The GAAPweb blog

Penny Millionaire Project - Week 57

A beautifully democratic week this week. Nearly all my regular contributors feature, as well as myself, and there are finds nearly every day. Consequently we have a nice healthy total.

Monday morning, Kirsty came in with 5p she'd found at Clapham Junction station as she was buying coffee.

Tuesday, Nix gave me 2p she'd "found" by her desk - though seconds earlier she'd been fumbling in her pockets for money...

Wednesday, Iain strolled over and held out a penny. His 15 month old daughter found it at Lambeth Country Fair. She picked it up, and, confounding all expectations, didn't try and eat it, but gave it straight to her dad. She knows the rules - Iain made them perfectly clear to her after beating her to a penny in week 51.

He tells me he's trained her to look at nursery too, and she's really keen. Apparently she now often passes him raisins and bits of fluff. This is very cute, but does make me feel a bit like Fagin.

Thursday morning - Maz came in and gave me a penny her dad and boyfriend had found in a coffee shop in London Bridge, as well as a 20p she'd found on the way to a restaurant. She'd had to double back for it alongside a line of traffic waiting at the lights. Good girl.

Thursday after lunch, I came in reeling after an encounter with a man in a newsagents. I'd been browsing through the papers when I felt a presence at my left shoulder. I turned to look and a man was stood watching me. I uttered a cheery, if wary, greeting, and he replied... "are you one of us?".

Now, I wasn't sure what to make of this. I didn't know if I was being headhunted by MI5, mistaken for a Mason, recruited for the Guardian Angels or what. I was excited. "What's one of you?" I asked.

His reply was not even one I'd considered.

"AA. Alcoholic."

I told him not yet and left.

Back at work, Nix was waiting with a penny she'd found at Earl's Court tube station. She said it was wet when she picked it up, so she'd washed it for me. Aaw.

Saturday - I did my bit for the project, finding a penny on a twilight walk near my home.

Sunday, I was walking back from town when I found a 20p outside the brilliantly named "Birdi News" newsagents.

Week Fifty-seven

How much found: 51p

Total found so far: £43.55

How it could now be spent: a Thistle Topped Imitation Stag Antler Sgian Dubh.

Job application frustration - recruiters, it's your chance to reply!

We've had some feedback from one of our subscribers about a frustrating experience with a recruitment company. Can any recruiters out there tell us what really happens to all those CVs submitted by candidates? How can bizarre errors like the one below happen? We'd be interested to hear from you...

"I do not always have great experiences with (recruiters) and I would welcome a few tips for how to deal with them.

Just an example, I found a job which was a potential “dream job” for me. I contacted the recruitment firm to get more information before applying. The job sounded like one which completely matched with my background and the recruitment firm was happy to send my CV to the client.

As I had contact with the recruitment firm earlier the CV was already available in their database. I double checked when they received my CV to make sure it was the latest version.

Next day I got a call from the recruiter who asked me why I had a break in my career and what did I do for those few months. Their client wanted to understand what had happened with me.

I explained to the recruiter that I did not have a break in my career as he could see from my CV. Two weeks later I called the recruitment firm to follow up. It has been more than a month now and no information at all.

So regardless of the effort we put into writing up CVs, cover letters and following recruiters' advice on application what else can we do to avoid situations like that? I would really like to read recruiters' opinion on this topic."

**Latest comment** - Qualified and unemployable? Discuss...

Latest comment posted on 22nd August:

I came to the UK about 3 years ago from Africa and fell into exactly the same ship. I sent applications to circa 100 accountancy firms but not even one interview, all rejections. I then tried through agencies and no different. Not able to find a job within accountancy, I continued with my ACCA qualification and worked as a customer service rep.

My break came after much persistence about 2 years ago when I got a call from an agency to clear up some reconciliations for year end for a large UK company. That was it!, I worked damn hard and got recommendations from the FD and was moved to a new position. I have since qualified and worked for 2 other companies, the last being within FS. I now have the like of RBS, Citi, Credit Suisse, Lehman Brothers, etc head hunting me.

