Experts Matter. Find Yours.
Connect for media, speaking, professional opportunities & more.
Building Your Own Expert Network - How Expert Personas Help you Organize & Develop Your Talent Pool
As business continues to evolve at an unprecedented rate, companies need new ideas and strategies that help them rapidly transform to keep pace and grow. This explains the massive popularity that expert networks are having as companies look to connect with subject-matter experts with specialized sector and functional expertise who can accelerate their transformation efforts. Expert networks now represent a multi-billion dollar industry, helping companies in a variety of ways. From helping build primary research to assessing new market or acquisition opportunities to conducting due diligence for new technology purchases or competitive benchmarking, expert networks provide a valuable service. While many companies are increasing their use of traditional expert networks, there is also a trend toward organizing and developing internal talent by implementing a "knowledge management platform" or "employee skills marketplace." These can also be extended to engage broader audiences when experts are listed publicly as part of an Expert Center, Media Room, or Speakers Bureau. Depending on the scope and market visibility organizations wish to commit to in sharing their expertise, such programs can yield the following benefits: Improved access to shared knowledge throughout the organization Faster innovation through an improved discovery of key experts available for project opportunities Higher amount of cross-functional engagement between departments A more collaborative relationship with employees through better knowledge engagement and skills development Less reliance on outside consultants and traditional expert networks Improved brand reputation by engaging experts in thought leadership activities Increased media coverage and speaking engagements Improved business development opportunities by engaging experts earlier in the sales process Improved connection with the local community Additional ways to foster Diversity, Equity, and Inclusion throughout the organization What is an expert network? An expert network is a service that matches clients with experts who are willing to share their knowledge and advice via short conversations. These are usually in the form one hour long expert interviews conducted with the client. Expert networks such as GLG, AlphaSights, Guidepoint Global, Third Bridge, and Coleman Research help match the client's interest to specific experts in their private database of experts on call. They also look after logistics such as scheduling the expert interviews and have detailed processes for qualifying experts to ensure compliance with the exchange of information. And they handle time tracking and billing of interviews which are typically charged based on an hourly rate. They also handle the payment of fees to the experts following the interview. Building your own knowledge platform There is a growing trend towards organizing their expertise given the profound challenges organizations are facing. And these challenges didn’t just start when the pandemic hit. In a recent Deloitte survey, 63% of executives reported that work in their organizations is currently being performed in teams or projects outside of people’s core job descriptions, 81% say work is increasingly performed across functional boundaries, and 36% say work is increasingly being performed by workers outside of the organization who don’t have defined jobs in the organization at all. Yet fewer than half (42%) of respondents say their organization’s job descriptions do an “excellent job” of specifying the work that needs to be done in their positions. As work becomes far more fluid, packaging skills into rigid job descriptions leads to a lot of untapped human capital in organizations. It’s an issue that hasn’t gone unnoticed by leadership. Research shows that only 18% of executives strongly agree that their workforce is using their skills and capabilities to their fullest potential. 85% of HR and business executives say organizations should create more agile ways of organizing work to improve speed and swiftly adapt to market changes. These issues underscore the need to better organize and develop internal talent by implementing a "knowledge management platform" or "employee skills marketplace." This is for a variety of reasons. With vast amounts of acquired knowledge pooled across various departments and teams, it can be difficult for other employees to access this knowledge when it is outside their area of expertise - as the old saying goes, “people don't know what they don't know.” Organizing your expertise for external audiences also can provide huge benefits for building reputation, relationships, and revenues. How to position your experts as industry thought leaders More and more organizations are looking at employees who can advance their innovation efforts internally, often as part of a cross-functional team or special project. And there are also important revenue-generating activities, such as sharing research and perspectives through content generation (blogging, webinars, podcasting) or speaking (at internal events, industry conferences, or as an expert source for media interviews). Determining how to best identify and put experts to work isn't a simple process. That's because to do this right requires a more disciplined approach to assessing and developing the talent across your organization. One that goes beyond linear career paths and traditional job titles we assign to employees. It also requires a more progressive approach to diversity and experience. One that is not simply correlated to seniority or authority in an organization. Given the current state of the talent