Search Results for: economy

UK enjoys largest jump in productivity for a decade but challenges remain

UK enjoys largest jump in productivity for a decade but challenges remain

by • News, Workplace

Britain’s economy enjoyed uncharacteristically solid productivity growth in the last three months of 2017 to record its strongest six months in more than a decade, new official figures show. Economic output per hour worked rose by 0.7 percent in the fourth quarter of 2017 – above its long-run average though marginally less than estimated in February – and the third-quarter figure was revised up slightly to 1.0 percent. Together they show the strongest growth since the second half of 2005. British productivity has largely stagnated over the past decade and is commonly seen as a chronic challenge. Over the past 10 years Britain’s productivity growth has been the weakest since modern records began and appears to be the slowest since the early 1820s. Overall output per hour, a driver of living standards, is only 1.8 percent above the pre-financial crisis peak it reached at the end of 2007.

 

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Take up of shared parental leave is held back by cultural inertia

Take up of shared parental leave is held back by cultural inertia

by • Comment, Flexible working, Workplace

A recent report by the House of Commons’ Women and Equalities Committee, Fathers and the workplace, has brought into sharp focus the problems fathers have juggling participation in family life with their employment obligations. We are moving away from the traditional gender stereotypes of the father being the breadwinner and the mother being responsible for childcare. Today, many families have two parents in either full or part-time work, with dual income households being far more common now than just 30 years ago. The pace of technological change and the growing gig economy have both contributed significantly to this shift in working patterns. As a result, some of the UK’s laws are becoming outdated, as many laws were formulated on the assumption that it would usually be the woman within a family who would have responsibility for childcare.

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Combination of factors means UK faces severe workforce crisis by 2025

Combination of factors means UK faces severe workforce crisis by 2025

by • 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.

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With a year to go, occupiers are less concerned than they were about the impact of Brexit

With a year to go, occupiers are less concerned than they were about the impact of Brexit

by • News, Property

Occupiers are less concerned about Brexit than they were a year ago, according to a new CBRE research survey of over 100 major occupiers across Europe, most of whom have pan-European or global operations. By late 2017, the proportion of European occupiers worried about Brexit having a ‘very significant’ impact on their operations in the UK had dropped from 15 percent to 6 percent compared with a year earlier. The proportion of occupiers worried about Brexit having a ‘significant’ effect has also fallen, from 38 percent to 33 percent, meaning that the number of occupiers worried about negative impacts from Brexit has fallen in total from 53 percent to 39 percent. A year to the day on which Britain aims to exit from the EU, global real estate advisor CBRE has published an updated guide unpicking some of the key real estate impacts of Brexit.

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Poor numeracy thought to account for an estimated £3.2 billion annual cost to businesses

Poor numeracy thought to account for an estimated £3.2 billion annual cost to businesses

by • News, Workplace

Poor numeracy thought to account for an estimated £3.2 billion annual cost to businessesAlmost one in two working age adults currently lack numeracy skills and this skills gap is estimated to cost businesses £3.2bn annually, with a cost to the UK economy of up to £20.2billion a year. This is why charity National Numeracy has joined together with founder supporter, KPMG, to establish the first ever UK National Numeracy Day – created to drive a change in recognition of the importance of numbers, as well as improve employee careers. The day, which takes place on the 16th May will be designed to celebrate numbers, and aims to help individuals to check their numeracy levels, and provide free tools to support improvement amongst those who could benefit. Businesses are being called on to get involved in a variety of ways; from becoming an official supporter, to encouraging employees, suppliers and the local community to check their numeracy levels using the free online numeracy assessment tool. 

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Growing disconnect between pay and workplace effort, claims report

Growing disconnect between pay and workplace effort, claims report

by • Cities, News, Workplace

Exclusive polling undertaken by YouGov for Localis showed exactly half of those surveyed felt they were paid less than they deserved, a third (31 percent) paid roughly the right amount and 7 percent felt overpaid. The polling figures also indicated nearly two thirds (61 percent) of people felt unrewarded for hard work. The findings are contained in a report entitled ‘The Delivery of an Industrial Strategy – Raising prosperity across England’ which examines how strategic authorities, such as Mayoral Combined Authorities and county councils, can take the industrial strategy forward at a local level to raise local prosperity and living standards. (more…)

Gender pay gap could in part be due to women’s lack of confidence in seeking job progression

Gender pay gap could in part be due to women’s lack of confidence in seeking job progression

by • Legal news, News, Workplace

Gender pay gap could be due to women’s lack of confidence in seeking job progression

A new survey that confirms the ongoing gender pay gap with stats that show men are paid 42 percent more than women after ten years in workforce, goes on to suggest that the reason is not just to do with a lack of diversity but the attitude of women moving up the corporate ladder. The report from Adzuna claims that British men are significantly more confident than women in furthering their career. The career progression confidence gap between the genders widens greatest with those who have more than ten years’ experience in the workplace, with men twice more likely than women to hold a top job. The research analysed 500,000 CVs submitted through Adzuna’s ValueMyCV tool, comparing the gender and estimated pay grade with number of years’ experience in each respective industry. The research also highlights a disparity in the average salary commanded by men and women for the same position with the same number of years in experience.

