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Emory Experts - Post-Financial Crisis: How Well do Mutual Fund Stocks Fare?

Following the global financial crisis in 2008, the assets of passively managed mutual funds have ballooned, while the market share of actively managed funds has fallen dramatically. Addressing this topic, a new research has been coauthored by Jeffrey “Jeff” Busse, professor of finance, and Goizueta alumni Kiseo Chung 17PhD, assistant professor of finance, Texas Tech University and Badrinath Kottimukkalur 17PhD, assistant professor of finance, George Washington University. In their paper, the researchers explain the shift in assets from actively managed funds to passive funds, “Impediments to Active Stock Selection and the Growth in Passive Fund Management. In 1999, Busse and his coauthors explain, the net assets of passive funds were “less than an eighth the assets of active funds.” But by the end of 2019, “the market share of passive equity funds increased to more than 50 percent,” Busse, Chung, and Kottimukkalur note. Passive funds track indices such as the S&P 500, Dow Jones Industrial Average, NASDAQ Composite, and Wilshire 5000—all indices that have been difficult to beat over the last decade. According to the Wall Street Journal, from 2008 to 2018, more than 80 percent of actively managed funds in the U.S. underperformed the S&P Composite 1500. This is in large part, the trio notes in their paper, because the so-called “FAANG” stocks—Facebook, Apple, Amazon, Netflix, and Google—comprise such a large part of these indices. In fact, the top 10 stocks in the S&P 500 currently make up around 30 percent of its market cap. “The market caps of these companies are huge, and they’ve done exceptionally well since the financial crisis,” Busse explains. Hence, active fund managers and their teams of analysts have found it much more challenging to discover undervalued and overlooked stocks with positive alphas ─ the stocks that outperform an index. “As such, a general move toward passively managed funds is not so surprising,” the paper reveals. Finding Diamonds and Avoiding Duds Making it even more difficult to find diamonds in the rough is a lack of volatility in the stock market. Except for some isolated periods, including the month or so around the start of the pandemic in March 2020, the market hasn’t experienced much volatility since 2008. Without wide swings in prices, fund managers have less opportunity to buy low and sell high. Over the same time period, aggregate stock liquidity has also been high, which means less chance for fund managers to pick up winners at bargain prices. “When there’s money in the market—when there’s liquidity—it means there aren’t a lot of disagreements on prices,” explains Busse. “Liquidity is inversely related to mispricing,” the researchers explain in their paper. This combination of circumstances—the rise of the FAANG stocks, the lack of market volatility, and higher liquidity—is making it much more difficult for actively managed funds to find stocks that will help their funds beat the indices, and therefore, outperform the passive funds. As a result, justifying their management fees gets more complicated. According to Thomson Reuters Lipper, the average expense ratio (management fees divided by total investment in a fund) for actively managed funds is 1.4 percent compared to 0.6 percent for the average passive fund—nearly three times as much. While active fund managers have realized that these higher costs are no longer paying off and have moved to reduce them, actively managed funds continue to lose market share. Market Share Gain of Passively Managed Funds While the authors weren’t surprised by the growth of passively managed funds, they were surprised by how much they grew. From 1999 to 2019, the authors note, the number of actively managed funds grew by 11 percent, while the number of passively managed funds increased by 244 percent. “There haven’t been any papers that try to explain why passive funds have gained so much market share,” says Busse. He and his coauthors believe their research illustrates that it’s in large part because the market, post-financial crisis, is challenging for stock pickers. “As such, it has been difficult for actively-managed funds to recoup the costs associated with active management, and compared to earlier periods, passively managed funds are better positioned to gain market share,” they explain. “As the payoffs to active management decrease, it becomes more difficult to justify the costs of active management, and, thus, we expect funds to decrease these costs given their negative performance implications.” Busse doesn’t believe the current fund management environment will continue indefinitely. When the pandemic knocked the S&P 500 down 30 percent in March 2020, managers did gain opportunities to find positive alpha stocks—which they bought. “It’s just, on average, over the last 10 years, there haven’t been enough of those opportunities,” explains Busse. “It’s a matter of hanging in there and, in some sense, keeping your investors from fleeing to passive funds until the environment is a little bit better.” Jeffrey Busse is the Goizueta Foundation Term Professor of Finance where his research focuses on investments, with an emphasis on mutual funds. Jeff is available to speak with the media regarding this important topic – simply click on his icon now to arrange an interview today.

