Guest Blog by Jonathan Hehir, Managing Director of www.insuremyhouse.ie

All mortgage holders are required to take out a home insurance policy, but whether you’re a first time buyer, or are renewing your annual cover, it’s easy to get bogged down in the fine print – when all you really want to know is that you have an appropriate level of cover at a good price…

If this is you – read on…

Did you know that there are 15+ home insurers in Ireland and that their quotes can vary hugely, with price differentials ranging anywhere from €100 to €700 on a typical home? So you can either be a saver or a spender. The only way to know you’re not being ripped off is by scouring the market and getting quotes from every provider. But do people do this?

We commissioned an independent consumer survey earlier this year of 1,000 participants nationwide, which revealed that 76% of people are missing out on savings either by not shopping around at all, or by limiting their choice by going direct to just two or three providers. Surprisingly, young people were much more likely to believe “loyalty” pays, an assumption which costs money, with 21% of 25-34 year-old respondents saying they “stay loyal” and stick with the same provider year on year.

To see just how much you could be spending, or saving, just look at three typical home insurance cases and compare the most expensive price quotes with the cheapest in the market. The differences are staggering.

In one case of insurance for a buy-to-let property, one particular insurer was charging over €700 more than the cheapest provider on the market. In a separate case of a typical family home, the most expensive premium quoted was three times greater than the least expensive.

Follow these 4 steps and you’ll definitely save yourself money:

1.  Shop Around: If you do nothing else – do this!
2. Secure Your Home: Most insurers will offer discounts for people with alarms and/or monitored alarm systems. If you have one of these be sure to inquire whether any discounts apply. A monitored alarm could reduce premiums by up to 25%. While these may have been expensive a few years ago the cost of alarm monitoring has reduced significantly so may be worth looking into
3. Check Policy ‘Add-ons’ – extras like accidental damage are often costly and not always necessary. There’s little point in specifying valuable items such as iPads and bicycles if you opted for a higher excess, say €500
4. Increasing the Excesses on your policy will invariably reduce the cost of your premium. However, you need to ensure that you don’t end up having to pay out a fortune in the event of a claim

At a time when every penny counts, looking at your regular, annual expenditure is a worthy pursuit to save yourself some money – remember home insurance is one of those areas where you can pay a lot or a little for the same product.

Guest Blog: Covid Compliance measures

by Michael Kavanagh, CEO of the Association of Compliance Officers of Ireland (ACOI)

While many businesses throughout the country have returned to work in one guise or another, the sticky issue of compliance is taking center stage in the challenge to keep them open, as well as to re-start those businesses, institutions, and organisations that have yet to open in the wake of the Covid pandemic.

Pre-Covid-19, corporate compliance might have been seen by many as simply ‘ticking a box’ and as a purely bureaucratic exercise. However, the Covid crisis has highlighted just how important compliance is and how it underpins the very functioning of an organisation – whether that is on a building site, in a large office space, a manufacturing plant, shop, school or cinema. Going forward, every business, place of work or service provider going forward will need to have a Compliance Officer  – a dedicated, go-to staff member who ensures that any necessary processes and procedures are put in place, and with whom relevant stakeholders or authorities can interact and support in times of need.

In the context of the ongoing public health crisis, the need for and value of dedicated Covid compliance officers has become clear, if businesses are to maintain confidence that they can offer staff, clients and customers a safe working environment. To assist with the safe return to work as per the staged public health framework, the Government published the ‘Return to Work Safely Protocol’ in June – designed to assist employers in implementing measures to protect their employees and halt the spread of Covid-19. The protocol will be regularly updated and should be used by all employers to adapt their workplace procedures and practices to comply with the necessary public health protection measures as identified by the HSE.

 ACOI qualified compliance officers are used to dealing with regulations and implementing plans to ensure adherence to them. So, while this particular situation presents different challenges, the input in terms of the skills necessary to achieve compliance is similar.

The compliance function within an organisation will look different depending on the size and nature of it. However all organisations will need to consider the following areas in coordinating their compliance with the Return to Work protocol over the coming months:

• Develop a Covid Response Plan: All workplaces, whether customer-facing or not, need to develop a plan for the safe operation of their workspace. The Health and Safety Authority has a downloadable brief which details the policies and practices necessary for employers to meet the Government’s ‘Return to Work Safely Protocol’ and to prevent the spread of COVID-19 in the workplace. They also have a comprehensive range of checklists for both employers and employees which will help you ensure you are covering all the key areas and questions which need to be considered and provided for.
• Develop new policies and procedures: These will be needed in order to deal with a new array of possibilities within the workplace, chief among them being the identification and isolation of workers who show symptoms of Covid-19. Policies around sick leave, and worker flexibility will also need to be revised.
• Protection and Control Measures to Minimize Risk: These can include

– A form to establish whether workers have any symptoms before returning to work.

