Search Results for: economic

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

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

by • 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.

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Skill shortages and currency weakness contribute to three year low in economic confidence of SMEs

Skill shortages and currency weakness contribute to three year low in economic confidence of SMEs

by • News, Workplace

Skill shortages and currency weakness cause three year low in economic confidence of SMEsConcern amongst small and medium sized enterprises (SMEs) regarding the current economic climate fuelled by worries over a Brexit-related skills shortages, is at a three-year high, according to the latest Zurich SME Risk Index. It now sits at 56.38, indicating almost a 2 percent rise in perceived risk since Q1 2016 (55.43), and more than 3 percent higher than in October 2016 (54.55). SMEs attitudes towards economic growth, presently sits at a four-year low – with just two in five (40 percent) businesses confident that the UK economic situation will improve over the next 12 months. Similarly, the results regarding SMEs attitudes towards the international trade environment, reveals concern regarding overseas competition and currency rate fluctuations being at its highest in four years at 45.49. Equally, workforce challenges, namely the availability of skills and talent, is also an increasing concern for smaller businesses. Two in five (40 percent) SMEs now see workforce challenges as a major concern for their business; a rise of 8 per cent since October 2016, indicating that political issues are a major influence on the current attitudes of business owners in the UK.

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World Economic Forum announces expanded global network to shape policy for Fourth Industrial Revolution

World Economic Forum announces expanded global network to shape policy for Fourth Industrial Revolution

by • AI, News, Technology

The World Economic Forum has announced an international expansion of its Center for the Fourth Industrial Revolution. The announcement coincides with this week’s Forum at Davos, which you can follow live here. New affiliate Centers will open in India, Japan and the United Arab Emirates, creating ‘an international network dedicated to maximising the benefits and minimising the risks of emerging technology’. In cooperation with host governments and private companies, affiliate Centers will aim to build on the work under way in San Francisco to close the perceived gap between emerging technology and policy. The Center for the Fourth Industrial Revolution model is to bring together business leaders, governments, start-ups, civil society, academia and international organisations to co-design and pilot innovative approaches to governance for emerging technologies such as artificial intelligence and blockchain.

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Address gender and economic barriers to tech revolution says BT

by • AI, News, Technology, Workplace

Young people from less privileged backgrounds and females face greater barriers to joining the tech revolution, a new report suggests. Tech know-how: The new way to get ahead for the next generation, from BT and Accenture could boost the next generation’s tech skills and help charge social mobility and economic growth. The study found individuals with higher levels of tech know-how earn more as their career progresses, with a ‘tech literacy wage premium’ of £10,000 per year.  The implied salary increase if people develop their skills could add approximately £11 billion to UK GDP by 2022. However, young people whose parents have higher levels of education are 26 percent more likely to see themselves as ‘expert’ or ‘creative’ users of tech in the next five years; and those whose parents fall into the top two education levels expect to earn salaries that are 19 percent higher than the bottom two. The report also highlighted a stark gender divide as young men receive 46 percent more encouragement from parents and teachers to build their tech skills than their female counterparts, and are 17 percent more likely to report having had sufficient training at school.

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Economic gains from digitisation, robotics and AI must benefit workers says TUC

Economic gains from digitisation, robotics and AI must benefit workers says TUC

by • AI, News, Technology, Workplace

In the same week that Gartner offered some useful insights into the building blocks for a successful digital workplace, the TUC has published its views on the impact of digitisation, arguing that the economic gains from digitisation, robotics and artificial intelligence (AI) should be used to benefit working people. This would include reversing policies to raise the state pension age. The report Shaping Our Digital Future explores how the next technological revolution will impact on jobs and wages. Previous waves of technological change have not led to an overall loss of jobs, but have disrupted the types of job people do. And with the most recent wave of industrial change, rewards from higher productivity have gone predominantly to business owners, rather than being shared across the workforce through better wages and working conditions.

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More nations trial universal basic income as report suggests it could provide a major economic boost

More nations trial universal basic income as report suggests it could provide a major economic boost

by • AI, Legal news, News

The much talked about idea of a Universal Basic Income in developed economies is now attracting greater political momentum, at the same time that a major new research project from an American think tank sets out the potential economic benefits. Yesterday, Scotland’s First minister Nicola Sturgeon called for research into the plausibility of a “citizens’ basic income” in a speech to the Scottish Parliament. Her appeal follows an announcement on the same day that Hawaii is to become the first US state to formally explore the idea. A trial is already under way in Finland, although a recent report in the New York Times suggests it is deeply flawed.