MEDIA RELEASE: Ten things Ontarians need to know prior to booking travel abroad

CAA South Central Ontario (CAA SCO) has compiled a list of ten things that Ontarians should be aware of if they are considering travelling abroad. “Now that the Canadian government is no longer advising against non-essential travel due to COVID-19, those who are considering booking a trip should make sure they understand the scope of what travel looks like at the moment,” said Kaitlynn Furse, director, corporate communications, CAA Club Group. “The checklist for planning a trip has changed and we want to help people navigate this new environment.” Through consultation with its top travel agents, CAA SCO has identified ten key considerations that potential travellers may not be aware of. Anyone who is considering travel in the current environment should make sure they have looked into the following and remember that travel requirements and regulations are continually changing. 1. Confirm the COVID-19 situation at destination prior to booking. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. While the Global Affairs Canada Level 3 Travel Advisory to avoid all non-essential travel has been lifted, individual travel advisories do remain on a country-by-country basis. It is important that Canadians understand the ongoing uncertainty associated with international travel, whether that be related to the continued community transmission of COVID-19, or state of health care systems in destinations hit hard by the pandemic. 2. Understand the type, timing, cost and accessibility of required COVID testing. Every country has different requirements when it comes to the COVID tests that are needed prior to travel, and every country has different testing capacities once you are there. There are also requirements in order to return to Canada. Make sure you understand the difference between molecular PCR and rapid antigen tests, in what time period tests must be taken, the associated costs and locations where these tests are available. 3. Confirm change and cancellation flexibility with your travel service provider. Many airlines and hotels have been providing more flexibility when it comes to refunds and changes to bookings. Make sure you understand any key dates related to cancellation and changes and whether you are entitled to a refund or a future travel voucher or credit at the time of booking. 4. Buy travel insurance and understand what is covered. Make sure you have $5 million in coverage for emergency medical situations and that illness related to COVID-19 is included. Understand your entitlements for things like denied boarding in the event of a positive test and coverage related to isolation expenses. 5. Prepare required travel documentation and the format it must be presented in, for both Canada and your destination. Canadians returning home should have all required documentation loaded onto the ArriveCAN App or website. Each destination has varying requirements, so make sure you fully understand what information you need to have ready and in what format. Make sure you also take into consideration connections and any requirements in the connecting destination due to lay over or delays. 6. Take note of local public health rules prior to departure. Many destinations have measures in place such as curfews and quarantine requirements. You should also understand what the regulations are if you happen to test positive for COVID-19 in the country you are visiting. 7. Be aware of changes between booking and departure. Make sure you reconfirm all the details that were researched prior to booking, to ensure they are still accurate prior to departure. What was true when a trip was booked may not be the case by the time you are ready to travel. 8. Double check all research with the appropriate embassy or consulate. Travel at this time is complex and many factors can change quickly, so ensuring you have the most up to date and accurate information is essential. 9. Plan for extra time. From disembarkment and customs to retrieving luggage and exiting the airport, most things on the travel journey are taking longer than during pre-COVID travel times. Also note the check-in and baggage drop off deadline for your flight as it may require you to arrive earlier than anticipated. 10. Stay connected. Fully unplugging while travelling is likely a thing of the past. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad and stay in touch with a family or friend that has knowledge of your travel plans.

UCI experts can discuss California's Climate Crisis

For the past half century, UC Irvine has been home to some of the world’s leading experts on the environment, energy, oceans and atmosphere in the Golden State. To share their stories, UCI today is launching a web special report, “California’s Climate Crisis.” Through its three main sections – The Problem, Human Impacts and Solutions – the site offers dozens of feature articles, videos, podcast recordings and photographs, with plans for ongoing updates and new stories. The materials outline the UCI researchers’ understanding of the climate issues facing California and the extent to which they are working to counteract the dilemma. The site includes an experts' page. Contact Tom Vasich at 949-285-6455 or tmvasich@uci.edu for more information.

ChristianaCare recognized by American Medical Association with 2021 Joy in Medicine distinction

