FEBRUARY
2018 MEDIATION TIPS TO GET YOUR FINANCES BACK ON TRACK
LEGAL BRIEFS
EVENT NETWORKING 101
HOW TO INSPIRE TRUST IN YOUR STAFF
MILLENNIALS IN THE WORKPLACE
BOOK YOUR SUMMER HOLIDAYS NOW AND SAVE
TABLE OF CONTENTS Mediation Tips To Get Your Finances Back On Track Tech Savvy Legal Briefs Event Networking 101 How To Inspire Trust In Your Staff Business Briefs Millenials In The Workplace Book Your Summer Holiday Now And Save Meet The Team Range of Services
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Welcome to the first edition of our newsletter for 2018. We would first of all like to take the opportunity to wish our clients, colleagues and connected parties the very best of health and good fortune in 2018. We hope you find the articles in this newsletter of interest to you and your business. We welcome feedback, suggestions and input from our clients and if there are any particular legal matters which interest you, please let us know and we will try to provide information on any such areas of law. We have a highly experienced team here at H.D. Keane who are happy to assist you with any queries you may have, so please do not hesitate to contact us.
All the team at HD Keane Solicitors.
Mediation On the 1st of January, 2018 the Mediation Act, 2017 became Law. Mediation is defined “as a confidential, facilitive and voluntary process in which parties to a dispute, with the assistance of a Mediator, attempt to reach a mutually acceptable agreement to resolve the dispute�. Mediation is designed to encourage the parties of a dispute to voluntarily, in a confidential manner resolve the dispute through negotiations facilitated by the Mediator. It is now a statutory obligation to consider mediation before issuing Court Proceedings in Civil Disputes, therefore, Contract disputes, Family Law proceedings, Probate Disputes, Equity proceedings are obliged to consider mediation prior to drafting and issuing proceedings. Clients should be aware that if you decide not to consider mediation, your solicitor must complete a Statutory Declaration to say that they have fulfilled their duty to make you aware of the benefits of Mediation and that you have been provided with the relevant information in respect of same. If Mediation has been declined in the early stages of proceedings a Judge on the opening of a case can invite the parties to reconsider mediation. If mediation is further refused a Judge has the authority to make a costs award against the refusing party if he/she feels that the refusal in the circumstances of the case was unreasonable. Mediation is designed to take the acrimony away from Civil Disputes. We at H.D. Keane, Solicitors have full knowledge of the accredited mediators with the appropriate expertise in this area and with the correct legal advice we can assist our client’s through meditation negotiations and are fully equipped to provide all the necessary legal advice in respect of any Mediation Agreement and the manner in which same can be made an Order of Court thereafter. If you require any further information please feel free to contact us. 051 874856
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enquiries@hdkeane.com
TIPS TO GET YOUR FINANCES BACK ON TRACK How to recover financial health after spending too much over the holiday season.
December is a time of over-indulgence. We spend too much and we eat too much. For many, the first few months of a New Year is a time of inflated waistlines and shrunken wallets - not to mention the bills piling up until they can no longer be ignored. If this describes your position right now, keep on reading... Many people start the New year in arrears, stretching just to pay the minimum balance on credit cards. Unless you up your repayments to clear that debt, you may find yourself in the same position - or worse next year. And keeping it up will result in repaying these debts for the next twenty years. Here’s how you can keep your head above water and reduce your debt.
1. DEVELOP A REALISTIC BUDGET
2. PRIORITISE
Avoid unrealistic budgeting or setting too tight a budget that will be impossible to stick to.
If you absolutely need it to survive, it is a want. If the item fits comfortably into your budget, by all means, go get it. However, if you can’t afford the latest gadget (and you can survive without it), you will have to set aside the money until you’re able to afford it.
Start by drawing up an annual budget. Knowing the exact running costs of your monthly household bills will help you plan your budget properly and if there is a surplus, you can plan for that too.
Economics 101 teaches us about the difference between ‘‘needs’’ and ‘‘wants’’, but it is hard for most people to put that into practice. It’s much more fun to spend money on wants than on needs.
Track your spending using a notebook or on your phone so that you can learn to budget realistically. Keeping a comprehensive budget will also help you to prioritise your spending and identify areas where you could economise.
3. DON’T COUNT YOUR CHICKENS UNTIL THEY’VE HATCHED
Perhaps you can even create a surplus fund that will allow you to save towards short- and long-term goals, and develop a savings programme. EBS offers the best regular saver programme in Ireland, allowing you to save €100 to €1,000 per month for an agreed period of up to 12 months at 3%.