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People who are not economically active should be helped into the gig economy claims think tank

People who are not economically active should be helped into the gig economy claims think tank

by • Flexible working, News, Wellbeing

Following last week’s publication of the Taylor Review into modern working practices, a new study from public sector think tank Reform makes recommendations for how government should help people into the gig economy, with a focus on those who are often economically inactive or restricted in the opportunities they have. In the report, Gainful Gigging, older and disabled people are explored as potential winners from recent growth in flexible working. Both groups are significantly less likely than average to be economically active, and many face significant work barriers. Around half of all 50-64 year olds manage at least one long-term health condition. Of the 3 million in this age group that are economically inactive, around 12 per cent spend over 20 hours per week looking after a sick, disabled or elderly person. Greater work flexibility could help them to enter the labour market, according to the report’s authors. In a survey of disability benefit claimants, many indicated that “flexible work, working from home [and] working less than 16 hours per week” would help them sustain employment. A review of the Work Capability Assessment for sickness benefits also found half of those deemed ‘fit for work’ require flexible work hours.

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Climate change demands a rethink for our economic models

Climate change demands a rethink for our economic models 0

by • Environment, News

Swift and effective action is needed to create new, sustainable economic models to mitigate the adverse effects of climate change on the world’s working population, claims a report published by the International Bar Association Global Employment Institute (IBA GEI). The Climate Change and Human Resources Policies Report focuses on the relationship between climate change and employment, and aims to contribute to nascent discussions anticipating structural changes to business and the training needs of workforces transitioning to low-carbon economies. The report also highlights potential issues in relation to employment policies, labour law, ‘weak’ jobs, ‘expanding’ jobs and new jobs. Further, it draws attention to what some countries are doing to help their nations’ employees adjust to industrial change, and how trade unions, employers and educators are working together to deliver green skills training.

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Taking action on climate change will boost economic growth, claims report

Taking action on climate change will boost economic growth, claims report 0

by • Environment, News

Integrating measures to tackle climate change into regular economic policy will have a positive impact on economic growth over the medium and long term, according to a new OECD report prepared in the context of the German Presidency of the G20. Investing in Climate, Investing in Growth claims that bringing together the growth and climate agendas, rather than treating climate as a separate issue, could add 1 percent to average economic output in G20 countries by 2021 and lift 2050 output by up to 2.8 percent. If the economic benefits of avoiding climate change impacts such as coastal flooding or storm damage are factored in, the net increase to 2050 GDP would be nearly 5 percent.

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We will soon all have to work into our 70s, claims World Economic Forum

We will soon all have to work into our 70s, claims World Economic Forum 0

by • News, Workplace, Workplace design

The retirement age in Britain and other developed countries will need to rise to 70 by the middle of the century to head off the biggest pension crisis in history, according to a report from  the World Economic Forum. The world’s six largest pension systems will have a joint shortfall of $224 trillion by 2050, imperilling the incomes of future generations and setting the industrialised world up for the biggest pension crisis in history. To alleviate the looming crisis, governments must address the gaps in access to the pensions system and ageing populations as they are the key sources of the widening pension gap. These are the main findings of the new World Economic Forum report, We’ll Live to 100 – How Can We Afford It?, released today, which provides country-specific insights into the challenges being faced at a global level and potential solutions. The report is the latest study to calculate the impact of ageing populations in the world’s largest pension markets, which include the United States, United Kingdom, Japan, Netherlands, Canada and Australia. The issue has implications for the workplace that are already becoming evident as the working population ages and more people choose to defer retirement.

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America’s corporate occupiers streamline portfolios due to economic uncertainty

America’s corporate occupiers streamline portfolios due to economic uncertainty 0

by • Facilities management, News, Property, Technology, Workplace

America's corporate occupiers are preparing portfolios for economic uncertainly

While talent continues to reign supreme on the list of top concerns for US companies a growing number of respondents to CBRE’s annual Americas Occupier Survey cited economic uncertainty as a top challenge, up from 36 percent in 2016 to 52 percent. As a result, 87 percent of corporate occupiers report that they are managing to this uncertainty by disposing of surplus space and/or implementing more efficient workplace designs to prepare their portfolios for the future. Only 26 percent of respondents expect to expand their portfolios over the next two years, down from 38 percent in the 2016 survey. Approximately one-half of the 2017 survey’s respondents indicated that the size of their portfolios would remain stable with 2016 levels. However, while uncertainty is driving many real estate decisions, creating a workplace experience focused on talent remains top of mind for the majority of occupiers surveyed.

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Majority of employers predict more challenging economic conditions this year

Majority of employers predict more challenging economic conditions this year 0

by • Legal news, News, Workplace

Majority of employers predict more challenging economic conditions this year

Three quarters of UK employers (76 percent) expect economic conditions to be more challenging in 2017 compared to 2016 and there are signs that the jobs market is slowing, claims the Recruitment & Employment Confederation (REC) latest JobsOutlook survey. Employers intending to increase their permanent staff headcount within the next three months has reduced to one in five (21 percent), down from 24 percent reported last month. Similarly, demand for permanent staff has reduced in all sectors except health & social care and education. More positively, despite harsh economic conditions, businesses remain self-confident with three quarters of employers polled (74 percent) saying that their business will perform better this year compared to last year. Skills shortages remain a challenge for businesses however, as half of all employers (50 percent) anticipate a shortage of suitable candidates for some permanent roles this year. Employers anticipate that roles in engineering & technology, health & social care, and hospitality will be particularly affected by skills shortages.

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