ChristianaCare one of only 44 nationwide to receive the distinction; one of only five to receive the highest level – Gold Recognition (WILMINGTON, Del. – Oct. 7, 2021) ChristianaCare has been named a recipient of the American Medical Association’s Joy in MedicineTM Health System Recognition Program. The distinction recognizes health systems that demonstrate a commitment to preserving the wellbeing of health care team members by engaging in proven efforts to combat work-related stress and burnout. The American Medical Association awarded ChristianaCare a “Gold Recognition” – the highest level within the program. Only 44 health systems nationwide received the Joy in Medicine distinction, with only four other health systems along with ChristianaCare achieving the Gold Recognition. “When caregivers feel supported and fulfilled in their work, the quality of both their experience and their patient’s experience improves,” said Heather Farley, M.D., MHCDS, chief wellness officer and head of ChristianaCare’s Center for WorkLife Wellbeing. “That’s why, when the COVID-19 pandemic struck, we deepened our investment of resources to support our caregivers. While there’s still a long way to go, we are grateful to receive this recognition as it affirms our commitment to helping our caregivers foster meaning, connection and joy in work and in life.” ChristianaCare received the “Gold Recognition” for achieving six criteria: An organization-wide commitment to improving physician wellbeing. An assessment of the costs of physician burnout. Evidence-based interventions to reduce and eliminate burnout. Leadership commitment to address areas for improvement. Interventions to improve teamwork. Structured programs that actively engage doctors to cultivate community at work. These criteria align with ChristianaCare’s commitment to support its caregivers in alignment with the organization’s core values of love and excellence. ChristianaCare has implemented structured ways of working that encourages leaders to create environments where their workers feel safe asking questions and feel empowered to identify and solve problems. ChristianaCare also uses numerous surveys and assessments to track progress in improving the wellbeing and experience of caregivers. ChristianaCare’s Unique Center for WorkLife Wellbeing ChristianaCare established the Center for WorkLife Wellbeing in 2016 to develop support systems to enable clinicians to reconnect with the joy and meaning in medicine. “We recognized the growing problem of stress and burnout in health care, and we made a decision to tackle it head-on,” said Janice E. Nevin, M.D., MPH, ChristianaCare president and CEO. “The work of our psychologists, researchers, clinicians and peer supporters in the Center for WorkLife Wellbeing is built on the understanding that when we care for ourselves, we are better able to care for others, resulting in decreased medical errors and a better experience of care for everyone involved.” The Center soon expanded its mission to support all of ChristianaCare’s caregivers, including those who don’t work in clinical roles. The Center also has received national recognition for its expertise and leadership in the field of workplace wellbeing. Throughout the pandemic, the Center for WorkLife Wellbeing has proactively shared a variety of resources to support caregivers as they work to provide safe, effective care and reduce the spread of COVID-19. This includes: The Care for the Caregiver program, which provides confidential individual peer support and group support to caregivers when they experience stress related to patient care or the workplace. Peer supporters and organizational leaders receive training so they can provide psychological first aid to caregivers whom they recognize are struggling as well as connect them to helpful resources if needed. Emotional support through mindfulness resources and regular rounds where the Center’s experts can check on staff wellbeing. OASIS Rooms, which are quiet sanctuaries inside the hospital where caregivers can go to take a break, de-stress, meditate or enjoy a chair massage. 24/7 mental health services and programs to help caregivers maintain healthy habits including proper exercise, sleep and nutrition. Fitness centers that are free for all caregivers to use and provide easy access to exercise and fitness programs. “I always use the analogy, you can’t take the canary out of the coal mine and teach it to be more resilient and then put it back in the same coal mine and expect it to survive,” Dr. Farley said. “You actually have to change the coal mine – the environment surrounding our caregivers and clinicians. That’s what we’re doing in the Center for WorkLife Wellbeing.” Solutions to a National Problem A national study examining the experiences of physicians and other health care workers who worked in health systems during the COVID-19 pandemic found that 38% self-reported experiencing anxiety or depression, while 43% suffered from work overload and 49% had burnout. “The COVID-19 pandemic has placed extraordinary stress on physicians and other health care professionals,” said American Medical Association President Gerald E. Harmon, M.D. “While it is always important for health systems to focus on the wellbeing of care teams, the imperative is greater than ever as acute stress from combatting the COVID-19 pandemic has contributed to higher rates of work overload, anxiety and depression. The health systems we recognize today are true leaders in promoting an organizational response that makes a difference in the lives of the health care workforce.” Launched in 2019, the Joy in Medicine Health System Recognition Program is a component of the American Medical Association’s practice transformation efforts, an ambitious initiative to advance evidence-based solutions to address the physician burnout crisis. Candidates for the program were evaluated according to their documented efforts to reduce work-related burnout through system-level drivers. Scoring criteria were based on demonstrated competencies in commitment, assessment, leadership, efficiency of practice environment, teamwork and support. About ChristianaCare Headquartered in Wilmington, Delaware, ChristianaCare is one of the country’s most dynamic health care organizations, centered on improving health outcomes, making high-quality care more accessible and lowering health care costs. ChristianaCare includes an extensive network of primary care and outpatient services, home health care, urgent care centers, three hospitals (1,299 beds), a freestanding emergency department, a Level I trauma center and a Level III neonatal intensive care unit, a comprehensive stroke center and regional centers of excellence in heart and vascular care, cancer care and women’s health. It also includes the pioneering Gene Editing Institute. ChristianaCare is nationally recognized as a great place to work, rated by Forbes as the 5th best health system to work for in the United States and by IDG Computerworld as one of the nation’s Best Places to Work in IT. ChristianaCare is rated by HealthGrades as one of America’s 50 Best Hospitals and continually ranked among the nation’s best by Newsweek and other national quality ratings. ChristianaCare is a nonprofit teaching health system with more than 260 residents and fellows. With its groundbreaking Center for Virtual Health and a focus on population health and value-based care, ChristianaCare is shaping the future of health care. #####

Aston Law School corporate governance experts launch new book on investor stewardship

Dr Daniel Cash and Robert Goddard co-wrote Investor Stewardship and the UK Stewardship Code: The Role of Institutional Investors in Corporate Governance The book will be relevant for an international audience of academics, regulators and policymakers in financial regulation, investment regulation and financial services It coincides with the publishing of the Stewardship Code 2020 signatories as part of a new regulatory code by the Financial Reporting Council (FRC) Two members of Aston Law School have released a new book around investor stewardship to coincide with a major milestone by the Financial Reporting Council (FRC). The FRC published the first main list of Stewardship Code 2020 signatories on 6 September 2021, after a round of reporting earlier this year. This milestone details who is following the Code and allows the regulator to focus on holding signatories to the articulated standards of stewardship and how it is reported. The new book by Dr Daniel Cash and Robert Goddard, Investor Stewardship and the UK Stewardship Code: The Role of Institutional Investors in Corporate Governance, provides a critical assessment of the development of the Stewardship Code 2020, which sets out principles regarding the role of institutional investors in corporate governance. It discusses how the regulatory framework for stewardship evolved before and after the financial crisis, and how that evolution resulted in the 2020 Code. It also critiques the Code from a practical and academic perspective, as well as evaluating the wider regulatory framework; in particular, the position of the FRC merging into the Audit, Reporting and Governance Authority (ARGA). Dr Daniel Cash, senior lecturer in law at Aston Law School, said: “The Stewardship Code is a big deal in British governance, and that is exactly what the book looks at. “It examines the history of the stewardship Codes and regulation in the UK, and uses this to critically examine the new 2020 Code. “That critical analysis leads into projections of how the Code may fare in the modern business environment, aspects that may affect its progression, and puts forward elements that can make the Code’s impact more substantial. “This important regulatory development will play a massive role in aligning the actions of investors with the wider societal needs in the new world being dominated by ESG concerns. “Stewardship Codes modelled on the UK’s original 2010 version have been introduced in numerous markets and, as such, the book will be relevant for an international audience of academics, regulators and policymakers in financial regulation, investment regulation and financial services.” You can buy a copy of Investor Stewardship and the UK Stewardship Code: The Role of Institutional Investors in Corporate Governance here.

