Search Results for: economic

July 7, 2017

Job mobility and labour markets in Europe continue to be shaped by last recession ⁰

A new report from the European Foundation for the Improvement of Living and Working Conditions (Eurofound) claims that the recent global recession continues to have significant and lasting effects on Europe’s labour markets, including a big drop in employment levels and job mobility, which are yet to recover in many countries almost a decade later. It also affected the structure of employment, accelerating changes and patterns of job polarisation across Europe, in which employment in middle-paid jobs declined more than in jobs at the top and bottom of organisations.

July 6, 2017

UK remains stuck in stubborn low productivity trap ⁰

by Mark Eltringham • News, Workplace

The persistently low productivity of UK workers has dropped back to pre-financial crisis levels, according to official figures. Hourly output fell 0.5 percent in the first three months of the year, the Office for National Statistics (ONS) reports in its latest update. At the end of 2016, productivity returned to the level seen before the 2008 recession. But it has now slipped back again and is 0.4 percent below the peak recorded at the end of 2007, according to the ONS. It was the first quarterly fall in productivity since the end of 2015, according to the ONS. Economists have consistently warned that the UK’s low productivity continues to mean it lags behind its major trading partners such as the US, France and Germany.

July 4, 2017

Business Centre sector continuing to thrive amidst increased competition and Brexit uncertainty ⁰

by Mark Eltringham • Flexible working, News, Property

New research published by the Business Centre Association (BCA) in collaboration with CBRE claims that the business centre sector enjoyed a 13 percent increase in turnover and was home to around 11 percent more workers in 2015 and 2016, despite initial fears about the impact of Brexit on the sector, and increasing competition from new entrants into the market. The sector is worth around £3.3bn in terms of turnover, up from £2bn in 2013. The findings come from The UK Business Centre Market report which surveyed 580 business centres, representing 23 percent of the sector across the country, to assess the current state of the market. Overall, the report found the UK wide business sector is now home to 93,000 individual small businesses which employ over 480,000 people, supporting around £18bn of GDP.

June 29, 2017

The onus is on employers to create working conditions that attract people ⁰

by Graham White • Comment, Facilities management, Wellbeing

Staff absenteeism is one of the most costly issues facing employers in the modern workplace. Absenteeism is defined commonly as an unscheduled, deliberate or routine absence from the workplace by employees. According to a new study by the Centre for Economic and Business Research (CEBR), people who regularly take days off are costing the UK economy billions each year, with the toll set to rise considerably over the next decade and potentially rising to £26bn by 2030. The report also found that mental health issues are affecting 30-40 year olds who have to juggle various things such as home life, financial constraint and pressures from their day jobs and respective careers. Another recent study by AXA PPP healthcare found that over a third of employees living with a mental health condition (39 percent) are not open about it in the workplace. These findings highlight a clear disconnect between how employees are feeling and what their employers understand to be their state of mind.

June 28, 2017

Artificial intelligence could add £232 billion to UK GDP by 2030, claims PwC research ⁰

by Neil Franklin • AI, News, Technology

UK GDP could be around 10 percent higher in 2030 as a result of artificial intelligence (AI) – the equivalent of an additional £232 billion, according to new research by PwC. This makes AI the biggest commercial opportunity in today’s fast-changing economy, according to the report’s authors. The research shows that the majority of the UK’s economic gains over the period to 2030 will come from increasing consumer demand resulting from AI driving a greater choice of products, increased personalisation of those products and making them more affordable over time. Labour productivity improvements will also drive GDP gains, but to a lesser extent. PwC’s research notes that the benefits from labour productivity growth will be felt first, with the increased consumption-led benefits from AI-enhanced products coming through later as more of them come onto the market. As this happens, competition within the AI goods market will increase dramatically, leading to future increases in the value of goods to consumers and therefore the amount people spend on them.

June 26, 2017

CoreNet Global to explore ‘Transcending Boundaries’ at EMEA Summit ⁰

by Neil Franklin • Company news, Events, Insight promotion

The CoreNet Global EMEA Summit will return to London in September 2017 for the fifth time, bringing together leading figures from the corporate real estate (CRE) profession to discuss how CRE can add value and be a true strategic advisor in today’s dynamic, rapidly changing environment. Under the theme Blurring the Lines: Transcending Boundaries, the summit will explore a range of shifts that demand transformational thinking and integrated solutions. In a world of continual and disruptive change, the summit will assist in identifying how CRE professionals can transcend traditional boundaries to uncover new opportunities. The three-day event will provide a wide variety of engaging and educational sessions, including keynote presentations from some of the profession’s most innovative thinkers, interactive seminars where attendees will be able to test new technologies and learn from one another’s experiences, networking sessions and dedicated teaching workshops.