market, most organizations are also recognizing the importance of managing their talent, listening more to employees, and helping them achieve their goals - both professional and personal. And that extends to how best to tap into their skills that can benefit the organization both internally and externally. That's why we developed a talent framework that helps identify opportunities where subject-matter experts can best contribute as well as potential options for professional development. To make this process more intuitive, we have developed a model that outlines 4 "expert personas" that detail the various characteristics related to experts in an organization along with a potential development path. Level 1: Experts in the "Practitioner" persona group can offer their organizations a wide range of skills. Our research and in-field experience with companies focused on innovation reveals that organizations can realize significant gains by tapping into this broad pool of talent. To better engage practitioners, we have helped universities better engage their Ph.D. candidates who are approaching graduation to conduct research and writing content that promotes their work and institutional brand to prospective students or donors. This also extends to corporate innovation. A recent example of this was our collaboration with a Fortune 500 company in the CPG sector, where we completed the build of an internal expert network. One of the key challenges this organization faced was the inability to quickly engage with “practitioners” - subject-matter experts across the organization who could help with specific R&D and innovation projects. While this organization had legacy HR and intranet communication platforms, they had experienced a number of challenges engaging their researchers. To make things worse the pandemic forced many to work from home, creating the need for more opportunities to engage online. They needed the ability to conduct simple searches to find other researchers relevant to their work who could help them with projects. Our research/writing team started the process by taking an inventory of experts and then developed profiles for each researcher in collaboration with the company’s research/innovation team using the ExperFile SaaS software platform. With the unique data structure used to categorize this broader set of biographical information, we then enabled advanced search capabilities to build a private, SOC2 (security) compliant expert network which was easily integrated into their existing talent platforms. With thousands of researchers across the globe, they now have the ability to quickly search for experts on areas such as skills, topics, work experience, research publications, company/industry experience and IP/patents. It’s important to note that activating all this hidden expertise not only lays the groundwork for faster innovation. It also can reduce the fees associated with outside expert networks and consultants, maintains tighter internal control of proprietary research information and forges stronger collaborations between experts across the globe. Level 2: The "Ambassador" category represents experts with a more developed set of skills and a reputation both inside their organization and within their community of practice. Working with them to generate more exposure through internal speaking engagements and within their local community is a great way to create market visibility. For example, we have worked with a number of professional services firms to make experts at this level more visible in their local markets. Building reputation and generating new client opportunities with thought leadership activities such as blogging, webinars and speaking at local business events or on podcasts is a proven way to tap into this talent. These activities have allowed organizations we have worked with to bring in new clients and increase revenues across various practice areas. Ambassadors are also perfect for involvement in on-campus recruitment events where competition for talent is high. Particularly in fields such as engineering, law and accounting. One way to make these experts more approachable to a wider audience is by creating a speaker’s bureau. Remember that not all your experts will be comfortable speaking to the media, however, they can still meaningfully contribute as a keynote speaker or panelist at an event. Organizing your experts on key topics enables local event and conference organizers to find you more easily in Google search results and on your website. In addition to getting your experts on the podium, it’s a proven way to get your expert's guest appearances on webinars and podcasts. Given the growing importance of these channels, we recently formed partnerships with the leading marketplaces for webinars and podcasts - BrightTalk and Podchaser to help our clients promote their experts for speaking opportunities. Level 3: Experts in the "Authority" category have developed a strong reputation as an expert in their field, often speaking at academic or industry conferences. At this level, they have also developed a degree of proficiency in speaking as an expert source with the local or national media. They can be found speaking as a guest on podcasts to share their knowledge and are often active on social media. In higher education, these people are critical to helping media relations and other departments generate media coverage that is essential to building a reputation. We have worked with many organizations that effectively engage their Authorities by staying connected to their research and publications and collaboratively creating regular content with them to reach a broader audience. You will find regular opportunities to boost coverage with local and national media by utilizing this group of experts. We work with media teams