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Category: Employers

Gap between supply and demand in financial services worsens

  • UK

Job applications in the sector fell by 12.5%

According to new research from APSCo and Broadbean Technology, the number of professionals in the UK applying for jobs in the financial services sector is down by a third year-on-year in January 2023, with the gap between supply and demand worsening.

The data found that job applications within the sector fell by 12.5% between November 2022 and January 2023, but this decline was far more acute when looking at annual comparisons (down by almost 30%).

APSCo’s data also reveals that while vacancy levels fluctuated throughout 2022 as economic uncertainty influenced business confidence, yearly comparisons show that new roles fell by just over 16% between January 2022 and January 2023. With application numbers dropping at a far greater rate than vacancies, employers are likely to struggle to source the skills they need in a sector that is already facing acute skills shortages.

Meanwhile, the research revealed that salaries within the sector have risen by 6.5% over the past twelve months, reflective of not only the demand for talent which has put an upward pressure on salaries, but also the impact the cost-of-living crisis has had on employers’ strategies to both attract and retain staff.

Ann Swain, CEO of APSCo, commented: “The data suggests that the Financial Services sector is facing a growing decline in skills availability. While we saw a fall in vacancy numbers during the latter half of 2022 as economic uncertainty influenced business confidence, application numbers fell at a far greater rate.

“We saw in the period following the Financial Crash of 2008 that failure to invest in skills development, attraction and retention when markets are struggling can have a longer-term detrimental impact on recovery. It’s crucial that the sector doesn’t fall into this trap again, particularly given the news that a recession has been avoided in the UK. The increase in salaries is certainly an indicator that employers are investing in attracting skills, but pay alone isn’t a sustainable route to building skills. The country is in critical need of a strong skills strategy to help it become a hub for financial businesses and talent.”

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Over 97% of UK companies failing to adequately support women in the workplace

  • UK

Fewer than 3% of job ads on offer in March offer support to women

According to new research from Adzuna, UK employers are failing to prioritise supporting women in the workplace, with fewer than 3% offering benefits necessary to help them thrive.

Adzuna analysed over a million job ads advertised in March 2023 which revealed the number of postings promoting perks aimed at women – and the dire need for employers to step up.

Overall, only 29,501 of the 1,043,451 job ads available cited perks aimed at retaining women in the workplace and supporting them to thrive. Only 17,638 ads promoted enhanced maternity or parental leave, and just 6,410 postings offered some kind of support with childcare costs (including on-site daycare or backup childcare).

Despite recent evidence showing 1 in 10 women aged 45-55 leave the workforce due to symptoms of the menopause, only 821 job ads mention menopause support, and of those just 30 postings are offering paid HRT therapy.

Only five UK job ads offered menstrual leave. Research by YouGov has found nearly half of Brits are in favour of the introduction of menstrual leave legislation, and 40% of women said they regularly get period pain bad enough that it affects their ability to work. Some countries are waking up to the huge negative impact this has on women in the workplace: Spain has recently introduced legislation allowing three days per month of state-paid for menstrual leave for those with incapacitating periods.

Fertility benefits such as egg freezing and IVF support are also rare, with just 51 job ads mentioning these types of perks. LinkedIn was one of the first companies to offer UK its staff these benefits, covering up to £21,000 towards IVF (around £5,000 per cycle) or adoption costs from 2019, and following in the steps of Facebook, Google and Apple in the US. But with hiring in large tech companies currently depressed, women seeking employers offering fertility benefits are facing limited options.

Other popular perks found by Adzuna included duvet days (619 job ads), unlimited holiday (953 ads) and free gym membership (3,912 ads) continue to be offered by many employers.

Paul Lewis, Chief Customer Officer at job search engine Adzuna, comments: “Women remain woefully undersupported in the UK workplace. Instead of duvet days or free gym membership, employers need to focus on benefits that support female employees. In particular, evidence shows menopause and menstruation are top factors making it harder for women to thrive at work, even leading many to drop out of the workforce. Women shouldn’t need to suffer in silence; employers need to step up, introduce open dialogues around these topics and add more flexibility for women juggling their health with work. Furthermore, keeping women in the workplace is key to filling skill gaps, so introducing benefits that help attract, support and ultimately retain women makes sense from a business as well as a societal perspective.”

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Hays Middle East releases GCC Salary Guide 2023

49% of organisations in the GCC currently offer remote or hybrid working

Hays Middle East, part of Hays plc, the global workforce solutions and specialist recruitment company, has released its latest Salary Guide 2023 for the Gulf Corporation Council (GCC). The guide provides comprehensive salary data for over 400 roles across 13 industries across the region, with the latest workforce trends based on expert insights and the analysis of a survey of over 2,000 employers and professionals.