My tips from my experience:

• Be persistent. With each rejection, take back some feedback as to why you aren’t suitable. If none is given ask. Go back to the drawing board, redraft your CV if you need to. At some point I had about 20 draft versions of my CV.
• You are up against competition. As you know employers prefer UK candidates, so you have to sell yourself really hard. You CV has to be relevant, and to the point. Highlight skills the employer is looking for (system skills, adaptability etc). If you need to improve any skills go for short UK courses!. Discuss your CV with friends, your tutor etc. Ask for a critical review. You CV is the key to that interview, so it needs to be a master piece.
• Do not be picky, just get into the system. You might need to take a much junior role to what you did back home. But that’s all you need, the UK experience!. With that you have proven to a prospective employer that you are adaptable.
• It's all about transferable skills. As long as you can add value, employers are keen to meet with you. I moved from industry and commerce to the public sector. I was told having taken a role in the PS I could never move into financial services. Well not true, I have since moved industries. I also have a friend who moved from the PS to JP Morgan.
• When you get that break, ensure you do a good job.

I hope this helps.

Peter

__________________________________________________________________________________________

Original post:

Hi Francis and all other Meet Uppers,

I certainly agree it needs a more robust approach and GAAPweb are on it! 

In the meantime if fellow Meet Uppers can offer guidance and advice to those requiring it, that would be great.

We will come back to you once we have put our heads together and come up with a solution. In the meantime I am building a blog page and will let you all know about it as soon as.

Melissa Buxton

I have been following an interesting string of emails from the GAAP "Meet up" members and the issues being discussed are very important and need a more robust approach. Why don’t you and your team create a blog on your website and let members discuss certain issues with your involvement (title them) so that any one person requiring help can easily pick it up either in the archives or on the live discussion as it progresses.

As it is, it is very difficult for one to filter through which email had the right material or information that can be used for one's advancement. Issues such us UK experience are quite pertinent and have featured prominently in the discussion. As for my fellow members, just a by the way, maybe at our next meet up, it will be impetus upon us to come up with a resolution that can even be made available to ACCA (being the mother body) for them to be made aware of what is obtaining regarding the job market and if they can proactively pursue it on our behalf and see how best this UK experience issue could be tackled. This market is so rigid and not an easy one to crack if you are coming from abroad.  But we need a way forward. Meet ups could just be as helpful.

At our last "Meet up" I was privileged to meet persons (motivational speakers/experts/mentors) who gave me quite a lot of advice and encouragement on the way forward. Some had been in similar situations before but managed to go round it. It appears to be deep rooted and has been there time immemorial, but that should not appear to be an impediment whatsoever, today times have changed significantly with the coming of globalisation and it's against this backdrop that we must start to see some change in its application and emphasis.

If this information (motivational speakers) became available on the blog everyone will greatly make use of it and chart their way forward. For now for the benefit of those who never had a chance to talk to them, you can send your CVs and explain your situations to Paul Dipple, Consultant Temporary division, paul.dipple@roberthalf.co.uk who can guide you on how to do your CVs. Mention that you are a GAAP member and believe me he will be of great help. Francis Ngosa

I am Priya, a qualified accountant from India sailing in the same ship.  I came to the UK six months ago to join my husband here and ever since have been trying for a job and the lack of UK experience is a big stumbling block.  It is indeed painful and frustrating when you are capable and willing to work hard and there is no suitable opportunity given. Anyway, my best wishes for you to succeed in your job hunt. Priya

Is it the end of the road or what?  After passing the exams (ACCA) and successfully securing a permit to work I could hardly secure a job because all I hear is I do not have the UK experience, yet I did the course in the UK. Please can any of you help even if it is on a voluntary basis just to acquire the experience, I do not mind where I start. Hoping to read from a good Samaritan. Taekoo

Hi Priya

I understand your feeling however that's the way it is here. I am from Zimbabwe and for obvious reasons left Zimbabwe and went to South Africa, then settled here in the UK 8 years ago. I found it very hard as no one was willing to emlpoy me as I had no UK experience on my CV although I have 25+ years' financial experience. The assumption in the UK was that accounts were somehow extremely different in other countries. It does get easier and I think as time goes by people's perceptions are changing. Keep at it, it will get better and you are not alone in this experience. Try temping and registering with recruitment agencies, you will then get the UK experience on your CV and more chance of finding employment until you have worked here a couple of years - much better after 3 years. Gail

As a current FC of a FTSE subsidiary (t/o£300m) and previously small company FD, I would be happy to help you to refine your approach.  Maybe we should meet up at some point to have a general discussion about what you are doing, what I think you could do differently etc? Rahul