– Provision of induction and training on the public health guidelines

– Implementation of temperature testing

• Hygiene Control: Review and implement strict personal and operational hygiene procedures in order to minimise cross contamination and ensure adherence to current public safety guidelines regarding face coverings, cough etiquette etc.
• Social Distancing Measures: Employers must provide for physical distancing across all work activities and ensure that workers can operate according to the current physical distance measure of 2 metres.
• Travel and Business Interactions: Employers must introduce guidelines for any essential work-related trips, and for any necessary face-to-face interaction with clients or contractors.

These measures, while extensive in scope, are definitely there to help and assist. Feedback from some of our 3,000 members is reassuring in that the vast majority of businesses do want to be compliant, though many are having to contend with the financial and logistical implications of doing so. There are a huge number of compliance training courses and instruction out there for all sectors of employment. For the few who do not adhere to the rules, the HSA do have powers to police these measures. However, it is clear that helping businesses to comply is the overall aim. I believe that a collaborative and unified approach can be taken by all organisations around the country to try overcome the huge challenges presented by Covid-19, and keep our national and regional economies up and running in as safe a way as we can.

Only around one per cent typically switch every year, but the Association of Irish Mortgage Advisors (AIMA) says 23% of inquiries to member brokers are about moving loans. Fixed rates are especially popular, with the certainty they bring and there’s good value in three to five-year products. Some lenders, offering over-payment flexibility without penalty, are also proving popular, said the organisation.

https://www.independent.ie/business/personal-finance/home-economics-our-property-finance-expert-answers-your-questions-39296926.html

by Joanna Murphy, CEO of Taxback.com

As the economy begins to reopen many people are ‘emerging’ from lockdown to find their job situation looking quite different and are realising that new horizons may be on the cards, whether by choice or necessity. Some of us may have been furloughed, which has given us a chance to assess where we are and where we would like to go in our career, and perhaps has lead to the conclusion that we would like to change up our career direction and opt for something new.  There are also many among us facing the task of replacing old employment that no longer exists.  

Whatever the circumstance, a new job or a career change could be on the cards for many in the coming months – but are we selling ourselves short on the jobs market?

When it comes to applying for jobs, people react in different ways. Some might be very confident and punch well above their weight in terms of what position or role they apply for, others will only go for a job if they meet the necessary requirements, while some people will be slow to put themselves forward for any role, such is their lack of confidence in their own abilities.

We recently conducted a survey of over 2,000 of our customers and asked them their views around applying for jobs and how confident or otherwise they felt about their own abilities.

• 58% of people said they would be hesitant to apply for a new position without having at least 70% of the qualifications and requirements
• 27% of women and 23% of men felt they would need a whopping 90% or more of the required experience and qualifications before they would apply for a new role

This over-cautiousness might be a misstep, because most employers aren’t as stringent as that – they know that people might have other qualities they could bring to the role.

Taking the plunge into a job search can be daunting, the following are some helpful tips to get the best out of your job hunting:

• Conduct a personal/skills audit: A great way to re-evaluate yourself when going for a new position, particularly if you’ve been in your current job for a while, is to conduct a skills and attributes audit. This is essentially a review of different practical, vocational, and interpersonal skills which you can list and then rank yourself accordingly. You can also write down your interests, talents, and achievements, as well as personal qualities, and relevant life experience. Reviewing this with a trusted friend or colleague can bring much needed fresh perspective.
• Do your research: When it comes to choosing an employer, it’s worth considering what level of challenge and input you are looking for in a new role. You might prefer a more established organisation that offers reputation, recognition, and perhaps increased scale of roles and career progression, or you might be more interested in a competitive start-up, which is often a fast-paced and collaborative environment, giving you more scope to shape your role, and indeed the company itself.
• Take a chance! Within reason, if you feel a job is right for you – and you are right for a job, then take a punt on yourself and apply for it. The worst that can happen is that you don’t get shortlisted for an interview, but regardless of the outcome you will have gained significantly from the application process.
• Don’t sell yourself short: As an employer I would say that this is one of the most common mistakes people make in interviews. While you might not have 100 or 90 or even 80% of all the attributes set out in the job specification, you might well have other talents and experience that employers would benefit from.