to conduct Google Search (SEO) analysis to identify what topics their target audiences are searching for. This allows them to more strategically focus on key experts to promote. They are also focused on delivering more engaging content formats such as video interviews and Q&A to boost Google PageRank and audience engagement across their website. And they are working collaboratively with their faculty to post media advisories and a regular stream of content that contributes to higher rates of discovery by journalists looking for expert sources. Level 4: Experts in the "Evangelist" category are those go-to experts that you often see in the media as key spokespeople representing a certain topic. They are seen as notable authorities with deep domain expertise within their community of practice which has often been earned through heavy research and publications. Chances are they have also authored books that provide a path to speaking engagements at conferences and media interviews. These are also the people who have developed a regular audience through blogging or by hosting a podcast and have a well-established social media following. Ultimately, what separates this group from the others is the significantly broader market profile they have earned as a thought leader. These individuals have an intuitive sense of how to communicate complex topics in a relatable way that both educates and engages. That makes them particularly valuable to the organizations whose brands they represent. Given the degree of qualifications required to operate at this level, it’s to be expected that you will find far fewer “evangelist” category experts in any organization. Many are naturally found within the ranks of the executive team. These are the people who are comfortable in interviews, and most have extensive public speaking experience appearing on a large stage and on radio and television. At this level, organizations need to be far more strategic about how they utilize this talent pool to build a reputation and reach a wider audience. We have seen first-hand how strategic thought leadership programs can build a platform for these experts that can pay huge dividends. One healthcare system we have worked with recently forged a relationship with ABC News to feature one of their medical experts (a medical doctor) on a weekly segment related to important Covid-related health topics. Given the frequent appearances this expert has made on television, this was an earned media home run and a great way for this healthcare system to build visibility and trust within the community by providing accurate medical information. Their commitment to making their medical experts more discoverable and approachable online has also helped them promote their strengths in areas such as cardiology, neonatal, cancer, and genetic research. And the results are impressive. Over the past year, they have doubled their national media coverage and are currently outperforming much larger healthcare systems in their area. How to organize your experts Personas by their very nature are designed to provide a more standardized approach for planning using "clusters" of talent that are grouped against common characteristics. However, we're very aware that they cannot possibly capture all the nuances you will find within your organization when it comes to talent. But our experience helping leading organizations in knowledge-based industries to better manage thousands of experts shows that having a more methodical approach pays off. It optimizes the internal/external contributions and the development paths of experts to create win-win opportunities. but it also helps forge a stronger connection with employees who feel their organization is taking the development of their professional skills more seriously and more actively creating avenues for them to engage and contribute. With an understanding of these personas, we can then focus on another important consideration - where can we best engage our experts to more effectively tap into their skills inside and outside the organization? To help answer that question, we developed a "Talent Assessment Grid" (TAG) that helps you identify key areas where each of these personas can contribute. As a planning tool, it's meant to provide a more organized approach that helps you assess your bench strength and create a more tangible system for measuring progress over time in areas such as skills development or contributions to cross-functional innovation projects or outside industry consulting. Playing to the individual strengths these experts have while moving them out of their comfort zone to develop additional skills also yields additional marketing benefits. Contributing content; speaking at conferences or community events or to the media are proven ways to build market visibility, establish trust and generate revenues - and experts play a vital role in this process. A thriving network where knowledge is easily discoverable inside an organization and strategically shared outside in the community and beyond can make a huge difference in boosting innovation and culture. When properly promoted, these experts will also help you grow your reputation, relationships, and revenues. Although this process requires commitment, it positions you to be more agile and outperform your competition by ensuring you are optimizing every employee’s true potential and making them more discoverable both inside and outside the organization. How are you putting your expert talent to work? Do you have a process you use today for identifying and engaging your experts? We would like to hear from you. For more insights on how you can organize your experts online to support your internal knowledge management or promote them to a wider audience, visit us at https://expertfile.com/resources to learn more.
