Search Results for: economy

March 8, 2018

Commercial property sector worth £4.8bn to Scottish economy

The Scottish commercial property sector contributes almost £4.8 billion to the Scottish economy and supports more than 92,000 jobs, according to a new report. Compiled by the University of Strathclyde’s Fraser of Allander Institute under commission by the Scottish Property Federation (SPF) its findings include a comprehensive look at the potential economic impact of new commercial work. In total, the commercial real estate element of Scotland’s construction industry has a direct impact of around £2.4bn to Scotland’s economy, however taking into account the additional spill-over effects of the industry, the sector is estimated to have a total impact of around £4.8bn.

February 28, 2018

The very idea of good work in a gig economy remains a distant ideal

by Tonia Novitz, Alan Bogg et al • Comment, Flexible working

Don Lane’s employment contract for his work as a courier described him as an “independent contractor”. This meant he was neither an “employee” nor a “worker”, so not entitled to legal rights such as protection against dismissal, paid holidays, or statutory sick pay. The 53-year-old also suffered from diabetes, and had previously been fined £150 by the delivery firm he worked for for missing work to attend a hospital appointment. He died in January 2018 after working through the Christmas season despite his illness. The following month, the British government revealed its response to an earlier official report on modern working practices and the gig economy. That report, by Matthew Taylor, contained 53 recommendations to improve the working environment, or achieve the report’s title, namely ‘good work’.

February 7, 2018

Extension of rights for gig economy workers are broadly welcomed

by Mark Eltringham • Flexible working, News

The government is to give so-called gig economy workers new rights including holiday and sick pay for the first time. Its new Good Work plan is a direct response to last year’s Taylor Review which recommended changes in conditions to reflect modern working practices and extend the rights of workers in the new economy. The government has said it will proceed with almost all the review’s recommendations including giving zero-hour and agency workers the right to request a more stable contract.

January 24, 2018

Majority of global business leaders believe world economy will grow this year

by Sara Bean • News, Workplace

Well over half (fifty seven percent) of business leaders say they believe global economic growth will improve in the next 12 months – almost twice (29 percent) the level of results from the annual survey carried out by PwC . Launched at the World Economic Forum Annual Meeting in Davos, the survey found that optimism in the economy is feeding into CEOs’ confidence about their own companies’ outlook. As 42 percent of CEOs said they are “very confident” in their own organisation’s growth prospects over the next 12 months, up from 38 percent last year. Looking at the results by country though, it’s a mixed bag. In the UK, with Brexit negotiations only recently reaching a significant milestone, business leaders’ drop in short-term confidence is unsurprising (2018: 34 percent vs. 2017: 41 percent). The survey also found that CEOs are determined to find the right talent needed to reap the benefits of the digital disruption, with investments in modern working environments and the establishment of learning and development programmes to help attract and develop digital talent.

January 23, 2018

Global economy faces an immediate reskilling problem in the face of automation, claims Davos report

by Mark Eltringham • AI, News, Workplace

The global economy faces a reskilling crisis with 1.4 million jobs in the US alone vulnerable to disruption from technology and other factors by 2026, according to a new report, Towards a Reskilling Revolution: A Future of Jobs for All, published by the World Economic Forum. The report is an analysis of nearly 1,000 job types across the US economy, encompassing 96 percent of employment in the country. Its aim is to assess the scale of the reskilling task required to protect workforces from an expected wave of automation brought on by the ‘Fourth Industrial Revolution’. Drawing on this data for the US economy, the report finds that 57 percent of jobs expected to be disrupted belong to women. If called on today to move to another job with skills that match their own, 16 percent of workers would have no opportunities to transition and another 25 percent would have only between one and three matches.

January 22, 2018

Global business leaders feel more optimistic about the world economy

by Sara Bean • News, Workplace

Attracting and retaining talent is the biggest concern for CEOs going into 2018, but they’re feeling generally more optimistic about the global economy, claims a new report by The Conference Board, the C-Suite Challenge 2018 . A mood amongst senior managers to create organisational cultures that are inclusive, engaged, high-performance, customer-focused, and resilient is prevalent throughout the responses to this year’s survey. The desire for a “culture of innovation” ranks as the number-one innovation strategy in every region (Asia is the one exception, where it is third), every industry, every size company, and among CEOs and C-Suite executives alike. The impact of the New Digital Economy is clearly being felt in the daily processes and practices of organisations, and through the emergence of new competitors from every part of the globe. In Europe’s the c-suite remains worried about the impact of – which is unchanged from last year when it was the 8^th biggest concern. More →