One of the most important learnings the current crisis has exposed, is that no matter what qualifications and previous experience we have, or where we might like to go in our careers, our resilience and adaptability to work in rapidly changing work environments and situations is as incredible as it is valuable. Sometimes it’s the skills and characteristics that we often dismiss as simply ‘who we are’, that can prove to be some of the most important of all in our toolkit – something definitely worth valuing in ourselves as we take brave steps into a new world of work.

Compliance officers in Ireland are warning that businesses could face strict enforcement measures including closure for non-compliance with the Covid-19 ‘Return to Work Protocol’.The Association of Compliance Officers Ireland (ACOI) said there can be no mistaking that the Health and Safety Authority’s (HSA) powers of enforcement are considerable.

“They can serve improvement and prohibition notices, and ultimately, they have the power to order business closures, if they deem it necessary,” the association’s CEO Michael Kavanagh said.

https://www.independent.ie/business/irish/ergo-39395570.html

According to Michael Kavanagh, CEO of the Association of Compliance Officers Ireland (ACOI) “The vast majority of businesses want to be compliant, though many are having to contend with the financial and logistical implications of doing so. But for the few who do not adhere to the rules, it is clear that the Minister is fully supportive of the HSA using their powers to police these measures.”

https://www.irishexaminer.com/breakingnews/business/compliance-officers-say-covid-19-preparation-is-not-just-a-box-ticking-exercise-1004729.html

Who’s changing careers in corporate Ireland this week..

Noel Freeley has been appointed chief executive at Royal London Ireland. Prior to this appointment, Freeley was director of the legacy division at Royal London Group for 2 years.

https://www.businesspost.ie/world-at-work/movers-and-shakers-421c466c

Photograph: Social Chorus

The COVID-19 crisis has exponentially increased the need for frequent and clear communication between management and staff in every business, and has made the efficacy of internal communication strategies more important than ever. Transparent, succinct, and informative messaging is paramount to ensuring your team is kept reliably up to date of the constantly evolving environment for business in the midst of public health concerns. A good communications strategy sets the tone and the direction for any changes or implementation procedures, so that staff across all sectors can work in harmony to achieve the desired results. Staff are generally loyal and hardworking when they know and understand the direction of the company, and more importantly, when they can envisage their role and future in that strategy.

Many businesses are now realising that they either don’t have an agreed strategy or don’t have one that works in the current environment. The ad hoc approach they have taken to staff communications to date is just not going to cut it anymore. It’s time to take action.

When evaluating your response to any crisis facing your business, you must first take stock of your current communication strategy and delivery methods.

Now you know where you are, the next steps will tell you where you need to go…

Ask yourself

• What are our communication objectives and what approaches can we take to achieve them?
• What messages do we want and need to send out? Finding your tone will take some thought and perhaps some guidance from an expert.
• Who is responsible for communicating these messages? Organisational size and structure will dictate what will work for you. In smaller organisations, it might be sufficient to issue all communications direct from management to staff, while larger business structures may have the need and the resources to put a dedicated crisis response communications team in place, in order to effectively reach all internal audiences. Members could be drawn from departments such as HR, corporate communications, business operations and also health and safety. It’s worth remembering however that research shows that the voice of the company CEO or company leader is key to reassuring staff during a crisis.
• What tools can we use? Research the communications technology available to you and see what works best for your organisation.

Assessing and answering these questions will allow you to develop a strategic communications plan not just to see out a current crisis, but to take you forward towards your wider business objectives.

One of the primary considerations when deciding on messaging is the need to demystify the situation for employees at every step – it’s vital to put staff’s minds at ease and provide reassurance and indeed, hope for the future, where possible. It’s not sufficient for staff to be told; they need to understand the issues being communicated and appreciate where they fit into the business strategy. Saying it is the easy part – getting buy-in is far more difficult. While business leaders must be realistic and convey grounded expectations on the health or direction of the business, it’s important not to feed into a ‘negativity bias’, which is where we automatically assume that the outcome will be negative rather than positive.

While every situation is different, and will need to be assessed on that basis, in a general sense, the following are useful guidelines to follow when developing a communications strategy:

• Post information regularly in a highly visible location, both physically on the business premises if appropriate, or online via email, the company intranet, or company social media groups.
• Explain how the decisions that are being mad came about, and why the company is taking the action is it. Provide clear instructions on how and when any changes will be implemented, such as transport, travel, remote working, pay changes, etc.
• Give sufficient detail so that staff can understand if and how it will impact them personally.
• Decide how often you will address or reach out to staff. Frequency of interaction with staff is crucial, as is consistency.
• There is often a temptation to wait to communicate until you know all of the answers and information. However, this can lead to increased anxiety and concern among workers, as an information vacuum is generally worse than an incomplete message. It may be more beneficial to try to provide timely information as and when you can, bearing in mind that the situation is fluid and evolving. Staff understand that even the best leaders don’t have all of the answers all of the time.
• Establish a feedback mechanism to get a sense of whether the communication has been a success and whether people are on board with the issues. In a remote workforce, the traditional use of chatter around the coffee station or watercooler, you may need to apply a more formal method, such as a post-communication anonymous survey of staff.