Few things in life are guaranteed, so don’t spend your money until it is in your account. You may have received a bonus last year, but that doesn’t mean it will happen again in 2018. A bonus is really nothing more than a windfall and should be treated as such. If you receive one, that’s wonderful, but do not factor it into your budget until you receive it.
Make the mental shift to understanding that your goals everything from next Christmas to the exotic trip and the deposit on your new home - require planning and savings.
Develop a mindset of counting only on your monthly salary or your business’ net profit at the end of the year.
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4. KEEP A TIGHT REIN ON YOUR FINANCES
7. BE CREDIT SAVVY
Credit is a great backup plan that must be used wisely. You can avoid some of the unexpected pitfalls by reading the fine print on your credit agreement and by paying on time. Ultimately, it is best to limit the amount of credit you have. Remember that every late payment is recorded by The Irish Credit Institute (ICB) and it will soon also be in the all-new Credit Registry.
Don’t put yourself at risk by allowing someone else to control your money. If you earned it, you need to know how it is spent. Understanding your family’s finances - including income, investments, retirement savings and debts - will help you navigate negative situations such as illness, divorce and death better. These situations can put married individuals at risk, and it can add financial strain to an already emotionally strenuous situation. Much stress and tension could be avoided by knowing the details of one’s finances.
The majority of credit card companies charge 20% and more on balances. While you may not be able to clear your maxed out credit card just yet, you may be able to transfer your balance to them at 0% for six months. This should give you some breathing space. Use this time wisely by coming up with a solution to your debt repayment.
On that note, it is important to prepare a will. For elderly people, insist on enduring power of attorney.
All lenders will always check your ICB credit standing on home loans, car finance, credit union loans, and switching banks.
Single individuals should know exactly where all their money is and what financial consultants or brokers are doing with it. By being involved in the process, you can negate any questionable activities that might negatively impact your future finances.
8. REMEMBER RETIREMENT
The sooner you start saving for retirement, the better. When you start early, you will need to put away less every month as it will give your savings more time to grow. You should ideally save 15-40% (age depending) of your income if you wish to accumulate enough wealth to live comfortably in retirement.
Always avoid anything that sounds too good to be true, or that you do not understand.
5. THINK BEFORE YOU BUY
Ireland is home to 677,000 citizens aged 66 and over. This number will increase to 1.8 million by 2050. In 2013, there were six workers for every retiree, but by 2050, each retiree will represent two people in the workforce. Our lifespan has increased, and we have become healthier. That means that we need more money for retirement.
When it comes to spending your hard-earned money, make your decisions based on what you need and not on want. Leases and loans will lock you into a monthly recurring payment that may influence the amount of money you have available for emergencies such as car repairs, medical costs or replacing items that break in your home.
Recently, the ESRI recommended that the age of retirement be increased to seventy and government will gladly delay auto-enrolment, which forces employers to contribute to employees’ pensions until 2021. That means that now is the time to start contributing to a pension scheme.
Studies have shown that emotions influence spending decisions by 95%. The cost only influences decisions 5%. Personal finance is influenced 20% by knowledge and 80% by behaviour.
Speak to a registered financial adviser about the best options for your needs. Since not all savings are guaranteed, it is important to choose an option based on your risk category with which you are comfortable. A good financial adviser will be happy to check your fund with you every year and provide explanations of its performance.
Thinking before you buy can help you avoid becoming overextended financially. Examine your budget and expenditures to ensure that you can easily afford something you wish to buy before you commit. This principle applies to all types of investments, including phone contracts, new cars, homes or investments.
9. WEIGH UP YOUR OPTIONS
Most lenders will not approve loans with repayments that exceed 35% of your net monthly earnings. The rest should go towards your other living expenses.
The longer the repayment term on a home loan, the more you pay. In the long-term, you can end up paying two-and-a-half times the value of the purchase. Save money by opting for a 15year mortgage and start building wealth. Lending institutions will soon offer 15- and 20-year fixed term interest rate options, which will make it worth your while to shop around.
6. SPEND CASH - NOT CREDIT
If you spend more than 20% of your monthly net income on loans and credit cards - excluding your rent and mortgage - you need to make a few changes. This is a major red flag signalling potential future financial problems.
10. ROLL OVER YOUR PENSION
When you buy items on a credit card and you fail to pay off the balance, it will cost more in interest charges and that will impact on your savings over time.
If you have a pension and decide to change employers, find out about the options that are available to you. You should be able to take back your contribution if you have been paying for less than two years. Then you may either transfer the money into a self-managed pre-retirement bond that will give you control, or you could transfer it to your new employer. Either way, understanding your options now will ensure that you are prepared for retirement.
