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Careers & workplace advice from Hays

Could you live on £10 a day? Two years ago I lived on the equivalent of the base state pension for a week and it was a real wake-up call as to how important it is to save for retirement.

Like many things in life, it is hard to think about the end game when you are only at the beginning. However, just like when considering the future resale value of a car or a house, you need to be thinking a few years ahead.

Feeling money confident

Having enough money is one of the biggest causes of stress and anxiety

Feeling secure and confident about not just your current financial state, but your future situation also has a huge impact on how you go about your job. Having enough money is one of the biggest causes of stress and anxiety, which in turn severely hinders how effectively you are able to do your job. The thought of having no income when I retire, and possibly no further ability to bring money in through a regular job, is scary.

Thinking ahead

That’s why I felt it was important to raise employee awareness of how important pensions are. Working with experts at Age UK, my team stripped out the costs that we couldn’t avoid – housing and travel to work – and arrived at a budget of £70 for 7 days. We had strict rules and my colleagues and I did our best to abide by them. Living in London on £70 per week is not easy. Even the necessities needed a lot of forward planning and saving (the cheapest haircut I could find was £22, nearly a third of my weekly budget).

Before we started our week, I asked employees to do two things, write down their aspirations for retirement (what age they wanted to stop working and how they intended to spend their time) and also to keep a record of how much they spent during a “normal” week. Most people were horrified at how much money they got through normally and how much was often wasted.

Most people were horrified at how much money they got through normally

Unless we start to think forward and plan for the future, retiring at 55 and travelling the world, eating out in restaurants or even just treating the grandchildren, is not going to happen. Unsurprisingly, employee pension contributions increased during the following weeks.

What have you budgeted?

When working out what you need during retirement try to work backwards. A simple 3 step approach to doing this would be:

  1. Work out how much everything is going to cost. For example, I want to eat out twice a week when I retire. Eating out in a restaurant will cost me £35, so £70 if I do it twice per week. 52 weeks x £70 is £3,640 per year. I want to go on holiday once a year. A week’s holiday might be £700. I need to eat generally – my weekly food bill is £50 so £2,600 per year. Add in utility bills, clothes, haircuts, emergency funds and then total everything up. (Remember that this is a net figure after tax so you will need to gross up your final net sum to reach the pension figure you need).
  2. Look at your current pension provision – your employer will help you understand what it may give you – and see how closely it meets your total.
  3. Now think about other savings you might have, or need to make, in order to help boost this income and meet your retirement aspirations.

Lessons learnt

Even saving just a little more can make you feel more confident and happy

I know that many people currently live on less than £70 per week; people have current financial commitments and it can be hard to save. However, for me it was a salutary lesson – I spend too much and waste money on things I don’t need. Most people need to make more provisions for the future, and even saving just a little bit more can make you feel more confident and happy.

It’s important for your financial confidence to map out your long-term monetary plans. Knowing that whatever happens tomorrow you have some savings to fall back on helps you to feel secure in your current situation, which in turn allows you to focus all your energy on doing what you’re employed to do.

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With the advent of new technologies, the process of finding a new job is changing rapidly, and is very different now to what it was even 5-10 years ago.

Social media, online job boards, mobile apps and so on have all made the job search process far more interactive and transparent. Employers are now able to find out a lot more about you, and have little difficulty with distinguishing between what is true and what is embellished.

No longer are you restricted to two sides of regular-sized paper

However, these developments also present greater opportunities for jobseekers to sell themselves to employers. No longer are you restricted to two sides of regular-sized paper to try and convince recruiters and employers that your vast experience and complex personality are well suited to the position. Now you can evidence this through a variety of media channels; providing a full and robust declaration of your expertise and ambitions.

