Tag: Financial

UK staffing firm Impellam Group plc reported revenue today for the six months ending 2 July 2021 of £1.09b, an increase of 8.2 percent on a like-for-like basis when compared to the previous year.

Revenue reportedly grew in the first half of the year as trading recovered in the US, UK and Europe regions after the impact of the pandemic from Q2 2020. US and UK operations saw the strongest gross profit growth over the half year, up 13.3 percent and 9.9 percent respectively, while APAC is still impacted by COVID-19 and declined by 10.6 percent.

The Group reported a temporary recruitment gross profit increase of 6.8 percent and permanent recruitment up 33.7 percent; with permanent recruitment now making up 10.6 percent of gross profit.

Julia Robertson, Chief Executive Officer of Impellam, said, “Our H1 performance has surpassed expectations. We started 2021 with a degree of optimism following the decisive moves we made in 2020 to re-shape our business for the long term by transforming and de-layering our business to free up our virtuosos to do what they do best, finding good work for people and people for good work.”

“However, almost immediately, the UK was placed back into lockdown and schools were closed meaning that we reverted to the well-trodden home working patterns of 2020 with practised speed and agility,” Robertson said. “With a simplified regional business structure and reduced management layers we have reacted quickly to changing end-market conditions and have made significant investments in digitalisation and new virtuoso fee earners whilst retaining the substantial cost base savings from the transformation of our business in 2020.”

 

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Employers believe they are doing a good job at supporting their workers’ retirement savings but recognise they are lacking when it comes to other areas of their financial wellbeing.

This was the finding of a study of 171 UK organisations conducted by Willis Towers Watson between February and March of this year.

According to the company’s Future of Financial Wellbeing study, 76% of employers believe that their employees want them to be more proactive in helping improve their financial standing, while 36% thought the pandemic had had a negative impact on their employees’ finances.

Richard Sweetman, financial wellbeing lead at Willis Towers Watson, said: “Organisations realise employees are currently facing a wider array of financial challenges and are looking to evolve from a focus on helping employees save for retirement, to adopt broader financial wellbeing programmes that provide the help they need.

“Many employers are now accelerating their focus on financial wellbeing in response to COVID-19, and the associated economic impacts.”

Looking beyond retirement

Although 47% of employers acknowledged that their employees face challenges saving for retirement, more than half (61%) were confident their retirement savings provision was sufficient.

However, there was widespread recognition than when it came to helping employees build emergency savings and manage day-to-day costs and debt, there was a lack of support. About half of the employers surveyed said they intended to provide assistance in these areas over the next two years.

“Debt and the ability for employees to make ends meet should be a particularly important area for employers to focus on, with almost a quarter of employees seemingly affected. We know from employee research that when these issues do come up, they have a particularly detrimental impact on mental health and wellbeing,” said Sweetman.

Specifically, employers said they were planning to introduce at least one extra workplace savings option within the next two years. At present general savings or investment accounts, corporate ISAs and Lifetime ISAs are only offered by a small number of employers.

More comprehensive financial education is also on the agenda – online educational resources are already provided by more than half of employers, with a further third likely to introduce these in the next two years.

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