It’s World Water Week – Have you lined up an expert for your stories and coverage this week?

It’s World Water Week, and as issues with pollution in our oceans, safe drinking water in cities and droughts impacting public safety, public health and key industries across the west dominate the headlines – water is a topic that can’t be overlooked or its importance to society taken for granted. There are a host of angles, aspects and storylines that touch on just about every economic, political and social aspects of modern life, and if you are a reporter looking to cover World Water Week - then let our experts help! Asli Aslan, Ph.D., is a water microbiologist, and her research program bridges ecosystem and human health. She has ongoing funded projects on microbial source tracking, health risk assessment of water resources, and the ecology of pathogens in the aquatic environment. She is available to speak with reporters – simply click her icon to arrange an interview today.

How to find a job in Canada and position yourself as an ideal candidate

Whether you’ve just received your Confirmation of Permanent Residence (CoPR) or have recently moved to Canada, finding employment and getting back in your field of work is always top of mind for many. As you begin your job search in Canada, there are a few things that are must-haves: A Social Insurance Number (SIN) – A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Credential assessment for occupations such as teachers, accountants, medical professionals, engineers, social workers, etc. Credential assessment is a process through which you can get certified, registered, or licensed to practice your occupation in Canada. A Canadian-style resume and cover letter. Remember to customize your resume for each job application. Tip: To learn about the scope of your role in Canada and get deeper insights into specific job markets such as Information Technology (IT), Finance, Sales and Marketing, Project Management, Healthcare, Human Resources (HR), and others, download Arrive’s free guide for the Canadian job market. Once you’re equipped with these basic tools and resources, you’re ready to start looking for relevant opportunities. Here are a few ways you can get started with your job search in Canada. 8 ways to find a job in Canada 1. Browse job search websites Most job seekers use job search websites as the starting point while looking for opportunities. In Canada, many locally-popular sites provide more than just job listings. You can get access to employment trends, salary trends, career-planning tools, and industry information. The Canadian government’s Job Bank website is one such exhaustive resource. It is a job-listing aggregator so it pulls listings from multiple job sites which makes it convenient to browse opportunities. You can also check the provincial and territorial websites for more newcomer employment resources. What are the best job sites in Canada? Some popular job search websites are: LinkedIn Jobs, Indeed, Monster, Glassdoor, Workopolis, CareerBuilder, and SimplyHired. If you’re looking for freelancing opportunities or remote work, sites like UpWork, Fiverr, Jobboom, Jobillico, and Jobspresso are good options. 2. Network and volunteer One of the things to know as a job seeker is that Canada has a hidden job market. The hidden job market refers to positions that are filled without the employer advertising for it publicly. It is said that as much as 65-85 per cent of the jobs are not posted online. This is why networking is crucial to finding relevant opportunities – and LinkedIn is an excellent tool to get you started. You can use websites like Eventbrite and Meetup to locate industry-specific networking events near you. These events are excellent forums to find people from your field of work and strengthen your professional network. Giving back to the community (or volunteering) is usually well-regarded and valued in Canadian society. It can help you gain Canadian experience and learn the local culture and serves as a good way to meet other people and build your network. Tip: Volunteering can help you build your network and earn Canadian experience. To discover the importance of volunteering in Canada and learn how to find volunteering opportunities, read The benefits of volunteering as a newcomer in Canada. 3. Enrol with immigrant-serving organizations In Canada, there are various government-funded organizations such as ACCES Employment and COSTI that help newcomers find employment. Some are province and city-specific, so you can look up the government website to find one closest to you. These organizations help newcomers with a wide range of online and in-person career services such as resume building, interview preparation, language assessment, and finding a job. 4. Attend job fairs Many immigrant-serving organizations also organize job fairs. Some of these fairs are virtual and span a couple of days, while others are in-person events. Prepare for Canada, and JVS Toronto are organizations that do online job fairs periodically. One of the benefits of enrolling with a government-funded settlement organization is getting alerts for these job fairs. Following the social media channels for these organizations and browsing sites like Eventbrite and Meetup are also good ways to find upcoming job fairs. 5. Reach out to employment agencies and recruiters There are many employment agencies and specialized recruiters that can help you find a job in your field in Canada. These agencies and recruiters match jobseekers to employer positions. You can search for recruiters from your industry on sites like LinkedIn. Recruitment agencies in Canada may be nationally and/or internationally licensed. Those with a national license are only authorized to assist job seekers within Canada, while those with an international license can recruit overseas employees wanting to work in Canada. Who are the top recruitment agencies in Canada? Some popular employment agencies in Canada are Robert Half, Randstad Canada, and Hays Canada. Employment/recruitment/placement/staffing agencies cannot demand a fee from a jobseeker to help them find work. However, they can charge for additional services such as resume preparation, interview preparation, and job skills training. Tip: Beware of any employment agencies or recruiters asking you to pay a fee in exchange for a job offer, especially if you haven’t moved to Canada yet. Learn more about employment scams in Canada in the article, Common scams that newcomers to Canada should know about. 