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New Monaco Law includes Restrictions on Solicitation for Financial Products

Financial entities not licensed in Monaco that are currently servicing Monaco clients are recommended to conduct a review of how they service and approach their Monaco client base.

Monaco law on financial activities has recently been modified by Law 1.515 dated 23 December 2021 which was published in the Monaco legal gazette on 7 January 2022. One of the main changes is the introduction of a general prohibition for entities not duly licensed in Monaco to conduct solicitation for financial services and products even on a cross-border basis.

Initially, the draft bill contained restrictions on cross-border solicitation from non-licensed entities that were limited to natural persons acting outside the scope of their financial activities.

At a late stage in the legislative process, this reference to “natural persons acting outside the scope of their financial activities” was deleted and the prohibition to solicit now applies irrespective of the category of investors.

Such prohibition is supplemented with criminal sanctions (potential fines and jail sentences).

The broad scope of this new prohibition and the absence of any of the habitual exemptions (e.g. private placement, offer reserved to institutional and professional investors, etc.) carries its load of legal uncertainty. This situation is detrimental to the local private banking sector which rely on offshore issuers of financial products to service their local client base.

We have received a significant number of queries from global financial institutions servicing Monaco players of the private banking and asset management sectors, including external asset managers to ascertain the risk level in relation to this new unfavourable legal framework.

For entities not licensed in Monaco that are currently servicing Monaco clients, we recommend to conduct a review of how they service and approach their Monaco client base to ascertain whether any adjustments are necessary.

Our Firm has a strong expertise in providing legal and regulatory assistance in relation to financial activities and is regularly involved in structuring cross-border and local activities in compliance with Monaco law.

A Comprehensive Guide On Modernising A Company’s Payment System

Many businesses are modernising the way they accept payments. The modern-day world is exceptionally fast-paced. Customers and businesses all over the world are always on the move. This means that if you want to stay afloat, you need to hop on that fast-moving train.

Digitising the different aspects of your company, including the way you handle transactions, will allow you to grow your business. Believe us when we say that the time you receive your payments, whether it’s on the day of the sale or a month after, influences your operations. This article serves as a comprehensive business guide on modernising your company’s payment system.

Embrace the Digital Changes

If you’re not sparing your customers from making trips to your store, then you’re doing something wrong. Nowadays, more and more people understand just how valuable their time is. They don’t want to drive long distances or wait in lines just to make a purchase or settle balances. This is why online shopping and the ability to make payments via smartphones have grown quite popular over the past few years. Depending on the nature of your business, enabling online transactions and the ability to check credits and balance dues can help you transform your business.

Provide Various Payment Options

Accepting cash-only payments can limit your business’ growth. Besides the fact that online shopping doesn’t support cash payments (unless you offer cash upon delivery), many people, especially those who don’t like to carry cash around, prefer alternative payment options. Accepting payments via credit cards, cryptocurrencies, PayPal, and bank transfers or direct drafts would be more flexible and convenient for your customers. Having various options accounts for the fact that different people have different preferences when it comes to completing payments.

Implement a Point of Sale System

A POS system enables your team to accept payments and track sales. You may be thinking this sounds like the average cash register at your storefront. However, many people don’t know that modernised versions are completely digital. Meaning you can check out customers from anywhere in the world, according to the expert team at harbortouchpossoftware.com, as long as you have your software’s app and a smart device. If you have a brick-and-mortar store, you can have a sales associate contact your customers upon making their purchases.

The employee can scan the ordered item using a barcode scanner when this happens. If you have an online store, the item is typically scanned when the customer checks it out. The POS system then calculates the item’s price and factors in any sales taxes. The inventory count is then updated after the sale. POS systems support numerous payment options and generate printed or digital receipts of the transaction.

