Search Results for: workforce

May 3, 2018

Global talent crunch will include UK workforce deficit of nearly 3 million employees by 2030

A shortage of skilled employees will continue to impede growth and if not addressed, could have a significant impact on major global economies by 2030, claims a new study. Korn Ferry’s Global Talent Crunch study estimated the gap between future talent supply and demand in 20 major economies at three milestones: 2020, 2025 and 2030, and across three sectors: financial and business services; technology, media and telecommunications (TMT); and manufacturing and found that a talent deficit issue could threaten economies and sectors across Europe. Germany could experience the largest deficit of 4.9 million workers and could lose out on $629.89 billion of annual revenue by 2030 if labour shortages are not addressed – equivalent to 14 percent of its economy.

April 2, 2018

Combination of factors means UK faces severe workforce crisis by 2025

by Neil Franklin • News, Workplace

New projections published in Mercer’s Workforce Monitor predict that a perfect storm of falling net migration driven by Brexit and an ageing population, will lead to a severe shortage in the UK labour market. If these challenges are not met with immediate action by UK employers, they will face significant costs trying to attract workers with the leadership and skills they need to execute their business strategies. Mercer anticipates the UK workforce will increase by just 820,000, or 2.4 percent, by 2025, a significant reduction in recent trends that have seen 9 percent workforce growth in the 10 years to 2015. For the first time in half a century, the overall population will be increasing at a faster rate than the workforce, creating long term structural challenges for the economy.

February 19, 2018

The key to tackling future economic challenges is to harness the ageing workforce

by Mark Eltringham • News, Workplace

Providing American seniors with better work incentives and opportunities will be crucial for the United States to meet the challenges of its rapidly ageing population. By 2028, more than one in five Americans will be aged 65 and over, up from fewer than one in six today, according to a new OECD report. Working Better with Age and Fighting Unequal Ageing in the United States finds that employment rates among older workers in the United States are above the average across OECD countries. In 2016, 62 percent of all 55-64 year olds were employed compared with the OECD average of 59 percent. However, employment rates are much lower among the ageing workforce. Early retirement is prevalent among workers from vulnerable socio-economic backgrounds, often occurring as soon as Social Security benefits become available at age 62. Poverty among seniors is a challenge: more than 20 percent of peopled aged 65 and over have incomes below the relative poverty line – defined as half of the median disposable household income – compared with the OECD average of less than 13 percent.

February 16, 2018

Poor management blamed for low levels of productivity amongst UK workforce

by Sara Bean • News, Wellbeing, Workplace

A third of workers (32 percent) regularly struggle to be productive in their job, and one in six (16 percent) blame their manager – claims a new survey from ADP. This puts bad management ahead of inefficient systems and processes (15 percent) and staff shortages (13 percent) as the biggest drain on productivity in the UK workplace. The UK has been grappling with low productivity levels for a number of years, consistently placed behind other leading economies, such as Germany and the US in official productivity tables. While recent ONS figures suggested a recovery is underway, reporting the biggest jump in productivity levels for six years, the ADP findings suggests that UK PLC isn’t out of the woods just yet. Barriers to productivity also vary significantly based on age, with over 55s the most affected by bad management (20 percent), while 16 to 24-year olds are more affected by social media (22 percent) distractions from colleagues (21 percent) and stress (18 percent).

January 18, 2018

Over 50s will come to dominate self-employed workforce by 2024, report claims

by Mark Eltringham • News, Wellbeing, Workplace

The number of over-50s in work is rapidly increasing, so much so that this demographic is set to make up the majority of the UK’s self-employed workforce within the next seven years. The updated research from Hitachi Capital UK and CEBR (Centre for Economics and Business Research) found a rebalancing of the economy away from younger generations, as the 24 million over-50s in the UK become an increasingly important demographic of entrepreneurs and business owners. The data also suggests that an increasing number of 50-64 year olds choose not to retire and instead stay active in the labour market, with the rate of employment rising significantly between 2012 and 2016 from around 65 percent to 71 percent. CEBR projections show that the number of employed 50-64 year-olds will surpass 9 million before the end of 2018, and by 2021 there will be 10 million 50-64 year olds in work.

January 5, 2018

Poor management driving nearly half of UK workforce to seek a new job

by Mark Eltringham • News, Workplace

Nearly half of the UK workforce (47 percent) will be looking for a new job in 2018, with nearly 1 in 5 people already actively searching for opportunities, according to new research produced by Investors in People (IIP) in their annual Job Exodus Survey 2018. These findings highlight an improvement in satisfaction across the UK job market according to IIP, representing a fall of 12 percent on last year’s figure, where 59 percent of respondents stated the intention to seek a new job. However, despite the reduction in the proportion of those considering a job move, there are still nearly 1 in 4 unhappy workers.