That's what it seems. ACCA members and the body itself are not helping its members nor students. All the body is interested in is competing with other accountancy bodies about its growth in terms of members as well as students. How are we supposed to acquire UK experience when we are not offered the opportunity?  It's a big problem. Taekoo

I am a GAAPweb member and I understand your problem. I have also been wondering if it is the end of the road. I am an ACCA member with experience which I did not gain in the UK. I have UK resident status and I was advised to do my CV to highlight my transferable skills. After having done that I am still told that I do not have UK experience. Maybe this is something we should discuss at the next Meet Up?  It is a serious issue.  It seems the ACCA qualification means nothing without UK experience. Enid

Can the members who already have experience take a trainee with some form of payment for their time as a new person? Gradually people could work and do the job. If we take a wider view on accounting as a business function there is always room for improvement which is beneficial for all. So why is it so closed? Lilia

I can fully understand your situation as I have been through the same thing. The best thing is to apply for any jobs online that would lead you to accounting. Get some volunteer experience. I know it's easier said than done but I did the same thing.  Started working as a volunteer and thereafter got a temp role. At the moment I am experienced in accountancy and yet I find it difficult to look for another job so it's not easy.  However keep trying. Sneha

Penny Millionaire Project - Week 56

I feel like I'm saying this a lot lately, but sorry for the absence of Penny Millionaire last week. Unfortunately for me I was at the garage having my broken car window regulator replaced (a car electrics moron before, I now know more than I ever wanted to about this particular problem).

I went to pick my car up, effecting as best as I could the appearance of someone assertive, worldly, no-nonsense and impossible to dupe, but it seems I won't be getting into RADA any time soon. The mechanic led me into his little lair and presented me with a bill for more than double the price I'd been quoted!

As he talked me through the massive bill, I noticed he also had on his desk what looked like another invoice, filled out with the original breakdown of costs I'd been given.

The assertiveness kicked in for real. I now need to go and get my car window fixed somewhere else.

Still, Tuesday morning, things got better. I came into work to be greeted by two notes on my desk. One was a lengthy missive on notepaper and the other a shorter one on a fluorescent orange Post-It.

The one on notepaper was from Vic, and had £1.05 on it. She'd found a pound on the floor of the Coast changing rooms in Selfridges, and 5p by the tills in the Selfridges food hall.

The Post-It was from Maz, and had a penny on top that she'd found in the pub.

Week Fifty-six

How much found: £1.06

Total found so far: £43.04

How it could now be spent: a radiator for a Rover 100 series (snap it up! The price'll be nearer £100 by Tuesday)

Oil Price Fuels Speculation

The past few weeks have brought us good news and bad news on the economical front. In mid-July, unfathomably high oil prices seemed to finally have had an effect on consumer spending.

The accepted model of price elasticity of demand on oil is usually very low, as fossil fuels are deemed a necessity to the modern consumer or business, due to a lack of available alternatives. This is not necessarily a lack of feasible alternatives, but their availability whilst oil is so profitable.

But despite the usual predictability of the crude oil price elasticity model, it is flawed, as consumer attitudes and spending has become much more fragile and temperamental during the credit crunch.

The price of oil reached such a level that actually brought on a drop in demand due to financial constraints, along with the slightly stronger USD. This saw the price of oil drop from its $147 per barrel price tag at the beginning of July, to a recent low of $112. This drop has led to speculation that for the consumer, petrol prices and FMCG prices are to fall as a consequence.

Whilst the current drop in price is the most significant since the start of the Iraqi war (although still twice the cost of when the war began), it’s important not to get carried away here. My qualifications lie in law and business, not economics; however I would be willing to bet my undervalued house that this is merely a temporary slick in the road for the booming oil firms such as BP and Shell.

These fluctuations in the trade price of crude oil are not indicative of where we are headed economically, with the cost of the black stuff expected to make that ground back up, and then some, over the next year. Cited causes are global growth (particularly in China and Japan), and diminishing supplies.

Many hopes of lower living costs were dashed when the major energy companies confirmed more price hikes to ‘combat the rising costs to the energy firms’. Prices are set to rise by as much as 35% as a result.