June 26, 2017

US experiences huge increase in telecommuting since 2005, claims study ⁰

by Neil Franklin • Flexible working, News, Technology

FlexJobs and Global Workplace Analytics have published their 2017 State of Telecommuting in the US Employee Workforce report, which claims to be the most up-to-date and comprehensive data analysis available on the state of working from home in the United States. According to the study, the number of people telecommuting in the US increased by 115 percent between 2005 and 2015. Other key findings of the study include: 3.9 million U.S. employees, or 2.9 percent of the total U.S. workforce, work from home at least half of the time, up from 1.8 million in 2005 (a 115 percent increase since 2005); the average telecommuter is 46 years of age or older, has at least a bachelor’s degree, and earns a higher median salary than an in-office worker; roughly the same population of women and men telecommute; and in more than half of the top US metro areas telecommuting exceeds public transportation as the commute option of choice. The report’s definition of telecommuting refers to non-self-employed people who principally work from home at least half of the time.
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June 26, 2017

Digital tech is fastest growing sector in Scotland, claims report ⁰

by Mark Eltringham • News, Technology

The digital technology sector is forecast to grow twice as fast as the Scottish economy overall in the years to 2024, according to research published by Skills Development Scotland and the Digital Technologies Skills Group. This growth is ‘creating unprecedented demand for digital skills with employers across all sectors seeking to harness the benefits of technology to drive innovation and increase competitiveness’. The new publication, Scotland’s Digital T echnologies, found that digital tech was the fastest growing sector of the economy accounting for five percent of Scotland’s total business base and employing two per cent of the national workforce.

June 21, 2017

Report sets out costliest cities for mobile workforce of multinationals ⁰

by Neil Franklin • News

In a rapidly changing world, mobility has become a core component of companies’ global talent strategy and as a result, multinational organisations are carefully assessing the cost of packages for their international mobile workforce, claims a new report which sets out the costs of living in the world’s major cities. Mercer’s 23rd annual Cost of Living Survey finds that factors like instability of housing markets and inflation for goods and services contribute to the overall cost of doing business in today’s global environment. Mercer’s 2017 Cost of Living Survey finds Asian and European cities – particularly Hong Kong (2), Tokyo (3), Zurich (4), and Singapore (5) – top the list of most expensive cities for expatriates. The costliest city, driven by cost of goods and security, is Luanda (1), the capital of Angola. Other cities appearing in the top 10 of Mercer’s costliest cities for expatriates are Seoul (6), Geneva (7), Shanghai (8), New York City (9), and Bern (10). The world’s least expensive cities for expatriates, according to Mercer’s survey, are Tunis (209), Bishkek (208), and Skopje (206).

June 20, 2017

Extending the length of working lives could boost UK GDP by £80 billion ⁰

by Neil Franklin • News, Wellbeing, Workplace

The UK could boost its GDP by around 4.2 percent (around £80 billion at today’s values) if the employment rate of workers aged over 55 could match that of Sweden, the highest performing EU country, according to a new PwC analysis comparing the employment of older workers across 34 OECD countries. There is a 12 percentage point gap between the employment rates of workers aged 55-64 in the UK and Sweden. PwC’s Golden Age Index is a weighted average of indicators – including employment, earnings and training – that reflect the labour market impact of workers aged over 55. The UK has remained middling in the rankings since 2003, falling by one place from 18th in 2014 from 19th in 2015. The report suggests that extending working lives could have a transformational effect on the economy.

June 19, 2017

Businesses sound the alarm over Brexit as negotiations get under way ⁰

by Mark Eltringham • News, Workplace

The end of free movement of people from the EU will damage UK businesses and public service delivery unless post Brexit immigration policies take account of the need for both skilled and unskilled labour from the EU. This is a key message in new research from the CIPD, the professional body for HR and people development, and the National Institute of Economic and Social Research (NIESR). It also calls on businesses to broaden their recruitment and people development strategies to ensure they are doing all they can to attract and develop UK born workers, and highlights the need for significant changes to Government skills policy. The study joins a growing chorus of business leaders appealing for a rational approach to Brexit negotiations. Britain’s top business lobby groups have already come together to demand open-ended access to the European single market for as long as it takes to seal a final Brexit deal.

June 19, 2017

Billions of pounds in wages and holiday pay is underpaid every year ⁰

by Mark Eltringham • News, Workplace

Billions of pounds are denied to workers every year in wages and holiday pay, a new academic study claims. An interim report, The Weighted Scales of Economic Justice , from researchers at Middlesex University and the Unpaid Britain project shows £1.2 billion of wages are unpaid each year, along with £1.5 billion of holiday pay. The research, led by Professor Nick Clark, also found numerous breaches of employment rights, with one in 12 workers not receiving a payslip and one in 20 receiving no paid holiday. The report claims that many companies and directors were repeat offenders in withholding wages, and directors of half the companies that were dissolved and had defaulted on wages, returned as directors of other companies. Lead author, Nick Clark, said he believes these facts are the “tip of the iceberg” as accurate data around unpaid wages is difficult to uncover.