Instead, only use cash or only buy within your means. In a perfect world, paying off your total credit card bill every month will help you avoid large credit card debts that may prevent you from achieving financial security.
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TECH FREE APP TO TAKE PAIN OUT OF ORGANISING SCHOOL EVENTS Sunday Business Post
“The app is free for parents and schools and we will introduce some premium services later in the year – for example, Komeer Payments, which will allow schools to collect payments using our app. “We are also looking at some specific location-based child alert services and we’re developing a parent-teacher meeting organiser.” Walsh is also chief executive of Sky Business Centres, a lead mentor in Clontarf GAA Club, chairman of an Irish NGO, and chairman of Dublin City Enterprise Board Schools Enterprise Awards. “I’m acutely aware of the pain points in organising events and group communications – getting the message out to large groups of people and getting responses back,” he said. “Komeer came about as a better way for communicating rapidly and also encouraging participation and engagement or, in simple terms, getting people turning up at activities, getting more children attending speech and drama and sports activities like football or camogie. “If an event or activity is cancelled or the school has to close unexpectedly, it’s about getting the message out and getting a response back so you know the parents have got the message.” Komeer was one of 500 global start-ups accepted on the Facebook FbStart Programme in 2016 and was, last month, announced as one of two winners of the Dublin city Innovation Investment Fund programme. “We want Komeer in every school in Ireland and we also want schools abroad,” said Walsh. “We’ve met with more than 200 principals in Ireland and we have exhibited at IPPN conferences here and conferences in Oxford in the UK, where we now have eight schools signed up, and Atlanta in the US.”
Dublin businessman Pat Walsh has launched a new smartphone app that he hopes will replace SMS messaging and printed notes as the go-to method of communication between teachers and parents in Irish schools. Walsh has invested €120,000 in Komeer, a mobile two-way messaging service parents can download and use for free on iPhone, Android, Blackberry and Windows mobiles, using their email address to sign up via Facebook or Google. Schools can also use the Komeer app for free to announce upcoming events and meetings, discuss security issues, or announce cases of head lice or chicken pox. Unlike SMS texting, Komeer alerts are not limited to 160 characters. “They can create an unlimited number of groups – one for sports, one for each year, or class, and so on,” said Walsh, who has spent two-anda-half years developing the app and testing the Beta version with 30 schools before its official release last week. Users reading messages sent from schools via the Komeer app are required to tap their device to confirm receipt. Komeer automatically adds events to parents’ smartphone calendars. Map and location information is another key feature. Responses are summarised for the school on a dashboard, so the principal or administrator can see how many parents have received and responded to their message. “SMS messaging is used by 4,000 schools but its cost is increasing, so currently most schools are paying 5.5 cent per text message or up to €5,000 a year,” said Walsh.
SMART HOME ARRIVES IN IRELAND AS AMAZON LAUNCHES ALEXA AND ECHO The Irish Independent
available in Ireland for €3.99 per month per Amazon Echo device. Amazon Music Unlimited normally costs €9.99 per month for an individual plan that’s accessed from smartphones or other devices. The Echo smart speaker system uses “far-field voice recognition” with an array of seven microphones to hear users from across the room, while “beam-forming” technology combines the signals from the individual microphones to suppress noise, reverberation and competing speech. Amazon is bundling a Philips Hue smart lightbulb with the purchase of its Echo Plus smart speaker to encourage smart home adoption. The Alexa system ‘learns’ from users’ behaviour and habits. The company said that its ‘Alexa Skills Kit’ and ‘Alexa Voice Service’ is now available for local Irish developers to build compatible systems for locally.
The arrival of the smart home in Ireland just took another big step. Amazon has launched its smart voice system, Alexa, in Ireland. The company is now selling its Amazon Echo and Amazon Dot smart speakers directly into the country. Alexa, the voice-controlled artificial intelligence system that powers the smart speakers, will now work for local Irish services such as Ryanair, RTE and local radio stations. The system allows you to ask it questions, phone calls, send messages, play music or get news or weather. It also allows you to set alarms. It works with smart home gadgets such as lighting and heating systems, allowing users to speak commands to control household functions. Amazon has also announced that its rival to Spotify, Amazon Music Unlimited, is now
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HORSE RACING IRELAND SEEKS DEROGATION FROM LEGISLATION FOR STABLE STAFF
HRI’s chief executive Brian Kavanagh said he is hopeful of finding a solution to racing’s concerns. He also confirmed HRI is in talks with officials from the Department of Agriculture, Food & Marine as well as the Department of Business, Enterprise & Innovation which introduced a new and more narrow definition of agriculture during their 2015 amendment of the relevant act. He added that the issue is a “fundamental one” across the bloodstock sector but rejected suggestions that the dangers of 2015’s legislative change could have been anticipated before being passed into law. The legislation replaced joint-labour agreements previously in place across a range of sectors which were found to be unconstitutional and contained a more narrow definition of what constitutes agriculture. At Ballydoyle’s Labour Court appeal the definition of agriculture was given as “raising animals and crops for human consumption”. Many figures within racing argue that definition is too narrow. Kavanagh also warned its implications could hurt Irish racing’s international competitiveness.