6. Browse career sections on company websites A good way to go about your job search is to make a list of organizations you would like to work at and then check the career sections on their respective websites. Most websites will let you send a job application for open positions directly through their site. Reach out to current or past employees through LinkedIn for a coffee chat to better understand the organizational structure and learn more about your desired role – this will also help you prepare for your interview. These conversations are also a great way to know about future job openings at the organization. Tip: Check out the list of top 100 employers in Canada and find organizations from your industry. 7. Enrol in bridging programs Bridging programs are designed for internationally-trained professionals and tradespeople who want to work in their field in Canada. They can help you get a licence or certification and integrate into the Canadian workplace. Some of the bridging programs’ services include courses, education and skills assessment, practical or workplace experience, exam preparation for licenses or certificates, language training, and action and learning plans to help you identify the training you may need. These programs may be virtual, or in-person or a combination of both. Usually, classroom training or work experience is part of the program. Depending on the bridging program you choose, there may be a fee associated with it. Contact a newcomer settlement agency near you or check local university or college websites to learn more about enrolment processes and eligibility criteria for specific bridging programs. 8. Look for a mentor Many Canadian professionals and industry leaders provide free advice and coaching to newcomers settling in Canada. This is a good way to learn how to adapt your skills and experience for the local job market and find relevant opportunities. You can look for a mentor through organizations like: Immigrant Services Association of Nova Scotia (ISANS) Calgary Region Immigrant Employment Council (CRIEC) Toronto Region Immigrant Employment Council (TRIEC) Edmonton Region Immigrant Employment Council (ERIEC) Ottawa Community Immigrant Services Organization (OCISO) How to position yourself as an ideal candidate and get a job offer The job market in Canada is competitive. Once you’ve identified a job position that’s a good fit for your skills and experience, it’s time to stand out from the crowd and market yourself as the ideal candidate. Positioning yourself as a strong candidate to an employer begins with building your personal brand. Here are a few other aspects to keep in mind as you prepare for a job application. Be confident and tell your story Practise responses to basic interview questions and have an elevator pitch so you’ll be more confident during the interview. Elevator pitches are a good way to introduce yourself and make an impression at the start of an interview. They can also serve as an answer to the “tell me about yourself” question. Think of your achievements and use specific examples or stories to demonstrate how you are a good fit for the role. Job interview resources: How to prepare for a job interview 10 common job interview questions and how to answer them The interview process in Canada may seem nerve-wracking. Prepped is an excellent resource for you to practise your interview skills and confidently prepare for the interview process. 6 Tips for improving your job search in the Canadian market 1. Customize your resume and add a cover letter A generic resume and cover letter sent to multiple employers may not yield much success in your job search journey. Be sure to customize your resume to each position that you’re applying for by tailoring your work experience, skills, and any additional information to the role. The cover letter is a good way to justify any gaps in your resume or provide any additional info that your resume can’t. Adding a custom, well-written cover letter to your resume can make you stand out from the competition, thus improving your chances of being approached for an interview. 2.Research the company and the role Be sure to research the company you are interviewing with – this will help you have more meaningful conversations with the employer and ask relevant questions. Look up the company mission, vision, some of its history, and market standing. Align your responses to the organization’s goals. Candid reviews on sites like Glassdoor can help you get insight into the operations and culture of the company. Get the names and titles of people who will be interviewing you and learn a bit about their background – this information can come in handy while making small talk with interviewers. Network with current or past employees through LinkedIn to learn more about the company and identify their needs – it will help you suggest potential solutions during the interview. 3. Polish your LinkedIn profile In Canada, it is common for employers and recruiters to search your name online. Brush up and polish your LinkedIn profile so that it’s up-to-date with your experience and qualifications. Also, ensure your social media or blogs don’t raise any red flags about you or portray you in a negative light. 4.For virtual interviews: Check your connectivity and surrounding environment With the coronavirus pandemic, many organizations have their employees working remotely. There is also a growing trend of candidates being interviewed virtually or over the phone. With this new setup, it is essential to showcase soft skills such as self-motivation and communication and demonstrate your comfort level using technology to connect. Be sure to check your phone reception, internet bandwidth and hardware or software requirements to ensure a smooth audio/video call for your interview. Avoid taking such calls from a coffee shop or a place where background noise levels may be high. 5.Be punctual and dress for the job you want Whether it’s a virtual or an in-person interview, make sure you’re punctual and dress for the job you want. For in-person interviews, plan your journey beforehand and consider the traffic and weather conditions. With the dress code, you can never go wrong with formals – this applies to in-person as well as virtual interviews. 6.Follow-up after the interview After the interview, take the time to send a thank you note to each of your interviewers. While this reflects your enthusiasm for the position, it also ensures the interviewer remembers you while deciding whom to hire. Finding meaningful employment in Canada can take anywhere from a few weeks to a few months. Preparation, persistence, determination, a positive attitude, and access to the right resources will help you find relevant opportunities. Original article located here, published by Arrive.