Make the Process Easier

Your customers shouldn’t have to worry about entering their credit card and billing details every time they shop through your online store. The longer the check-out process, the more likely they’re going to put it off. Integrating options like Samsung Pay and Apple Pay in both your physical and online stores can be very beneficial. This way, your employees can skip the tedious task of verifying each customer’s information. You can also allow your customers to save their billing details and shipping address onto your online shop. Auto-pay systems eliminate repetition by allowing your customers to only enter their information once.

Prioritise Security

While digitisation and technological advancements have facilitated numerous personal and business-related interactions, they also opened up a whole new world of threats and dangers. Hacking, identity theft, and other cybercrimes are becoming more frequent. This is why many people still feel sceptical about entering their payment information online. Using HTTPS, TRUSTe, and other privacy management solutions can help you secure your customer’s information. However, you must actively lookout for digital threats and security breaches.

Unlike cash payments, which involve the physical acquisition of money, online finances, as well as the information that controls it can be accessed through various entry points. For this reason, you need to conduct thorough evaluations and assessments of your encryption procedures. You can consider hiring services or outsourcing teams to help you verify your PCI compliance. This verification process helps you determine the cracks in your system’s security. It can also help you find ways to diminish data loss.

Online payments and transactions via smart devices are growing increasingly common across the globe. It is now considered customary for businesses of all sizes to implement them, especially if they want to stand a chance in the competitive market. Referring to this guide can walk you through modernising your company’s payment system to make it more flexible and convenient.

10 Helpful Ways Predictive Analytics Can Grow Your Staffing Agency

Predictive analytics is a particular category of the broader data analytics field that aims to predict future outcomes based on data and analytics trends and techniques. These techniques include machine learning, statistical modelling, and more. In the staffing agency environment, predictive analytics can generate accurate future insights that promote business growth and aid in the development of sustainable long-term staffing strategies.

Businesses can use past and current data and HR predictive analytics models as tools to forecast behaviours and trends days, weeks, years, and even decades into the future. A vast range of businesses and organisations now use predictive analytics to benefit their operations. According to a Zion Market Research Report from 2017, experts expect the global market to reach over $10.95 billion in value by 2022, growing at a compound annual growth rate of roughly 21% between 2016 and 2022.

The recruiting industry has gone through significant changes over the past few years, especially in light of the impact of the COVID-19 pandemic. The face of business operations and staffing requirements have changed for good.

New technologies and technologically informed hiring strategies have certainly played their part in these changes too. Here is how social expertise, innovation, and predictive analytics will shape the growth of staffing agencies in the future.

The Benefits of Predictive Analytics for Staffing

Are you looking to learn why and how to use predictive analytics in HR? Predictive analytics has a wide range of immediate and long-term benefits for the staffing industry, including the creation of:

1. More Accurate and Reliable Forecasting Processes

Predictive analytics makes forecasting into the future more reliable, accurate, and cost-effective than past tools. It can assist staffing agencies in identifying key ways to reduce operational costs, earn more money, and improve their staffing processes using real-world data.

2. More Effective Recruitment Campaigns

Staffing agencies need to optimise their recruitment and advertising campaigns with HR predictive analytics. In doing so, they can generate more applicant responses, attract more talent, and nurture and retain their most valuable employees.

Effective recruitment campaigns also ensure that staffing agencies can identify the best recruits to fill positions in their clients’ organisations, ensuring more sustainable sources of income and steadier client bases over time.

3. Processes that Accurately Detect and Halt Criminal Activities

Staffing agencies can use predictive analytics to detect and halt fraudulent and criminal activities before severe damage occurs. They can use these tools to study user actions and behaviours and identify potentially suspicious activities, including cyber-attacks and corporate spying.

4. Accurate Forecasts of Employee Satisfaction and Turnover

Predictive tools can assist staffing agencies to stay ahead of changing job markets and hiring trends and gauge satisfaction levels within their teams. Furthermore, they can predict how their processes, policies, and guidelines may impact employee satisfaction, productivity, and turnover rates in the future using machine learning-based systems.

