For many years, young people have wanted to enter the banking sector. A huge proportion of super-rich and ambitious entrepreneurs have banking backgrounds. The industry has proven to be a valuable springboard for several of the most successful people in business such as Spencer Rascoff, Christopher Wightman, and Declan Ee, giving them the skills required for top-level entrepreneurship. 

Here are five reasons why banks are a popular choice for young people. 

An Equal Barrier to Entry for all 

Banks offer entry-level employment programs for graduates regardless of their professional backgrounds. Whether they’re graduating from related degrees like finance, mathematics, and economics, or unrelated ones like arts and psychology, graduates can find career paths in the banking industry. No particular skill is required to enter this sector as banks usually hire inexperienced candidates and provide the necessary training. As a result, banking professionals have the opportunity to learn from individuals with a variety of specialisms. 

What’s more, multiple studies have shown that university students often regret their subject choices. It is an excellent opportunity for young people to change their career paths by pursuing a career in banking. 

Professional Training and Development 

Banks, particularly established ones like Morgan Stanley and Barclays, offer their candidates structured apprenticeships and training programs. Tested and proven, these programs produce effective results. Some employers will even pay for employees’ courses and examinations to acquire professional qualifications along the way, depending on the career development route.  

Graduate employment schemes, for example, allow young people to follow highly structured career progression plans for years to come. These routes not only provide young people with career stability but are still designed to allow a decent amount of flexibility.  

Aside from professional training programs, banks utilise social and team-building activities to prepare their employees for this demanding industry. The challenging nature of banking promotes a healthy learning curve that helps workers become more confident decision-makers and time managers. 

Long-term Career Prospects 

The banking sector offers employees a clear career path, from entry-level to management, and director. Most young people are given a clear indication of their next promotion before joining the bank, giving them a sense of security. 

The scale of the banking sector also makes for higher promotion potential than in other industries. There is a saying that the sky is the limit in the banking sector. A few years of hard work can lead to promotion to management, even for probationary officers and clerks. A hardworking and ambitious professional may manage to land a position in a general management team after just ten years. 

There are many examples of probationary officers rising to high positions in the banking industry. One of the most prominent examples is Rajnish Kumar. SBI appointed him chairman of the board after he began working there as a probationary officer in the 1980s. 

Compensation and Benefits 

The banking industry is of course known to pay exceptionally well, consistently ranking among the top 10 highest-paying sectors. 

It is an unspoken rule not to discuss compensation in banking interviews. However, people who work in banking at any level will not deny that money is one of their primary motivations. According to recent research, a banking salary may be the only way for young people in major cities like London and New York to afford a place to live, given the current inflation rate and real estate price rises. 

In addition to generous salaries, banks offer plentiful bonuses and benefits – significantly more generous than other high-performing industries. Buying medical and disability insurance for their employees is an industry-standard in banking and other benefits such as including sick leave, holiday, and pension funds are also generally available to employees. 

Opportunities Beyond Banking 

Banking can provide the skills you need for any job in any sector. Thus, bankers frequently start their own businesses or divert to higher-paying jobs later in life. 

Working as a banker involves trust, responsibility, and integrity. Throughout a banking career, employees will acquire a number of skills related to dealing with finances in a high-pressure environment, and a host of skills related to leadership and working in a team. There aren’t many careers that provide such a well-rounded set of skills which can be applied as widely as in banking. 

Founder and ex-CEO of NatWest Financial Products Plc. Chris Wightman has now turned his hand to tech in the agriculture sector, becoming president and CEO of VM Agritech. His experience in the banking industry has equipped him with the unique set of skills that have allowed him to build the company’s success. 

Overall, banking offers the whole package to new graduates. From the exceptional benefits which come with the job to the skills that graduates learn, there are countless reasons to enter banking. This becomes even more attractive when these skills can be applied elsewhere, with limitless career opportunities. 