Women in STEM Careers Face Bias
Women are excluded from promotions when firms look at potential, rather than proof, says Dr. Nishtha Langer, an associate professor in the Lally School of Management at Rensselaer Polytechnic Institute. Promotions are an accepted way for firms to attract and retain talent. In an ideal world, promotion for employees would be purely merit-oriented, and thus, performance – or potential for performance – would be a firm’s most important criteria for career advancement. But, according to Dr. Langer, we don’t live in this idyllic world – we live in a world where women are evaluated differently than men, and often endure biases in the work environment that men don’t face. Dr. Langer believes that several factors contribute to such deleterious workplace practices. Promotions rely less on absolute merit and more on relative merit. Thus, prejudiced ideas of potential capabilities, for instance, those relying on gender-role orientation – or the ability of a woman to do what may be perceived to be a masculine task – may prevent senior managers responsible for promotions from realizing the potential of their female colleagues. Women in STEM or technology often suffer from this bias. This prejudice may further bias how women are evaluated. Especially in those jobs where women are a minority, the in-group versus out-group biases would affect the visibility of women vis-à-vis men for promotions. Another factor that may inhibit women from being promoted on the basis of potential – or even indeed with proof – is what researchers term the compensatory stereotype. If men succeed, it is because of their abilities; if women succeed, it is because of factors other than their abilities. Unfortunately, the potential or abilities of women are misattributed to luck or team factors, inhibiting them from the starting line. Finally, promotions are a way for firms to ensure valuable talent does not leave. In that sense, managers may be less sensitive to women’s outside prospects and may thus ignore their potential and choose to not promote them. They do so at their peril and fail to take advantage of the multitude of abilities women bring to the table. Dr. Langer, an authority in the field of business and the societal value of IT and IT human capital, has long focused her research on women in technology careers. She is available to speak to this and other concerns about equality in the workplace.
Politics, policy and public safety: Experts explain why a popular Atlanta festival was canceled
A sad tune is being hummed in Atlanta, where it was announced the popular annual Music Midtown festival is not happening, possibly in part due to the state’s laws surrounding guns in public parks. The event's cancellation, which brought tens of thousands of music lovers to the city -- along with the tourism dollars they spend -- has caused disappointment and drawn local and national media coverage. Calling it a “sad day” for the city, Atlanta City Council President Doug Shipman wrote on Twitter that: “Public policy has real impacts and, in this case, economic and social implications on a great tradition.” And state Democrats chastised Republicans for adopting a raft of pro-gun legislation, including a 2022 law that allows Georgians to carry concealed handguns without first getting a license from the state. The governor, who is seeking a second term, did not immediately comment on the festival’s decision. But state Rep. Rick Jasperse, a Jasper Republican who sponsored the 2014 law, said the measure is designed with public safety in mind. He said those intent on “causing chaos and crime in Georgia” won’t care if the festival bans firearms and would try to bring them in regardless. “Good Georgians who can qualify for a permit and carry a weapon do so to protect themselves from that element in our society,” he said. -- The Atlanta Journal Constitution, Aug. 1, 2022 Organizers of events like Music Midtown could look at Georgia’s gun laws and regulation of firearms as a potential legal liability. If there is a firearms incident, organizers may fear being held legally accountable and sued for any potential damages. The companies and their risk management advisors might think twice about holding large events in Georgia. Augusta University's Dr. William Hatcher, an expert when it comes to public administration and social, economic and political institutions in local communities, agrees that event organizers might be rethinking their plans in the state. "Yes. I think so. These types of laws have an impact on the economy and the business decisions of firms. We may see future effects on the economic behavior of individuals and firms." This topic could have further economic impact beyond canceled events, including affecting property values and home prices. If you're a journalist looking to know more, then let us help with your stories. Dr. William Hatcher is a professor of political science and chair of Augusta University’s Department of Social Sciences. He is an expert in the areas of public administration and social, economic and political institutions. Hatcher is available to speak with media regarding this topic. To arrange an interview today, simply click on his icon now.
