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Growing gig economy could be behind buoyant ONS employment figures

Growing gig economy could be behind buoyant ONS employment figures

Gig economy could be behind buoyant ONS employment figuresRecent ONS figures showing a rising employment rate could be inflated by the growth of zero-hour contracts within the gig economy, as the number of UK workers on zero hour contracts having more than tripled since 2012. This is propping up overall employment levels by accounting for almost a quarter of overall employment growth, new data by Adzuna has suggested. With the employment rate currently at a record high of 75.7 percent according to the ONS, Adzuna’s data compares recent growth in the number of people in work overall to the increasing number of zero hour contracts, to ascertain how much these contracts have contributed to the growth.

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Quarter of people who work during twilight hours add billions to UK economy

Quarter of people who work during twilight hours add billions to UK economy

Quarter of workers who work during twilight hours boast UK economy

New research from Huawei has suggested how much the dusk-to-dawn workforce is significantly boosting the ‘twilight economy’ by contributing an estimated £487 billion annually to the UK economy. The study of more than 2,000 UK workers found that a quarter (25 percent) of us now work outside of the traditional 9 – 5. Looking across the UK, a number of ‘twilight hubs’ have emerged, with Norwich (34 percent) topping the list of cities whose residents work whilst the rest of the nation sleeps, followed closely by London and Manchester (both 31 percent), and Liverpool and Cardiff respectively (both 30 percent). People who spend their working moments in the twilight hours say they feel more inspired and creative (30 percent) during this time, as well as more productive (28 percent). Meanwhile, a fifth of British workers prefer the flexibility that twilight working allows when it comes to balancing time with their kids (19 percent), and 20 percent describe themselves as night owls who find it easier to work later.

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More UK workers ready to change jobs as confidence in economy grows

More UK workers ready to change jobs as confidence in economy grows

Increased confidence in economy means more UK workers prepared to change jobsUK workers are feeling more confident about the state of the economy but it’s making them less inclined to stay in their current jobs, a new survey claims. According to the latest Global Talent Monitor report for the second quarter of this year, from Gartner 18.8 percent of UK employees indicated a very low intent to stay in their current role, the second highest after India (40 percent), and higher than the global average of nearly 12 percent. This is the first time since Brexit that workers reported having an optimistic outlook on the job market, and their own career growth. Nearly 40 percent of UK employees reported somewhat high to high confidence in the economy. When it comes to their personal prospects, employee perceptions have risen steadily over the last year and have increased nearly 4 percent. In fact, job opportunity perceptions in the UK are nearly 1.5 points higher than the global average. However, despite their intentions to move on from their current role, UK employees are still putting in a strong effort in their current roles, with nearly 13 percent of employees reporting a high willingness to go above and beyond in their role, and an additional 43.8 percent leaning towards high.

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Gig economy growing but employers should continue to cultivate in-house talent

Gig economy growing but employers should continue to cultivate in-house talent

As gig economy grows employers should continue to cultivate in-house talentThe number of “gig economy” professionals working in organisations is growing and this trend is expected to continue, a survey by Korn Ferry has claimed. More than half (60 percent) of HR professionals say that compared to three years ago, gig workers now make up a larger percentage of their professional workforce, and 42 percent say they plan on hiring more contingent workers in the future. The reasons, according to the survey, include cost savings, access to high-calibre talent and ease of managing gig economy professionals. Despite the fact that many gig professionals work remotely, 67 percent of the HR professionals surveyed say they are confident they know what the gig professionals are doing on a day-to-day basis, and 42 percent say these contingent employees are easier to manage than full-time employees. However, according to Jeanne MacDonald, president of Global Talent Solutions for Korn Ferry’s RPO and Professional Search Business,  organisations should proceed cautiously and ensure they continue to cultivate in-house talent.

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Gig economy workers are overworked, underpaid and constantly monitored

Gig economy workers are overworked, underpaid and constantly monitored

A study of the wellbeing of workers in the so-called gig economy from academics at Oxford University claims that they are stressed, isolated, micro-managed by algorithms and face constant downward pressure on their incomes. The focus of the research was on workers contracted by digital platforms and subject to selection by algorithms. The study, Good Gig, Bad Big: Autonomy and Algorithmic Control in the Global Gig Economy, looked at the impact on the personal wellbeing of computer programmers, translators, researchers and people in similar roles contracted through online freelance platforms.

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Is driver behind the widening parental leave gap a lack of rights in the gig economy?

Is driver behind the widening parental leave gap a lack of rights in the gig economy?

Could the driver behind the widening parental leave gap be the rise of the gig economy?The already low number of fathers claiming paternity leave has fallen for the first time in five years, to 213,500, down 3 percent from 221,000 last year an analysis by law firm EMW has revealed. To help encourage more men to take paternity leave, the Government launched the shared parental leave scheme in 2015. However, take up of the scheme has also been slow, with less than 2 percent of all UK fathers participating. These latest figures suggest that hundreds of thousands of men are not taking up their entitlement to paternity leave. In comparison with low rates of paternity leave, nearly treble the number of mothers (662,700) took maternity leave in 2017-2018, up from 661,000 in 2016/17. More →

Shortage of tech skills and 600,000 job vacancies costing UK economy £63 billion a year

Shortage of tech skills and 600,000 job vacancies costing UK economy £63 billion a year

An estimated 600,000 vacancies in digital technology are costing the country £63 billion a year, according to information provided by techUK in a report on skills shortages published by the Edge Foundation.The second of the education charity’s bulletins on the UK’s skills shortages, shines a spotlight on the tech industry and the devastating economic impact of the government’s failure to encourage young people to study relevant subjects and upskill existing workers. The bulletin, Skills Shortages in the UK Economy, brings together the most current statistics and analysis of skills shortages in the UK which cost the economy £6.3 billion each year in direct costs such as recruitment and temporarily filling gaps, according to the Open University’s 2018 Business Barometer.