Horse Racing Ireland has begun talks with two Government departments and is seeking a derogation for racing from controversial new legislation that removes agricultural worker status from stable staff. The implications of a recent Labour Court decision to reject an appeal by Ballydoyle Racing against Workplace Relations Commission compliance notices have been described as potentially disastrous for the sport. A 2015 amendment to the Industrial Relations Act means training yards do not qualify anymore for working hours exemptions allowed for agricultural workplaces. One of the country’s leading trainers, Ger Lyons, expressed bemusement at the new categorisation of stable workers. He said racing is already battling a staffing crisis and predicted the legislation will only make it worse. Trainers Association chairman, Noel Meade, has predicted some trainers will be “wiped out” by the change in status and Lyons is concerned about its implications for staffing levels already under pressure.
The Irish Times
GOVERNMENT APPROVES PROPOSALS ON COUNTER-TERRORISM LEGISLATION
The legislation mainly concerns flights in and out of the EU, but individual member states can decide to apply it to flights within the EU. There will be a Passenger Information Unit established which will be responsible for the collection, processing and transfer of passenger information data. Under data protection provisions, information will be deleted after five years. Information on a person’s race, political opinions, and religious beliefs may not be obtained. A further safeguard in the legislation will be that the Passenger Information Unit will have a Data Protection Officer who will be responsible for monitoring and ensuring compliance with data protection requirements.Responding to this measure, a spokesperson at the Data Protection Commissioner’s said: ‘‘This legislation is derived from an EU directive and it would be expected that it will adhere to Data Protection Legislation and jurisprudence set down by the European Court of Justice.’’
Minister for Justice Charlie Flanagan has said the Government has approved his proposals on counterterrorism legislation, which will require details of passengers on flights entering or leaving the State. The proposals come under the European Union directive Passenger Name Record (PNR) - that Ireland signed up to and must be implemented by 25th May this year. PNR means airlines will have to provide advance passenger information to authorities here and in other EU countries. Mr Flanagan said the shared intelligence resource is significant in the fight against terrorism. ‘‘It will facilitate informed, coordinated and targeted action among member states and enhance national and EU security to protect the safety and lives of individual citizens,’’ he said.
The Irish Times
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EVENT NE T WORKING
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Ten Steps To Better Networking Showing up unprepared or taking the principles of speed dating at a networking event are two ineffective uses of your time. Instead, do your research beforehand and plan your approach. That will ensure that your networking time is well spent and less intimidating. The key is to know exactly who you wish to meet and where you see mutual synergy. It’s not about casting your net as wide as possible, but rather about how someone can contribute to your business and what you have to offer in return.
Let’s be honest: few people are completely comfortable walking into a crowded room and striking up a conversation with a stranger. Most people are much more reserved; we take our time to choose a drink while fervently scanning the room for a familiar face - anyone we can latch on to.
MAKE THE MOST OF YOUR NETWORKING TIME BY KNOWING: who you want to meet -- what you want to say to them -- the impact you wish to make --
Networking is not about ‘‘working the room’’, although that is still better than not showing up at all. However, such a scattered approach fails to help you achieve genuine connections with other people. It is not only about meeting new people, but it also allows you to network with people you already know. A networking event allows you to nurture existing relationships by allowing you to tap into them more deeply. Regular contact with existing contacts keeps you on their radar when new opportunities arise, and it allows you to ask for help when you need it. When you call in a favour from a contact you have not spoken to in a while, you will gain a reputation as someone who only shows up when they need help.
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NETWORKING IS A TWO-WAY STREET 1. Prepare Identify the people you want to speak to ahead of the event.
2. Request Introductions Ask your network to introduce you to specific individuals that might help your business or career.
3. Find Mentors
When you network, consider what you have to offer that someone else needs and what you have to offer in return. By getting to know someone, you will be able to identify their needs and provide solutions to their challenges. Being generous with your time and skills can help you build mutually beneficial relationships.
Connect with individuals who are experienced and cultivate contacts that will help you progress.
