While ‘soft skills’ seems to be a relatively new term for the modern world of work, experts have known of their importance for a long time. Research conducted by Harvard University, the Carnegie Foundation, and Stanford Research Centre found that 85% of job success comes from having good soft skills and people skills, and only 15% of job success is dependent on technical skills and knowledge. This study was published in 1918. 

Despite knowing these numbers for over a century, businesses still put the majority of their training budget into ‘hard skills’ — technical skills — for their employees. 

As workplaces shift and adapt to a world that is increasingly online, navigating the boom in hybrid and remote working, and trying to keep up with ever-evolving technological innovations, having a workforce with strong soft skills is essential. Research by Deloitte suggests that jobs requiring intensive soft skills are expected to grow 2.5 times faster than other job types, and that by 2030 around 63% of jobs will be soft skills roles.

In this blog, we’ll outline what soft skills are and some examples, explore the value of soft skills in the workplace, and suggest ways to develop soft skills amongst employees.

What are soft skills?

Soft skills aren’t specific to any job, but are personality traits, personal attributes, and interpersonal skills which enable an individual to interact effectively with others.

Soft skills are meant to complement hard skills, the skills specific to a role which are technical, and individuals who have a good balance of both are highly sought-after in the job market by recruiters and hiring managers.

Some examples of important soft skills are listed below.

Communication

Effective communication goes beyond just having the ability to hold a conversation. Instead, you should be actively listening. Key characteristics of active listening include paying attention to what the other person is saying, how they’re saying it, and their body language, summarising what they say to ensure you understand it correctly, asking open-ended questions, and showing empathy. 

You should be able to convey information clearly and concisely to ensure the person or people on the receiving end understand what you’re saying. Having good communication skills is essential for building personal and professional relationships with colleagues or clients, avoiding misunderstanding, and resolving conflicts.

Teamwork

Having good teamwork skills means you’re able to collaborate effectively with colleagues and co-workers across the company, not just within your department. It’s essential to be able to share ideas in a safe space and work towards common goals together.

Problem-solving

Being able to problem-solve efficiently means you’re able to identify the root cause of a problem and work on solving it, rather than working within systems and processes that don’t work very well. The key to having good problem-solving skills is the ability to find an actionable solution and implement it, to make everything work more smoothly. Improving critical thinking and practising seeing a situation from every angle will make you a better problem solver.

Time management

While time management may sound like the ability to be at work on time, it also encompasses the ability to prioritise tasks, set goals, and manage your own workload effectively. Having good time management means you’re able to get things done within your allotted working hours, reducing stress and doing a good job without the need to rush.

Adaptability

As modern workplaces continue to evolve in the face of technological innovations and in-depth data gleaned from multiple sources, employees need to be able to adapt to new software or new ways of working without it being a big disruption. Being adaptable and flexible means being able to embrace changes rather than shy away from them, making innovation more seamless and creating businesses that can keep up with competitors.

Creativity

Being able to think creatively is the ability to find innovative ideas. While sharing ideas and participating in brainstorming sessions requires a safe space where everyone feels heard and respected, when you can think creatively you’re able to create things that are different from competitors, allowing you to stand out in a busy market.

Emotional intelligence

Emotional intelligence (sometimes abbreviated to both EQ and EI) leads to better decision-making abilities, a better relationship with colleagues, and higher productivity. It’s especially important for leaders to have high emotional intelligence, as this trait enables them to productively manage a team effectively.

Leadership

Team leaders need to do more than just manage a group of employees towards goals. Now more than ever, leaders need to be able to lead by example, set clear expectations, and create a positive and inclusive work environment where everyone feels listened to. Leaders who are able to inspire and motivate team members achieve higher levels of success than those who can’t.

How soft skills benefit the workplace

Having a workforce with excellent soft skills brings many benefits to the workplace. Some of these are outlined below.

Increased productivity

Research has suggested that employees who undertake training in developing their soft skills are 12% more productive than those who haven’t had the training. This same study also showed that the productivity gains from the soft skills training converted to a 256% return on investment.

Stronger relationships

When employees can empathise with others, build rapport, and motivate themselves and the others around them, they’re able to build stronger relationships with their colleagues. Workplace conflicts are costly. Research suggests conflict at work costs around £28.5 billion a year in the UK, due to businesses needing to spend money on conflict resolution and mediation when a conflict isn’t resolved quickly.

Improved retention rates

People want to work at companies who invest in their growth and development, in both soft and hard skills. A study from the Department for Education suggested that in the UK, 63% of employees would consider changing their employer if they were offered a job at a company who offered more training opportunities.

Company growth

Managers who incorporate soft skill talents into their leadership approach can increase their team’s performance by as much as 30% according to research. With more engaged and productive teams comes more company advancement and growth.

How to develop soft skills among employees

In order to keep up with a rapidly changing world, businesses need to have a workforce with strong soft skills. Here’s how you can develop essential soft skills amongst employees.

Assessing current levels

See where employees currently are by assessing their soft skill set. You can do this through 360-degree assessments, self-assessment, or peer assessment. By gathering data first, you can see areas where individuals already excel and where there’s room for improvement.

Providing engaging development plans

Soft skill development plans need to be tailored to each employee individually, as part of encouraging soft skills within a business is recognising everyone is different and has different needs and abilities. Improving certain skills can be undertaken by mentoring or coaching sessions internally, or by hiring an external company if you don’t have the capabilities in-house.

Measuring outcomes

Once training has begun, measure outcomes to see whether the development of soft skills has increased productivity, return on investment, and company growth. Developing soft skills is a long-term, ongoing process, so you must commit to fostering these skills within the workforce continually.

Commit to your professional development and increase your job satisfaction

Soft skills make for a happier and more engaged workplace. By implementing soft skills such as critical thinking skills and emotionally intelligent leadership skills, you can find more satisfaction in your role.

Not only this, but employers value these skills, making you highly sought-after if you commit to developing them.

One way to further your skills development is by undertaking a part-time online master’s course. At the University of Sunderland, we offer flexible online degrees in a range of subjects. Explore our course pages to find a degree that suits you, where you’ll develop your soft skills and hard skills, putting you in a good position for leadership roles.

