As the economy recovers from the crippling effects of the Great Recession, many consumers are demonstrating their confidence by increasing their retail shopping activity. As a result, many companies are developing strategies to strengthen customer acquisition and loyalty.
In Europe, a major mismatch between skills on offer and jobs available is leading to a higher number of the educated workforce searching for work abroad. Despite its lack of attention, this disparity still a very real issue. In Europe, the issue of labor underutilization is a real and present concern, according to the International Labour Organization, a United Nations specialized subgroup.
An ILO study on the issue found that many European countries are experiencing a problem with the over-education of working-age citizens, leading to issues with workers and businesses meeting each other's needs. While an in-depth comparative analysis has been difficult due to various measures used in different countries, the overall picture is clear: Lack of education is decreasing as a labor issue, but over-education is a rising problem.
SKILLS MISMATCH A LONG-TERM ISSUE
There have long been concerns related to the matching of employer and labor force needs, especially as the advancing pace of industry and technology required workers to acquire new skills relatively quickly. The study noted that such an issue has been present in the U.S. since the 1970s, although the onset was later in Europe. However, underlying problems in the overall issue of skills mismatch have now reversed. As the ILO pointed out in a summary of the full report, the demand-side actors involved in the labor market – governments and employers – as well as the workforce and their representatives, have to work together to make sure they are more in-tune to avoid such problems in the future.
AN EFFECTIVE SOLUTION FOR THE SHORT TERM
While increased collaboration could reduce concerns related to skills mismatches in the future, there are still major issues involving the current workforce and their job prospects. International employment, whether it's job-seekers looking beyond their own country for remote positions or for careers that involve relocation, is one way these overqualified workers can find a place to use their skills. This growth in this realm of employment means international payroll companies could soon see an influx of new hires in the coming years that require these payment services across national borders. Beyond the general trends in worldwide recruiting and global expansion of business, Europe's skills mismatch problem could lead to even more international hiring and an increased demand for related payroll services.
In the payment processing sector, new innovations are being introduced to make conducting transactions digitally more efficient and safe for both consumers and businesses. Given that we live in a technology-driven culture, companies will want to take note of opportunities to move with the times, and live up to the expectations of their customers. People want a hassle-free experience that will make the transaction completion experience seamless from start to finish. Here is a look at some developing trends to keep an eye out for in the coming months:
Prevalence of retailer reward programs to expand
Many brands like to offer financial incentives to customers for doing business with them. This is often done in the form of discounts, rebates and other perks that people find valuable.Generally, real-money incentives and merchandise incentives work better than others. PricewaterhouseCoopers wrote that a number of merchants will begin offering robust reward programs for consumers. Data will be collected on purchasing habits, whether people use credit or debit cards to complete transactions, or prefer to shop online or in store. All of this information will be used to create relevant rewards programs. Companies taking this step will need to partner with a service to oversee this process and ensure that promised rewards are distributed quickly and efficiently, using methods that are both affordable and convenient for customers. Talk to an international payment processing company for help with real money incentives, rebates and rewards.
Growth of mobile wallet use
A large number of consumers use their mobile devices to access credit stored in "mobile wallets" to buy product and services online and in traditional brick-and-mortar stores. This practice is not only convenient, but it also speeds up the transaction process. This trend calls for an increased need to protect the financial data of customers. As such, there will need to be a significant amount of collaboration between retailers, technology experts and electronic payments processors.
Biometric data identification
As hackers and data thieves become more sophisticated in their efforts, there has been a major push by the financial sector to try to stay one step ahead. According to TechRadar, biometric payments are becoming popular with consumers who desire to move away from the use of passwords that can easily by discovered by those looking to commit cybercrimes. As a result, fingerprint scanning and voice recognition could soon become a part of the payment transaction process as both offer a much greater deal of security given their personalized nature.
Consumers will embrace prepaid cards and e-money accounts
People without traditional bank accounts often turn to the use of prepaid cards which are tied to e-money accounts, according to a report from PPRO Group. Managing finances electronically has become popular with people all over the world. These services are certain to grow in popularity as their users enjoy some of the same benefits as someone who was issued a debit card linked to a checking or savings account from their financial institution.
The success of each of the above trends for any individual organization will hinge on working with an electronic payments processor that can not only ensure timely delivery, but also protect any sensitive data throughout the entire process. This is the most important component of any digital currency transactions.
People participate in surveys for many reasons. However, one of the biggest motivating factors is a perk of some kind that thanks participants and shows appreciation for their time. It's not uncommon for companies conducting polls to offer an incentive to respondents.
Many companies use rebates as an incentive to draw in more customers. It is not uncommon for companies offer a financial reward that serves as a de facto thank you for doing business with them and buying the goods and services being offered. The ultimate goal in the issuance of consumer rebates is to generate a higher level of consumer loyalty.
Doing business internationally requires companies to cover a lot of bases, especially if they plan to employ a global workforce. For example, if a company is based in Canada but is looking to hire people who will live in various countries throughout Europe, it will be necessary to pay those individuals in the currency native to their location.