5. Strategies to Minimise Employee Turnover

Employee turnover is a huge, expensive, and constant challenge for businesses of all shapes and sizes. Predictive analytics can help prevent this issue by analysing pay range, inclusion and diversity, promotions, and individual growth to identify workers who are most likely to leave their places of employment.

Businesses can use this data to identify strategies to retain these employees and effectively minimise employee turnover.

10 Ways that Predictive Analytics Can Grow Your Staffing Agency

Predictive analytics can handle many of the time-consuming manual aspects of the staffing process. It frees up staffing professionals to pursue higher-level tasks, like in-person interviews, essential decision-making responsibilities, and more.

We’ve unpacked ten ways in which HR predictive analytics can help a staffing agency to grow.

1. Locating Talent for Clients

You can instruct predictive analytics tools to be programmed with data on employee life cycles, behaviour, attrition, productivity, and engagement, allowing you to search automatically for ideal employee models. The tools scan all available sources, discovering talent that may have been overlooked in the past.

The more you use these tools, the better they work. They learn from their data histories of hired candidates that display the best productivity and retention to optimise the future hiring process.

2. Improving Job Postings

Predictive analytics uses industry, location, occupation, and organisation requirements to create concise job postings targeting your ideal talent pools. It leads to improved responses from suitable candidates and fewer responses from under-qualified professionals.

3. Identification of Ideal Job Posting Platforms

This software can pinpoint the best media to reach your agency’s ideal target audience and eliminate the platforms with substandard ROIs.

For example, an agency may focus its recruiting budget on online job boards, social media, or professional networks, based on its hiring position and which platforms produced the most successful candidates in the past.

4. Increasing Diversity in Hires

Automated tools are fuelled purely by data. As such, they create a hiring process that is completely impartial and unbiased. They enable your agency to seek candidates in places you hadn’t considered in the past, drawing from a wider talent pool and selecting candidates based on their suitability for the roles for which they apply.

5. Effectively Screening and Ranking Resumes

In the past, HR teams spent hour after hour manually screening and ranking resumes. Predictive analytics can perform the same task in minutes—presenting staffing professionals with a list of high-quality candidates that have been accurately pre-screened for suitability.

6. Ensuring More Rapid Hires

According to research from Glassdoor, it takes an average of 23 days — almost an entire calendar month — to acquire a single new hire when completing the hiring process manually. Adding HR predictive analytics to your agency’s arsenal streamlines the candidate selection process and enables you to hire your clients more quickly and efficiently.

Reducing the length of the average hiring process will reduce your clients’ advertising costs and increase the likelihood of you retaining those clients as a result.

7. Minimising Hiring-Related Risks

Staffing agencies and HR teams can use predictive analytics tools in forecasting which employees require additional training, the attention of management, and more. By predicting potentially harmful situations and managing them correctly, agencies can reduce risks, the potential of legal issues, and unnecessary expenses for their clients.

8. Developing the Efficacy of Line Managers

A significant percentage of employees who leave their jobs do so because of issues with their managers. Logically, then, the efficacy of line managers is a crucial predictor of employee attrition. Predictive analytics can assess the attributes of line managers that prompt employees to leave and past workers’ performance ratings, feedback, habits, levels, and tenure.

You can measure these factors against managers’ profiles to provide data on which actions of past managers caused employees to leave. Agencies can then design interventions to ensure that employees and leaders are appropriately matched and that you train managers to reduce the likelihood of high staff turnover.

9. Improving Performance Review Quality

Performance reviews are notoriously stressful for managers and employees alike. Analytics tools and sentiment analysis can provide real-time feedback that informs employees of what they can do to improve their performance at any given time.

These tools can give staffing agencies actionable insights into employee performances, minimise inefficiencies, and predict which future employee productivity challenges can be resolved here and now.