For anyone interested in the rapidly expanding field of computer science, machine learning and data mining are among the most exciting and evolving areas. 

From national governments to international corporations, big data and artificial intelligence are increasingly being leveraged for real-world problem solving and decision-making. But both need data mining and machine learning to extract and analyse the data that makes these tools so useful – and both require skilled computer and data scientists.

Online machine learning and data mining studies

At the University of Sunderland, there are two online master’s degrees that explore machine learning and data mining:

• MSc Computer Science
• MSc Computer Science with Data Science

In fact, both of these postgraduate degrees offer a module wholly dedicated to machine learning and data mining. During this module, you’ll explore both interrelated subjects and develop an understanding of the tools, trends, and current developments in the fields, as well as the relevant professional, ethical, social, and legal considerations in their application.

The benefits of an online degree in computer science and data science

Undertaking an online MSc degree in computer science and data science offers a number of benefits, particularly for people who want to advance their careers while also managing existing professional and personal commitments.

Career progression

By developing competencies in areas like data analysis, statistical analysis, and the application of machine learning algorithms, you’ll be building a skillset highly sought after in today’s job market, particularly for roles in data analytics and data engineering. This can help you build a new career in computer science, or further your existing career as you apply your knowledge to your real work experience, and gain a new qualification.

The University of Sunderland emphasises employment in all of its online master’s courses. Close industry partnerships mean that our online course content is developed with a focus on the real world of work. This is reflected in the fact that 95.3% of our postgraduate students are in employment or further study within six months of graduating (DHLE, 2016/17).

Salary

Investing in a postgraduate computer science degree is just that – an investment. It can significantly impact your earning potential, with data scientists among the most in-demand professionals today, thanks to their expertise in transforming complex datasets into actionable insights. This typically translates into high salaries, with experienced data scientists earning an average annual salary of £82,500 in the United Kingdom.

Why study an MSc computer science online?

Choosing to pursue an MSc in computer science or data science online means you’re not just earning a degree – you’re fully embracing a future where technology takes centre-stage. And there are lots of benefits for online University of Sunderland students. For example:

• Flexibility and convenience. Unlike many of the traditional full-time, on-campus courses, Sunderland’s online degrees offer part-time enrolment, making them ideal for learners who need to balance their studies with work, family, or caregiving commitments. This flexibility extends to start dates and fees, too, with multiple start dates every academic year, and a pay-per-module fee option. And because all of your studies take place in our online learning environment, you can study at any time and from anywhere in the world.
• Practical learning. Your coursework may happen off-campus, but it’ll still be hands-on, and you’ll gain practical skills in subjects such as networking, databases, software engineering, and cybersecurity. These studies will be complemented with online tutorials, recordings, readings, case studies, forums, and other asynchronous studies, as well as your final research project.
• Access to online academic support. While online learners do a lot of self-study and independent learning, they also have tutors and student success co-ordinators to contact for support, and all modules are supported by an academic team that includes a module leader and online instructors. Further support is also available for disabled students and for those experiencing IT issues.
• Global perspectives. As an online student, you’ll join a community of international learners, benefiting from diverse perspectives and networks that can enrich your understanding and enhance your career prospects, too.

At the University of Sunderland, we have developed deep expertise in distance learning. We have nearly 6,000 international students – that’s 37% of our student population – and 1,500 students studying online from locations around the world. Similarly, we have developed computer and data science courses that deliver the expertise you need, from programming languages like Python, to data visualisation and optimisation.

For further information about online master’s degrees in computer science and data science at the University of Sunderland, such as tuition fees and entry requirements – including English language requirements and IELTS, or prerequisites such as bachelor’s degrees, honours degrees, and other undergraduate degrees – please visit our website.

Building professional networks takes time and effort, and like friendships, nurturing the connections is a must. Professional networks are a great way to hear about future job opportunities, keep up with new trends and identify potential mentors.

It’s rarely easy to start chatting to someone you’ve never met before, even when you’re at a party, or sitting on a train. So how do you build a network of useful contacts? Connecting online might feel like an easier option to many people, but is it enough to use social media to build your network?

Friends, family members with common interests, old classmates, college lecturers and previous work colleagues, are all a part of your network and are definitely a good place to start.

It’s never too soon, or too late, to start building on the contacts you already have. Taking a strategic approach to professional networking will help you achieve your career goals more quickly.

Why should I build a professional network?

Networks, by definition, connect things or people together. Some connections may be stronger than others and the signals between them vary and change over time. You never know when a contact may be useful, so nurture them all.

They can help you:

• Make valuable connections with like-minded individuals who can offer support and advice
• Access new opportunities. Your network could open doors to opportunities you may not hear about otherwise
• Interact with other professionals who can help you learn and grow in your role
• Stay in touch with industry trends which could be useful in your current role and if you’re thinking about changing jobs
• Raise your profile or ‘personal brand’ to help you build your professional reputation
• Expand your support system. If you have a question, you might find the answer by browsing your network’s online posts, or asking them for advice.

Strategies for building a professional network

Exchanging business cards was once the mainstay of ‘networking’ to connect after meeting a new contact face-to-face. In today’s digital age, business cards have been superseded by LinkedIn profiles and other online networking tools, but the strategies to build strong professional networks remain the same, and you can be sure they involve more than exchanging contact details.

Set goals

The first step to effective networking is to define your goals. Are you seeking new job opportunities, mentorship, or industry insights? Setting goals will help you focus your efforts in the right places and connect with the people who can support you to achieve your career goals.

Identify target contacts

Deciding who to connect with will help you develop a strategy to find them. Potential connections include:

• Industry peers – building relationships with people who work in similar roles in different organisations is invaluable when it comes to progressing along your career path. Social media platforms are a great way to find those people and connect, although clicking ‘connect’ doesn’t guarantee success.
• Influencers – thought leaders and policy shapers working in a similar field can have valuable insights to share. Engage with their content, and use what you learn for your own professional growth.
• Alumni – you already have something in common with the people who graduated from the same course as you or from your school, college or university. Stay connected because you never know when you might be able to support each other’s career development.
• Friends and ex-colleagues – while you’re in a job, or when you leave, connect with colleagues on LinkedIn or exchange personal details. You’ve already built meaningful relationships with them. People move on, and you never know when a referral might  be useful.

