Search Results for: economy

Number of CEOs with technical background grows to meet demands of digital economy

Number of CEOs with technical background grows to meet demands of digital economy 0

by • News, Technology, Workplace

Growth of the digital economy

The number of CEOs from a financial background is falling as firms put more sway into technology skills, a new report claims. The annual Robert Half FTSE 100 CEO Tracker shows that in the last four years the number of CEOs with a technology background trebled as businesses prepare to compete in an increasingly digital economy. In 2014, only three CEOs had a background in technology while today this number has increased to 11. There is a also a generational shift occurring in the FTSE 100, with just eight CEOs under the age of 50 on the FTSE 100, a quarter less than in 2010 when there were 33 CEOs under the age of 50. The typical age of a CEO is 55 years old and the average tenure is five years and two months. While a majority of CEOs still have a background in finance, this figure has fallen to 43 percent from 55 percent last year and the lowest level in three years. Of those CEOs with a financial background, nearly half (19 percent) are Chartered Accountants.

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Digital economy bill rushed through Parliament ahead of election

Digital economy bill rushed through Parliament ahead of election 0

by • News, Technology

The government has rushed the Digital Economy Bill through parliament as part of the legislative wash-up ahead of the general election The Bill will introducing provisions for a Universal Service Obligation (USO) that gives people the legal right to request broadband speed of a certain level. The controversial Bill became law at the last possible moment before the dissolution of parliament, but a House of Lords amendment demanding a minimum legal broadband speed requirement of 30Mbps has not made the final cut due to concerns that not enough people have taken up a superfast service on the open market to justify its introduction. However, the government will ask Ofcom to review the minimum download speed once the take-up of superfast has reached 75 percent.

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Government should end bogus gig economy jobs, claims parliamentary report

Government should end bogus gig economy jobs, claims parliamentary report 0

by • Flexible working, News, Workplace

Companies operating in the gig economy and relying on supposedly self-employed workers are denying workers their rights and freeloading on the welfare state, according to a new report from The Commons Work and Pensions Committee. The report cites what it calls “appalling practices” in its inquiry into self-employment and the gig economy. The committee said the numbers of self employed had grown to 5m, or 15 per cent of all UK workers in recent years, fuelled in large parts by the firms like Uber and Deliveroo, whose business models rely on a largely self-employed workforce. In its report the Work and Pensions Committee says Government must close the loopholes that are currently allowing “bogus” self-employment practices, which are potentially creating an extra burden on the welfare state while simultaneously reducing the tax contributions that sustain it.

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Over three quarters of workers prefer traditional employment to the gig economy

Over three quarters of workers prefer traditional employment to the gig economy 0

by • Flexible working, News

Much has been written about the inexorable rise of the gig economy. However, a new survey from jobsite Glassdoor, claims that only 13 per cent of workers across all employment types would even consider this route for future employment, and the vast majority of employees (76 percent) feel more secure sticking to permanent employment in 2017. As with any work arrangement, using temporary or “gig” workers has both benefits and drawbacks when set against traditional employment.

The survey suggests that the major perceived benefit is flexibility, both for job seekers and employers. When asked the question, “What do you think would be the biggest advantage of working in the gig economy?”, most (35 percent) of employees selected  “flexible working”, followed by “better work-life balance” (11 per cent) and the ability to “be my own boss” (10 percent). Furthermore, 39 percent of female employees feel that the biggest advantage of working in the gig economy would be the flexible working, compared to just 31 percent of men. However, 73 percent of women also reported they already enjoy a good work-life balance in their current roles.

Salaries and benefits remain the most important workplace factors for both men (56 percent) and women (63 percent), something which is typically less stable in gig or contract work.

Gig employment for task-based jobs like car rides, accommodation rentals, and food deliveries are all now mainstream services. Glassdoor’s previous research for the US labour market suggests a slowdown for gig work in 2017, especially as job seekers weigh the pros and cons of this employment type. This new UK survey finds that only 12 per cent of those already self-employed feel they would earn more if they left a job to take on work which paid “per activity” (rather than an annual salary), with 21 per cent of those in full time work feeling the same. On a wider level, just one in ten of all respondents across all forms of employment believe that the gig economy would become the “future of work,” with double that amount (20 per cent) feeling it actually exploited workers and harmed employees’ rights.

In terms of job generation, only 13 per cent of all respondents predict that the gig economy would be a good way to reduce unemployment and create jobs in the future. When broken down by gender, nearly a third of women (31 per cent) feel that the gig economy would only ever be for a “limited number of workers” and was not accessible across a “wide range of roles”. This was opposed to just a quarter of men.

