Institute of Management Services News

Labour Market Statistics

Labour Market statistics inducate continued signs that the furlough scheme was successful in protecting employment. Payroll data from HMRC indicates that in December 2021 there were 29.5 million employees in the UK, and the latest Labour Force Survey estimates for September to November 2021 suggest that the employment rate has increased 0.2 percentage points on the quarter to 75.5%. Furthermore, the redundancy rate decreased to 3.5 per thousand employees, which is below the rate seen pre-pandemic.

However concern exists that Labour Market participation has fallen through the crisis, with the number of people unemployed but not actively seeking work (economically inactive) remaining high at 21.3%. Worryingly, this is driven by increasing numbers of people experiencing temporary or long-term sickness.

Data highlights that both older and younger workers are facing barriers in entering or re-entering work. Economic inactivity has increased on the year across all age categories except for those aged 35-49, where it has decreased by 3.2%. Indeed, mid-career workers are more likely to have the experience that employers are looking for, and might not face some of the potential barriers that older workers often have to contend with, such as negative employer attitudes, increased caring responsibilities and long-term health conditions.

Posted on: 18 Jan 2022@16:42:35, updated on: 18 Jan 2022@16:42:35.

Creating a Better Work-Life Balance

It has become increasingly difficult to create a work-life balance more than ever. Canadian Business, a website for entrepreneurs seeking advice or networking opportunities have investigated different companies around Canada at how they are finding a way to improve work life balance. Below are some of their findings.

Four Day Weeks- This is something that has been experimented with by various countries in recent years, and it remains to be seen if it will be a permanent working solution in the future. However, most people would be happier with a shorter working week, and their productivity levels would increase as a result. This is supported by a 2020 Angus Reid poll, which found that productivity can increase, and mental health can improve by implementing a 30-hour workweek as opposed to a 40-hour one. 

Flexible/Hybrid Working- It would be wise to implement a hybrid approach or the option to work from home where possible, as some people are happiest and most productive in this setting. Flexible hours are also an option, if people need to run errands or make medical appointments, they should be able to do so and catch up on work the next day/week. As a result, there will be a higher level of trust between employees and their bosses since they can decide when, where and how to work. 

Reconsider Allocated Annual Leave- It may be prudent for bosses to consider if they could give their staff more time off, or not allow them to carry over any unused holiday into the following year, this way it will allow them to not suffer burnout throughout the year by overworking themselves.

Reference: https://www.canadianbusiness.com/ideas/work-life-balance-canada/

Posted on: 6 Jan 2022@16:00:45, updated on: 6 Jan 2022@16:00:45.

Pillars of a Successful Workplace

For any company wishing to achieve the most productive workplace possible, it is important for them to understand the key pillars that can help them to do so, integrating some if not all that are outlined below.

Collaboration. Creating a collaborative environment will contribute to bringing more creativity and innovation to the fore. 

Vision. It is also important for everyone to be on the same page when it comes to the company’s overall vision. By doing so, it will make everybody work in harmony toward the same common goal. It will be the leaders’ job to clearly outline the overall vision to employees, so everybody knows what is required of them.

Proper Tools in Place. When managers want to drive productivity levels, they must provide employees with the appropriate tools. Leaders should always be looking for technological advancements/innovative software to help employees complete their work on time.  

Measuring Productivity. To determine if the practices you have in place are improving productivity, you should check the progress made according to the overall input/output equation; this will help you to see the exact levels of productivity achieved in a certain period. 

Employers who strive to achieve these pillars are likely see a boost in productivity in different areas of the company.

Posted on: 6 Jan 2022@15:57:01, updated on: 6 Jan 2022@15:57:01.