10. Predicting Development and Learning Requirements

Predictive analytics can play a significant role in employee performance when used in the correct settings. It can act as an agency’s ‘conscience’ by supplying data that helps to assess all the skills needed for an organisation to thrive and grow in the future.

Every hiring organisation needs to understand the skill sets of its current employees to design effective development strategies that will meet its future needs. The needs of businesses in 2022 will likely look vastly different from the needs of the same organisations in 2030.

HR predictive analytics tools assess workforce inefficiencies and employee skillset gaps to identify the skills and development tools that individual hires will need to meet their new employers’ needs. Additionally, the technology enables agencies to extract real-time data to see how hires are progressing towards the skilled state they need to reach to perform optimally in their positions.

Agencies can use employee data alongside their clients’ industry and financial data to predict the likely position an organisation will find itself in if it continues on its current trajectory with the skill set it has at present. Agencies can then make more informed decisions on employee training and development suggestions to ensure that their clients know how to upskill their hires in a way that best serves their long-term organisational goals.

The Bottom Line

Predictive analytics can be a hugely effective tool for growing staffing agencies, improving the quality of their hiring processes, and assisting them in retaining big-ticket clients in the long run. It’s essential to bear in mind that the quality, privacy, and security of the data used to program analytical tools need to be kept safe at all times.

We recommend that agencies phase in new analytics tools, using restricted first steps to use only the data that they know is accurate. Over time, they can expand their usable data sets and benefit from a more efficient recruiting process that helps their businesses and their clients alike.

How To Bring Out The Best In Your Employees As A Manager

Employees come from a diversity of backgrounds and have a variety of interests. Therefore, it’s possible that what inspires one person may not be what motivates another. It may be challenging to get everyone on the same page and push them to perform at their highest capacity as a team managers. However, planning and organising duties based on the talents and capabilities of team members encourage them to work together to improve and develop the organisation.

Here are some of the most acceptable ways to get the most out of your staff.

Have Faith in Your Staff From the Get-Go

In your role as a corporate leader, you’ve most likely attended a couple of interviews for jobs. At least one of them probably felt like an interrogation. It’s conceivable that you don’t spend that much time talking about how you influence the goals and work ethic of the company’s potential recruits during the interviewing process.

The reality is that most organisations can’t afford to hire world-class people right away. So recruiting, training, and assisting them in putting up their best effort is all part of the job.

Be aware of the climate in the room and the energy you’re putting out the next time you conduct an interview with a candidate who is seemingly perfect for a position. Whether or not you explicitly say it, does your rhetoric imply that you have faith in this person? Is it clear to them that you think they’re capable of doing the job? Even if you decide to hire them, they should not begin their employment at your organisation with the impression that you have any kind of ambivalence towards them.

Implementing Useful Software

Workforce analytics refers to applying data-driven methodologies to enhance workforce development and coordination. This method assesses the effect of employee conduct and other associated aspects on the company’s overall performance tracking.

Managers, administrators, and others across your organisation may utilise advanced workforce analytics, even if it is located in HR management. Dashboards and permission levels can be adjusted to meet predetermined objectives. Almost all of your business’s teams will have members that can use detailed worker reports to understand better patterns like attrition, efficiency, and training success. It is possible to design dashboards for various teams to see the staff statistics in their region and dig deeper for more information if required. Human resource management application Workforce analytics is much more than simply keeping track of how many people are employed or how much they produce. It’s designed to take a deeper look at your company’s personnel, evaluate historical trends, and construct a prediction model to help comprehend your company’s future staffing needs, present productivity, and much more.

Commit Yourself To Clearer And Easier Interactions

It’s frustrating that not all of your decisions regarding employee empowerment are deliberate. Even though you may not be aware of it, you may be harbouring a long-standing harmful habit that has eroded your staff’s trust in their job or their ability to comprehend your expectations accurately. Are your communication skills up to par? If you’re not confident in your ability to make an accurate judgment of your leadership style, talk to a few people in your company about it. Those are warning signals if they say things like they don’t understand what you want or how you want something being done, or that they need help from external sources for the work you’ve given them.