The millennial generation of employees has been labelled as the group who will structure and shape the way we work in coming years. However, only 10 per cent of 18-24 and 9 per cent of 25-34 year olds are of the opinion that the gig economy will eventually become the “future of work.”

Dr. Andrew Chamberlain, Glassdoor’s Chief Economist said: “The gig economy may be associated with prodigious growth of app-based taxi rides and food delivery, however, as we’ve already witnessed in the U.S., the impact on the UK workforce could remain minimal in the longer term.

“The main reason is size. Although many ride-sharing and travel platforms have popped up in recent years, they’re still confined to a small corner of the workforce. Further, gig roles only really work for relatively simple jobs that are easy to measure, don’t require deep institutional knowledge, and don’t rely on long-term relationships. The majority of the fastest growing jobs in the labour market today require human creativity, flexibility, judgment, and soft skills. For some jobs, the UK gig economy is here to stay. But don’t expect the majority of the workforce to be part-time contractors any time soon.”

Image: Jack Lemmon finally gets a corner office in The Apartment

Europe’s workers turn to the gig economy

Europe’s workers turn to the gig economy 0

by • Flexible working, News

European employees appear ready to embrace the ‘ gig economy ‘, according to research by ADP. The study of nearly 10,000 European working adults claims to reveal how employees across Europe feel about the future of work. As many as 63 percent of UK employees and 68 percent of European employees are interested in, or would consider self-employment or freelancing although the desire for this style of working does vary drastically across regions. According to the report a third (33 percent) of UK employees say work-life balance is a key motivating factor although pay is still the ultimate driver for all European employees.

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1.3m people mainly choose to work in gig economy, but want basic employment rights

1.3m people mainly choose to work in gig economy, but want basic employment rights 0

by • Flexible working, Legal news, News, Workplace

Gig economy workers want basic employment rightsGig economy workers are as likely to be satisfied with their work as workers in traditional employment, according to a major new survey published today by the CIPD which provides the first robust estimate of the size of the gig economy. Currently, 4 percent of UK working adults aged between 18 and 70 are working in the ‘gig economy’, which means approximately 1.3 million people are engaged in ‘gig work’ according to ‘To gig or not to gig: Stories from the modern. The report, which is based on a survey of 400 gig economy workers and more than 2,000 other workers, as well as 15 in-depth interviews with gig economy workers found that nearly two-thirds (63 percent) believe the Government should regulate to guarantee them basic employment rights and benefits such as holiday pay. But the research also found that, contrary to much of the rhetoric, just 14 percent of respondents said they did gig work because they could not find alternative employment.

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New Acas guidance on gig economy working and employment status rights

New Acas guidance on gig economy working and employment status rights 0

by • Facilities management, Flexible working, Legal news, News, Workplace

New guidance published on gig economy workingNew and updated guidance s being published today by Acas to help employers and their staff understand the many different types of employment arrangements that exist in the modern workplace and their legal entitlements. The revised guidance is released against the backdrop of Matthew Taylor (Chief Executive of the Royal Society of the Arts) review which considers the implications of new forms of work driven by digital platforms, for employee rights and responsibilities, employer freedoms and obligations, and the existing regulatory framework surrounding employment. The new Acas guidance reflects these changes to the way in which people work, are expected to work in the future, and follows recent legal cases about employment status; including the Pimlico Plumber and Uber decisions.

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We need to rethink everything we know about self-employment and the gig economy

We need to rethink everything we know about self-employment and the gig economy 0

by • Flexible working, News

The rise in self-employment is being led by workers in relatively ‘privileged’ high-skilled, higher-paying sectors such as advertising and banking rather than the gig economy. Their considerable tax advantages over employees, rather than new technology and the gig economy, are central to the rapid growth in self-employment, according to a new analysis published by the Resolution Foundation. Self-employed workers in the larger but slower growing ‘precarious’ sectors that have dominated the recent public debate, enjoy a much lower tax advantages over employees but still miss out on important pay and employment rights. The analysis shows that 60 per cent of the growth in self-employment since 2009 has been in ‘privileged’ sectors, despite them making up just 40 per cent of the self-employed. The fastest growing sectors have been advertising (100 per cent growth), public administration (90 per cent), and banking (60 per cent). The remaining 40 per cent of the growth in self-employment has come in more ‘precarious’ sectors, such as construction and cleaning. The Foundation notes that despite the focus on Uber in recent years, the sector that includes taxis is actually only up 7 per cent since 2009, a third of the 22 per cent growth in self-employment up as a whole.