4. Know Your Elevator Pitch You should be able to pique someone’s interest by describing who you are and what you do in a few lines.
Project warmth by looking the other person in the eye, and don’t underestimate the importance of a friendly smile and a firm handshake. A good handshake will let the other person know that you are credible and authoritative. A limp handshake, however, will make them think you are insipid or weak.
5. Be Clear Make your offer clear.
Ask questions and show an interest in the other person. By keeping conversation starters at hand, you can find common points of interest. Good conversation starters include asking questions that are relevant to the group or about current affairs.
6. Be Willing To Speak Nobody likes someone who listens to all someone else has to say, but is not willing to divulge anything themselves.
Knowing your audience and the topics that interest them will enable you to better converse with them, but you want to avoid coming across as too intense. Nobody likes the pushy networker who hands out business cards before you have even met. This behaviour may help overcome the awkwardness in the short term but it is viewed negatively by the networking community.
7. Listen Focus on listening instead of talking so that you can easily identify where a relationship might lead.
8. Pay Personal Attention
Instead, muster a smile, shake hands and use one of your prepared topics to start a conversation. Wait for the conversation to end before you offer your business card. Always be sincere and genuine. As you move through the room, you’re bound to recognise other networkers with similar traits.
Listen for any personal comments that might come up in the conversation as it may be helpful in cementing the relationship in future.
9. Stay Relevant
When it is time to extract yourself from the exchange, simply offer your hand and wish the other person well. Avoid lingering or promising to be in contact if you do not plan on contacting them. If you do envisage contacting them, commit to a timeline and be sure that you follow through. You may suggest meeting for coffee or a visit to the office.
Keep in regular contact with your network by sharing information and articles via social media.
10. Build A Large Network
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HOW TO INSPIRE TRUST IN YOUR STAFF One of the most important aspects in any business, is the relationship between a boss and employees, but this is a topic that is rarely discussed in management schools.
A POORLY-MANAGED TEAM IS EASY TO SPOT: • • • • • •
Individuals refer to their colleagues and the team as a whole as ‘‘they’’, rather than ‘‘we’’. There is poor collaboration and very little cooperation. Communication is below par, and individuals tend to roll eyes and use sarcasm. Stress levels are high, as are absenteeism rates. Employee turnover is high. There is a bad atmosphere in the workplace.
A well-managed team, on the other hand, uses ‘‘we’’ and ‘‘us’’ conversations. They collaborate and cooperate with one another, have genuine conversations, and form real relationships with plenty of laughter. Teams tend to plan on sticking around, the people are happy and the team achieves great results.
The best employers don’t miss the opportunity to cultivate their people. They establish quality relationships in the workplace by cultivating trusting relationships between managers and employees. Trust is the single most important factor that sets apart quality relationships in the workplace.
Becoming a manager is an interesting concept. We start out with the very best of intentions, but when we’re responsible for other people, it can be difficult to create the ideal workplace.
Since we are not taught why relationships with employees matter, we don’t think about the importance of fostering them. Trust is not taught in management school, in college, or even in MBA programmes. Most companies focus on mainstream management, and teaching trust does not feature in their inhouse training programmes. Management training has failed to keep up with the most important element in employeeemployer relationships.
Having worked under a manager, we know and understand the attitudes and behaviours that we value in a person. We know what a manager can do to make us feel happy, valued, respected and generally good. However, putting this knowledge to work when dealing with our employees, is usually much harder.
Most management courses teach employees how to handle the resources at their disposal - from machinery and equipment to facilities and vehicles. We are taught how to manage the people who are responsible for the resources, and how to achieve the required outcomes - service standards, sales budgets, and production targets - using the resources. However, most of us have never had explicit training in achieving these goals by building trust with our employees. That is, after all, the secret to lasting success as a manager.
Over the last three decades, a philosophy has evolved to help bridge the disconnect some of the leading employers in the world face in terms of managing people with the knowledge economy. The aim of management is to engage people in such a way as to bring out the best in them. A manager understands that people are the backbone of their company. Sadly, not all organisations understand this important philosophy. They say all the right things about people being their most important asset, yet they manage them as though they are an afterthought.
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WHAT IS TRUST
Positive workplaces thrive on trust, which enables them to make the most of their talent. People who work in emotionally uplifting, safe and secure environments tend to feel empowered, which makes them want to contribute to the well-being of the organisation. As a result, the team becomes more than just the sum of its parts. People who are trusted trust one another. Employees start to look at the team as more than just colleagues or co-workers; they become family. They will use ‘‘us’’ and ‘‘we’’ language, and they will want to belong to something bigger than themselves. A team mindset will encourage employees to think about the wellbeing of the team and the organisation, instead of focussing on themselves and their own interests.
