5 Key Employment Trends We Will See in the Energy Industry in 2021

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StrategyDriven Talent Management Article |Employment Trends|5 Key Employment Trends We Will See in the Energy Industry in 2021The year 2020 hit the world hard and changed the way many people live and work. One industry that took a hard hit was the energy industry. Companies could no longer fly their employees around the globe to work, they could no longer pack employees into smaller workspaces spaces, and many companies were hit hard in terms of profit. The below takes a look at five key employee trends that this industry expects to see in 2021.

One: Salaries are Expected to Rise

Last year saw many employees in the energy industry not getting an increase in their salary. According to experts, some even saw their wages drop in 2020. The good news for 2021 is that salaries are expected to stay the same or even increase for those in the energy industry. Visit with an oil and gas recruiter denver to find out the current pay rate.

The pay rate for a person working in this field will vary based on their exact position, the company they work for, and their experience. Those who are new to the field will make less than a person who has worked consistently with the same company for years. According to the Society of Petroleum Engineers, reservoir engineers in the United States reported an average salary of $158,857 and production engineers saw an average salary of $147,439.

Two: Employees Will Be Sought from Around The Globe

Companies are open to hiring employees who are not from the company’s home country. People are needed to fill vacant positions, and companies struggle to find enough people to fill vacant positions. One major trend for 2021 will be companies seeking employees from all over the globe, not just from one country.

Not having enough employees has caused issues in 2020. The issues companies have faced due to a people shortage include missing project deadlines, not meeting project needs in terms of production, and not being able to meet safety standards due to having an employee shortage. By seeking talent globally, companies will meet deadlines, improve production, and increase safety measures.

Three: Increased Career Mobility

When a person takes a job, they do so with the expectation they may move up in the company. Moving up allows a person to make more money and take on more responsibilities with a company. Companies in the energy industry want to retain their employees and therefore are expected to offer job mobility opportunities.

Four: 2021 Will Continue With the New Employee Normal

Before 2020, very few people knew what it meant to social distance. When the pandemic hit in 2020, this saw employees in the energy industry adjusting to a new normal. This new normal included safety measures like social distancing, fewer employees in a workspace, and reduced international travel. For 2021, that new normal is expected to continue for these employees.

Five: Employees are Expected to Be Happier with Their Careers

Since salaries are expected to rise, the people that work in this field are expected to be happier with their jobs. Employees may be able to go back to traveling the globe for work, as travel restrictions are expected to loosen in 2021. Employees are also expected to be happier as their opportunities for career growth are expected to be there.

The five items listed above are the expected employment trends for those in the energy field. While 2020 was a hard year for everyone, things are looking better for 2021. Those looking to get into a new field should definitely consider going into the energy industry.

4 Things to Consider When Starting a Small Business

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StrategyDriven Starting Your Business Article |Starting a small business|4 Things to Consider When Starting a Small BusinessWhen starting your own small business, there are many things that you will need to think about, include and develop in order to help boost your brand and grow your customer base. Whatever type of products or services your business offers, it is important to make sure you are organized and prepared to take the industry by storm. Here are just a couple of things you might not have considered yet when thinking about starting your small business.

Branded Products

These are brilliant marketing tools, as you can effectively turn your customers into walking advertisements for your brand. Using a customizable swag store and getting your logo printed onto a variety of different items may not be something that you have yet considered. Branded products are incredibly useful in many different ways and not just for marketing. They can be used as giveaways or competition prizes, freebies at tradeshows, and also given as a ‘thank you’ to customers to help build relationships and encourage return business. You can also use and wear them yourself in order to get your logo out there, and if you have staff, they are a great motivator and gift to receive in the post and keep your team working hard!

Social Media

Social media is an incredibly powerful tool when it comes to online marketing. It is cost-effective, can reach large audiences, and also gives you the ability to look at the analytics and see what’s working and what isn’t. Keeping your platforms up to date is very important, as a huge number of users follow at least one business. If you don’t have a dedicated social media team, then there are plenty of courses or management software that you can use to make the most of social media.

Virtual Tradeshows

For a small business, it may not be possible for you to attend tradeshows for a huge number of reasons. However, with more and more moving online, it might make it more accessible for you. Virtual tradeshows allow you to demonstrate, promote and engage with your audience and clients remotely. This reduces this need for expenses such as accommodation and travel, which allows you to spend more on items such as branded products. You can still utilize this powerful marketing tool with virtual events, sending out products to new customers, and following up on any leads you generated.

Collaboration and networking

Don’t forget to reach out and see what other small businesses are doing. Asking for advice or help is not a bad thing; not everything has to be a competition. Networking and collaborating with others can give you valuable experience and contacts, as well as creating good working relationships. Every small business had to start somewhere, so those with more experience than you may have valuable advice. It is also important to maintain relationships with customers to make sure they have a good experience and are more likely to return or leave good reviews.