Set up an online profile on LinkedIn or other industry-specific networking forum

Building an online presence is a must in today’s digital world. LinkedIn is the go-to for many professionals, but in some industries, like scientific research & development, other social media platforms like ResearchGate may be the best place to connect with your peers.

• Optimise your profile  – highlight your skills, experience, and goals. Keep your profile picture professional and include a catchy headline if you can.
• Include your location: This will help you connect with people locally.
• Connect strategically  – Sending personalised connection requests are more likely to be well received
• Engage  – Comment on posts, share insights, and participate in groups
• Add industry-relevant skills  –  List skills that are most relevant, first
• Keep your contact details up-to-date: What more needs to be said

Attend events

In person and online networking events and conferences are great ways to meet people working in similar fields and are invaluable for building connections.

Events include industry events, trade shows, seminars, networking events, virtual conferences, webinars and meetups. Most will build networking opportunities into the programme.

Ahead of the event, prepare an ‘elevator pitch’ so you’re ready to introduce yourself succinctly. It may sound cheesy, but it can help you overcome any nerves when meeting people for the first time and it’s guaranteed to help you give a good first impression.

Join professional bodies and associations

• Become a member of professional associations related to your field. Attend their events and engage with fellow members. Everyone there will be looking to build their networking skills, not just you.
• Volunteer to help with organising events or voluntary projects. It’s a sure-fire way to make genuine connections.
• Consider joining a committee relevant to your profession via an industry association. Working on a shared project is a great way to build meaningful connections.

Follow up

After meeting someone at an event, follow up a couple of days later by sending a personalised message expressing gratitude,  and perhaps mention a highlight of your interaction or the conference to make it memorable. Ask them if you could have a follow-up call or suggest a meetup. You never know when those conversations may turn into business opportunities.

Take an interest in other people’s careers

• Show genuine interest in what your contacts are doing. This could mean commenting on their posts online, or dropping them a line to congratulate them on a particular career success.
• Offer help and support to others. Don’t feel like every contact is a competitor. Most people will have different career goals to your own, so helping them out with introductions or answering their queries can help you build meaningful relationships.

Expanding your professional network

Building a robust professional network doesn’t happen overnight. It’s an ongoing effort that probably won’t stop until you retire. However, thinking about how you can expand your network to support your career advancement and professional development, is time well spent.

And it’s never too early to start. Even while you’re at college or university you can start to build a professional network that will expand naturally as you meet more people and graduate into the workplace.

Whatever career path you choose, staying connected online and in-person with your peers will support your professional development.

From AI to flexible working, and diversity and inclusion to the gig economy, the world of work is changing fast. Sarah Harrop looks into the business experts’ crystal ball to get a glimpse of work trends and employee experience we can expect in the coming years.

1. Generative AI is inevitable – but it’s not a threat to jobs (yet)

Generative artificial intelligence (GenAI), of which ChatGPT is a well-known example, is designed to create unique text, image or other data results in response to prompts from the person using it. GenAI is already being used in industries as diverse as healthcare, manufacturing, software development, financial services, media and entertainment, and advertising and marketing.

While some fear that it will make their jobs redundant in the next few years, the more popular view is that it won’t actually replace many job roles, at least for a while – but it will lead to job skill sets being redesigned to incorporate new skills in using GenAI. Workforce upskilling will therefore be essential.

“People who can use AI will replace people who can’t,” as Bernard Marr, an influencer at the intersection of business and technology, rather directly puts it, in a piece for Forbes

Gartner predicts that GenAI will become part of 70% of text- and data-heavy tasks by 2025; an increase from under 10% of tasks in 2023.

“Generative AI tools are quickly evolving to the point where they offer solutions that can increase efficiency in just about any task or line of work. But remember – a big part of becoming a proficient AI-augmented worker is understanding its limitations and knowing where you still need to apply human creativity, compassion and innovation,” adds Marr.

2. Climate change is here, and employees need protection

Storms, floods, extreme heat and wildfires with impacts on air quality for millions: in the past few years, the effects of climate change have become more obvious and are now impacting workforces everywhere. Unfortunately, these extreme weather events will become more common in future as global heating continues. Climate change disaster response plans are rapidly becoming a key trend in benefits packages for employees in the US and beyond.

Gartner’s Emily Rose McRae suggests that these plans could include commitment to offer shelter, energy and provisions when natural disasters strike; financial compensation for those suffering hardship after a climate change-related event; and counselling for their impacts on employees’ mental health.

3. Companies must share the costs of working

Before the pandemic, we didn’t think twice about the time, money and energy we spent on getting to the office each day. But with the shift to remote work or hybrid work models, employees have experienced working without these costs, along with the benefits of better work-life balance and greater wellbeing. Unsurprisingly, they have little appetite to return to the way things were before.

Research by Gartner shows that 60% of employees say the cost of going to the office outweighs the benefits, 67% feel that going to the office requires more effort than it did pre-pandemic, and 73% say it feels more expensive. What’s more, 48% think that companies who demand a return to the office prioritise what managers want over what employees need to do good work.

There’s no statistically significant impact of working location (in-person or remote) on employee performance, Gartner’s research in the US shows. Therefore, if companies are going to attract and keep hold of the best people, they should have both a flexible working strategy and creative benefits that help meet the costs of working.

Some ideas and initiatives suggested by the Harvard Business Review include: housing subsidies to help employees find affordable nearby housing; benefits for employees who care for children or elderly relatives; financial planning and education services to help money go further during the cost of living crisis; and contributing to student debt repayment.

4. Four-day working weeks could become common

We can expect four-day working weeks to become less of a rarity in the near future, as a shortage of available talent in the labour market prompts companies to think about ways to meet employees’ wishes for flexible work arrangements as well as their own career path objectives.

In 2022, the Autonomy Institute carried out the world’s largest four-day working week trial in the UK over six months, involving 61 companies and around 2,900 workers. It was a great success for both employees and employers, with 56 of the companies deciding to continue with the four-day week and 18 of the companies making a permanent change to their policies.