Being social media savvy is now the minimum requirement for candidates within many industries; however there are still a few extra, lesser known ways you can embrace modern technology to help you stand out from the crowd. Here are some of them that I’ve identified:

1. Have a social media spring clean

As I said, being social media savvy is now the least that employers expect of you. 68% of employers will search for you on Facebook, so make sure that if your profile is easily discoverable that you haven’t done yourself a disservice in what information you include on there. Survey results show that 86% of employers believe candidates should make their profiles more employer friendly, so aligning your social profiles with your professional persona is an important part of selling yourself.

2. The devil lies in the detail

76% of CVs are ignored if the email address provided is unprofessional, whilst people form an impression of one another from their photo in one tenth of a second. Most of these issues come down to common sense; just make sure that you’re presenting yourself well wherever you can be found and that you’re offering current and accurate information.

3. Go mobile with your CV

A visual version of you provides far greater insight to prospective employers

With online job boards, job email alerts and recruitment company apps you can now job search wherever you are. Create a mobile-friendly downloadable PDF which will enable you to apply for positions on the go. In doing so you’ll be maximising your available job search time, as well as making sure you’re ready to apply for the most appealing positions as and when they are posted. Storing your CV in an easily accessible location online also means that employers can review it 24/7.

Recruiters spend an average time of 5-7 seconds reviewing your CV, so make sure yours is devoid of all formatting issues. The information included needs to be readily-available and as clear as possible.

4. Make your application interactive

Video is something which is only recently beginning to be fully utilised in the job search process. Skype interviews are increasingly common, however video CVs and cover letters have not quite taken of as of yet. Whether participating in a video interview, CV or cover letter, make sure that you’re fully prepared.

A visual version of you provides far greater insight to prospective employers than a sheet of paper. Make the most of this by ensuring that the backdrop is clear, your dress smart and yourself well-rehearsed. YouTube is the third most visited site in the world – and its popularity shows no sign of waning – so video CVs are something that I expect to catch on a lot more in the next few years. They’re a great opportunity to demonstrate your skills and creativity.

5. Network online

Effective networking is perhaps the most crucial step in your technology-savvy job search process. Make yourself easily discoverable across all social media sites by following this advice.

Interact with brands you love, contact people you admire, blog about things you’re passionate about and develop your network. LinkedIn is unrivalled for professional networking; it’s used by more than 90% of recruiters and employers to source new candidates, more than any other social media site. Hays recently hit the 1 million follower mark on LinkedIn, so here’s our guide on how to optimise your profile.

6. Look in the right places

Make yourself easily discoverable across all social media sites

The last thing to understand about making full use of technology in your job search is knowing where to look. The latest and greatest positions can be found from a variety of sources, such as newsletters, individual job ads on LinkedIn, online job boards and individual recruitment sites. You can also use your research skills to do some homework on your interviewer, should you be successful with your initial application.

At Hays we encourage you to contact your regional office. Also, follow us on LinkedIn and locate the recruitment professionals relevant to your field.

The job search process is ever evolving; as new mediums and platforms emerge it’s important to stay on top of the latest development. Through using a variety of methods in your job search, such as those outlined above, you give yourself a better chance of being contacted by prospective employers. The above information will help you to secure a position using the most modern methods, make sure you take full of advantage of them. Good luck in your job search.

About to start your job search? Reading our job searching tips will help ensure it’s a success

 

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Tea Colaianni has been a major part of Merlin’s phenomenal growth story, and her own career is going from strength to strength.

Merlin Entertainments is the second-largest entertainments company in the world

With a background in law and an HR career that has included stints as Vice President for Human Resources at the optical networking company GTS/Ebone and European Vice President of Human Resources for Hilton Hotels Corporation, Tea Colaianni is a heavyweight HR executive.

She joined the rapidly growing entertainments business Merlin as Group Human Resources Director in 2010, and has a pivotal role to play in CEO Nick Varney’s challenging 15-year target of turning the £20 million business into a genuine challenger to Disney.