Podcast: The nine behavioural habits needed to become a trusted executive
Executive trust model designed by business author who researched Doctorate at Aston Business School Nine behaviours sit under the three pillars of trust: ability, integrity and benevolence Company bosses urged to follow example of former Unilever chief executive Successful business leaders need to rely on the power of trust, rather than just trusting in power. And helping them to make that step-change is a self-confessed “trust geek” who carried out his research at Aston Business School before setting up a not-for-profit organisation to help bosses become “trusted executives”. Dr John Blakey has published a book called The Trusted Executive: Nine Leadership Habits that Inspire Results, Relationships and Reputation, which was based on his Doctorate in Business Administration (DBA). He has since founded the Trusted Executive Foundation, based in Solihull but with clients all over the UK and overseas. He spoke about his experiences in the latest episode of the ‘Aston means business' podcast series, presented by journalist Steve Dyson. Dr Blakey said: “The global financial crisis of 2008-09 was clearly a sign that we were losing trust in business life, and that’s what sparked me to enrol on the DBA at Aston University. I wanted to go back into the classroom and do the research to get to grips with this word ‘trust’, and to help other leaders who are looking to build high-trust cultures.” He said it was important for businesses to know where their leaders stand, and “whether you stand for power or trust as the currency of your leadership”. He explained that every leader therefore needs to ask themselves a very important question: “Are they leaders who trust in power or leaders who rely on the power of trust?” Dr Blakey, who first began his own business in executive coaching with Olympic medal-winning rower Bill Barry over 20 years ago, admitted to being a “bit of a trust geek”. While existing research had discovered the three pillars of trust, namely ability, integrity and benevolence, he set out to build on that to find out the “behavioural habits” under each one. He added: “Each habit is important in terms of building and inspiring trustworthiness, whether in a leader, in a team, or in a brand.” Dr Blakey said the habits under the pillar of ability are deliver, coach, and be consistent. “As a business leader it’s important to be competent at what we do, to deliver on time, to budget, to quality,” he said. “Coaching is all about helping other people deliver ... through coaching I can tap into the potential in people and help them grow, and I have to do this delivery and this coaching consistently, day in, day out.” Dr Blakey said that as a researcher not a week goes by without a new case study around integrity, not least that of Boris Johnson and the leadership of the Conservative Party. “There are three habits under this pillar of integrity: be honest, be open, be humble. And when we talk about our political leaders, I think we are particularly talking about honesty, as we have been quizzing our prime minister around his honesty.” He said being open was about “sharing more of yourself” and went on: “I was brought up as a leader not to show weakness … but I think increasingly in the world of trust leaders are being encouraged to show a bit of vulnerability at the right time and place.” Being humble was the opposite of being arrogant, and Dr Blakey cited the recent case of P&O whose leaders, he claimed, showed a “degree of arrogance and dismissiveness about other people’s needs”. The final pillar of benevolence consists of evangelise, be brave, and be kind. He said: “It’s common human care, compassion, kindness, and if you want to be trusted, it’s equally important to be benevolent as it is to have that integrity.” Dr Blakey said a good example of his model is Paul Polman, former chief executive of Unilever, which was recognised for the way it takes care of its people, while also leading on sustainability and protecting the environment. “Paul demonstrates that you can pursue what I call the triple bottom line of profit, people and planet, and do these things in parallel. The single biggest factor in building a high-trust culture is the behaviour of the CEO and the senior leadership team leading by example.” Dr Blakey said he and his team at the Trust Executive Foundation are now helping leaders who want to stand for trust. He added: “The sweet spot for us is helping the leaders lead from the top.”
Well before the uncertainty of the pandemic, Orion Travel Insurance, a CAA company, decided to change the way travellers access travel insurance online. Working with a team of anthropologists, the goal of the redesign was to better understand how humans think about travel and safety. Researchers scoured opinions online, analyzed media and sat down with travellers to document their feelings around travel. “The traditional way of building an online quoting system just wasn’t sufficient,” says Kellee Irwin, VP, Orion Travel Insurance Company. “We didn’t feel that the online experience was putting the needs of the traveller first, so we turned it on its head and approached things differently. We are confident that this new approach to accessing travel insurance and information about travel insurance online is going to be an industry game-changer.” Traditionally, online quoting systems for travel insurance have been designed with business needs at the forefront, rather than designed to reflect what customers need to confidently purchase the appropriate protection. “As a company founded to deliver the protection that our members deserve, this antiquated way of doing things wasn’t good enough. Our mission was to create an online buying experience that was inspired by what it’s like when a traveller engages with a CAA Associate at a store,” adds Irwin. The end result of this in-depth work is the launch of a reinvented online travel quote and purchase system that makes learning about and buying travel insurance an easy and seamless experience for travellers. "Our research told us that travellers want to feel like 'their own best expert'. This new online experience enables travellers to explore and learn about the different types of travel insurance and compare the cost of various levels of protection all at their fingertips," says Irwin. The new system helps customers clearly understand the protection they are viewing and why qualifying questions are being asked. No longer will customers be forced to click through a series of prompts, only to discover that their selections do not reflect their needs and they must start all over again. As they explore coverage and learn more about what protection is right for them, travellers can get to a price in just seven clicks. Plus, they can alter their choices and the system will give updated quotes in real time. It also allows customers to use our SMART FAQ search engine in which the customer enters a question and immediately receives a matched answer. The new online buy flow is now in effect, click here to experience Orion’s reimagined online travel insurance system.