What Is CFD Trading & How to Use It

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StrategyDriven Entrepreneurship Article |CFD Trading|What Is CFD Trading & How to Use ItAlthough CFDs (Contracts for Difference) made their first appearance on the financial market less than 30 years ago, they are now an integral part of the Forex market. CFD trading online remains a realm of vagueness for many traders and even brokers, but one can’t deny that the number of benefits offered by CFDs is 3 times larger than the number of risks. Of course, the risks are high, as it’s a foreign exchange trading instrument, but proper application is called to solve the problem for a trader who knows how to control their emotions. Let’s get introduced to CFDs!

What It Really Is

Contract for Difference (CFD) is an agreement between 2 parties to pay the difference between the opening and the closing price of an asset. The benefiting party is always the one that predicts the trend correctly. Using a CFD, parties can participate without owning any assets at all. Both profit and loss appear when the price of an underlying asset mentioned in a contract goes above or beyond the opening price. CFDs let you speculate on the price movement without the need to invest in ownership but oblige you to pay the difference if your prediction appears to be wrong. The bright side is that your earnings can be impressive. CFDs are usually traded throughout the day, and it’s normal to run multiple trades daily.

Here is a quick example for you to better understand the trick. Imagine that you choose a $50 stock and open a CFD position worth 10 shares. On a stock market, this would cost you $500 plus fees. When you “purchase” a CFD, you pay only a 5% margin (although this may vary), so opening a CFD for the same asset will cost you around $25. That’s 20 times less! The payment for such a level of comfort is the risk, and your reward must always cover the spread cost of your broker.

Let’s also compare this instrument to a classic stock. Imagine that the price of the stock you selected grows and reaches $55. If you owned it, your asset worth could be $550. That’s a good profit if we ignore the commission. But what happens to the CFD opened for the same asset? It generates the same profit, while the initial investment is 20 times lower. The cost-reward ratio is bigger as well as the cost-loss ratio.

Benefits of CFDs

Here is the full list of benefits offered by this arrangement:

  • Low entrance costs – trading CFDs requires minimal investments. Most brokers charge very low or even zero commissions by earning on the spread instead. Its size depends on the underlying asset volatility.
  • Lower day trading costs – most markets require larger initial capitals and don’t let you trade multiple positions per day until you grow big enough. CFDs don’t require asset ownership, so opening multiple positions with as little as, say, $1,000 is not a problem.
  • Diverse vehicle selection – are you interested in treasury, commodities, cryptocurrencies, indexes, Forex? There’s a CFD opportunity for a large variety of asset types.
  • Leveraged trading – CFDs let you apply higher leverage than any traditional instrument but keep the average margin at around 2%. Due to this, you can enter significantly larger positions and generate a larger income from day-trading. Don’t forget about the multiplied losses, though.
  • Accessibility – reliable CFD brokers let you enter all the major markets and work 24 hours a day if the broker trading hours are flexible enough.
  • Weaker shorting rules – generally, CFDs don’t involve higher margin requirements. You are not required to own any assets, so there’s no need for shorting rules either. This results in zero shorting costs!

Risks to Manage

Although the benefits are so great, they go hand in hand with considerable risks that you should never forget about. Here they are:

  • Legislation – the legal regulations on the CFD market aren’t as well-established as in traditional markets. Finding a trustworthy broker is much more difficult, so it’s highly important to assess the financial position and credibility of many brokers before starting out.
  • Margin trading – margin trading lets you increase the earnings but also draws your eyes from the total exposure. Instant losses can exceed your deposits multiple times, so stay aware.

Is It Worth It?

Like any other financial instrument, CFD isn’t for everyone. It can be risky, but it’s also manageable if you master your emotions. Do that to keep your grip cold and strong, and enjoy the benefits.

Why Hire a Financial Modelling Consultant

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StrategyDriven Managing Your Finances Article |Financial Modelling|Why Hire a Financial Modelling ConsultantWhen you’re starting a business, it’s a default action to try and do all the heavy lifting to get your ideas off the ground. Many entrepreneurs are often guilty of overburdening themselves with tasks they can hardly accomplish.

Aside from the stress and distraction that shifts your focus away from things that truly matter, there are some areas that, given your lack of expertise, could damage your business rather than benefit it.

A case in point is financial modelling. Financial models are a set of assumptions regarding the future financial conditions of a business, including its earnings, revenue, and cash flow, allowing them to reduce the risks and make better, informed decisions.

Hiring a financial modelling consultant provides you with access to their expertise, filling gaps in your own skill sets. In this article, we are discussing the reasons to bring in outside help.

The 5 Benefits of Hiring a Financial Modelling Consultant

Financial modelling consultants are hired to assist businesses with their budgeting, forecasting, capital raising, and other crucial business decisions such as mergers and acquisitions. Smaller businesses, particularly start-ups, usually outsource this service instead of hiring an in-house consultant. Regardless of the way you hire this professional, you can get access to their following skills:

Expertise

You may have a profitable business idea and the resources to get it started, but you may struggle to conduct market research and translate data to a comprehensive financial model and a succinct marketable plan. An expert consultant fills these functional gaps, helping you construct a model that provides immediate answers to things that may take a while to actually take place. This allows you to plan accordingly and make certain decisions.