And so, rather unfortunately, the promise of lower prices is a false one. The reality of the situation is fairly dire, as we are repeatedly told by analysts that things are “only going to get worse before they get better”.

So there you have it, prices continue to rise for consumers despite corporations buying cheaper oil, and all the while oil firms make record profits. Whoever said life was unfair?

If you have any questions, opinions or views regarding the above then please feel free to leave your comments.

Stress at Work

According to the Health and Safety Executive, work-related stress must be managed in order to reduce sickness absence and to benefit businesses.   

Indeed, one third of all new cases of ill health can be attributed to work-related stress, with each case leading to an average of 30.2 lost working days.  In total, 13.8 million working days were lost in 2006/07.

Of course, the financial cost of these absences to businesses is huge, with the Confederation of British Industry estimating the cost of lost productivity due to mental illness and stress to be five billion pounds.   

But tackling stress does not simply aim at combating sick days and thus directly improving a business’s bottom line.  It can also have a profound effect on employees’ motivation and determination, leading to increased performance, a reduction in staff turnover, customer satisfaction and thus the overall reputation of the business.

Stressing out?

Are you one of the many employees suffering from work-related stress? Stress has been increasing in the workplace, especially with the advent of the internet, the Blackberry and 24/7 working.  Consistently unreasonable deadlines, high demands, a difficult boss and co-worker laziness are all frequently cited factors for increased stress levels at work.

According to The UK National Work-Stress Network, causes of stress fall into several categories:

Work Practices, including:
• Uncertainty about job security or career prospects;
• Long hours culture;
• No recognition or reward for good performance;
• Inadequate time to complete tasks to personal or company standards;
• Heavy responsibilities with no authority or decision-making discretion.

Pressure, including:
• Management techniques such as Human Resource management, lean production, business process re-engineering and Total Quality management (“management by stress”).

Harassment or Bullying, including:
• Prolonged conflict between individuals;
• Exposure to prejudice.

Environment and Technology, including:
• Unpleasant or hazardous working conditions;
• Technology controlling workers (e.g. power).

In addition, according to lifeConnections, Badenoch & Clark’s online candidate magazine, stressful days can often be attributable to unspoken conflicts between co-workers, resulting in a high levels of irritation and low levels of motivation and productivity.

Surprisingly though, even though 92% of UK office workers are stressed, most workers would never complain to their manager or company HR department about a co-worker’s behaviour. 

Ceridian LifeWorks employee, Paul Avis, thinks this reticence is probably due to the “perceived boundary between work and personal issues” and the fact that employees do not want to offend their co-workers.  And being unwilling to complain at work means that the stress is taken home.

Sorting it out

Surely it must be time to recognise the fine line between the positive pressure that leads to great productivity and unreasonable pressure that can be harmful and lead to stress.

Acas is an employment organisation that recognises stress-related problems in the workplace.  They think that employers need to monitor workers’ levels of pressure, especially now that almost 30% of employees annually will suffer mental health difficulties.  Acas London’s Regional Director, Ken Owen, believes that employer vigilance over employees’ stress levels is extremely important if you want healthy, content and thus productive workers.

For the individual sufferer, stress means a lot more than a decrease in workplace efficiency.  According to Acas, not only does stress contribute to increased levels of depression and anxiety, but, perhaps more surprisingly, has been linked to heart disease, back pain and gastrointestinal illness.

There’s no point avoiding the issue: you need to face up to the causes of your stress.  The answer to your problems could include improving your time management, learning to say no to colleagues when you are already going above and beyond the call of duty, or taking your time to form judgements about stressful situations rather than assuming a negative outcome.  You could even pluck up the courage to talk to your boss about what’s been going on.  After all, they are there to help.

You could help decrease your stress levels by eating well and doing exercise. Try fitting in a walk, a trip to the gym, or some yoga or meditation during your lunch break – and if you usually work through, think about how this may be contributing to your stress levels.  Not only will you give yourself something to look forward to during the morning, you’ll get some time to do something productive for yourself and feel refreshed when you get back to your desk to finish the day.

Home economics: the answer to a dwindling economy?

Sorry if I've just brought to mind some best forgotten images of pungent inedible concoctions thrown together in a disorderly classroom barely contained by a matronly domestic science teacher, but by now everyone must be reasonably conscious of rising food prices. The price of wheat has doubled over the last year, and rice and coffee prices are at one of their highest points in a decade. This, combined with rising fuel prices, growing mortgage rates and a deteriorating economy, means we’re all feeling the pressure.