The economy may be slowing - but remains strong according to Georgia Southern expert
Georgia Southern’s Economic Monitor Q1 reports regional economy slows, retains strength Georgia Southern University’s latest Economic Monitor, which reflects Q1 2022, reports that growth in the Savannah metro economy moderated during the opening quarter of the year. “The broadest indicators of economic activity — overall regional employment and electricity sales to residential, industrial and commercial users — continue to signal strength,” stated Michael Toma, Ph.D., Georgia Southern’s Fuller E. Callaway Professor of Economics. “After good performance in the fourth quarter, there was a mild pull-back during the first quarter in tourism and port activity. In general, the regional economy maintained its forward momentum, but slowed its rate of acceleration. Toma also noted that the Savannah metro economy will grow approximately 2% through the remainder of 2022, noticeably slower as compared to the rebound year of 2021. The economic future is somewhat murkier now as inflation surges, the Federal Reserve tightens, and global energy and commodities markets remain rocked by Russia’s invasion of Ukraine, he said. Overall Strength, but Some Sectoral Weakness The business index for the Savannah metro economy increased 1.3% in the opening quarter of 2022, roughly half the pace of the previous quarter. The index of current economic activity increased to 207.3 from 204.7. The index was buoyed by solid employment growth of 1.6% during the quarter and electricity sales growth of 2.1%. Indicators of port activity, tourism and retail sales slowed during the quarter. Metro Savannah employers added 3,100 jobs pushing total regional employment to 197,500 — more than 5,000 jobs and 3% higher than the pre-pandemic peak of 192,100 in the fourth quarter of 2019. The Georgia Department of Labor recently completed its annual benchmarking process for employment in which the monthly payroll survey data is benchmarked against headcount data. Total employment data did not change significantly but business and professional industry services were revised downward while the information sector, including the film and entertainment industry, was revised upward substantially. A full media release detailing key indicators such as Employment Trends, Housing Market, and that Slowing Regional Growth Expected is attached. About the Indicators The Economic Monitor provides a continuously updated quarterly snapshot of the Savannah Metropolitan Statistical Area economy, including Bryan, Chatham and Effingham counties in Georgia. The coincident index measures the current economic heartbeat of the region. The leading index is designed to provide a short-term forecast of the region’s economic activity in the upcoming six to nine months. Looking to know more - then let us help. The Economic Monitor is available by email and at the Center’s website. If you would like to receive the Monitor by email send a ‘subscribe’ message to CBAER@georgiasouthern.edu. For more information or to arrange an interview - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
Georgia Southern University’s annual economic impact soars to more than $1B
The latest report released by the University System of Georgia (USG) shows that Georgia Southern continues to have a strong economic impact on the region it serves and significantly contributed to the USG’s $19.3 billion total economic impact between July 1, 2020, and June 30, 2021. The report indicates that Georgia Southern’s annual economic impact has soared to more than $1 billion for FY 2021, a 7.4% increase over FY 2020. The report found these economic impacts demonstrate that continued emphasis on colleges and universities as a pillar of the state’s economy translates into jobs, higher incomes and greater production of goods and services. “We faced unprecedented challenges in FY 2021, but we’ve come out stronger than ever,” said Georgia Southern President Kyle Marrero. “With more than $1.03 billion of direct impact on southeast Georgia, Georgia Southern will continue to create more academic programs that meet specific needs for economic development. Informed by our regional academic plan and University strategic plan, we’re committed to making our region a thriving economic hub in Georgia.” There are 3,250 jobs on Georgia Southern’s campuses in Statesboro, Savannah and Hinesville. Because of institution-related spending, 6,363 jobs exist off-campus. Georgia Southern’s “initial spending” is $806,753,630. That breaks down in three areas: $235,513,929 is spent on personnel services $161,882,006 is spent on operations $409,357,695 is spent by Georgia Southern’s students Included in the initial spending by USG institutions are rounds of funding from the Higher Education Emergency Relief Fund (HEERF), which are federal funds allocated by the Coronavirus Response and Relief Supplemental Appropriations Act that provided emergency grants for postsecondary education. The study is conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business. If you are a journalist looking to know more about the positive economic Georgia Southern is having - then let us help. Georgia Southern President Kyle Marrero is available to speak with media - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