Merlin Entertainments is the second-largest entertainments company in the world. The £1.2 billion group runs more than 100 attractions in 23 countries across four continents and, depending on contingent hiring, Colaianni’s remit can cover 26,000 employees, who are responsible for more than 60 million customer visits each year to attractions including the London Eye, Madame Tussauds, LEGOLAND and SEA LIFE. It was recently ranked 15th in The Sunday Times’ list of the Best 25 Big Companies to Work For.

All change

HR talent can bring tangible value to a host of businesses

Merlin is a company with dynamism and change at its heart, Colaianni says. “I love that this organisation is like a family, but I also love our growth story, our success, our unique identity, and the fact that it’s fun.”

The rapid global expansion of the business means that Colaianni can forget some of the talent retention headaches facing less successful businesses. “We offer great opportunities for people to grow within the business. We have a range of brands, operate in many countries, across different groups, and are constantly opening new attractions or acquiring new businesses. There’s never a dull moment,” she says.

Merlin’s successful IPO in 2013 and continued growth led to Colaianni’s appointment as a non-executive director to retailer Poundland, which was itself preparing a flotation.

“I think that the Merlin IPO raised my profile, and I got the call about Poundland two or three months after it completed,” she says.

“I joined the Poundland board in February 2014 as chair of their remuneration committee, and the business listed in March.”

She says that the appointment is indicative of HR’s growing responsibility and many boards’ understanding that HR has something to offer when it comes to top-level insight, even if only in a non-executive capacity. Nevertheless, it is one step closer to the top table, and Colaianni’s career demonstrates that HR talent can bring tangible value to a host of businesses.

Thrill of the race

There is lots of room for growth around the world, such a in Japan and South Korea

Just like Merlin itself, Colaianni shows no sign of slowing down. “There is lots of room for growth around the world, such as in Japan and South Korea, and we’ve got a new brand to grow in Shrek’s Adventure. LEGOLAND is expanding and the group is growing through acquisitions and by expanding our existing estate through hotels and diversified accommodation,” she says.

Is Merlin’s success in HR simply a case of the basics done well? “We do employee engagement surveys, and they show that when the basics such as pay, culture and career opportunities are done well, people are engaged,” she says. “But 95 per cent of our people enjoy coming to work, so clearly we’re doing more than just the basics right.”

Unsurprisingly, the complexity of Merlin’s HR strategy is tied to the pace of growth, particularly as the business expands across multiple countries and brands simultaneously. “From a brand perspective, we’re similar to businesses such as Unilever or P&G now, and some people still don’t get that,” says Colaianni. “But fewer people say, ‘Merlin who?’

If you enjoyed the above blog then you might also appreciate these other articles, which too originally appeared in the Hays Journal:

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There are certain colleagues I lean on for support more than others, and who, at times, I can’t imagine doing my job without. But, as a leader, it’s important to understand that change is an inevitable part of business, and that a seemingly irreplaceable employee could one day decide to take their talents elsewhere.

Here’s how to ensure your business and team continue to thrive in such a situation:

Expect change and be ready for it

Good leaders don’t simply wait for new talent to emerge – they nurture it

To use a sporting analogy, how often does it happen that the star player is injured and instead of the team being knocked by their absence – as many fear will happen – a new talent emerges, and the team continues to thrive?

We know that good leaders don’t simply wait for new talent to emerge – they nurture it. They know that staff sometimes do leave and that change is the one constant you can be sure of in any enterprise, and so they plan for it accordingly. Good leaders must encourage a culture whereby no team is bigger than the business itself. Your business’ core messages should be ubiquitous and understood by all, so when an integral member does depart then no huge change of philosophy or direction is required.

Always look to promote from within

If you make sure to provide your staff with up to date training, the tools they need to perform, set clear goals and objectives, and encourage people in a positive way, you’ll create an environment in which talent can really flourish. In doing so, you’re creating a pool of readymade talent that will be able to make the step up and replace departing top performers.

What matters most is that you ensure everyone feels involved, supported and motivated

Thorough succession planning, by which I mean identifying and nourishing the best young talents, is a key part of being able to overcome the loss of a big hitter quickly. By training and providing the adequate work experience to potential future leaders early on you’re guaranteeing that there will always be someone there who’s ready to pick up the mantle.