Four day working weeks were shown to have huge benefits for employee wellbeing, with 39% feeling less stressed and 71% reporting less burnout, improvements in anxiety, fatigue, sleep, mental and physical health and ability to balance work and family/social commitments. Retention of staff also improved, with a 57% fall in leavers, and companies’ revenue stayed broadly the same over the trial period, rising by 1.4% on average. What’s more, when compared to a similar period from previous years, organisations reported revenue increases of 35%.

Henley Business School’s Dr Rita Fontinha, author of a Four Day Week white paper, ‘Four Better, Four Worse?’, says: “Businesses need to better understand their employees’ desires and aspirations, to enable them to recruit the best people and to keep those people happier and more productive in the workplace.”

5. We’ll need new skills

A Future of Jobs report by the World Economic Forum in 2023 predicts that 44% of workers’ core skills will change in the next five years because new technology is moving at a faster pace than company training programmes can keep up with. Employee reskilling is going to be needed. In its report, the WEF predicts that the most in-demand skills for employees by 2027 will be:

•   Creative and analytical thinking
•   Technological literacy
•   Curiosity and lifelong learning
•   Resilience, flexibility and agility
•   Systems thinking
•   AI and big data
•   Motivation and self-awareness
•   Talent management.

“There’s more of a focus and an interest in having people with analytical thinking, people with creativity,” says Saadia Zahidi, WEF Managing Director. “But it’s also become very important to have leadership skills and to have social influence, and the ability to work with other people. The traits that make us human, make us able to relate with each other and to get innovative, creative things done in the workplace.”

Analytical thinking is the skill expected to grow the most in importance for employees – by 72% – because reasoning and decision-making are the workplace tasks least likely to be automated via technological advancements and account for just 26% of task automation currently.

Soft skills and competencies such as emotional intelligence and problem-solving will increasingly be needed in our work environments too, says McRae:

“Employee conflict resolution is the next must-have skill for managers. With upcoming elections, geopolitical crises, labour strikes, climate change and pushback to DEI efforts, the environment is ripe for differences of opinion. Managers who manage, rather than silence, interpersonal conflict among employees will have an outsize positive impact on their organisations.”

Get ready for the job market of the future

Take the first step towards your own future of work by joining one of the University of Sunderland’s 100% online flexible courses, which allow you to continue to earn while you learn.

These nineteen remote learning courses and a blended learning course have been expertly designed for busy working professionals around the world. From MBAs to nursing and computer science to law, the courses combine the University of Sunderland’s core strengths of high-quality teaching and deep expertise in international and distance learning.

Enroll on one of these courses and you’ll equip yourself for success in a wide range of careers across diverse sectors, with a university recognised for its high quality teaching and superb student support, whilst continuing to earn and progress.

Getting a competitive edge over other applicants when applying for jobs can be a challenge. Any hands-on experience in a related job role can help, but how do you get real-world experience in your field of interest before securing a full-time job if you’re at the start of your career, or looking to change career path? It can feel like a vicious circle.

An internship is a good way to gain practical experience and boost your CV If you are looking to change careers or have recently graduated.  

So, what are internships? How do they differ from other types of work experience, and can they really open up new career opportunities? Read on to find out more.

What are internships?

Internships are a type of work experience that many students and graduates undertake to help them gain practical experience in the workplace to support their career development. Internships are fixed term positions within organisations that vary in duration from a week to a year.  

It’s easy to confuse internships with other types of work experience like work placements and volunteering.

Work placements are periods of work experience that students undertake during their taught course, which count as a module of their degree and usually last the whole academic year. Volunteering can provide valuable job experience, but is often less structured and usually unpaid, although many organisations now recognise they should at least cover a volunteer’s expenses.

Internships come in many shapes and sizes and should be paid, even if only a minimum wage, although some are unpaid. Timings and duration vary, but they often provide three months’ work experience during the summer months, either in-person or remotely.

Several websites, including Prospects are a good place to start when searching for internship programmes. The National Career Service lists ways to find remote internships.

Why do an internship?

Graduating from university is a big milestone.

At this point, some students will have already secured a job, perhaps through a graduate recruitment scheme. Others will have decided that further study, like a masters or even a PhD, is for them. But for many, thinking about job applications and professional development is too much to contemplate before the rigours of final exams, making ends meet, and enjoying end-of-year events, are behind them.

The summer following graduation is a popular time to get internship experience and the benefits of an internship programme can be multiple, to both you and potential employers.

According to a survey of profiles on LinkedIn by Beyond Academy, almost 9% of students do an internship after graduating. For top-flight universities, up to a third of recent graduates complete an internship before deciding on their future career path.

How might an internship help my career development?

Any work experience is valuable for expanding your professional skills and enhancing your CV, whether you are a college student, or have just graduated from university. Internships can give you:

• job experience in a relevant field
• experience of a professional work environment
• new skills and competencies, such as technical skills and teamwork experience
• a chance to test out whether you want to pursue a particular career
• an expanded soft skill set, including time-management and problem-solving skills
• networking opportunities
• access to potential mentors who can assist with your professional growth
• an opportunity to ‘try before you buy’. This applies to both the intern and the host organisation who may have potential openings for you if the internship goes well.

The importance of internships is widely recognised. Jemma Smith, editor at Prospects says: “An internship gives you the option to try a career before settling on it. Internships provide invaluable work experience. Whether interning in the UK or abroad you’ll gain transferable skills and vital industry connections.”

What’s it like to do an internship?

Doing an internship is a great way to find out whether a particular career path is right for you and helps you to start to build a professional network.

Sophie, a graduate in Media Production from the University of Sunderland completed her internship with a local production company:

“I really enjoy my role and specifically the relationships you build with people and clients. There’s never a dull day”she explained. ‘It has been challenging to learn in a more professional environment, as this was my first experience in those kinds of surroundings.”

Internships are always on a fixed term, so you can discover what drives you and find out whether a job aligns with your work ethic. If the answer proves to be ‘no’, the internship experience will still have helped you develop valuable soft skills that will enhance your CV, whatever you choose to do next. On the other hand, if it goes well, it could even result in a job offer.

How can I find an internship?

If you want to gain real-world experience in a professional environment and improve your theoretical knowledge or practical skills, an internship could be a good next step for you after Higher Education.