Maintain Balance

Everyone is prone to making errors and having flaws. A missed deadline doesn’t prove that your employee is irresponsible. It’s essential to keep a healthy ratio of positive and negative feedback. A constant stream of criticism from you will make your employees think their work is never acceptable to you. Think about what you’re doing wrong if your staff isn’t engaged in their work. Every member of a company’s workforce is part of a larger ecosystem in which they all have a role. Therefore, there is a good chance that poor performance stems from a more extensive environment. For your company, it’s up to you to comprehend and optimise this environment.

The best bosses know their workers’ skills and provide them with opportunities to exploit them. They inspire people to be their best selves. Take the time to listen to team members and put yourself in their position. Observing and behaving with empathy may quickly lower stress and help resolve an emotional argument. A good leader helps others realise their full potential by cultivating and maximising their talents and abilities. Executives need to meet with their employees and ask them questions such as, “What do you love most about your job? Is there anything about your previous professions that you value the most, and why?”

The Key To Successful Content Marketing & 5 Mistakes You Should Avoid

A professional corporate blog with the right content is important for your business. But here – as in so many other areas of marketing – a few pitfalls are lurking. The key is to identify and eliminate them.

Read more about the most common mistakes on corporate blogs in the article from our digital marketing experts.

You Are Not Focusing On Relevant Keywords

The purpose of your blog is to attract people to your company: you write a post about a topic – and a prospective customer finds your post, and thus your company, in the search results. The theme of the topic is not important – you can write a topic about establishing an online casino or your own law company, the main principle stays the same.

However, the first corporate blog mistake already lurks here: you write about topics and use keywords that you think would be interesting. However, this does not always overlap 1:1 with the topics that are relevant for your target group. To avoid this mistake on your corporate blog, be sure to conduct keyword research in advance. This will help you quickly find out which keywords your potential customers are searching for – and how often.

You then align your blog posts with the relevant keywords, one post per keyword. This is how you will then also be found via Google.

You Forget About Storytelling

Storytelling – you’ve probably heard about it a time or two. Storytelling can be compared to a classic hero story. Your reader is the hero who faces a problem. You are the wise mentor who helps the hero with his know-how to reach the goal of his heroic journey.

Texts For Your Corporate Blog Are Too Short Or Too Long

Speaking of “lengthy,” verbosity is also a common source of error on corporate blogs. Here, you should find the balanced middle between short five-liners and long 5000-word texts. A text that is too long quickly becomes exhausting.

Your texts should settle at around 1000-1500 words. However, if you have so much to say, spread the content over two to three posts. It will also keep the reader interested.

You Don’t Sprinkle Content For Your Corporate Blog

Your post contains appropriate keywords, is published, and supplemented with a lead magnet. Yet it ekes out a sad existence on your blog – because no one knows you have published anything new! Very few people check your blog regularly to see if anything has happened there. Until your post shows up in the search engine rankings, it can take a while.

Therefore, you should give it notoriety in another way. Simply post a short message with a link to the blog post on your social media networks: Twitter, LinkedIn, Instagram, Facebook, etc. Feel free to promote these posts as well to reach even more prospects.

Also, when you publish a new post, tease your newsletter subscribers with an exciting email that directs them directly to the blog post.

A Corporate Blog Doesn’t Show The Philosophy Of Your Business

Do your blog posts reflect your company? Or are they more like fact-based Wikipedia articles? Let’s face it: companies are much more likable when they show that real people are behind them. So, when writing, don’t hide the “personality” of your business behind stiff, factual phrases.

Instead, be relaxed and entertaining, and let a little humour flow in. But be careful. For all your personality, you should still maintain professionalism. After all, you want to position yourself first and foremost as a trustworthy expert.