According to the Oxford Dictionary, trust is a firm belief in someone’s ability, truth and reliability.
It is not only managers who benefit from cultivating high-trust relationships with their employees, however. Employees tend to fit in better and feel more at home in organisations where trust is an integral part of the organisational culture. Good workplaces tend to develop great reputations that attract the right talent to apply to job vacancies, which in turn help them fill the organisation with more awesome people. It all starts with understanding the employee values and attitudes that match their organisations best.
Trust is the key to successful relationships between employers and employees. These are the relationships that form a foundation upon which great organisations with a trust culture are built. In the workplace, a manager has the great responsibility of knowing that his or her every action and every word spoken can make or break their employees’ trust.
Research has proven that even in less strong workplaces, managers who achieve strong trust relationships with their employees and create positive working environments for their teams, receive much in return. Managers who own the trust of their employees tend to be able to achieve much more in the workplace.
Amazing workplaces have the leading edge that help them achieve great results: 1. They know what they are looking for in team members. 2. They get to take their pick from a larger pool of potential candidates.
Since their teams are focussed on achieving business objectives, employees are less distracted by issues that are common in environments where trust is lacking. Workplaces that lack trust tend to lack clarity about goals, and as a result the workplaces suffer under the pressures of poor communication and internal politics.
3. They are skilled at finding the perfect candidate for each job. Once the ideal candidate is appointed, he or she feels instantly at home in the new environment, which helps the whole team to achieve their objectives without missing a beat.
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ECONOMY NOW IN STRONG POST-RECOVERY PHASE - IBEC
‘‘In addition, figures show that Irish households are now in a positive net financial position (deposits outweigh loans outstanding) for the first time since the late 1990s. As a result, the net wealth position of Irish households in nominal terms has never been better whilst high Government debt is falling rapidly toward European norms,’’ Mr Brady said. But he said the major question facing the economy over the coming years will continue to be the ability of the economy to meet the needs of a growing population in a sustainable manner. He said that major challenges are already clear in the housing sector. ‘‘Our estimates today show that to meet Rebuilding Ireland’s target of 26,000 house completions along with other construction needs by 2020 there will need to be in the region of 50,000 additional construction workers,’’ he stated. Meeting 40,000 housing units a year would increase this to almost 80,000 workers, he added. ‘‘Delivering on the promise of growth with stretched capacity and a tight labour market, whilst also maintaining competitiveness, will be a key challenge ahead for both business and the Government,’’ Mr Brady stated.
The Irish economy has moved past its recovery phase and has enough strength and momentum to shrug off the impact of Brexit in 2018, according to an upbeat forecast from employers representative group IBEC In its latest economic outlook, IBEC said the current phase of growth is more sustainable than the Celtic Tiger era as it is based on business investment rather than being fuelled by excessive borrowing. IBEC’s latest outlook forecasts growth of 4.2% for this year following expected growth of almost 6% in 2017. ‘‘All indicators are now pointing to strong and sustainable growth in Ireland’s economy in 2017 and 2018 underpinned by business investment and strong consumer spending,’’ the employers body stated. It said that Irish households are clearly benefiting with real disposable incomes growing at over four times the Euro zone average and per-capita income in working households now likely to have passed out its pre-crisis peak. IBEC’s Head of Tax and Fiscal Policy Gerard Brady said this current phase of the Irish economy is more sustainable than the ‘‘boom’’ period as it is underpinned by business investment in plant, machinery and equipment (excluding IP and aircraft leasing activities) of almost €1 billion per month.
www.rte.ie/news
ҊҊ 30% of business have identified the steps/actions needed for their business. 70% have not ҊҊ 76% of businesses are concerned about GDPR ҊҊ 32% of businesses are planning to use an outside resource to help with their GDPR action plan ҊҊ 67% of business would like to see training offered on GDPR ҊҊ 41% of business have a staff member who is responsible for overseeing compliance with data protection and preparing for the GDPR. ISME CEO Neil McDonnell said: ‘‘Today’s results paint an interesting picture of GDPR compliance.’’ ‘‘We received a very healthy response to this survey, which tells us businesses are curious about it. One of the main findings is that businesses are aware of GDPR, but know very little about the intricacies of compliance.’’ ‘‘The impact of non-compliance of GDPR on a business could be serious, as there is a serious fines regime in place to discourage it.’’ ‘‘Businesses must take these new measures seriously’’.