Many companies advertise for interns on their websites and larger national and multinational companies may have a structured programme for anyone they take on.

There are also providers like Milkround and Beyond Academy that advertise internships in the UK and around the world, giving you a unique opportunity to gain specific skills while satisfying your wanderlust.

Also, if you are currently at college or university, your graduate careers service should be able to help identify suitable opportunities.

At Sunderland, the University works in partnership with local small and medium-sized businesses (SMEs). to provide access to graduate internship opportunities that align with your career choices and will help you take the next step towards a successful career.

Whether you’re a full-time student working to make ends meet, or have a full-time job and studying for a degree to enhance your career prospects, balancing work and study is a challenge.

Every student faces different circumstances, but paying for food, bills and travel is a must for us all. A recent survey conducted by the National Union of Students (NUS) found that two-thirds of students are doing paid part-time work alongside their studies, often for up to 20 hours per week.

A third of college students who responded said that working was having a negative impact on their studies. The most common reasons cited included:

• Tiredness
• Juggling commitments
• Less time for studying, including missing lectures.

If this sounds familiar, read on to find some helpful tips on how to achieve a better work-study-life balance.

What happens when you juggle study and paid work?

If you are working and studying at the same time, finding time to ‘do it all’ is going to be tough. There are only 24 hours in a day.

You want to get the most out of your studies, but you are juggling work and a social life too, so what can give? It’s all too easy to find yourself sleeping less, exercising less and socialising less. But is that the answer? Almost certainly not.

Stress is a big issue for many people juggling study and work, and it can take its toll. If you start to feel overwhelmed it’s possible you’ll experience anxiety and this can lead to depression and burnout, which can have long term effects on your mental health.

On the flip-side, perhaps you are someone who thrives on busyness and gets a buzz from having multiple challenges and goals ahead. Some might say ‘variety is the spice of life’. 

Whatever your situation, the key ingredients to finding a balance between study, work and personal life are planning and self-discipline, sprinkled with a large pinch of realism.

How can I balance work and study effectively?

Before you try to balance paid work, your personal life and study, acknowledge to yourself that it’s going to be tough. There will be difficult patches, but if you make a realistic plan and be kind to yourself, you’ll navigate through.

Some important things to remember are:

Put strategies in place to manage your time, and stick to them

Time management is important when you are juggling priorities and different commitments. 

• Make a list of tasks, including the deadlines for them. Give them a ranking according to their priority
• Consider using simple tools like Google calendar to build your schedule, or a phone app like Any.do or write a to-do list on Notepad
• Include breaks and relaxation time in your schedule
• Once you have a schedule, stick to it. This means ensuring your plan is realistic and building in contingencies for the unexpected, like travel disruption or illness
• Try to be realistic about how long a task or assignment will take 
• Split bigger tasks into smaller modules that are achievable at different times to maintain some flexibility in your schedule
• Studying with others in a shared study space can help you stay on track with coursework and your wellbeing.

Set realistic goals

For working students it is important to set realistic milestones when it comes to study time, assignments and exam preparation.

• Be open with your employer about conflicting work commitments if they arise.
• Accept that, with a busy schedule, you may not be able to spend as much time on a piece of work as you might like, but aim to do the best you can in the time you have available.

Look after your mental health

Imagine, if you were a smartphone with multiple apps running, you’d only function with your battery charged. Your wellbeing is important, so schedule in time to recharge your batteries. 

• Take time out to relax and have a social life.
• If things don’t go to plan, try not to dwell on what went wrong. Refocus and move on.   
• If you start to feel overwhelmed or anxious, speak to friends or family or someone at your workplace or university as they should be able to offer support.

Don’t underestimate the importance of sleep and self-care

Whatever the next milestone is in your schedule, try not to compromise on sleep. It’s all too easy to pull an all-nighter when timelines slip, or the unexpected happens, but it is rarely a good solution.

Exercise can be one of the first things to miss out on if you are tight for time. Consider changing up the way you travel to campus or to your workplace. Cycling, walking, skateboarding or running are all good options for getting exercise without taking much time out of your schedule, or money out of your bank account.

Eating a healthy diet will also help your resilience and energy levels. There are lots of easy cook recipes online that use simple ingredients and can be frozen, so you can make your time and effort go further.  

Find a flexible solution that works for you

Whatever your circumstances, feeling like you have some control over your situation is important for your health and wellbeing and will help you perform better at work and in your studies.

This can mean looking for a more flexible solution to studying that allows you to achieve your goals. Reducing your work hours, or studying part-time might be the answer. Financial aid may be available to students on low-incomes through bursaries provided by the host university, although specific eligibility criteria usually apply.

Online learning is an alternative that gives you the flexibility to study and learn at times that suit you, rather than at specific times set out by the college. This can help reduce stress levels and allow you to study ‘smarter’.

Many universities offer online courses. At the University of Sunderland, there are a range of 100% online degrees that are taught remotely and could allow you to achieve your study goals while working full-time. 

We know that all businesses face some degree of risk. Even the most cautious or financially prudent organisations can’t anticipate every challenge – just look at the coronavirus pandemic – and with everything from cyberattacks to supply chain disruptions, the spectrum of potential threats is broad.

But effective risk management can protect organisations from both the anticipated and the unanticipated threats. Effective risk mitigation not only safeguards a company’s assets and reputation but can also enhance its decision-making processes and its strategic positioning. In short, any business focused on stability and profitability will seek to manage – and mitigate – the risks and challenges that can affect its operations and bottom line.

What are business operations?

Business operations is the term used to encompass all of the day-to-day business activities that generate value or earn revenue for an organisation.

These activities can include everything from production and manufacturing to project management and customer services. Essentially, business operations are the engine of the organisation. Without this engine, there’s nothing to drive a business strategy forward. There’s nothing to make, or produce, or sell. There’s no income or profit. Without business operations, there is effectively no business to speak of.

Identifying risks in business operations

Identifying potential risks within an organisation’s business operations is the first step in a comprehensive risk management process – and it’s absolutely essential for the smooth running of business operations more generally.

Common risk events include:

• Financial risks
• Operational risks
• Strategic risks
• Reputational risks.