The guide has revealed that despite global disruptions, the GCC has remained stable, with continuous investment and diversification leading to a buoyant labour market in 2023, creating new jobs across multiple sectors and geographies in the region with this being exemplified by 85% of employers planning to recruit permanent employees. However, with 45% professionals looking to change organisations, greater competition for the best talent is to be expected.

Employers can leverage flexible working options to counter competition

Hays believes that offering flexible working options is a viable way for employers to counter the fierce competition. The guide shows that while only 49% of organisations in the GCC currently offer remote or hybrid working options, 20% of employers anticipate that employees will be required in the workplace more. Professionals place work-life balance and flexible working as a top priority when looking for a new job.

Addressing the skills dissonance is vital for future success

According to the report, employers and employees in the GCC have different perceptions of talent availability within their organisations. The guide indicates that while 82% of employees firmly believe they have the necessary skills to fulfill their role in 2023, only 35% of employers strongly agree they have the talent needed for the coming year. Employers and employees must work together to address this disconnect to ensure success in the future.

Growth on the horizon for Technology and Industrial Sectors, plus accelerated Emiratisation

The guide highlighted that technology remains the most active industry sector for hiring, with 77% of organisations increasing their headcount last year, thanks to consistent local and foreign direct investment in focus areas such as data, cyber security, and cloud solutions. Despite uncertainty in the global Technology sector, growth in the GCC continues at pace. Indeed, 88% of employers plan to recruit permanent employees in 2023.

In Saudi Arabia, the industrial sector is expanding at an exponential rate. With the Kingdom poised to take further advantage of its abundant natural resources and central geographical location, industrial diversification into new products and materials will lead to a focus on talent with experience, technical skills, and operational knowledge.

In the UAE, almost one in two (49%) of employers will ramp up their hiring of UAE national citizens this year as they work to meet Emiratisation quotas and diversify their workforce.

Sarah Dixon, Managing Director of Hays Middle East commented: “2023 promises to be a prosperous year for the labour market and the GCC in general, with new jobs being created across multiple sectors and geographies in the region through investment initiatives from a multitude of sources. The Hays GCC Salary Guide 2023 provides valuable insights for both employers and professionals, helping them navigate the recruiting landscape of today and stay competitive for tomorrow.”

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Female employees are 54% more likely to suffer from anxiety, survey reveals

  • UK

Why women are taking strain at work

A new study has revealed that female employees are 54% more likely to suffer from anxiety and twice as likely as men to work through illness – an issue known as presenteeism.

The study revealed that, during the last year, female employees experienced more work-related health implications than men. In addition to their raised anxiety levels, they are also 17% more at risk from excessive stress due to work life. In addition, 35% said that their mental health had worsened in the last year because of the workplace.

With International Women’s Day (IWD) being observed on 8 March, these statistics put a spotlight on the disproportionate health implications that women face due to their workplace. This year’s IWD theme is #EmbraceEquity, to encourage employers to support women’s health and well-being in the workplace.

According to the survey, 27% of female employees have experienced insomnia, making them 42% more susceptible to sleep deprivation. This is important to note, considering that the first signs of burnout, anxiety or depression are insomnia and trouble sleeping, according to the NHS.

A study of over 1,000 employees also found that sore backs, shoulders, or necks are experienced at a rate 58% higher in women than men. In addition, other physical health concerns were 60% more likely in women.

These results suggest that employers aren’t doing enough to support women in the workplace. In further support of this indication, a recent study across the UK-wide study into employee health and well-being found that 85% of employees would like their company to be more proactive in boosting employee health, well-being, and healthy habits. The study also found that:

  • Training managers to provide better support will help (33%).
  • promoting the use of sick leave when people are struggling with physical or mental health is important (32%).
  • employees want access to stress management training (25%).

It is not a benefit for employees to feel supported; companies benefit too:

  • 38% of employees feel more productive at work.
  • 33% of employees feel engaged with the work they do.
  • 31% say they’re less likely to seek job opportunities elsewhere.

Kate Palmer, HR Advisor and Consultancy Director at Peninsula, says: “Equality should be at the forefront of employers’ priorities and, as recognised by International Women’s Day, the only way to achieve this is through equity. Widespread prejudices against women and damaging biases such as: they’re unable to juggle a career and family, or be as resilient as men in the workplace, can often lead to women having to work longer and harder than their male counterparts just to access the same opportunities, even if it means working when they are unwell.

 “ All employers should consider offering an employee assistance programme and trained mental health first aiders to help identify individuals struggling with their mental health at an early stage, and signpost them to professional resources. Knowing women may be more at risk should be a prompt for employers to proactively implement these measures.”

Ruth Tongue, director of employee wellbeing company Elevate, says: “Equity is not something to only be addressed once a year – companies must think strategically about how to support women in their workplace.