I don’t think we should be too alarmed though. It could actually be quite enjoyable if we see it as an opportunity to get creative about what we buy, how we eat and how we live.

If you're not in the habit of it, planning a weekly shop that covers all the bases can feel like a lot of hassle..an onerous task that could easily be avoided by grabbing some ready meals on your way home. I’ve certainly done this (more often than I would have liked) and wasted a lot of time and money on the way. 

In these troubled economic climes I think there are lots of things we could do to make things easier for ourselves. So, without wishing to be sanctimonious, patronising or dogmatic, I’ve come up with a list of things we could do to save money on food.

Buy local produce

Whilst a trip to Fresh and Wild won’t save you money, if you live in a city, visiting your local farmer’s market is a cheaper (about 30% cheaper) and greener way to buy good quality fresh fruit and vegetables.

Buy loose items

If you buy your fruit and vegetables in the supermarket, try to avoid the pre-washed pre-packaged items. The loose products are cheaper and whilst you still use those fiddly plastic bags to put them all in, you will still be cutting down on packaging which helps the environment.

Cook with your leftovers

Whilst Mr Brown’s recent instructions not to waste food had me childishly wanting to dash home, raid my cupboards and throw everything in the bin, I have since conceded that he has a point. And a good way not to waste food is to reuse leftovers.

Rather than seeing them as curled-up dried out reminders of food you didn't get around to eating, leftovers can really make your life easier and save you money, time and effort - because they have already been cooked, half the work has been done for you. All you need is a little creative forethought. If you're stuck for ideas have a little look here.

Buy seasonal foods

Seasonal food is very pleasant and, in the main, cheaper. And it tastes better too. Look up a list of seasonal foods and try buying some of what August has to offer. You'll likely see a difference in the cost of your weekly shop too.

Compost leftovers

If you have a garden, why not compost your leftover vegetable and fruit peelings, teabags, egg shells and egg boxes? My mum does this. I quite like the routine of it when I visit her. Apart from saving on the amount of household waste you dispose of, you also save money on shop bought compost. And if you don’t have a garden but you would like to grow your own produce, how about becoming a window box gardener? Growing your own vegetables is fun as well as resourceful.

So. Hopefully I've got you thinking a bit about how you can make things better for yourself and your wallet. You may argue that none of what I’m saying is new because, after all, people have been doing this sort of thing for decades. And it does smack somewhat of Tom and Barbara. But I still think it's worth doing.  Come on people -  let’s battle our dwindling economy with some good old fashioned home economics :-)

Penny Millionaire Project - Week 55

Monday - I was having the sort of afternoon that made me long for infancy. I quite fancied being left alone to pour liquids between different receptacles, whack seats with wooden spoons and make magic potions out of mouthwash and talc. Sadly, if you try and do any of these things in the workplace, questions get asked. I decided to compromise and get some crisps and fizzy pop.

I took all the web team's orders and went upstairs to the vending machine. I fed the money in for Maz's (Diet Coke and ready salted crisps if you want to know), pressed the relevant buttons and they tumbled out obediently. I put my money in and pressed the button for a Diet Coke, which fell to the bottom with an angry thud. This was all going really well.

I pressed to get some salt and vinegar crisps, and the machine whirred into action. Then the crisps decided they were in the mood for a bit of fun.

Instead of doing what they'd been asked, they made it look like they were going to come out far enough to drop, but stopped just short and dangled at the end of the spirally thing. I swear I heard a little crispy giggle.

All at once I felt deprived, incredulous, victimised and bitter, like someone had just picked up my dinner, ate half of it and pushed the rest into my face.

With all the righteous anger I could muster, I shook the machine. Not only did the crisps fall out, but the machine coughed out a 20p that wasn't mine. Ha ha.

Friday, Maz handed over a penny she'd found on Sunday outside Waterstone's in Clapham Junction station.

Week Fifty-five

How much found: 21p

Total found so far: £41.98

How it could now be spent: a pair of Hoggs of Fife Moleskin Breeks (well, anything Madonna can do...)

Apologies for the absence of Penny Millionaire last week. I was at the wedding of two of my very good friends - congratulations Rob and Jennie!