This process typically involves recognising possible risks that could negatively affect the company’s ability to function effectively, and it requires extensive research, analysis, and collaboration with business leaders as well as with stakeholders in every area of the organisation. This information can then be collated into some kind of template or dashboard that facilitates risk monitoring and tracking risks in real-time.

It’s a time-consuming task, but by conducting a thorough risk identification and assessment, businesses can better understand the potential impact of different risks, and then prioritise which ones to address based on both the likelihood and the impact of the risk.

What is operational risk management?

Operational risk management is a methodology that’s used to identify, assess, and prepare for any potential risks that could interfere with a company’s operations and objectives. For example, this can include the risk of loss resulting from inadequate or failed internal processes, people, systems, or from external events such as natural disasters or cyberattacks.

Operational risk management aims to minimise the potential impact of these types of risks while protecting business continuity, and it’s growing in importance every day:

“In the not-so-distant past, especially before the financial crisis of 2008/09, many companies approached operational-risk measures from a regulatory perspective, with an economy of effort, if not formalistically. Incurring costs and paying fines for unforeseen breaches and events were accordingly counted as the cost of doing business,” McKinsey explains in a 2023 article. “The present environment, however, is unforgiving of such approaches. An accelerated pace of change, especially in digitisation and social media, magnifies the negative effects of missteps in the aftermath of crisis events. Leaders are consequently grappling with the long-term effects of operational-risk events, seeking crucially to avoid the dangers of underestimating their impact on market value.”

Operational risk management best practice: steps and strategies

Adopting best practices in operational risk management involves several key steps and strategies. As we know, risk identification is an essential first step: organisations need to know what could go wrong, and where their vulnerabilities in business operations sit.

After that comes risk assessment, which is where identified risks are analysed in order to determine their potential severity as well as the likelihood of the risk occurring. This is typically followed by risk mitigation planning. During this planning, organisations will develop risk mitigation strategies to help them manage – or even eliminate – potential risks. Options essentially include risk transfer, risk avoidance, or risk acceptance. 

The risk management strategy will then be implemented through a series of policies, procedures, and control systems. And after that, it should be tracked. The business needs to be continuously monitoring risks and reviewing risk levels – and the effectiveness of mitigation measures – so that it can adjust the strategy to address new or changing challenges.

Different ways to mitigate risk in business operations

There are a variety of ways that a business can address risks, and these can be adapted and tailored to suit the specific needs – and vulnerabilities – of the organisation. For example, some organisations may focus their efforts on overall risk reduction, while others that have a greater appetite for risk may focus more on assessing risks and mitigating only those that are found to be the most high-risk. 

Some methods for risk mitigation include:

Risk mitigation plans

A risk mitigation plan outlines specific strategies for dealing with an organisation’s identified risks. For example, this plan might include measures such as:

• Employee training to enhance skills and awareness around particular risks
• Implementing advanced cybersecurity measures to protect against data breaches
• Using automation to improve accuracy and efficiency in critical processes.

With a risk management plan in place, organisations are better prepared to respond quickly and effectively to risks if they should happen to arise.

Business continuity plans

Business continuity plans (BCPs) are developed to ensure an organisation can maintain its business functions – or quickly resume them – even when faced with a major disruption. This disruption could be anything from a natural disaster to a significant cyberattack or supply chain failure – a well-structured BCP will plan for them all, and make sure that critical business processes can continue during a crisis, minimising downtime as well as financial loss.

Contingency plans

Contingency plans are designed to be implemented when business risk events that cannot be mitigated happen. These plans often include backup systems, alternative resource allocations, and other emergency response actions. They are crucial for enabling businesses to quickly adapt and continue operations even under adverse conditions.

Develop a reputation for effective operations management

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Running your own business isn’t easy – far from it. Small business owners require an advanced, and extremely varied, skill set, including knowing how, when, and who, to outsource certain tasks and business functions to.  

Establishing a business is often a daunting task. The U.S. Small Business Administration (SBA) provides plenty of helpful resources to help entrepreneurs get started, from planning and launching your venture through to managing and growing it.

What is the secret to running a successful small business? What are the key elements that should be considered? Are there common pitfalls to avoid? Let’s look at some of the key elements of starting and managing a small business in more detail.

What should be included in a business plan for a new small business?

From pitching to investors to evaluating growth plans to defining strategy, business plans are critical documents that serve multiple purposes.

While each may look slightly different, the best business plans contain several key elements:

• Company description. What does the company do, what is its purpose, and what does it hope to achieve? This section should include details of business structure (for example, a sole proprietorship or a limited company), business model, industry context, mission statement, relevant background information, business goals and objectives, and team information.
• Market analysis. Factor in estimated market size, the business’ market positioning, and an overview of the competitive landscape. This section may include a SWOT analysis and competitive analysis, all supported by robust evidence and market research.
• Details of products and/or services. List information about new and existing product and service lines (such as their categories, key details, and features), any intellectual property, and how product and services will help achieve profitability.
• Customer segmentation. Explain the target market and your target customers, touching on demographics such as their age range, geographical location, level of education, buying behaviour, technological ability, earning/spending power, and their values and beliefs.
• Marketing strategy. Marketing plans generally focus on four key areas (the ‘Four Ps’, or ‘marketing mix’): price, product, promotion, and place. They should be directly informed by your customer base and target audience insights.
• Logistics and operations strategy. What workflows and systems are necessary to make the business needs and activities a day-to-day reality? Consider factors such as suppliers and supply chain, production and manufacturing, facilities, resources and equipment (such as customer relationship management (CRM) software, shipping and fulfilment, and inventory management.
• Financial plans and information. This section details financial projections, pricing details, income statements, balance sheets, business insurance, cash flow forecasts, start-up costs, and potential return on investment (ROI). It can spell the difference between gaining investment or not, so it’s important to know your figures inside-out.

Are there best practices for naming a small business?

So, you have a great business idea, but you’re stuck when it comes to the business name? Naming a business can be tricky. After all, it contributes towards a customer’s first impression of, and what they can expect from, the business, it differentiates you from competitors, and it’s integral to your overall branding.