And remember, communications are by their very nature fluid, so your strategy, while a valuable roadmap, needs to be malleable to adapt to the needs of the day – in good times and in bad.

Photograph: iStock

The COVID-19 crisis has changed our social and business landscape in unprecedented ways and created challenges for which no organisation could have been fully prepared. At Business Talk, we’ve put together our top 5 key action points to help you navigate your business through the worst of this challenging period.

1. Draft or Update Your Business Continuity Plan/ COVID-19 Compliance and Response Manual

A business continuity plan is something which all businesses, regardless of size, should consider putting in place. It allows you to put a clear strategy, processes, and procedures down on paper that you can refer to in the event of a major incidence interrupting your business. This plan anticipates the situations in which your business would have to either shut down and/or people would be forced to work remotely – and here we are.

If you already had a continuity plan in place then many of its elements will still stand and will now need to be implemented. If not, then now is definitely the time to devise one. Carve out some time to map out a compliance strategy which will give you the direction you need to keep in line with the protocols as outlined by the HSA.

The Association of Compliance Officers Ireland has suggested that organisations consider appointing a dedicated COVID Compliance Officer in workplaces, to act as a go-to person which the HSE and Gardaí can interact with and support, in terms of putting the necessary processes and procedures in place.

Some of the basics in any COVID-compliance manual will include:

On Premises:
• COVID-19 official images and signage
• 2 meter yellow ground markings to highlight required social distance spacing
• Hand sanitising facilities and waste bins for disposal of tissues, gloves etc.
• Rotas for the periodic wiping down of contact points in the building
• Operating on appointment only basis in certain circumstances

Employee Issues:
• Protocol around PPE use
• Outlining a response plan in the event of an employee contracting Covid-19 – including contact tracing procedures etc.
• Develop a Working from Home policy

The full details can be found here

2. Agree a New Communications Strategy

The rules have changed almost overnight when it comes to communicating with both your external and internal audiences. When it comes to your employees, transparency, inclusion, and timeliness are paramount. A film of uncertainty now surrounds the world we live in, and your employees will be feeling this. Regular communications that can bring clarity around the direction of the business, and promote confidence in what the future might look like, will go a long way to giving your team the sense of security they may well be craving. Research the communications technology available to you and see what works best for your organisation.

Engaging or re-engaging with customers is something which every business now needs to look at. The messages you put out there and the tone they take will, most likely, be very different to the approach you took pre-COVID. The hard sell may no longer be appropriate, but subtlety might not hit the mark now either – particularly if there’s a chance that people believe you’re no longer able to carry out your service, or deliver your product, as a result of the pandemic.

Finding your tone will take some thought and perhaps some guidance from an expert. But it’s important, because businesses are now competing for share of voice in ways they have never had to, or been able to before. Above all you need to understand the reasons behind the communication – ask yourself “is this relevant to the times we’re living in?”; “will this information help my customers in any way?” If the answers are “no”, then you need to think again.

The “we’re all in this together” slant will only work if your audience really believes you are acting in this way. Steer clear of virtue signalling – there’s little point in telling customers you are putting their safety first in light of COVID – when the Government has already set down protocols that all organisations must adhere to. You need to tell them what it is that you are doing different or in addition, to support them. Never before have people had to deal with such an influx of news from all angles, and in among all that crowding and noise, your message and your brand will only be appreciated and well received if your audience believes that you are really trying to help or inform them in some meaningful way – or maybe you are just trying creatively to brighten their day – but not just add to the noise that is all around.

No knee-jerk reactions are necessary – strategise and develop your communications plan – even if it is just a temporary one. If you decide you need to ramp up your communications to customers, and for example begin a weekly email newsletter, then commit to this – it’s not something you can or should stop-start. It’s best to take a consistent approach, rather than be full of chat one month but go dark the next. Sometimes less is more when it comes to communications. Take a breath and see what is right for you and what is achievable.

3. Avail of Grants and Supports

The Irish government has introduced a raft of new measures designed to offer financial assistance to affected businesses for the duration of the pandemic, and some supports that were already in existence have become increasingly useful and important. Don’t be afraid to step forward and ask for the help available.

