Search Results for: economy

Global business leaders feel more optimistic about the world economy

Global business leaders feel more optimistic about the world economy

by • 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 8th biggest concern.   (more…)

Automation will benefit the economy but many people could lose out

by • 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.

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

by • 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.

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Gig economy workers should not be criticised for defending their rights

by • 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.

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

by • 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.

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

by • 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.

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Gig economy workers need more workplace protection claims report

by • 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.

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Harnessing artificial intelligence could release up to £630bn for the UK economy, new government report claims

Harnessing artificial intelligence could release up to £630bn for the UK economy, new government report claims

by • News, Technology

Artificial Intelligence has the potential to add £630 billion to the UK economy by 2035, according to an independent review commissioned by the government as part of its Industrial Strategy. The review, Growing the Artificial Intelligence Industry in the UK, led by Jerome Pesenti, chief executive of BenevolentTech and Dame Wendy Hall, Professor of Computer Science at the University of Southampton, says AI is expected to make “great improvements” for the public, including more personalised services, better healthcare and more efficient use of resources. Robots could be used to perform a raft of benign and “dangerous” jobs  including smarter scheduling of medical operations and hiring on-demand self-driving cars. The report makes 18 key recommendations for developing AI in the UK and was led by Professor Dame Wendy Hall, a professor of computer science at the University of Southampton.

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Unequal access and usage could hold back potential of global digital economy

Unequal access and usage could hold back potential of global digital economy

by • News, Technology

Digital technologies continue to make impressive advances. Internet infrastructure is improving and the usage of digital tools is growing. The social impacts of digital innovation have also become more pronounced in diverse fields. However, progress is uneven across countries, businesses, and within societies. Broadening access to digital opportunities and helping those lagging behind to catch up would increase the benefits of the digital transformation and help ensure they are widely shared across economies and people, according to a new OECD report. The OECD Digital Economy Outlook 2017 says government policy has not kept pace with the digital innovation and transformation of economies and societies led by big technology firms. It calls on countries need to step up their efforts, invest more in education and skills and encourage greater use of advanced technologies like big data analysis and cloud computing, in particular by small businesses, to make the digital shift more productive and inclusive.

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UK employers concerned for future of the post Brexit economy despite booming jobs market

UK employers concerned for future of the post Brexit economy despite booming jobs market

by • News, Workplace

Employer confidence in the UK economy has moved into negative territory, according to the latest JobsOutlook survey by the Recruitment & Employment Confederation (REC). The net balance fell from +6 per cent last month to -3 per cent in the latest report, as 31 per cent of employers now expect the economy to worsen and just 28 per cent expect it to improve.  Employers are still looking to hire, with one in five (19 per cent) planning to increase permanent headcount in the next three months.  Confidence in making hiring and investment decisions remains positive with a net balance of 10 per cent, but is at its lowest for the past year.  In addition to signs of deteriorating employer confidence, consumers are also becoming more pessimistic. The GfK’s index of consumer confidence fell to -12, equalling last year’s post-referendum low.

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Putting people at the centre of building design could provide large boost to the economy

Putting people at the centre of building design could provide large boost to the economy

by • News, Workplace design

More thoughtfully designed workplaces, centred around people’s needs, could improve performance and help tackle the UK’s productivity gap, according to a new report. Applying design thinking to boost workplace productivity by 5-8 per cent could contribute up to £20 billion to GDP. The potential gain in productivity, equivalent to twice the annual contribution to UK GDP made by the aerospace industry, is revealed in research conducted by researchers from Imperial College London in partnership with Atkins. Atkins commissioned the research to better understand and quantify the economic benefit from human centred design. The research claims to examine the ripple down effect on productivity brought about by an human centred focus on health and wellbeing. This in turn has a benefit for future business growth and can enhance the position of the national economy, according to the report. The research claims to support the importance of employees’ experience of the building in which they work and confirms that steps to create the right working environment can have a material impact on staff productivity and wellbeing.

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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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