GoDaddy, one of the world’s largest web hosts, has 10 step-by-step pointers for naming a business to help you get started:

1.     Think about what you want the name to convey
2.     Brainstorm possible names
3.     Ensure it’s easy to write and remember
4.     Ensure it’s scalable
5.     Describe the business but avoid being generic
6.     Tread carefully with geographic names
7.     Avoid obscure words
8.     Don’t follow trends
9.     Avoid decisions by committee
10. Check for domain availability.

What finance and funding options are available to small businesses?

Businesses live or die according to their financial health. As such, understanding how to manage start-up costs to get a new business up and running is critical expertise for budding entrepreneurs.

Without this knowledge – and the skills to secure, manage, and maintain adequate funding – many new businesses are doomed to fail: according to SCORE, 82% of new businesses fail due to cashflow problems.

Fortunately, there are many potential financing options available, including:

•       self-funding (using personal savings and ‘bootstrapping’)
•       crowdfunding
•       venture capital
•       small business loans and business credit cards
•       incubators and accelerators
•       government grants and subsidies.

Whatever methods are used to support financing efforts, keeping track of business finances is critical. Many small business owners manage their own finances using professional accounting software; others bring a bookkeeper on board to help, especially once the enterprise is more established or growing rapidly. Whether or not this is required for your venture is likely to depend on the scale and complexity of the business, and the available in-house skill set.

What are the key factors to consider when marketing a small business?

Marketing efforts can often include a lot of trial and error – particularly in the early stages of launching and growing a small business. Your chosen marketing plan and strategy will be influenced by the type of business, the industry it operates in, and the methods that are most likely to engage the specific target market. An online business, for example, may rely on markedly different marketing tactics to a local, bricks-and-mortar greengrocers – or not.

There are four key types of marketing to consider for your small business to help you reach potential customers:

• Email marketing – Collect email addresses of customers who may be genuinely interested in your business and engage them with exclusive news, discount vouchers, events, free gifts, competitions, product tips, and other interesting or entertaining content.
• SEO marketing – Effective Search Engine Optimisation (SEO) increases the chances that customers will find you while searching online. SEO criteria are frequently updated, so staying on top of the latest developments – and tracking performance – is important.
• Social media marketing – Social media platforms (such as Instagram, X, TikTok, and YouTube) offer a highly cost-effective, versatile, and immediate way to interact with a target audience. Not sure how to get started? Many platforms offer guidance on how to get the most out of their platforms, such as LinkedIn’s ‘The Business Owner’s Guide to LinkedIn’.
• Event marketing – Appearing at relevant events and occasions – for example, a baker specialising in wedding cakes organising a stand at a wedding fair – can be a great way to showcase new products and services, engage prospective customers, and boost brand awareness.
• An online presence, such as a company website, is considered essential in today’s digital world. Long gone are the days when you needed to pay someone to create a basic site for you; now, there are numerous platforms that are designed to provide simple, intuitive, and quick website set-ups (think Squarespace, Wix, Shopify, or WordPress). Pair that with engaging content, an understanding of SEO techniques, and great user experience, and your virtual ‘shop window’ is ready to go.

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You’ll study a range of topics across the business and management discipline, including human resource management, financial management, operations management, business innovation and intelligence, data-driven decision-making, marketing, cross-cultural management, and international trade.

Understanding commercial financial principles is essential for all professionals, no matter what area of the business you work in. As you progress into more senior positions, it’s likely you’ll be given a budget and a credit card for your team which aligns with the overall financial goals of the business. 

Your role is to align your team’s actions with the overall business decisions, and ultimately positively impact the growth and success of the company you work for. By understanding key principles of financial management, you’re more able to make effective decisions and create a good return on investment.

In this blog, we’ll help you to understand the principles of financial management, giving you the essential knowledge all professionals in leadership positions need to progress in their careers and make a positive impact.

What is financial management?

To start, it’s important to understand what financial management is for a business. This term refers to the strategic planning, organising, and controlling of financial undertakings in an organisation.

Some of the objectives individuals in charge of financial management may be tasked with include maintaining the supply of funds to the business, ensuring shareholders get good returns on their investments, optimising the use of funds, and creating good investment opportunities.

Understanding the basic principles of cash flow

Cash flow is a corporate finance measurement of the amount of cash coming into and going out of a business within a particular period of time. Positive cash flow is when you have more cash coming in than going out. Negative cash flow is when you have more cash going out than coming in.

Some different types of cash flow include:

• Operating cash flow: The net cash generated from day-to-day business activities.
• Investing cash flow: The net cash generated through investment activities.
• Financing cash flow: The net cash generated from financial activities such as debt payments, shareholders’ equity, and dividends payments.
• Free cash flow: The net cash left over after tax liabilities are paid, depreciation, amortisation, and changes in working capital are accounted for, and capital expenditures such as property, equipment and technology, are subtracted.

What are the benefits of financial planning?

Financial planning is essential for business success. By forecasting how much cash flow you have and budgeting your spend, you’re more able to manage financial resources effectively and ensure your business is profitable and successful in a sustainable way —not just in the short-term. 

Understanding a business’s allocation of spend and expected returns is important for all organisations, from startup to established business.

Efficient financial planning enables a business to make strategic business decisions as it offers insights into the financial implications of potential investments, can evaluate any risks in current or potential spending plans, and can identify opportunities for growth.

How does the time value of money principle impact financial decision making?

The time value of money (TVM) is a core financial principle, for both businesses and personal finance. It is a concept which suggests a certain sum of money is worth more now than it will be in the future due to its earning potential in the interim. The sum has the potential to grow by investing it, so delaying the investment is considered to be a lost opportunity.

The basic formula for TVM takes into account the present value of a sum of money, the interest rate, the number of compounding periods, and how long it will be invested for. It then calculates the rate of return to predict the sum’s future value.

The sooner invested cash can be used, the more valuable it is. This principle is used when calculating the valuation of a company by discounting any future cash flows to reflect their present-day values.

How does risk management play a role in financial management principles?

The financial principle of risk management is centred around the concept of needing to take calculated risks in order to see financial returns. 

As well as investments as we think of them, such as locking money away in high-interest accounts, a company may also need to weigh the risk and potential return on investment (ROI) on items such as software or assets. If a piece of software is expensive, spending money on it is a risk. The company needs to assess whether the amount of money it will generate as a result of using this software is enough to outweigh the risk of the initial investment.