What matters most is that as a leader, you ensure everyone feels involved, supported and motivated.You must create a system that constantly nurtures and promotes talent – whatever it takes – so instead of a team with one top performer, you’ll have one that’s full of high achievers.

Don’t fear staff turnover

Some degree of staff turnover is actually healthy for your business. A team who has been together for many years may work very efficiently as they know each other’s strengths and weaknesses, however they may also be reluctant to change and oblivious to more effective means of operating. View the loss of a top performer as an opportunity; an opportunity to either promote younger talent and let them shine, or bring in a new recruit with a fresh approach and perspective.

New team members are an opportunity to instil within your team a new set of ideas and ambitions

New team members are an opportunity to instil within your team a new set of ideas and ambitions. Refreshing the team with new recruits either promoted from other teams within the business or sourced externally helps to ensure that your team does not stagnate. The most successful businesses and teams are those that are constantly evolving.

A final thought

No business or enterprise can thrive without the skills and talent of its people, so losing a top performing team member is always going to have an effect. Life has to go on, however, and with a universal philosophy and a good system of promoting talent within the existing team, you’ll be better equipped to deal with staff leaving in the future.

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As a leader, delivering constructive feedback effectively during performance appraisals is key to team success. However, this doesn’t come naturally to all of us. Here’s a few tips you can try to help you deliver constructive feedback well and get the most of out your team.

1. Preparation is key

Preparation, as always, is key

Preparation, as always, is key. Prior to your meeting, refresh yourself on the employee’s original objectives and evaluate their performance from there. During this preparation time, be sure to note down specific examples of good or bad performance to be discussed in the meeting.

2. Be transparent

Make the process totally transparent. Prior to the meeting, tell the employee what you hope to discuss in the review and what you aim to achieve from it. If using a form during the review, share this with the employee before meeting them. This will alleviate any tension they may be feeling, whilst also allowing them to prepare thoroughly.

It’s all about establishing an atmosphere of trust. If you are an effective leader then this should already be a key component of your relationship with your team. This trust will serve to reassure the employee that you’re giving them this feedback because you believe in their abilities and want them to improve, rather than just criticising them for any other personal reasons.

3. Let them do the talking

Encourage the employee to do most of the talking. This meeting shouldn’t feel like a one-sided interrogation, instead aspiring towards more of a collaborative, open review.

What’s gone well and what’s not gone so well? Start by asking the employee to talk through their objectives and any successes or challenges they have experienced.  Encourage them to talk about what they have learnt or will do differently in the future; self-reflection is key.

4. Start with the positives

Encourage them to talk about what they have learnt or will do differently in the future

Start by providing examples of when you have been particularly impressed by the employees performance, including concrete examples. This will help to motivate the employee and put them at ease before you go on to discuss the negatives.

5. Be factual, not judgemental

Be both factual and honest, and not judgemental or overly critical. However, if there is a performance related issue, now is your time to air your concerns so don’t skirt around the issue.

When giving negative feedback, it’s important to provide specific examples and constructive pointers to help the employee understand the impact of their actions and ultimately improve e.g. “I thought that your content during the presentation last week was great, but I noticed your body language was slouched and the audience found it difficult to hear you. Why not try this next time/are you interested in a training course on developing your presentation skills?” When giving the example, give as much information as possible and avoid being vague, that way your feedback will be more credible and valuable. Always accompany some good feedback with the bad; the aim of the review is to inspire and motivate.

Think carefully about how you frame sentences when giving feedback, try phrases such as ‘I think that’, ‘I noticed that’. Focus on one issue at a time, focusing on too many will confuse things. Doing so allows the employee some time to digest the information and respond to what you’ve said. Always permit time for question in between your points of feedback.

6. You are there to support them

When giving negative feedback, it’s important to provide specific examples

Throughout the performance review, make them understand that you believe in their abilities, you want them to get better and you are committed to helping them do so.