 “Employers should offer emotional and mental wellbeing support for everyone via counselling, supyesport sessions with experts on stress management and championing women in the workplace by offering recognition not only financially but also visibly through promotions and praise.”

 

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Wages and salaries up by 11.6% in Q4 2022

Australia’s seasonally adjusted unemployment rate climbed to 3.7% last month

Australian wages and salaries in the private sector jumped up by 11.6% in the December quarter of 2022 when compared to 2021. This compared to company gross operating profit which stood at 16%, according to seasonally adjusted data from the Australian Bureau of Statistics.

The Bureau published its seasonally adjusted quarterly estimates in the private sector measuring sales, wages, profits and inventories for the December quarter 2022.

When compared to the previous quarter, wages and salaries rose by 2.6%, while company gross operating profits rose 11.6%.

On a quarterly basis, by industry, accommodation and food services saw the largest bump in wages and salaries at 7.7%, followed by arts and recreation at 7.4%. Transport, postal and warehousing went up by 6.3%; construction by 4.4%; and financial and insurance by 4.3%.

Data from the Bureau earlier this month showed that Australia’s seasonally adjusted unemployment rate climbed to 3.7% last month, the highest it’s been since May of last year but still a decline of 0.5% from the same month last year.

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In Australia, job ads down 8.1% in January

But monthly figures show reversal of 7-month downward trend

According to Seek’s latest employment report, job ads in Australia were down by 8.1% in January when compared to the same month last year.

However, on a monthly basis, job ads recovered from a 7-month downward trend, rising for the first time to 2.8% in January.

Job ads were 26.3% higher than January 2019, indicating that the market remains tight, despite job ads no longer being at record-levels.

Additionally, applications per job ad have jumped by 35.5% year-over-year, and 9.2% over the previous month, data shows.

On an annual basis, Queensland recorded a 0.9% uptick in job ads in January while Tasmania (3.8%) and South Australia (1.5%) also reported growth. On the other hand Victoria (-13.8%) and Australian Capital Territory (13.2%) reported the biggest declines over the year.

According to Seek, on a monthly basis, every state and territory recorded a rise in job ads in January, and Tasmania had the largest increase of 8.5%, followed by Queensland at 4.2%, and New South Wales at 2.7%.

By industry, on a monthly basis, the overall growth in job ads in January was led by Manufacturing, Transport & Logistics, which grew 5.3% month-on-month, Trades & Services, up 2.5% and Accounting, which increased 7.6%.

Kendra Banks, Managing Director of Seek ANZ commented: “Advertising volumes have reverted to November levels after falling marginally in December. While 2.8% seems a small increase in volume after seven months of decline, job ad levels remain above pre-pandemic levels for the majority of industries. For our largest hiring industries by volume, for example, job ads remain over 55% higher,”

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77% of businesses in China plan to hire temp and permanent employees

65% of employers had to offer higher salaries in order to attract new employees

According to research from Morgan McKinley, the majority, or 77%, of businesses in Mainland China plan to hire new permanent or contract employees in the first half of the year.

The research revealed that 41% of employers think they will lose staff in the next six months as they seek to earn more by moving jobs, and 45% of employees in Mainland China are looking to move jobs in the same period.

Morgan McKinley’s research also showed that 65% of employers had to offer higher than anticipated salaries in order to attract new employees over the last 12 months. Furthermore, 59% of employers in China think that salaries in their specific sector will rise in 2023, with 41% planning on increasing base salaries across all teams.

Over half, or 53%, of employees in China are expecting their salaries to increase this year, with 75% also expecting some form of bonus payout.

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Western Australia targets British and Irish workers in search of a new life

88% of workers are planning to “work from anywhere”

The Australian state of Western Australia is targeting 31,000 UK and Irish workers, particularly key workers such as nurses, teachers, and police officers, to relocate Down Under for a more relaxed lifestyle and higher wages. Nurses in Western Australia typically earn over £49,000 per year, which is 58% more than the UK average of just over £30,000.

To attract UK and Irish workers, officials from Western Australia will attend job fairs across the UK to promote the benefits of moving abroad for a new career and a new life. The Western Australian government is confident that the appeal of higher wages, lower living costs, and a laid-back lifestyle will entice many UK and Irish workers.

The possibility of tens of thousands of workers leaving the UK for Perth could be alarming for HR directors who are already struggling to retain talent. However, companies can offer some of the benefits of working abroad without permanent relocation, such as offering “work from anywhere” flexibility to employees. A recent study conducted by IWG, the world’s largest flexible workspace operator, found that 88% of workers are planning to “work from anywhere” – UK or abroad. Over 50% of workers are planning to extend holidays this year to work abroad, with 67% agreeing that they can perform their job effectively abroad. 71% said that they would only consider a new job that gave them the flexibility to work from anywhere, at least some of the time.