Undertaking risk management before all large financial transactions are finalised ensures the business is being smart about where it spends its money, and is only taking risks when they have a high chance of paying off.

Why study financial management?

Whether you work for a financial provider or not, studying financial management will give you valuable skills and knowledge which will help you to progress into leadership positions.

Managers across all departments of a business are often key stakeholders in implementing a budget within their team. Understanding financial statements to ensure your team spend is on track will enable you to manage your team budget effectively. 

By knowing what you’re spending and strategically calculating risks, you can increase overall return on investment. Having the ability to make efficient strategic business decisions in this way will make you highly sought-after with employers.

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The Association for Project Management (APM) lists the business advantages of effective project management as including: strategic alignment, clear focus and goals, quality control, realistic ambitions, and leadership and direction.

It’s no wonder that organisations are always on the lookout for project management professionals with the understanding, skillset, and experience to help them achieve project success. After all, according to the Project Management Institute (PMI)’s Pulse of the Profession report, organisations see an average of $122 million wasted for every $1 billion invested due to poor project performance.

Gaining a robust understanding of the principles, techniques, frameworks, templates, and tools that deliver results in the project management space is, therefore, critical to high productivity, high performance, and high profits.

What are the principles of project management?

Project management principles refers to the foundational guidelines that help to deliver projects. However, depending on the source used, the exact number of project management principles can vary – anywhere from three through to fifteen.

For example, the Project Management Institute (PMI)’s PMBOK Guide – which stands for Project Management Body of Knowledge – is a structured framework of best practices to help manage projects from start to finish. Its five phases are: project initiation, project planning, project execution, project performance, and project closure.

However, while there may not be a consistent, universally agreed set of principles, many do share similar themes and aspects that meet project needs and contribute to project success. These generally include versions of:

• project objectives. This involves defining the project goals, project scope, and project deliverables right at the very beginning (and ensuring they are SMART).
• project planning. This focuses on designing and developing an in-depth outline of the project, encompassing project activities, project timelines, project budgets, project resource management and allocation, and project dependencies.
• project stakeholders. This centres on engaging relevant, key stakeholders – including the project team – throughout the duration of the project lifecycle, and factoring in their diverse needs and expectations.
• project risk management. This involves conducting a risk assessment to identify potential issues and put strategies in place to minimise them.
• project monitoring. This focuses on assessing project progress and performance on an ongoing basis, in line with the project objectives and plan, and taking corrective action as required.

What are some different types of project management methodologies, principles and frameworks?

What’s the best way to take a project from initial plan to final execution – and ensure that it’s successful? Project managers have plenty of options available to them, depending on the project’s specific needs and requirements. 

There are numerous different approaches to project management, and they differ in how they are structured and organised. Popular options include:

• Agile – Agile project management is among the most common, universal principles and processes, based on collaboration, speed and efficiency, iterative, data-driven working, and the value of individuals.
• Waterfall – A traditional project management approach that is also known as the software development lifecycle (SDLC). Following a linear process, tasks cascade down (hence the name), and are organised sequentially and according to dependencies.
• Scrum – Divides a project cycle into short sprints (usually of one or two weeks), and generally headed up by a ‘Scrum master’ who leads daily meetings featuring progress updates, demos, and retrospectives.
• Critical Path Method (CPM) – Identifies and schedules the most critical project activities in order to manage projects at scale and accurately map both milestones and deliverables.
• Lean – The central aim of this methodology is to eliminate waste, resulting in a highly simple, ‘lean’ framework. The goal is to do more with less, maximising both teamwork and efficiency. Lean approaches suit project teams of all sizes, but are particularly suited to those with efficiency concerns.

Other popular methodologies include Kanban, Scrumban, PRINCE2, Six Sigma, critical chain project management (CCPM), and extreme programming (XP). Many of these methodologies and frameworks are used in conjunction with each other.

So, how do you select the right project management methodology for your needs? First of all, there is no one-size-fits-all approach, and certainly no right or wrong. To help narrow down the available options, it’s worth asking a series of questions before you get started.

These include:

• What is the size of the project team?
• How does the project team prefer to work?
•  Does your industry change frequently – and so would a consistent or flexible approach suit best?
• What is the overarching project objective?
•  Is your project fairly simple or more complex?
• Do you need a method that facilitates specialisation within key roles, or will team members be undertaking similar work?

What project management techniques are used to track progress?

Examples of common techniques and tools used to monitor performance throughout the project management process include Gantt charts, Kanban boards, and burn-down charts – however, many alternatives are also used to assess project status, based on different metrics.

Gantt charts are visual timeline representations of project roadmaps, detailing how specific tasks are advancing in relation to the time allocated for them. They often feature start and end dates for tasks, milestones, dependencies that exist between tasks, and oversights.

Kanban boards use labelled columns to represent the various stages and workflows of a project in real-time. For example, ‘To-do’, ‘In progress’, ‘Review’, and ‘Complete’. Software tools such as Jira, Trello, Excel, and Asana are often used to create boards that entire teams can access.

Burn-down charts track outstanding tasks against time available, enabling project managers and teams to visualise progress and make predictions as to when tasks may be completed based on current performance and velocity.

What skills do the best project managers have?

Successful project managers – whether Project Management Professional (PMP)-certified or not – must develop a wide range of project management skills to support their endeavours. These encompass leadership, technical ability, and interpersonal qualities.

Key skills required by project management specialists:

• Communication
• Problem-solving
• Critical-thinking
• Adaptability and change management
• Organisation
• Negotiation
• Technical expertise
• Team management.

Gain the skills, insights, and tools to drive project performance

If you’re ready to take the next step in your career – and want to develop specialist project management expertise to ensure your projects are executed successfully – choose our 100% online MBA with Project Management. 

With highly flexible, 100%-online courses that fit around your existing commitments, you can upskill and prepare for career progression from the comfort of your own home – and in a way that suits you. You’ll become adept at managing projects across the entire lifecycle, making use of the latest project management tools, approaches, and developments in the field. Alongside this, you’ll gain broader understanding across the business management and leadership spectrum, cultivating a highly developed skill set that can help you to thrive in competitive job markets.