ISME: IRISH BUSINESSES UNPREPARED FOR NEW DATA PROTECTION REGULATIONS Irish Small and Medium Enterprises (ISME) has warned Irish companies to implement the changes to comply with a new data regulations. The General Data Protection Regulation (GDPR) will come into force May 28th of this year, replacing the existing protection frameworks under the EU data protection directive. A new General Data Protection Regulations survey by ISME gives a breakdown of GDPR compliance among SMEs and the actions taken to date on GDPR compliance. It found that: ҊҊ 83% of respondents are aware of GDPR ҊҊ Only 7% of businesses of businesses have completed their GDPR plan ҊҊ 60% of respondents use and collect Personal Data ҊҊ 30% are unsure if what they hold is considered Personal Data ҊҊ Only 38% could name any of the changes that GDPR will bring
The Irish Examiner
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Millennials IN THE WORKPLACE Don’t take their rejection too seriously, because they might return soon enough
Millennials have been stereotyped as the most demanding and ambitious generation to have entered the Irish workforce. This is the generation that will be leading organisations by 2025. Individuals aged between 18 and 36, millennials, have become the most influential segment of today’s workforce and population.
Some of the reasons cited for job satisfaction among millennials, include work/life balance, flexible working options, opportunities for development and progression, recognition and support from managers, relationships with colleagues, transparency and company culture. However, millennials don’t always leave their jobs because they are unhappy. Instead, they make a move in order to gain new experiences that may not be offered by their current employers. These are some of the reasons why they leave:
Experts recommend that instead of stereotyping them, we should, rather, transform workplaces in order to reflect their attitudes, needs and values. According to a new report titled The Workplace in 2025, millennials value flexible workplaces, salaries and career progression as key factors that influence job satisfaction. The online survey was compiled using the input of well over 3,400 Irish professionals.
• They want to change to a different sector • They want to work in a bigger or smaller company • They want to acquire new skills that are not available within their current roles • They want to change work environments to more formal or casual, or something similar • They want to take a career break to travel • They are relocating to a different city or country.
Being raised in a world where social media and technology is ubiquitous, these individuals have a unique set of career and job expectations. They are therefore no longer motivated by the same factors that inspired older generations. A few years ago, we were motivated by the prospect of a life-long job. However, millennials in today’s workplace value a good work-life balance, flexibility and opportunity.
The survey suggests that 25% of millennials would gladly return to their previous employer after some time away, especially those who left for personal reasons, to travel, or to further their careers. These workers don’t leave because of negative reasons, but are known as boomerang employees. They are familiar with a company’s values and culture and typically have established employee-employer relationships. They love to gain new connections and experience, which will benefit the organisations to which they return.
Millennials are fast starting to dominate the workforce, and they bring with them new perceptions of office life. Longheld management practices within the workplace are being transformed, and research shows that by 2025, the workplace will be much different to what we are seeing today. Millennials don’t place stock in the practices and values that mattered in previous generations. Instead, they value collaboration, flexibility, mobility, equality and transparency.
Due to their propensity to return to former employers, it is important to negotiate the exit process carefully. Boomerang employees tend to achieve high levels of productivity quicker than first-time employees, which makes them the ideal workers. As such, some organisations have come to expect this as the norm. Provided the exit process is handled correctly, it creates the perfect foundation for easily re-hiring the boomerang employee in the future. Some organisations have started creating alumni networks, which enable them to actively design hiring strategies that target former employees.
A company’s future recruiting and talent retention will depend on its ability to embrace the shifts that are taking place at the hands of a millennial workforce. Companies who wish to stay current and remain competitive must adapt to the changes. Seventy-five percent of millennials surveyed experienced high levels of job satisfaction. In contrast, a third were unhappy, which is significantly more than in previous generations.
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BOOK YOUR SUMMER HOLIDAY NOW AND SAVE
Do you wish to enjoy a peak summer trip with the family in 2018? Looking to save some money? Then now is the time to book your getaway! Of course, this does not mean that you’ll be too late to pick up a good deal on a short-haul trip if you’re only able to book in February or March. Many companies will still have a few lastminute deals available. With more people booking long-haul trips, there will be more short-haul deals available.
According to Sarah Slattery, founder of thetravelexpert.ie, most of the popular holidays are already booked up. However, you can still snag some early booking discounts of up to 25% if you hurry, as some might run out in days or weeks. Clickandgo.com offers savings of up to €150 per person on early accommodation bookings. The earlier the bookings, the better the savings. An example of one of the company’s recent offers would be a week-long four-star, self-catering family holiday for two adults and two children in the Algarve for as little as €1,399, or a week-long three-star, self-catering Lanzarote holiday in June for only €1,269. The prices include flights and transfers from Dublin and seven nights’ accommodation, but not checked-in baggage.
