to the UK amounted to 89.0 billion euros. In 2020, German they totalled 66.9 billion euros.
Imports to Germany from the UK totalled 34.7 billion euros in 2020, down 9.6 % compared to 2019.
(Reporting by Paul Carrel; Editing by Madeline Chambers and Catherine Evans)
Boeing cites risks in design of newest Airbus jet
By Tim Hepher PARIS (Reuters) – Boeing Co has raised concerns over the design of arch-rival Airbus’ newest narrow-body jet,...
UK extends furlough scheme by five months, gives more help to self-employed
LONDON (Reuters) – Britain will extend its huge job-protecting furlough programme by five months until the end of September and...
Dollar dips, Aussie gains on improving risk sentiment
By Karen Brettell NEW YORK (Reuters) – The dollar dipped on Tuesday and riskier currencies including the Australian dollar gained...
Stocks edge down as investors hit pause, watch bond yields
By Suzanne Barlyn NEW YORK (Reuters) – Global equity markets were little changed on Tuesday as Wall Street retreated and...
Robinhood now a go-to for young investors and short sellers
By John McCrank NEW YORK (Reuters) – Robinhood, the online brokerage used by many retail traders to pile in to...