And that brings us to the end of our article on popular corporate blog mistakes. How many of these have you discovered in your corporate blog or committed yourself?

3 Ways Law Firm Can Benefit From Digital Marketing

You live in an era where digitalisation affects every part of your life. From the time you wake up, you check on your phone. In the middle of the day, you might have asked your virtual assistant for definitions of the terms you can’t grasp. Or perhaps, you go home and rest upon the knowledge that the automation embedded in your home devices makes cooking easier.

As you technologically upgraded your personal life, it would also be a wise move to innovate your firm into an interactive, tech-savvy organisation. If you’re in the legal industry, you know beyond reasonable doubt that technology has changed the game.

Typically, people consult lawyers over legal affairs via personal recommendation from family and friends. However, a 2019 survey revealed that one in three adults opted to seek legal advice in the internet rather than consulting with lawyers face-to-face.

Digital marketing concepts with male working with computer laptop showing data interface for processing. Business innovation strategy ideas

Digital marketing concepts with male working with computer laptop showing data interface for processing. Business innovation strategy ideas

Law Firms Going Online

At this time, operating in the legal market without a cyberinfrastructure proves to be a difficult, if not impossible, venture. The restrictions of movement and the availability of information on the internet push clients to search for legal answers electronically.

If you don’t want to be the one left behind in these technological dynamics, you may have to consider engaging your law practice over the internet. Well, why not? The internet is the hub spot of all your potential clients.

You can turn to digital marketing and use the internet to your advantage. If you want to delve deeper into digital marketing strategy, you can click for source to check out more information on the best platforms to use and ways to engage your clients.

Here are some ways you can benefit from digital marketing:

1. Get That Edge!

Whether you like it or not, law firms are involved in tenacious competitions. Remember, you want to be steps ahead of your competitors. If you want your firm to be the people’s byword for excellent legal services, know that digital marketing attracts large audiences from various backgrounds.

You would like people to know that you’re a firm that’s not only knowledgeable in legal concerns but also thoroughly concerned with your clients’ needs. The presence of your law firm online creates more visibility and establishes trust among netizens. Eventually, you can draw greater number of followers and create a pool of potential clients.

2. It’s All About Connection And Collaboration

Nowadays, you don’t practice your profession all on your own. You’re a part of a community and a niche that’s far wider than you think. To cater to your clients’ needs, you need excellent people working as your support personnel. Moreover, you need to establish linkages with other firms across the globe to provide legal services and solutions tailored to your client’s needs.

Having a digital marketing strategy establishes your name, allowing you to connect with other firms specialising products and services outside your scope of expertise. In the near future, legal services may become unbounded to legal requirements of one region only.

Who knows, you might expand your reach across platforms. You will be needing competencies beyond knowledge of the law then. If you want to connect with experts across the globe, you can start browsing and see how digital marketing works across multiple disciplines.

3. Clients And Creativity

Traditional marketing requires a more formal approach in promoting your legal services. With this, you would often find yourself bound by terms and agreements you can’t cancel from readily if the strategy doesn’t work. However, digital marketing will offer you a much more flexible strategy, and provide you with more creative approaches.

With digital marketing, you can actually verify and evaluate the number of your engagements, your activities, and the number of views. Thus, your legal firm can be more client-centred since out of these data, you can gauge the needs of your customers. You can give them more relevant, timely legal services which can be effective to their present circumstances.

Widen Your Horizon

Your law firm can experience the advantages of digital marketing strategies if you push to widen your horizon. Through utilising technology, you can grab the opportunity for business growth and generate value in the market. Sure, investing in digital marketing has a cost, but it’s way cheaper than the traditional ones.

Traditional marketing fetters you to geographical locations. But digital marketing allows you to set aside your physical limitations and reach out to the public in a way more convenient to you and to them. Think about how interactive you can be with your clients. Think about how you can grow your audience. Isn’t it worth it? Well, your future clients are somewhere out there, waiting for you.