Weekly Blog by Philip King, CEO of the ICM - ‘Making a Difference’

This week has seen the quarterly meetings of the ICM's Advisory Council and Executive Board, and the regular forum of our Regional Representatives. We're into the second year of our governance cycle and that fact, together with a recent conversation with the editor of our Credit Management Journal, have made me think about the need for people to get involved in things.

 

Sean was telling me he'd decided to stand for election to a committee of his professional association (within the world of public relations) and questioning whether he'd be able to make a difference. My response was that he'd certainly make more difference if he stood than if he didn't, assuming of course that he was successful in the election! Stating the obvious I know but true nonetheless.

 

The reality of course is that organisations like the ICM depend on volunteers for effective governance and so much more. The willingness of individuals to give up their time and brain power is both valuable and vital. Seeing our governance in action this week has reminded me of how big a contribution they make. At times our members who get involved locally and/or nationally must question whether they make a difference but trust me they do, and their contribution and commitment are invaluable. Locally they run our network of regional branches and nationally they influence and shape our direction and strategy. In both cases they are enriching the ICM credit community and making it more powerful.

 

The countdown to next year's elections is some months away yet but let me plant a thought in the minds of those who might want to make a difference. My message is simple: when you see the invitation to stand for election to our Advisory Council early next year, please don't assume it's directed at someone else. It could just be your chance to make a difference!

Weekly Blog by Philip King, CEO of the ICM - 'Testament of Youth'

There was an interesting article in the Financial Times about youth unemployment on Monday. Hot on the heels of the recent revision by the Office for National Statistics (ONS) that has cast doubt on last year's UK double-dip recession, it served as a timely reminder of how dangerous it can be to rely on statistics or to accept them at face value.

 

Both the OECD and the United Nations have recently warned that the spiralling rates of youth unemployment across many advanced economies will have severe consequences following the latest reported figures showing that nearly a quarter of European under-25s are now unemployed. A truly terrifying statistic, particularly in Greece and Spain where the figure is over 50%, and Italy and Portugal where it is 40%, until we get beneath the headline, and let me quote the FT's Kate Allen in explaining.

 

"Youth unemployment figures are meaningless without understanding what proportion of a country's young people are economically active."  "Unemployment figures only reflect the proportion of the population who are economically active ­ i.e. looking for a job, but unable to find one."

 

'Youth' in this context is defined as young people aged 15-24 and inactivity rates can be expected to be very high with many in education or training.  Taking this into account the FT calculates the true youth unemployment rate in Spain to be marginally over 20%, Greece about 17%, Portugal 15%, and Italy 11%.  Indeed, on this basis the unemployment figure for European young people is fewer than 10% rather than the reported almost 25%.

 

There are conflicting opinions about who originally said "lies, damned lies and statistics" but, whoever it was, we should bear their words in mind when we read or hear numbers being quoted in support of a view or argument. Context can be all-important!