Revered in the international shipping industry today, Evangelos Marinakis was born in 1967 in the Greek city of Piraeus. His father, Miltiadis Marinakis, came from the Greek island of Crete and was also a prominent shipowner. Meanwhile, Evangelos Marinakis’s mother, Irini, was descended from the prestigious Ypsilantis family. Evangelos Marinakis is the couple’s only son.

An alumnus of the American International University in London, Evangelos Marinakis studied Business Administration, gaining a bachelor’s degree before subsequently earning a master’s degree. Upon graduating, Mr Marinakis followed in his father’s footsteps by entering the international shipping industry.

Following stints at British firms Harley Mullion and Elders Chartering Limited, Evangelos Marinakis was primed to break out on his own, forging an incredibly successful path in shipping. Starting with the company handed down by his father, operating seven bulk carriers, Evangelos Marinakis went on to establish the Capital Maritime & Trading Corporation, earning a global reputation as one of the shipping industry’s most important figures, with a reported net worth of $650 million.

Evangelos Marinakis also served as CEO of the New York Stock Exchange-listed company Crude Carriers Corp., and established Capital Product Partners LP, a maritime company listed on the American Stock Exchange.

In 2019, an announcement was made revealing that Capital Product Partners LP was to merge with Diamond S Shipping Inc. in a $1.65 billion deal, creating one of the largest tanker companies listed globally.

In addition to his prominent role in international shipping, Evangelos Marinakis serves as a board member for several companies operating in other industries, including , and Alter Ego Media SA, Abisso Holdings Limited and One Channel.

A keen football enthusiast, Mr Marinakis acquired Olympiacos FC in 2010. The team is based in Piraeus, Evangelos Marinakis’s home city. He continues to serve as team president, having previously served as president of the Greek Superleague and vice president of the Hellenic Football Federation.

Mr Marinakis bought a controlling share in the English football club Nottingham Forest in 2017. Gaining the English Football League’s approval, he embarked on ambitious, far-reaching plans designed to restore the team to its former glory, including the redevelopment of the club’s home grounds – paving the way for the creation of a world-class venue and the East Midland’s largest football stadium.

In 2014, Evangelos Marinakis joined forces with Yannis Moralis, current mayor of Piraeus and Olympiacos vice president. Together, they launched the independent Piraeus Winner alliance, and Mr Marinakis subsequently become an elected member of Piraeus City Council. He and his party pledged to focus on upgrading local infrastructure, transforming the city into a booming tourist destination, and enhancing the standard of living for people living in the port city.

A generous philanthropist, Evangelos Marinakis has made substantial donations to a variety of causes over the years. In Piraeus, he has used his own personal funds to finance several redevelopment programmes, with the result of creating new jobs and businesses. He has also funded construction of sports facilities, children’s playgrounds, and parks and squares throughout the city.

Becoming a greener and more sustainable business is easier than you think. Acts like recycling and taking shorter-needed breaks can save you big as well as make your work environment easier to work in.

Is Green Good For Business?

The western world is moving towards a more environmentally friendly outlook, but can it negatively impact a business?  If you’re unsure where to start, here are some great ways to give your business a sustainable, environmentally friendly edge.

Start Recycling

This may seem easy to start, but you and your employees can’t recycle if there aren’t any recycling facilities. Monetary costs can quickly build up in the long-term, so when you see a new recycling bin in your office, make sure to use it. In general, you should do this if your company uses paper, cardboard or plastic.

Reduce Energy Use – Turn off the lights!

If you have LED lighting in your offices (usually found above counters), you could use up to 50% less energy than standard bulbs. There are loads of great options out there, including energy-efficient dimmer lights, but just make sure they are bright enough for everyone to work under.

Consider Your Packaging

Take a good look at the packaging your products come in and see if you can reduce their size.

Some companies use recycled paper as well as smaller printing options in their packaging cake box, burger box, and even pizza boxes! These help reduce your reliance on more traditional materials like paper, plastic and cardboard.

Invest in Energy-Efficient Equipment

Nearly all energy-efficient pieces of equipment will pay for themselves through the savings they bring you in energy costs over time. This includes things like set-up, ventilation and lighting, which are essential. If you’re unsure where to start, look into energy-efficient office equipment to reduce your carbon footprint.