• The Temporary Wage Subsidy Scheme helps employers to keep employees on the payroll throughout the COVID-19 pandemic by providing significant wage supports to employees direct through payroll. Up to 70% of take home pay is available to a maximum weekly tax-free amount of €410 per week. More information can be found here.
• A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital Scheme is available for eligible SMEs impacted by COVID-19. Further details can be found here.
• Short Time Work Support. This is available from the Department of Employment Affairs and Social Protection and is an income support payment for employees who have been temporarily placed on a shorter working week. Further details here.
• The Enterprise Ireland COVID-19 Business Response Unit has a range of both financial and soft supports available to businesses. Contact businessresponse@enterprise-ireland.com.
• LEO Business Continuity / Trading Online/ COVID 19 Business Loans support small businesses where COVID-19 has resulted in a reduction of 15% or more in actual or projected turnover or profit and are having difficulty accessing finance from commercial lending providers. Further details here.
• Warehousing of tax liabilities from Revenue. Revenue are ring-fencing VAT and PAYE (employer) tax debts while business are unable to trade or where trading is restricted due to COVID-19 and no interest will apply. The suspension of debt collection and the charging of interest on late payment for the January/February and March/April VAT periods and the February, March and April PAYE liability period have been extended to include May/June VAT and May and June PAYE liability periods. Full details here.
• A €10,000 ‘Restart Grant’ for micro and small businesses based on a rates/waiver rebate from 2019. This direct grant aid is available to micro and small businesses to help them with the costs involved in reopening and reemploying workers following COVID-19 closures. Applications for the Restart Grant can be made online to local authorities from Friday 22nd May.
• Commercial rates are being waived for a three month period beginning on 27 March 2020 for businesses that have been forced to close due to public health requirements.
• EI: COVID-19 Online Retail Scheme. Applications are now open for this Enterprise Ireland scheme which supports indigenous retail companies employing 10 or more people to enhance their digital capability and develop a more competitive online offer in response to COVID-19. Grants ranging from €10,000 to €40,000 will be awarded.
•An Post have announced a €2 million suite of supports for SMEs to help them through the COVID-19 period. The package includes €1,000 of direct mail marketing services free to each of 1,000 small businesses on a “first come, first served” basis from Monday 25th May. A 25% discount on An Post parcel delivery services and an e-commerce advice hub for SMEs that shift to trading online is also being made available. Further details here.

4. Reimagine Your Projections
The sheer amount of unknowns presented by COVID-19 has left business decision makers, particularly those in a financial role, in a very difficult and frustrating position. However, this is exactly the time to revisit or develop a cash flow forecast for your business and update your existing projections to take in a post-COVID business landscape. Keep your figures in perspective however, as projections are only ever a best guess and will require much flexibility in the coming year to take in the unprecedented level of uncertainty.
Marc O’Dwyer of online accountancy software company, Big Red Cloud, has the following advice. “When considering the impact of the pandemic on your business you might start with assessing the main profit and loss implications – what are the sales reductions, are there any cost savings such as on rent or rates, and what Government interventions are available in support? Also, when making broader assumptions about where you might be in 2 or 3 years, ensure you consider all the cash flow consequences of your working capital cycle, and don’t forget to consider any debt servicing costs, tax or VAT commitments.”

5. Put Stockist/ Supplier Plans in Place
A shortage of materials, labour, sourcing, and logistical challenges are the main impacts of COVID-19 on supply chain management. Companies that do not have a well-defined plan in place are at a higher risk of delayed response and recovery, particularly those who operate to a just in time (JIT) model or hold limited stock numbers.
• Rethink work practices in relation to front line roles versus work from home roles, in order to see where labour is best prioritized and where staff welfare can be best safeguarded. Align your IT systems and support to best deal with additional pressure and demands due to remote working requirements.
• Keep an active focus on stock levels and build up a good inventory where possible to mitigate any shortages. Investigate ways to balance supply and demand while building a cushion.
• Maintain active contact with key suppliers regarding their own continuity plans to help you stay ahead of any production gaps. Move quickly to trigger any secondary supplier relationships in securing additional stock where required.
• Identify key customers and ensure there is contingency in place to keep meeting that consumer demand in line with the distribution channels open to you.
• Work with your legal team to ensure full understanding and compliance in case customer demand or orders cannot be met.

According to Trevor Grant, Chair of the Association of Irish Mortgage Advisors, “The latest property price index for March is relatively flat, and contrary to commentary around drop in house prices during April, market feedback is telling us that big drops are not happening.”

https://www.irishtimes.com/business/economy/house-prices-tread-water-ahead-of-coronavirus-hit-1.4253318