Over the last few years, airlines have increased the number of flights they offer to long-haul destinations, which made it easier for travellers to jet off to far-flung locations. Holidays to Portugal and Spain may not be that much more expensive than one in Europe and if you are lucky you may get a deal that makes it even cheaper.
Airport transfers and check-in baggage can quickly add up to a few hundred Euro on top of the cost of your holiday, so be sure that you compare packages carefully. When it comes to accommodation, cheapest rates are often non-refundable, so if you book early, be aware of the terms in the event that you have to cancel.
Several airlines are opening up a number of new flights in 2018, which means that Irish holidaymakers will be spoiled for choice when it comes to direct flights; one of which includes a flight from Dublin directly to Philadelphia. This flight will be available through Aer Lingus from March 25th and will run four times a week and a daily summer service from May 18th. They will also offer a direct flight from Dublin to Seattle starting on May 18th, running four times a week.
Portuguese and Spanish summer holiday prices have increased significantly in recent years. A couple with three children could easily pay well over €5,000 for two weeks in Costa del Sol in July, or over €4,000 for a four-star holiday in Algarve.
Air Canada will be travelling from Dublin to Montreal and from Shannon to Toronto during summer, offering four flights a week. This is an addition to their current direct flights from Dublin to Toronto and Vancouver.
If you want to travel to Spain, avoid the tourist hotspots like Malaga and opt instead for Vigo or Bilboa. RyanAir offers flights from Dublin to Santander Airport near Bilboa and to Vigo and Aer Lingus also flies from Dublin to Bilbao and to Santiago de Compostela near Vigo.
Cathay Pacific will be flying directly from Dublin to Hong Kong four times a week, starting in June. It will be the first ever direct flight offered from Dublin Airport to Asia-Pacific. With the increased availability of flights to North America, costs of travelling to the US have decreased significantly. However, it is important to consider on-the-ground costs. While parts of America are cheap, some parts can be expensive, especially Las Vegas, Los Angeles, San Francisco, Miami and Orlando. Instead, use Los Angeles and San Francisco as a gateway to rural Nevada and Salt Lake City.
Another great option in Spain is Catalonia. The political unrest in Catalonia could impact on the price of holidays in Tarragona, a port city in Catalonia, causing prices to work out cheaper than at other spots in Spain. Instead of the Algarve, you may consider the coast between Porto and Lisbon as an alternative. This area offers significantly cheaper meals and beer than your traditional Portuguese hotspots. Ryanair offers flights from Dublin to both Lisbon and Porto.
In terms of on-the-ground costs, Asia (Vietnam, Cambodia and Thailand in particular) might be a cheaper option than the US. South America and Thailand offer good value when you want to take advantage of the lower long-haul travel costs.
Although Ireland did not qualify for the 2018 World Cup, the competition might still work in our favour, as there should be less competition for Portuguese and Spanish rooms that are usually taken up by German fans.
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John Breen BCL PARTNER John Breen was awarded an Honours Degree at University College Cork in 1994. John resides locally with his wife and two children. He trained with H.D. Keane Solicitors and joined the firm as qualified solicitor in 1998. He became a Partner in 2003 and Managing Partner for the firm in 2012. He practices in most areas of law with particular emphasises on Personal Injury Claims, Commercial Conveyancing and Employment Law. Contact John
john.breen@hdkeane.com
051 874856
PARTNER
Nicholas Walsh qualified as a solicitor in 2005 having completed his studies at the College of Law, Chester and trained in the UK. He joined the practice in 2005 and became a partner in 2012. He deals mainly in the area of commercial/banking/agricultural conveyancing, and family law. He completed a post graduate Diploma in Family Law in 2008. He is a former president of Waterford Law Society and resides locally with his wife and four children. Contact Nicholas
051 874856
Nicola Walsh BA SOLICITOR Nicola Walsh qualified as a Solicitor in 2011 having completed a Bachelor of Arts Honours Degree in Legal and Business Studies. Nicola specialises in general conveyancing, wills, probate and the administration of estates, estate planning and litigation. Contact Nicola
nicola.walsh@hdkeane.com
051 874856
Frank W. Hutchinson SOLICITOR CONSULTANT Contact Frank
051 874856
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HD Keane & Co is the old name of the firm change to HD Keane Solicitors.
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Frank Hutchinson was a Partner for the firm for 25 years. Frank qualified as a solicitor in 1985. He is a Consultant with the Practice and specialises in Wills, Probate and Administration of Estates and Conveyancing. He is the State Solicitor of Waterford. Frank.hutchinson@hdkeane.com
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