Keep Your Pest Control at a Minimum

Pests can be a big problem in the workplace. They can get stuck in between desks and damage files and cause more stress on your employees than they’re worth. If you have an issue with pests in your office, you should talk to a professional exterminator to see the best way to proceed. You can also consider swapping bait-based traps for electric ones that eliminate the need for harmful pesticides.

Encourage Employees To Bring Their Own Mug and Water Bottle

If everyone at your business brings their own water bottle in to work and has their own mug, it can save thousands on the cost of buying disposable cups. This goes for any other type of plasticware too, so make sure everyone knows not to take too much with them each day.

Use Recycled Paper for Your Documents

Very few places are allowed to print on recycled paper, but this is something other companies often do to save money. This allows your office to recycle the paper you don’t need, making it more environmentally friendly.

Use Less Plastic

It doesn’t matter if you use plastic cups or paper cups; they all have a big impact on the environment. Using alternatives like reusable steel water bottles is a great way to reduce that impact and make your office greener.

Spend More Time Outdoors

Spending more time outdoors in the summer by installing a deck or patio can help you with these efforts. This will allow employees to work outside of the office, which is better for their health and reduces costs on air-conditioning. So, get out there and take your break outside!

Even better, organise time outside for your whole team. Whether this is outdoor meetings or group activities, it can be a great way to bond and save money.

Encourage Your Employees To Take Briefer Breaks

Taking shorter breaks can help you reduce costs on lighting, cool your building and, more importantly, save electricity, ultimately saving you more money in the long run.

This is a great way to get your employees working together, as well as avoid energy waste by constantly turning the lights on. Make sure to include this in your business model and financial objectives so that it’s clear why this is important and how it reduces cost.

Plan Your Own Green Event

There are a number of events that you can plan with your staff to go green. Try to create your own festival or event to show people that it’s possible to organise an event without using many resources. Make sure to use recyclable materials so that you don’t waste more than necessary.

Mark Lyttleton is a speaker, angel investor and business mentor with interests in several early-stage companies. This article will explore the many different ways that business mentors can help budding business leaders, providing the experience, expertise and contacts to help them get their enterprise off the ground.

Business mentoring is more than a buzz phrase, providing inexperienced entrepreneurs with the benefit of a mentor’s extensive experience, knowledge and valuable contacts. Business mentors help founders to develop both personally and professionally, serving as a role model and often forming long-term relationships with the founders they work with.

Mentoring is distinct from coaching, which tends to be for a shorter duration and focus on a particular issue or skill that requires improvement. Business mentoring involves helping entrepreneurs to overcome challenges they would have struggled to get through on their own, providing them with breathing space to think about how to develop themselves and improve their performance.

A business mentor provides founders with someone to talk to and bounce ideas off who understands and relates to the founder’s situation, providing them with the reassurance that they are not alone and inspiring and motivating them. Mentorship can also boost an inexperienced entrepreneur’s confidence, helping them to develop and improve their people skills and self-awareness, deal with difficult situations and plan for business success.

The support of a business mentor provides entrepreneurs with the benefit of invaluable insights that could have a transformative impact on business performance. A great business mentor is someone who has experienced first-hand what it takes to build, operate and scale a successful business. They provide entrepreneurs with the benefit of their extensive experience, sharing lessons they have learned from their own successes and failures. Mentors not only serve as a sounding board but also provide critical feedback, helping entrepreneurs to develop and improve their business.

From the mentor’s perspective, helping inexperienced business owners to navigate the early-stages of their business can be a highly rewarding experience that confers a variety of different benefits. First, being a business mentor can help boost confidence. Mentorship requires an individual to constantly test their skills, solidifying their expertise in various verticals and better equipping them to take risks in their own career (and reap the rewards of those risks).