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A growing number of employers are driving demand for independent professionals

A growing number of employers are driving demand for independent professionals

by • Comment, Workplace

A new industrial revolution is underway, with almost every organisation on the frontline. Executive leaders, notably HR Directors, are grappling with what this means for the structure and design of their companies and the composition of their people. Changing business models, new technologies to access people, skills and capabilities, are common threads, with widespread implications for workplaces. With more people working remotely, flexi-time and on contract, designing workspaces, for instance, has become more challenging. Economic challenges impact every business and reduce appetite for investment, notably in permanent full-time staff. But scratch below the shared surface and every situation is different.

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Employees demand more, not less automation in the workplace

Employees demand more, not less automation in the workplace

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

Employees demand more, not less automation in the workplaceOver half (52 percent) of workers in a new poll have admitted looking for a new job because of frustrations over what they see as outdated ways of thinking around work practices and automation at their current company. The Digital Work Report 2018 commissioned by Wrike, surveyed just over 3,000 workers from across the UK, France and Germany, and highlighted a number of perceived benefits around automation, but its findings suggest that calls for greater adoption by employees are not being taken seriously. Nearly half of those surveyed (45 percent) in the UK believe automation would give their company a competitive advantage. However, while 39 percent are considering automation tools for some of their job functions, just 4 percent of UK companies have an automation strategy (i.e. planning to implement tools/techniques within next 12-24 months) for the whole company – considerably lower than European counterparts in Germany and France (both at 8 percent).

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Action is needed to protect commercial property driving growth of UK cities

Action is needed to protect commercial property driving growth of UK cities

by • News

A new report from the Centre for Cities think tank outlines the scale of urban transformation in big Northern and Midlands cities over recent decades and its dependence on the ready availability of commercial property. The report, City Space Race, shows that the number of people living and working in Manchester, Leeds and Birmingham city centres has soared in comparison to other cities across the country but also warns that planning reforms are needed to enable these cities to provide both the commercial space and housing they need to continue to thrive. The report, sponsored by law firm DAC Beachcroft, examines the challenges British cities face in managing competing demands for residential and commercial space – especially in their city centres, where high skilled, high paying businesses increasingly choose to locate.

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There are at least some reasons to be optimistic about the UK’s tech sector post Brexit

There are at least some reasons to be optimistic about the UK’s tech sector post Brexit

by • Comment, Property, Technology, Workplace design

Making detailed predictions about the economic consequences of Brexit has proved a mug’s game many time over the past couple of years. The most accurate summation of what is happening might be ‘mixed’. Most recently, a report from the CBI has highlighted the resilience of many sectors while bemoaning a lack of skills in the economy. Meanwhile former Commercial Secretary to the Treasury Lord O’Neill also recently conceded that the UK economy had been more robust than he had expected following the Brexit vote, which he attributed primarily to the thriving world economy. An argument almost immediately dismissed by the economist Ruth Lea writing for the LSE, who put forward a more nuanced and mixed explanation. The same picture of tempered resilience is also evident in specific sectors, and especially those that were seen as the most likely to feel the consequences of the Brexit vote, including London’s crucial tech sector.

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Equal Lives survey to look at ways men can better balance work and home life

Equal Lives survey to look at ways men can better balance work and home life

by • Flexible working, Legal news, News, Workplace

Equal Lives survey to look at ways men can better balance work and homeThe challenge to achieve gender equality at work isn’t made any easier by the attitudes of some employers. Although men increasingly want to be more present at home, currently fathers are twice as likely as mothers to have their requests for flexible working turned down. This means their work-life balance is increasingly a source of stress. For this reason a new survey is being launched to look at men’s roles at home and work with the hope that the results will support employers to help men take up more equal caring roles.The Equal Lives project, launched by Business in the Community in partnership with Santander UK, aims to highlight the issues men face when managing responsibilities at work and home and identify workplace practices and policies to help employers retain skilled male and female employees. The study is open to all men in work over 18, regardless of whether they have people who depend on them for their wellbeing. It is also open to women in work, but only those with care responsibilities.

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