10 tips to adapt to life in Canada

As a newcomer experiencing Canada for the first time, there may be some cultural differences you’re not familiar with. Adjusting to a new environment and culture can be difficult if you have no idea what to expect. In this article, we will share a few tips, resources and advice that will help you to better adapt to life in Canada and avoid culture shocks. 1. Be polite – use the words “please,” “sorry,” and “thank you” frequently Canadians are known to be very polite – the words, ‘please,’ ‘sorry,’ ‘thank you,’ ‘may I,’ and ‘excuse me’ are frequently used in social settings and interactions. Being polite is valued and expected, even with strangers. Note that these common courtesies don’t necessarily signal a desire to be friendly; they’re merely a social standard. Fun Fact: Canadians use the word ‘sorry’ so much that in 2009 they had to pass an Apology Act in Ontario. It means that if any Canadian says ‘sorry’ at the time of a crime or incident, it won’t count as an admission of guilt – just an expression of sympathy. Without this, there’d probably be many apologetic Canadians in prison. 2. Be punctual In Canada, punctuality is a sign of respect – everyone does their best to arrive on time for all personal, professional and social engagements. If you’re late, people will worry that something has happened to you or that you have forgotten about your appointment. It may also come across as being disrespectful. If you anticipate reaching late or if you cannot make it, social protocol dictates that you inform the host or meeting organizer about your change in schedule and remember to do this as much in advance as possible. 3. Network as much as you can Canada is an attractive destination for talent from all across the world. Many candidates have relevant qualifications, compelling track records, and winning personalities. This makes Canada diverse and multicultural, with a competitive job market. Tapping into the hidden job market and gathering valuable referrals are just two of the many benefits that networking offers; it also serves as a way to stand out from the competition and get noticed. The hidden job market refers to positions that are filled without the employer advertising them publicly. As much as 65-85 per cent of the jobs are not posted online, and approximately 40 per cent of positions are filled through a referral. This is why building your network in Canada can be very helpful in finding a job. Tip: When reaching out to a connection to ask for a job referral, establish a “warm” connection first. Start by asking your contact to learn more about their career journey through an informational interview and share your learnings and experiences as well. Resources to help you learn more about networking in Canada: How to build your network in Canada: The basics Where to build your network in Canada How to build your network: The coffee interview Coffee chats: Questions you should ask to network better 8 ways to meet new people and grow your network in Canada 4. Reach out to settlement services when you need help Settlement services and agencies exist in Canada to provide free support to newcomers at every step of the newcomer journey. They are available in both pre- and post-arrival and are funded partially or fully by the Canadian government to promote the comfortable integration of newcomers into Canadian society. Settlement services provide support in various areas, including career, housing, healthcare, immigration, education, and more. When you begin using settlement services in Canada, you may be connected with a settlement worker who will work with you one-on-one to support your settlement process. Tip: You can also visit the Immigration, Refugees and Citizenship Canada (IRCC) website to learn about settlement agencies and newcomer centres in your area that offer free newcomer services near you. Accessing settlement services in pre-arrival can fast-track your transition to Canadian life and help you adapt better. See Pre-arrival settlement services for newcomers to Canada for detailed information on various programs that may be available to you in your home country. 5. Familiarize yourself with cultural differences and keep an open mind Canada is a diverse and multicultural nation – people from different countries, all with their unique values, traditions, faith, languages, food and cultures reside here. An important part of adapting to Canadian life is being open to learning about other cultures and making a conscious effort to live in harmony while acknowledging the differences that exist. Having a positive attitude and keeping an open mind is key to this transition. Remember that in Canada, everyone is treated equally and with respect, irrespective of their gender, occupation, race, religion, or sexual orientation. Therefore, you shouldn’t let any stereotypes, biases or prejudices influence your words and actions while interacting with others. Respect personal space and privacy Canadians value their personal space and privacy. It’s best to stay away from discussing topics related to salary, family life, weight, religion, political views, etc. Disruptive behavior such as cutting in line, speaking out of turn, shouting, talking loudly are frowned upon. And remember to always ask permission before using anything that’s not yours. Allergies and sensitivities are common in Canada Allergies are very common in Canada. It is estimated that one in 13 Canadians have at least one food allergy. Most prevalent food allergies include shellfish, tree nuts, peanuts, milk, fish, egg, wheat, sesame, and soy. Hence, before offering food to someone, it is always advisable to check with them for allergies. Some people also have sensitivities. For instance, strong colognes and perfumes aren’t recommended because many people have sensitivities or allergies to strong scents. 