The EU-UK Trade and Cooperation Agreement is costly, what does the UK need to do? | Aston Angle
As far as trade is concerned, the EU exit has been rather costly to the UK. At the Centre for Business Prosperity, we have been tracking the performance of UK trade in recent years. The UK’s trade dropped sharply during COVID. Like other nations, this was due to the global recession and supply chain disruptions. However, the UK failed to recover and enjoy the boom, despite the tariff-free terms of trade in goods set out in the EU-UK Trade and Cooperation Agreement (TCA). The UK now trades less with the EU, its largest trading partner, than in 2019. During the same period, Germany and the Netherlands grew trade with the EU by nearly a quarter, and US trade with the EU has also grown considerably. Reports suggest, including those from the British Chambers of Commerce, that exporting to the EU has become much more costly and in some cases, unviable. It appears that the “certainty” provided by the TCA has not reversed the declining trend of the UK-EU trade so far. Our new paper for the Enterprise Research Centre (ERC) has found that UK exports experienced a large, negative, statistically significant decline in 2021 at the end of the transition after the EU-UK Trade and Cooperation Agreement (TCA) was put into force. We estimate that this amounts to a 22% reduction in exports to the EU and a 26% reduction in imports from the EU over the first half of 2021, relative to the counterfactual scenario of the UK remaining in the EU. How did this happen? After all, the TCA ensures that goods moving between the UK and the EU have no tariffs or quotas, so long as the rules of origin are complied with. Rules of origin help you work out where your goods originate from and which goods are covered in trade agreements. Our research found that non-tariff measures (NTMs) were responsible for the adverse TCA effect on UK trade with the EU and that the magnitude of loss was significant. It was equivalent to a reduction of £12.4 billion in UK exports over the first six months period of 2021. This equals 16% of UK total exports in the first half of 2019 and 70% of the documented total reduction in the EU exports in the same period. A number of factors can be attributed to the decline of UK exports to the EU. In particular, the increased trade frictions that occurred mainly due to sanitary and phytosanitary (SPS) and technical barriers to trade (TBT) as a result of entering the TCA. Sanitary and Phytosanitary (SPS) measures refer to the EU controls to protect animal, plant or public health. And technical barriers to trade (TBT) refers to mandatory technical regulations and voluntary standards that define specific characteristics that a product should have, such as its size, shape, design, labelling/marking/packaging, functionality or performance. On average, for the first six months of 2021, a 1% increase in SPS resulted in a 13–15% reduction in exports to the EU, most notably in the food and drink, wood and chemicals sectors. Furthermore, a 1% increase in TBT led to a 2–3% reduction in exports, especially in metals, equipment, machines and miscellaneous industrial products. What next? Since the post-Brexit dysfunctions are now diagnosed, in theory we could move on. The UK can directly tackle the trade challenges, so long as other things, such as politics, do not stand in the way. Fundamentally, what needs to happen is the removal or relief of the root causes coded by the TCA – the trade barriers newly erected. This is a key task; it is challenging but not impossible. Trade frictions due to the SPS measures are an acute problem of Brexit. Reducing some of the non-tariff measures between the EU-UK would help by exploring other mechanisms such as equivalent SPS measures or other ways to reduce businesses burden to a minimum. The technical barriers to trade are more complicated and challenging and they could potentially cause significant damage to the UK economy. Despite its limitation, maintaining and broadening the established arrangements of the current TCA provision, through some form of mutual recognition of specific practices or international regulations for selected sectors, should be the ambition of UK government to help ease the TBT trade barriers. Future EU-UK co-operation is critical and mutually beneficial but requires political will and strong leadership. In the short and medium term, supporting firms should be the priority, especially small- and medium-sized firms that are productive enough to have exported to the EU in the past, but now face hurdles to continue exporting. These firms tend to be limited on resource but have the infrastructure and