December 28, 2017

Automation will benefit the economy but many people could lose out

by Mark Eltringham • AI, News, Technology

Around a third of all jobs in the UK are vulnerable to the introduction of robots, automation and artificial intelligence and the government must intervene to manage the transition and stop new technology driving up wage inequality, a report from the Institute for Public Policy Research (IPPR) claims. Although the report suggests that the tech will have a generally beneficial impact on the economy, it warns that lower-skilled jobs are far more likely to be phased out over the coming decades, and only higher-skilled workers would generally be able to command higher wages.

December 8, 2017

Design sector contributes £209 billion to the economy but problems remain, claims Design Council

by Mark Eltringham • News, Workplace design

The Design Council has published a new report which sets out the value of the design industry to the UK and identifies a number of issues that need to be addressed to enhance its value. According to the Designing a Future Economy: Developing design skills for productivity and innovation, the sector contributes £209bn to the UK economy, almost double that of what the creative industries were previously thought to contribute. The report also claims that people working in the sector are significantly more productive than the UK average worker. However it also cautions that a skills gap costs the UK economy nearly £6 billion annually. The report was compiled using UK and US-based data from the Office for National Statistics (ONS) and O*Net, a US-based research company offering definitions and data on different jobs.

December 6, 2017

Gig economy workers should not be criticised for defending their rights

by Michael Farrelly • Comment, Flexible working

The gig economy and workers’ rights are among the most prominent themes of our age. In the future of employment – in particular, what it means to be employed or self-employed – they are critical. Catapulted to the heart of this debate is Uber, which has deployed its ride-hailing platform app in nearly 500 cities around the world since its San Francisco launch seven years ago. But in the UK and elsewhere, it has run into myriad legal problems. Most recent among them, Uber lost a hearing at an Employment Appeals Tribunal (EAT) in London in a case brought by co-claimants, James Farrar and Yaseen Aslam. The verdict in favour of the two Uber drivers poses a threat to the fundamental premise that has fuelled the meteoric rise of the gig economy: that workers work for themselves and not for the apps which rely on them.

November 16, 2017

Astonishing Uber employment case could lead to fresh battles over gig economy

by Philip Richardson • Comment, Flexible working, Legal news, Technology

The latest decision in an ongoing legal battle involving the ride-hailing app, Uber, could have serious consequences for companies which operate in the ‘gig economy’. The prolonged employment tribunal case first began in 2016 with a case bought by the GMB Union. Uber drivers James Farrar and Yaseen Aslam argued that the employment status they had been assigned by Uber – namely, ‘self-employed’ – was incorrect and that they should instead be classed as ‘workers’. The change in status would mean the pair were entitled to holiday pay, paid rest breaks and the minimum wage.

November 10, 2017

Brexit thought to be the main culprit for job market attrition and ‘dual’ economy

by Sara Bean • Cities, News, Workplace

There are ongoing dual narratives in UK economy caused by the 2016 Brexit vote, the latest Morgan McKinley October Employment Monitor suggests. On the one hand, a new report by Colliers International dubbed London Europe’s top economic City. On the other hand, institutions are stubbornly stuck in limbo, and the fear of major jobs losses looms thick in the sky, keeping hiring low. “The economic tug of war that Brexit kicked off means we still have no idea quite where we’ll land,” said Hakan Enver, Operations Director, Morgan McKinley Financial Services. October was the lowest jobs month of 2017, a possible indication that the closing months of the year will be especially quiet. Job seekers increased by 6 percent month-on-month, but were down just under 40 percent year-on-year. The trajectories are in line with the overall dual trends of 2017. Jobs available were down 14 percent month-on-month and 20 percent year-on-year. Given the underlying health of the economy, Brexit looks to be the main culprit for the job market attrition.

November 9, 2017

Gig economy workers need more workplace protection claims report

by Neil Franklin • Flexible working, News, Wellbeing

Businesses and employees are calling on the UK Government to provide more protection for those who work in the gig economy. In a survey of nearly 5,000 workers and over 100 businesses by jobs site totaljobs, 90 percent of employees and 87 percent of employers said that more regulations were needed to protect the rights of gig workers. In addition, 64 percent of employers believe the gig economy’s importance will only continue to grow in the next year, as individuals turn to self-employment in favour of more flexible working arrangements.