Reassure and support the employee further by asking whether they think they would benefit from more frequent one to one meetings or more training.

7. End on a high

It’s important that the employee walks away from the review feeling reinvigorated and inspired. You can achieve this by ending on a high. Reiterate the positives and ask the employee to share their ambitions and objectives with you for the coming months.

Make it clear that achievement of their goals is only the minimum expectation and that the employee should always be aiming higher. This helps to instil and retain an ambitious environment. Now is the time to set goals and look ahead to the future.

8. Performance reviews help to motivate your staff

Following the meeting, write the employee a simple, bullet-point email detailing their five most salient goals. Encourage them to routinely refer back to these goals, helping to retain team focus and motivation.  Finally, set a date to review their progress.

Regular informal feedback on individual tasks and projects, supplemented by a formal review two or three times a year is a great way to guarantee team success and foster an environment of ambition and productivity.

Want to get better at giving feedback? Our tips and advice on effective performance reviews will help

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The life sciences industry is one of the most dynamic in the world, with growth and change occurring in every sector of the industry. The pressure of an ageing population combined with advances in technology and evolving business and medical models makes it fertile territory for new business startups.

There has been a recent increase in high profile companies not previously associated with the life sciences sector turning their attention towards investment in the industry, the most notable of which is Google. As a result, life sciences candidates may find their next career move coming from an unexpected source.

‘Big money’ is finding its way into the life sciences sector

Bill Maris from Google Ventures, the venture capital arm of Google, talking to Bloomberg in an interview earlier this year said:

“We’re interested in investing in companies that are helping people to live longer and healthier lives… We’ve put 36% of our capital into life science companies and the goal is to help people not die from diseases – not die from congestive heart failure or cancer or the sorts of things that affect life span.”

This move is part of a much broader trend. In the last three years, Atlas Ventures have been a source of biotech startup capital, launching 20 new companies covering a range of different indications and therapies. In April this year it announced a $280 million fund focused on seeding and nurturing biotech startups.

While venture capital is a well-established principle in America and Asia – an estimated 10% of Singapore’s venture capital funds support the life sciences industry – this is less the case in Europe, where many academic startups rely on government grants for initial funding. Other investment models include private capital and equity crowdfunding.

Life sciences don’t just need money

If finding the money is half the battle, then finding the talent makes up the other half. But no matter where the money comes from, without the necessary human capital, startup success will be limited.

In a recent Viewpoint interview , Riley Doyle, CEO and Technical Lead at Desktop Genetics, a rapidly growing biotech software company based in London, spoke to us about the challenge faced by many new life science startups:

“Finding the right candidate is definitely a challenge. In fact it has become so much of a challenge that we’re considering creating our own formal learning and development programmes.”

He went on to say that Desktop Genetics is already implementing learning and development programmes on an informal basis, in an effort to bridge the gap between job descriptions and presenting candidate skills.

Should candidates sit tight or consider working for a startup?

Startup entrepreneurs are typically set the task of finding highly qualified STEM (Science-Technology-Engineering-Mathematics) candidates, who are also proficient in the management of large data sets and possess excellent business and interpersonal skills.

Such broad requirements, along with the fast pace and many client-facing activities which constitute startup culture, may make working for traditional pharmaceutical companies seem like a better fit for some.

This is not necessarily so. While it may be true that pharmaceutical companies can offer a more generalised experience and opportunities for internal movement, as the startup sector continues to expand, expect to see an increase in convergence of workplace experience between the two.

Hays Life Sciences has a proven track record of working with innovative startup companies and the candidates who are interested in working for them. We are leaders at partnering companies in the necessary workforce planning to ensure the success of startup ventures.

To view our current vacancies for life scientists, please visit our life sciences jobs index. Stay up to date with latest news from across the globe by joining our LinkedIn group, Life Sciences Industry Insights with Hays and follow us on Twitter @HaysLifeScience.

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