ambition to internationalise. Targeted support for specific challenges could be also fruitful. The UK Department for International Trade Export Support Service, the British Chambers of Commerce and local growth hubs have the expertise and experience to help firms export. Therefore, resources should be made available to allow for customised and responsive support with exports, as well as taking advantage of technologies that can identify and reach businesses who require support. Provision should also be made to collect feedback on the quality of the support provided, to enable further improvement. Helping businesses continue to access EU markets, while enabling the economy to take advantage of welfare-enhancing benefits from trade, remains imperative. Given the economic benefits of the roll-out, the new free trade agreements are expected to be limited and effective only in the long term. UK domestic policies should be the focus to improve the competitiveness of exporters and their ecosystem. By Professor Jun Du Director of the Centre for Business Prosperity Professor of Economics, Finance and Entrepreneurship, Aston Business School Lecturer in Politics and International Relations School of Social Science and Humanities Dr Oleksandr Shepotylo Senior Lecturer, Economics, Finance and Entrepreneurship, Aston Business School
New LIV Golf series raises plenty of questions and eyebrows
When the new LIV Golf series backed by Saudi Arabia came into existence, it raised plenty of questions on who would jump from the PGA Tour to this new league. With guaranteed appearance fees in the millions offered, it wasn’t a huge surprise some of the biggest stars like Phil Mickelson, Dustin Johnson Brooks Koepka and Bryson DeChambeau have decided to join. Some of pushback to the new league comes as a result of the Saudis' track record on human rights issues. The PGA Tour had warned players there would be repercussions of playing in those events and responded by suspending those who are, indefinitely. But can they legally do that? Richard Franza, dean of the Hull College of Business said golfers are independent contractors and the suspensions may end up being challenged in court. “Nothing will be resolved until it goes to court,” said Franza. “I think there are three things that could determine if it goes to court or not. First — if someone is playing LIV Golf wants to play in a PGA Tour event and they are barred. Second — if somehow the stance on majors changes, which I think is very plausible. Third — will these guys be included in the official World Golf Rankings? This is important because the OWGR help determine automatic entry into the majors.” Right now, golf’s four majors, the Masters, U.S. Open, PGA Championship and The Open Championship, are not run by the PGA Tour and have indicated they would not bar those playing in the LIV Golf series. It’s apparent to most this is a money move by the players. With the millions of dollars being guaranteed to Mickelson, Johnson and others, they are securing their future. There are also only eight events in the LIV Golf series with a team component. Each tournament is just three rounds, compared to the four in a PGA Tour event. Franza said they may also be challenging the PGA Tour to change how they do business. “I think in the grand scheme of things the guys would like to stay with the PGA Tour. But for some of them, it’s a way to try to get the PGA Tour to change things. I don’t know if they (LIV players) are looking for guarantees or not, but they’re probably looking for bigger purses, although purses have already gotten pretty big. I think they may want different events that aren’t all stroke play events,” added Franza. In fact, the PGA Tour has recently announced significant purse increases for some of their tournaments as a response to the LIV Golf series. If you're looking to know more about what's next for players and the business side of golf, then let us help. Richard Franza is available to speak with media – simply click on his icon now to arrange an interview today.
Is the housing bubble about to burst? Ask our expert about the state and stability of the market
With interest rates on the rise, inflation increasing and home prices out of reach for many, Americans are worried about their financial future. Media now covering the U.S. housing market are seeing signs that the bubble might be ready to burst. With a potential recession looming, some people are looking back to the last housing collapse with trepidation. But economists note that the ingredients causing the 2008 global financial crisis aren't there this time. This is an important issue, and one that will impact millions of Americans. If you’re a reporter interested in covering this topic, let the experts at Florida Atlantic University help with your coverage and questions. Ken H. Johnson, Ph.D., an economist and associate dean in FAU’s College of Business, is available to speak to the media. Simply click on his icon to arrange an interview and time.