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Unlocking government’s mapping and location data will boost economy by £130m a year

Unlocking government’s mapping and location data will boost economy by £130m a year

The UK Government has announced that key parts of its OS MasterMap will now be made openly available for the public and businesses to use. It estimates that this will boost the UK economy by at least £130m each year, as  companies and startups use the data. The release of OS MasterMap data is one of the first projects to be delivered by the new Geospatial Commission, in conjunction with Ordnance Survey. The aim is  to drive forward the UK as a world leader in location data, helping to grow the UK’s digital economy by an estimated £11bn each year. The data can be used for a variety of purposes including navigating public transport, tracking supply chains and logistics. It is also essential for the application of drones and autonomous vehicle technology. Today’s announcement follows the launch of the first GovTech challenge in May this year – a competition designed to incentivise Britain’s tech firms to come up with innovative solutions to improve public services. These competitions will be delivered using the £20m GovTech fund launched in November 2017.

Women and younger people are transforming the UK’s freelance economy

Women and younger people are transforming the UK’s freelance economy

The workforce is changing as more people swap the security of a 9-to-5 job for the flexibility of freelancing, with key demographics and industries leading the self-employed sector, according to a new study from Instant Offices. ‘Millennials’ and UK workers facing significant lifestyle changes, such as motherhood, or nearing retirement, and are looking for more flexible ways to work. According to the Association of Independent Professionals and the Self-Employed (IPSE), the self-employed sector now includes approximately 4.8 million people, with freelancers comprising 42 percent of that population and 6 percent of the UK workforce as a whole. The IPSE reports that in 2016, freelancers contributed £119 billion to the national economy. This was up from £109 billion in 2015 and experts are predicting that this number will only continue to grow in the years to come.

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Additional 1.5 million people planning to trade the rat race for the gig economy

Additional 1.5 million people planning to trade the rat race for the gig economy

Rise of the gig economy is transforming the UK employment landscapeMore than 6 million UK adults are already self-employed or working as a contractor in the so-called gig economy, with a further 6 percent of currently  full-time professionals looking to make the transition this year. New research of more than 2,000 UK adults commissioned by WeMa Life claims to reveal how the rise of the gig economy is transforming the UK’s employment landscape, with one in five (19 percent) working adults currently identifying themselves as being a freelancer, sole trader or self-employed. The study found that 71 percent of gig economy workers identified flexibility as the biggest appeal for working on a contractor or temporary basis. Furthermore, having control over the hours and types of jobs undertaken has also empowered a new section of the workforce that were previously unable to access full-time employment – it was uncovered that nearly half (46 percent) of those working in the gig economy do so because they are not in a position to work a full-time job due to other commitments in their life.

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UK technology sectors continues to outpace rest of the economy, and not just in London

UK technology sectors continues to outpace rest of the economy, and not just in London

The UK’s digital technology sector continues to grow faster than the rest of the economy, according to the latest Tech Nation Report for 2018. Turnover of digital tech companies grew by 4.5 percent between 2016-17 compared to UK GDP which grew by 1.7 percent over the same period. This means that the tech sector grew at 2.6 times faster than the rest of the economy. At the same time the number of jobs in digital tech rose five times the rate of the rest of the economy, demonstrating how the digital tech sector is one of the best performing sectors in the UK economy. 2017 proved to be an amazing year for the UK digital tech sector with some of the biggest fundraisings and exits seen in years, as international investors flocked to fund UK-based firms, according to the report. British digital tech companies raised £4.5bn in venture capital investment during the year, almost double the previous year.

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Bosses warned about major leadership changes in a tech-driven economy

Bosses warned about major leadership changes in a tech-driven economy

Bosses warned about major leadership changes in a tech-driven worldWith companies holding ever greater amounts of data and facing heightened scrutiny through social media, employers need to consider the wider implications of their business decisions. This was the message of the President of the Chartered Management Institute (CMI), who has warned business leaders and students in Birmingham of the challenges facing bosses in the rapidly evolving tech and data-driven economy. Speaking at the annual MacLaren Memorial Lecture at Aston University, Bruce Carnegie-Brown told the 200-strong audience that the digital revolution is having a transformative effect on the priorities of business leaders, which pose new management challenges. “The growth of social media has made an invaluable contribution in democratising the control of information, he said by, “increasing transparency through universalising access to data and doing it in real time”. Carnegie-Brown, who is also the chairman of Lloyd’s of London, added: “With information more accessible than ever before, those that own or collect data find themselves with huge amounts of power – both social and commercial. But with great power comes great responsibility and balancing these two forces is the greatest leadership challenge of today’s generation of business leaders.”

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