December 19, 2017

Employers want to grow workforce next year, but concerned about Brexit impact

by Sara Bean • Flexible working, Legal news, News, Workplace

Just over half (51 percent) of firms across the UK will grow their workforce in the year ahead, with confidence highest amongst small and mid-sized firms (58 percent) according to the latest CBI/Pertemps Network Group Employment Trends Survey. But the survey warns that delivering further jobs growth depends on businesses being confident they can remain competitive if they choose to base staff in the UK. Nearly two thirds (63 percent) currently believe that changes in the UK labour market will contribute to Britain becoming a less attractive place to invest and do business over the next five years – up from 50 percent last year and 25 percent in 2015. Skills gaps were the single most prominent worry facing firms, with nearly four in five (79 percent) respondents highlighting this as a worry – up from 64 percent in 2016. Access to overseas workers is a big contributor to this, with nearly half of respondents (49 percent) identifying uncertain access to labour supply – up from 35 percent in 2016 as a concern.

November 7, 2017

New research identifies nine distinct segments of the self employed workforce

by Mark Eltringham • Flexible working, News

Far from being a homogeneous group, nine distinct segments of the solo self-employed workforce have been identified in new research published by the Centre for Research on Self-Employment, in partnership with IES. This segmentation furthers understanding of the solo self-employed population, including the levels of independence and security, and variation in earnings across this broad section of the UK workforce. The solo self-employed are those who do not employ other people and therefore work on their own account, and makes up 84 per cent of the self-employed workforce.

October 23, 2017

Freelancers to make up a majority of US workforce within a decade

by Mark Eltringham • Flexible working, News

Freelance website Upwork and the Freelancers Union have published the results of a report called Freelancing in America: 2017, which the sponsors claim is the most comprehensive measure of the US independent workforce, (but given their vested interests probably needs you to add a pinch of salt and always worth reading Trustpilot reviews). The fourth annual study estimates that 57.3 million Americans are freelancing (36 percent of the US workforce) and contribute approximately $1.4 trillion annually to the economy, an increase of almost 30 percent since last year.

September 13, 2017

Ethnic minority leaders believe institutional prejudice still rife in UK workforce

by Sara Bean • Legal news, News, Workplace

The majority (82 percent) of ethnic minority leaders believe there is institutional prejudice against minorities in the workforce in the UK; and almost one in five (18 percent) of these leaders have personally experienced workplace discrimination in the last two years. A report from Green Park, ‘Changing the Face of Tomorrow’s Leaders: Increasing Ethnic Minority Representation in Leadership’ claims that while 60 percent of ethnic minority leaders believe institutional racism has moved up the organisational agenda in recent months, two thirds of these respondents say the language is emotive and makes people uncomfortable. When tackling the issue of racism many firms are struggling to find an appropriate dialogue and language. When it comes to ethnic minority board level representation, just 2 percent of companies surveyed are meeting their identified targets. Over a fifth (22 percent) of firms admitted being unaware of current progress towards diversity targets and 18 percent did not know there to start. More than one in ten (13 percent) have a ethnic diversity target but no strategy, while 9 percent are simply replicating their gender diversity strategy.

August 9, 2017

Over a quarter of employers are struggling to keep their workforce engaged

by Sara Bean • Facilities management, Flexible working, News, Wellbeing, Workplace

Nearly one in three (28 percent) of employers are struggling to keep their employees engaged, claims new research from totaljobs, with staff spending too much time internet browsing, being constantly late and chatting with colleagues. Over half of employers said lower productivity (59 percent) and internet browsing (55 percent) were clear signs of lower engagement they were seeing in the workplace. Worryingly, 62 percent said poor performance was a common problem as a result of a lack of engagement. Almost half (48 percent) of employers also report disengaged employees continue to arrive late and leave early, while 41 percent said chatting with colleagues suggested a lack of workplace engagement. The same number again said taking too many breaks during work hours might also indicate disengagement, as well as employees appearing distracted. But when it comes to tackling a lack of employee engagement, one in two employers (51 percent) said clear communication, via email, newsletters and team meetings for example, was an effective strategy to improve engagement. Nearly half (46 percent) of employers said setting out clear objectives for both individuals and teams was also effective.

August 7, 2017

New analysis reveals shrinking pool of younger workers in the UK workforce

by Sara Bean • Legal news, News, Workplace

An increase in the number of UK-born employees leaving the UK’s workforce, either through retirement or emigration is coinciding with a shrinking pool of younger workers, which a fall in immigration can no longer fill, a new report warns. An analysis of the UK’s workforce showed that the UK’s workforce grew in 2016-2017 only because of an increase in EU and non-EU workers. Mercer’s Workforce Monitor showed that retirement, opting out (i.e. due to caring responsibilities) or emigration saw around 143,000 UK-born employees leave the UK workforce with the loss of workers only being offset by the entry of around 147,000 EU-born workers and around 232,000 Non-EU workers. In sum, the UK’s workforce grew by an estimated 234,000 over 2016-2017. From Q1 2016 to Q1 2017, the number of workers over 50 in the UK economy grew by 230,000, the under 35’s grew by 50,000 while the number of workers aged 35-49 shrunk by 48,000. According to the analysis, if net migration into the UK levels off at 100,000 per year from 2020, the number of under 50s in the workforce will fall by 200,000 by 2025; the over 50s would increase by over 1 million while the number of under-25s in the population would fall by 100,000. This means apprentices and graduates numbers will be less.