Mentorship presents the opportunity to look at a business from a fresh perspective, witnessing the growth of a passionate and enthusiastic individual and helping them transform their promising ideas into a profitable business. In nurturing their talent and helping them to grow, lifelong friendships can be formed, creating connections that could prove very valuable later on. Business mentors also benefit from an opportunity to invest in people, paying it forward. Many mentors report feeling a huge sense of satisfaction in helping inexperienced entrepreneurs to find their feet and realise their business goals. In addition, the mentoring process forces the mentor to look at the world differently, through another person’s eyes, providing the potential to reinvigorate their own businesses, creating scope for improvement, and helping them to recognise opportunities they might have missed.

According to UK Parliament, London is home to approximately 1 million businesses, which is the most businesses in any region or country inside the UK.

The capital is not only responsible for a third of all business, but it has attracted some of the most recognizable companies in the world, including Unilever, Deloitte, McDonald’s, BP, and Vodafone.

Due to the sheer number of businesses in the city and the calibre available, you might wonder if there is room for your venture.

Yet, London provides plenty of opportunities for business growth and profitability. Check out these five ways to become the competition in London.

• Differentiate Your Business

Budding and experienced entrepreneurs would be wise to study their competitors to identify a gap in the market.

If you understand your rivals as well as your own business, you’ll have a firm knowledge of their strengths and weaknesses.

As a result, you can replicate their successful marketing tactics, introduce their tried and tested sales techniques, and identify a potential USP.

If you know your competitors like the back of your hand and understand your demographic’s wants and needs, you’ll know how to differentiate your brand to stand out in the market.

• Connect with Your Community

London might not have earned a reputation for being as friendly as northerners, but it does have a community spirit you’d be intelligent to tap into regularly.

The capital is home to many communities, which is why you must strive to connect with the various ones on your doorstep.

Many consumers are more than happy to support smaller businesses over large organizations.

Reach out to a community using clever marketing, face-to-face communication, and a personal approach. Also, strive to deliver products and services to match their specific needs.

• Move to a New London Office

Wow every client and attract top talent by investing in an attractive London office.

A cool space will make your business appear professional, successful, and innovative, which will make people want to work for your business or become a customer.

If you are ready to move to a better office in the capital, visit theworkplacecompany.co.uk to browse every available space right now in the likes of Central London, Chelsea, Covent Garden, and London Bridge, to name a few areas.

The team is on hand to help your business negotiate the best lease terms and manage a move with ease.

• Role-Play Your Competitors

In addition to thoroughly researching your competitors’ strengths and weaknesses, you must role-play your rivals under various scenarios.

Stepping inside your competitors’ shoes during different scenarios could help you identify their plans for the future, potential industry opportunities, and realistic risks.

Role-playing could help you stay one step ahead of your rivals or even take advantage of their specific issues.

The tactic could even help you disrupt an industry, which could help you stand out from your rivals and establish your business as a forward-thinking brand.

• Master Customer Service

According to a recent survey of 2,000 consumers in the UK, 32% of participants stated they have remained with companies with poor customer service. However, they plan to switch to competitors that offer a better service.

Consumers are tired of companies in London and beyond using the pandemic as an excuse for a poor customer experience.

If you want to drive consumers to your brand and become an industry leader, you must place customer service at the heart of your business.

Improve your company’s customer service experience by:

• Actively listening to your customers
• Empathising with their problem
• Using calm, positive, and helpful language
• Talking to customers in a natural, friendly tone
• Resolving issues before they arise
• Apologising for mistakes
• Responding to messages or calls within 24 hours or less
• Acting on feedback

Consumers are happy to pay a little extra for reliable, helpful customer service. Also, the better you treat your customers, the more likely they will spread a positive word about your brand.

Therefore, it could lead to greater brand awareness, a bigger annual profit, and a trustworthy reputation.

Conclusion

Launching a business in London isn’t for the faint-hearted, but the capital provides many opportunities to grow your company’s revenue and reputation.

While you might need to compete with various rivals in your industry, the above helpful tips could help you stand out from the crowd and become an industry leader.

So, find an impressive, affordable office for your business, improve the customer service experience, and know your rivals like the back of your hand.