Improved worklife balance was the most common benefit cited for working from anywhere (76%), followed by being able to spend more time with friends and family abroad (52%), saving money by travelling off-peak (47%), and being able to enjoy longer holidays (30%). Many office workers also want more financial support, as the cost-of-living crisis has had a drastic impact on the UK population.

The Western Australian officials believe that their pitch is unbeatable, with higher wages, lower living costs, and a laid-back lifestyle. Western Australia’s Police and Defence Industry Minister, Paul Papalia, was quoted as saying: “Our wages are higher, our cost of living is lower and our lifestyle is unbeatable.”

The Western Australian government’s proposal will pose challenges for UK companies, and HR departments will need to consider introducing “work from anywhere” flexibility and financial support to retain their talent. The current “war for talent” in the UK is well-documented, and tens of thousands of workers eyeing up a move abroad in search of higher pay and a more relaxed lifestyle could mean another battle for HR leaders.

Mark Dixon, IWG Founder and CEO commented: “For an increasing number of workers, the days of the daily commute are over, now that hybrid working offers the opportunity to work wherever we will be the most productive. And thanks to cloud technology, that can be anywhere in the world, provided there’s a high-quality internet connection available.

“So, it’s no wonder that more and more individuals are embracing the idea of combining work with travel, whether it’s for a few days tacked on to the end of a vacation, or a few months as a digital nomad.

“This trend is set to accelerate further, and we will continue to see more and more companies embracing WFA policies to improve employees’ work-life balance and increase their attractiveness as an employer.”

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Ohio approves 8% reduction in workers’ compensation premiums

Average rate levels for Ohio’s 257,000 employers are at lowest in over 60 years

Ohio Governor Mike DeWine and the Ohio Bureau of Workers’ Compensation Administrator John Logue have announced that private employers in Ohio will pay nearly $90 million less in workers’ compensation premiums in the next fiscal year due to an 8% rate reduction, last week. The rate was approved by the Bureau of Workers’ Compensation Board of Directors.

Overall, the average rate levels for Ohio’s 257,000 private and public employers are at their lowest in over 60 years, according to the agency.

Governor Mike DeWine commented: “Businesses adopting a safety-focused culture is what allows us to reduce rates to the lowest they have been in 60 years. I applaud Ohio employers for their efforts in keeping their workplace safe.”

The BWC noted the 8% rate cut represents the average statewide change to loss costs and the administrative cost fund but does not include any costs related to other funds it administers. In addition, the actual premium paid by individual private employers depends on several factors, including the expected future claims costs in their industry, their company’s recent claims history and their participation in various BWC programs, according to the bureau.

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Women still underrepresented at executive levels

Only 37% of board members are made up of women

Women make up the majority of internal workers at staffing companies, but they are still underrepresented at the executive, CEO and board levels, according to the “Insights on Gender Parity in the US Staffing Industry” report. Its data comes from a study led by the Women Business Collaborative with support from the American Staffing Association, National Association of Personnel Services, Staffing Industry Analysts and the TechServe Alliance.

Of staffing firms surveyed, women represented a median 66% of internal staff. However, they represented only a median 50% of executive team members and a median 37% of board members. And these percentages could even overstate the actual proportion of women in executive and board roles, as staffing firms with female executives may have been more likely to participate in this survey. In comparison, a similar survey last year found that women represented a median 56% of internal staff, but they represented only a median 46% of executive team members and a median 36% of board members.

“This benchmark study and SIA’s report are game changers in the staffing industry in addition to being a very clear call to action for all leaders,” said Ursula Williams, chief operating officer for SIA. “Using the data and analysis in this report, industry professionals see the degree of gender parity as well as gain a greater understanding of the key strategies for supporting and advancing women. This will change our industry — and our workforce — for the better.”

It also found that women account for a substantial share of CEO/ownership at small staffing firms, but representation lags at midsize and large staffing firms. For small firms — those with less than $25 million in revenue — 53% had CEOs/owners who were women. That number went down to 45% among midsize firms — those with between $25 million and $100 million in revenue. It went down even further to 18% at large staffing firms with revenue of more than $100 million. The report noted that only 8.8% of Fortune 500 companies had female CEOs.

Interestingly, female-owned staffing firms had a higher Net Promoter Score than male-owned staffing firms, 84 versus 53. However, the report noted that association is not the same thing as causation, and there can be several factors at play. For example, the NPS for small staffing firms in aggregate in the survey was 75 while the NPS was 50 for large staffing firms, and small staffing firms have a larger percentage of female owners than midsize or large staffing firms.

The report is available online, and there is also a dynamic dashboard to view survey results, the “WBC Benchmark Survey on Gender Equity in the Staffing Industry.”

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