6. Volunteer often Volunteering is an integral part of Canadian culture. Children are encouraged to do it, and high school students must complete mandatory volunteer hours. Adults volunteer their time and skills at charities, non-profit organizations, political parties, religious faith organizations, youth groups, and many other places. According to Statistics Canada, in 2013, 44 per cent of the population, aged 15 years and older, participated in some form of volunteer work. Volunteering involves giving personal time freely for the benefit of another person, group, or cause. It can help you – Build and grow your network: During your initial days or months as a newcomer in Canada, you may not know many people. Volunteering offers a forum to meet other like-minded individuals – newcomers and locals alike – and build your social and professional networks. Gain Canadian experience: Volunteering can help you bridge gaps in your work history while you look for a job and is a good way to gain the much-coveted, Canadian experience. Moreover, you can always ask the company you volunteered with to provide reference letters, which can be useful in your job applications. Volunteering also offers the opportunity to learn new skills and brush up on your English or French language skills. Integrate with Canadian society: Besides offering career-specific benefits, volunteering in non-traditional setups such as at your local religious/faith organization, at your child’s school, or at a park in your neighbourhood will help you broaden your social circle and smoothen your transition to Canadian life. To discover the importance of volunteering in Canada, and learn how to find volunteering opportunities, read The benefits of volunteering as a newcomer in Canada. 7. Tipping for services is ingrained in Canadian life Canada, like many other countries, has a prominent tipping culture. Tipping (also called, leaving gratuity) when receiving any services tells the staff how good you thought their service was. It is not mandatory but in certain situations it is customary and expected. Not tipping for services is considered rude. Why tips matter In Canada, service and hospitality industry workers (such as bartenders, servers, hairdressers, drivers, food delivery persons, etc.) are generally paid only minimum wage. Some provinces have a separate (lower) minimum wage for the hospitality industry: the expectation is that tips earned will make up the difference for these workers. Who should you tip It is common to tip when paying for services in the hospitality industry. This includes but isn’t limited to: restaurant wait staff, food or grocery delivery personnel, bartenders, coat check personnel, hotel staff (like, housekeeping, maids, bellhop, valet, and room service), hair stylists, beauticians and masseurs, taxi drivers and ride-share (Uber/Lyft) drivers. Note: You are not expected to tip for counter service (e.g. at coffee shops and cafes – where you place an order over the counter, food trucks, ice cream shops, bakeries, etc.). You’ll often see tip jars at these places. You can tip if you receive good or exceptional service, but it isn’t expected. Tip: Sometimes the tip may be automatically added to the bill; be sure to check that so you don’t tip twice. Read Tipping in Canada: Things to know as a newcomer to learn how to calculate tips and get information on average tips for varied services. 8. Customize your resume and cover letter to the position you’re applying for Merely having a one-page Canadian-style resume and cover letter isn’t enough. You should customize it to suit the job description and requirements of the position you are applying for. Tailor your work experience, skills, and any additional information to the role. Include keywords from the job posting and always start your sentence with relevant action verbs like spearheaded, achieved, managed, trained, etc. Also, remember to craft a compelling summary for your resume. While working on your resume, avoid including very detailed information for each position you have held; you can share relevant details in the interview instead. Recruiters and hiring managers prefer seeing quantified accomplishments on resumes. The ‘CAR’ approach is a good way to help you structure individual sentences: C = what was the Challenge, A = what Action did you take, and R = what the Result was. For free, downloadable resume templates and more valuable tips on creating a stand-out resume and cover letter see, Canadian resume and cover letter: Format, tips, and templates. 9. Familiarize yourself with Canadian slang You may have heard of the famous Canadian phrase ‘eh’ – some locals append it to the end of almost any sentence. Other popular slangs are: Toque = beanie (winter hat) $1 CAD coin = loonie $2 CAD coin = toonie Kilometre = klick or click 6ix = Toronto Timmies = Tim Hortons (chain of coffee shops) Double-double = a coffee with two milks and two sugars; only used at Tim Hortons Mickey = a 375 ml (26 oz) bottle of liquor Two-four = a case of 24 beers Pop = soda, a soft drink, or any flavored carbonated beverage That’s jokes = something is hilarious or funny Darts = cigarettes Mounties = The Royal Canadian Mounted Police (RCMP) Parkade = a multi-story parking lot Washroom = Canadian term for a bathroom or restroom Beavertail = deep-fried dessert pastry resembling a beaver’s tail 10. Familiarize yourself with ice-breakers and small talk It is very common for Canadians to open any conversation/meeting/coffee chat with small talk. So, don’t be shy to initiate small talk – it’s part of Canadian culture. You can chat about the weather, your hobbies, how you spent your weekend, things you do outside of work, food, fitness, your travel to the meeting location, or sports. Avoid sensitive topics such as politics, religion, physical appearance, or age. As you settle in, common courtesy combined with curiosity will enable you to better understand Canadian culture. When in doubt or if you’re confused, it’s a good idea to ask people around you. Patience, understanding and immersion in local culture will help you to learn and adapt faster. Original article located here, published by Arrive.