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HR set to be the powerhouse of business in the open economy of 2020

HR set to be the powerhouse of business in the open economy of 2020 0

by • Flexible working, News, Technology, Workplace

A new report commissioned by Samsung claims that by 2020, the impact that changes in society and technology will have upon the future of the workplace will elevate Human Resources (HR) to a powerful new role. The arrival of what Samsung calls the open economy will create a new environment in which a breed of ultra-flexible freelancers will prosper. Their arrival will present great opportunities for those organisations that embrace them but there will be significant challenges as well. Automation will be increasingly prevalent, but human skills will also rise in value as whole new job categories will be created around creativity, human judgement and intuition capabilities –positioning HR at the forefront of dealing with the significant industry changes. Emerging technology and artificial intelligence will undoubtedly create great change in many industries but it will also release human workers from mundane and repetitive tasks, liberating a workforce where human judgement and expertise becomes the centre of any organisation’s human resources.

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New report gives a clear picture of contribution of EU nationals to the UK economy

New report gives a clear picture of contribution of EU nationals to the UK economy 0

by • News, Workplace

A new analysis by the Institute for Employment Studies prepared for the European Parliament offer a snapshot of the number, status and characteristics of EU27 nationals living in the UK, and UK nationals living in Europe. The report, Brexit implications for employment and social affairs: facts and figures, found that UK expenditure on welfare benefit is more than forty times lower than expenditure for UK nationals. Overall, the researchers concluded that EU migrants are net contributors to the UK economy in terms of taxes and welfare benefits. This research found that the total number of EU-27 nationals living in the UK grew from 1,345,000 in 1990 to 2,988,072 in 2015. The EU-27 population in the UK is made up of a large number of young people, particularly those aged between 25 and 34. Meanwhile, the number of UK citizens living in the EU grew from 661,505 in 1990 to 1,216,041 in 2015. In comparison with the UK domestic workforce, the employment rate of EU-27 nationals in the UK is higher and the unemployment rate lower. EU-27 nationals in the UK are more likely to be employed in low-skilled work and UK citizens working within the EU-27 tend to be employed in high-skilled occupations. The UK expenditure on welfare benefits for EU-27 nationals is more than 40 times lower than the expenditure for UK nationals, with very little variation over time.

UK CEOs bullish on business growth but concerned about skills and global economy

UK CEOs bullish on business growth but concerned about skills and global economy 0

by • News, Workplace

UK CEOs are more upbeat about the growth prospects for their own companies than 12 months ago, according to PwC’s 20th annual CEO Survey published today at the World Economic Forum in Davos. Almost nine out of 10 (89 percent) respondents say they are confident of their company’s growth in the year ahead, up from 85 percent in 2016, and above the 85 percent global figure and 77 percent in Germany. Forty one percent of UK CEOs describe themselves as being ‘very confident’. More generally, UK bosses are in hiring mode. Sixty three percent expect to grow their workforce over the coming 12 months, compared to 52 percent of their global counterparts. Just 10 percent expect headcount to decrease, down from 20 percent in 2016. Access to key skills is considered to be the single biggest business threat facing their organisations. More than four in five (83 percent) of UK bosses are concerned about how to get hold of key skills, up sharply from 71 percent last year. The skills most highly prized by UK leaders – adaptability and problem solving, leadership and collaboration, and creativity and innovation – are also proving the hardest to recruit.

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New website launched to help promote the Northern Powerhouse economy

New website launched to help promote the Northern Powerhouse economy 0

by • Cities, Facilities management, News, Property

Northern Powerhouse economyMajor companies including Barclays and Vodafone were among more than 40 leading businesses, universities and business networks which pledged their support and backed the promotion of the Northern Powerhouse economy during a ’partnership’ conference held in Liverpool yesterday (8 December 2016). The North has over one million businesses, seven international airports and four of the world’s top universities, the conference heard. Its economy was worth £304 billion in 2014, similar to the whole of Belgium, while last year employment growth in the North East was the fastest in the UK. To help support the initiative a new dedicated Northern Powerhouse website has been launched to share the latest news, views and opportunities for established businesses and new investors. In addition, a Northern Powerhouse Partnership Programme aims to encourage businesses to focus on the key strengths and areas of development across the North – from connectivity to transport, skills to science and from culture to devolution. More →

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