Constant Monitoring

As you launch your business, your financial modelling consultant will also monitor the performance of your business—compare the actuals to the budget. This is a crucial factor that will allow you to make adjustments to realign your plans and ensure that you will complete a particular task or achieve a milestone at the end of the day.

Domain Experience

When venturing into new markets or launching a new product/service offering, you can benefit from seeking advice from a consultant who has experience in that particular domain. They can use their past consulting experience and familiarity to get the project done more efficiently by saving you from the need to conduct years of industry research.

Different Perspective

Because they are not engaged in your day-to-day operations, financial modelling consultants can analyse your situation with greater objectivity. It also makes them more apt to identify possible issues and opportunities. They’re also more likely to be updated with the latest solutions, thus are more versed in using them.

Time

Perhaps the greatest value of hiring a consultant is the fact that they are sharing a part of your burden. They will handle strategic responsibilities while you remain focused on the day-to-day operations that drive ongoing revenue and sustain your business operations. From an economic point of view, outsourcing this service is often more cost-effective than allocating resources to hire additional in-house staff to fulfil the need.

Aside from these direct benefits, hiring a consultant can provide other advantages. Because of their existing relationships with their clients, you can connect to an entirely new network of potential customers, investors, suppliers, and more.
If you have any more benefits to add to the list, let us know by leaving a comment below.

Will Passwords Soon Be A Thing Of The Past?

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StrategyDriven Risk Management Article |Passwords|Will Passwords Soon Be A Thing Of The Past?Is it only a matter of time until we see the death of passwords as a security measure? In fact, many believe passwords offer very little security at all. A mere word, with a few unique characters or numbers, is supposed to protect all of your personal details and payment information. Is this really enough?

The landscape of digital security is changing all of the time. Hackers are becoming more and more sophisticated with every day that passes, which means that we simply cannot afford to remain stagnant. We need to make a conscious effort to patch all possible security vulnerabilities, and many believe that passwords are a major problem!

To ensure that your business is up to date with all of the latest security efforts, you need to team up with an experienced IT company, such as Haycor IT support. Businesses like this can help to make sure that you’re using the latest methods and approaches, giving your business the best possible protection. Plus, all businesses are different, and this is why a bespoke approach is a must. Security is not a one-off thing; it is something that needs to be addressed all of the time and the security approach must be layered, meaning a range of different tactics are used to ensure the highest possible level of protection.

With that being said, let’s take a look at the use of passwords in further detail so that we can understand the concerns and what steps may be taken to move forward in this area.

Choose your password

Nowadays, it’s constantly drummed into us that we need to protect ourselves online and choose our passwords wisely. Most companies offer a feature telling you how weak or strong your password is as you compose it. Yet, did you know that 8.5 per cent of people use either the word ‘password’ or ‘123456’ as their password? In fact, 40 per cent of people have a password that features in the list of the Top 100 Passwords, with ‘iloveyou’ and ‘abc123’ being some of the most popular.

So, whilst the tech-savvy user may construct their password using a random sequence of numbers, unique characters and letters, it appears that most people are doing very little to make their password not guessable. Even so, with intelligent hackers ready to pounce, even those with complex passwords can suffer.

What’s the alternative?

It seems digital profiles may be the way forward. We have long toyed with the idea of using biometrics, such as a fingerprint reader or some method of voice identification. The problem with this is that such technology is buggy and expensive. Because of this, no one uses them, and consequently, they are never improved nor do they become cheaper. So, it’s unlikely that this will be the immediate solution – although we shouldn’t rule out biometrics being used in the future.

Instead, online identity verification will likely be a natural transition. This may well include the use of passwords, but passwords will only make up a very small portion of the identification system. The multifaceted process will be based on everything from where we go, to when we go there, to who we are, to what we do, to what we have with us and how we act when we are there. We already see this on a small scale with the security measures that are in place to identify an unusual pattern in an individual’s shopping behaviour, such as excessive spending.

  • Protect yourself now
  • But for now…
  • Never use the same password twice
  • Use long passwords
  • Use all authentication methods offered
  • Don’t use a dictionary word
  • For password recoveries, use a secure and unique email address
  • Give bogus answers to security questions

So there you have it: an insight into some of the worries and concerns regarding passwords. When you consider this, it is not hard to understand why we may end up embracing different solutions, such as a digital profile. We have already seen the move to two-factor authentication so that people have to do more than input a password to gain access to a system. However, we should not expect this to be the final change when it comes to enhancing security. More still needs to be done. For now, though, make sure you’re using strong passwords and you are changing them on a regular basis too. Plus, consult with an IT expert to ensure that your business is protected.