Aston University celebrates launch of first wave of Institutes of Technology

"There remains a significant national skills shortage for engineering and we are pleased to be helping to address this through the provision of courses for young people wanting to progress to higher technical education, adult learners and people who want to develop their engineering skills." Professor Sarah Hainsworth Pro-Vice Chancellor and Executive Dean of the College of Engineering & Physical Sciences Aston University Institutes of Technology (IoTs) are collaborations between further education (FE) providers, universities and employers IoTs focus on the specific technical skills needs required in their local area They provide employers with a skilled workforce and students with a clear route to technical employment Aston University is joining in a nationwide celebration to mark the launch of the first wave of 12 Institutes of Technology on Thursday 8 July. Institutes of Technology (IoTs) are collaborations between further education (FE) providers, universities and employers. They specialise in delivering higher technical education (at Levels 4 and 5 – equivalent to the first and second year of a degree) with a focus on STEM (science, technology, engineering and mathematics) subjects, such as engineering, digital and construction. IoTs focus on the specific technical skills required in their local area. They will provide employers with a skilled workforce and students with a clear route to technical employment. By bridging skills gaps, these new institutions will drive growth and widen opportunity. Gillian Keegan, minister for apprenticeships and skills, said: “Institutes of Technology are the pinnacle of technical education, helping to develop the highly-skilled talent pipeline employers will need for the future. “By bringing together Further Education colleges, universities and businesses, Institutes of Technology are unique partnerships which will help to tackle skills shortages in vital sectors, from marine engineering to healthcare, cyber security to agri-tech. “Institutes of Technology are also playing a vital role in our multi-billion Plan for Jobs, which is helping to level up opportunities and support people to get the skills they need to get good jobs as we recover from the pandemic.” The Greater Birmingham and Solihull IoT has brought together the most innovative education providers within the Greater Birmingham and Solihull Local Enterprise Partnership area with leading industry stakeholders to create a powerhouse for advanced manufacturing and engineering. The consortium is led by Solihull College & University Centre, Aston University and Birmingham City University, working alongside South and City College Birmingham as a core partner and supported by BMET College, University College Birmingham and the University of Birmingham. The partnership will jointly design, develop and widen education and training opportunities aligned to the latest skills needs of leading-edge employers and the local, regional and national economy. The group will target under-represented learners, facilitating clear opportunities for progression from school to high-level occupations. In this new video, partners and employers explain what the IoT means to them: The following passage was included in the recent Government Skills for Jobs white paper, with the GBS Institute of Technology highlighted as an example of good practice: Government Skills for Jobs white paper Building work has started on the GBSIoT Hub at Aston University. It will be completed at the end of 2021 and will be an innovative hub, providing a fabulous resource for students and learners from across the region. Andy Street, mayor of the West Midlands, said: “The Greater Birmingham and Solihull Institute of Technology is all about two things: economic growth and prosperity. The Greater Birmingham and Solihull Institute of Technology is going to give us wonderful new skills in the sectors of the economy that are really growing fast here.” Professor Sarah Hainsworth, pro-vice chancellor and executive dean of the College of Engineering & Physical Sciences at Aston University, said: “We are delighted to be working with our partners on the Greater Birmingham and Solihull IOT for Advanced Manufacturing. It has been really exciting to see the work progressing on delivering the new Hub for students and learners on the campus at Aston University. "There remains a significant national skills shortage for engineering and we are pleased to be helping to address this through the provision of courses for young people wanting to progress to higher technical education, adult learners and people who want to develop their engineering skills. "The Hub will be home to a new cyber physical manufacturing rig which will create a simulated working environment linked to advancing Industry 4.0 technology and state of the art digital facilities and I really look forward to when it becomes the new home for our IoT students.” Find out more about the Greater Birmingham and Solihull Institute of Technology at www.gbsiot.ac.uk

Is a four-day workweek on the horizon?

Is Thursday about to become the new Friday? UConn’s Robert Bird spoke with the Washington Post about the possibility of a four-day workweek and what might be the driving force behind it: New Zealand's and Finland's prime ministers have floated the idea of a four-day workweek. The U.K. Labour Party in 2019 campaigned on the idea that workweeks would be shortened in the next decade. A number of employers have also begun to move in that direction. On Tuesday, Kickstarter announced it would reduce employees' hours without reducing pay next year, reported the Atlantic. Microsoft in Japan instituted a temporary three-day weekend in August 2019 - which resulted in a reported 40% increase in productivity, according to the company, and reduced electricity consumption and paper printing. "A five-day workweek was never a given," Robert Bird, a professor of business law at the University of Connecticut, told The Washington Post, adding that unions fought hard to scrap the six-day workweek norm in the early 1900s. "A five-day workweek was never something that was unchangeable or immutable." "Younger people are demanding more out of their work environment than just a paycheck," he said. "They want to work with someone who believes in their values - and the expression of a four-day workweek sends a signal that the company cares about work-life balance in a significant and meaningful way." June 25 – Washington Post It’s an interesting concept, and one that will be getting a lot of attention. If you are a journalist looking to cover this topic, let our experts help with your stories. Robert Bird is an expert in the areas of corporate compliance, employment law, legal strategy, business ethics, and corporate governance. Professor Bird is available to speak with media – simply click on his icon now to arrange an interview today.