Talence Ltd’s Post

New analysis by the Centre for Ageing Better reveals that the next UK government could enhance the economy by as much as £9 billion a year by providing older workers with equal opportunities in the labour market. Closing the employment rate gap between older and younger workers could also net an additional £1.6 billion annually in income tax and national insurance contributions. The Centre for Ageing Better calls for all political parties to commit to raising the employment rate of workers aged 50-64 to 75% by 2030 through its new 50+ Employment Commitment. This commitment is backed by leading organisations including Demos, Age UK, the Institute for Employment Studies, Phoenix Insights, and the Learning and Work Institute. Supporters highlight that older workers face challenges such as ageism, lack of flexible working options, insufficient health support, limited opportunities for skill development, and underperforming employment support. Addressing these issues is crucial for realising the full potential of older workers. As we look towards the future, enhancing support for older workers is not just a matter of fairness but a strategic economic imperative. By 2030, the UK will see a significant increase in the 50-64 age group, making it essential to mobilise this segment for sustained economic growth and productivity. #Employment #UKEconomy #OlderWorkers #AgeingWorkforce #EqualOpportunity #LabourMarket #EconomicGrowth #FlexibleWorking #SkillDevelopment #GovernmentPolicy

It's been a tough month for the #UK labour market. According to the Office for National Statistics (#ONS), #unemployment has reached a two-year high after staying relatively low since the pandemic. Our data shows a 20% drop in #vacancies between May and June, but the decline in applications is even more concerning, plummeting by 58%. Sectors Hit Hardest: Logistics, IT, and Administration Breaking down the data, #logistics, #administration, and #IT sectors are feeling the brunt of #skillsshortages and economic uncertainty. The logistics sector saw a 14% drop in jobs but a 62% fall in applications. The administration sector faced an 18% decline in jobs and a 57% drop in applications. The IT sector experienced a 23% fall in vacancies, with applications down by 52%. Challenges and Opportunities Ahead While a decrease in jobs during economic downturns is expected, the steep drop in applications is a major concern for #recruitment businesses and #employers. As economic recovery looms, the #warfortalent will intensify. Recruitment teams must innovate to source critical skills effectively. Leveraging #artificialintelligence (#AI) can revolutionise workflows and processes, helping to reach the right candidates at the right time. #AI-powered tools can optimise job adverts, ensuring they reach the right audience quickly and effectively. Recruiters who embrace these innovative tools will be well-positioned to compete for top talent as the market rebounds. #FutureOfWork #HR #JobMarketTrends

The labour market in 2024 is evolving rapidly, influenced by emerging trends and technological advancements. Employers must adapt their strategies to stay competitive and secure top talent. Here are some key insights into the changing landscape. Recruitment Trends According to Hays’ report on top hiring trends for 2024, the focus is shifting towards hiring for potential rather than just specific skillsets. Companies are investing in apprenticeships and skills academies to attract Gen Z and recent graduates. Adapting management approaches to meet the expectations and motivations of this new generation is crucial for securing a strong talent pipeline. Impact of AI on Redundancies Artificial Intelligence (AI) is set to revolutionise the workplace, making many basic and routine roles obsolete. This technological shift will result in more strategic and pinpointed recruitment efforts. The redundancy rate for the first quarter of 2024 in the UK stands at 3.1 per 1000 employees, reflecting cautious workforce adjustments. Interestingly, over 55% of employers plan to maintain their current staff levels, indicating a trend towards stability. Enhancing Your Employee Value Proposition (EVP) To attract and retain talent, employers need to offer robust benefits packages, career progression opportunities, and flexible working options. Upskilling and supporting the existing workforce are also critical. Many organisations are turning to outsourcing to stay agile and adapt to rapid changes brought about by technological advancements and market shifts. In 2024, a people-centric approach is essential for navigating the evolving labour market. How is your organisation adapting to these trends? #LabourMarket #RecruitmentTrends #AI #Redundancy #EmployeeValueProposition #FutureOfWork #HRStrategy #TalentManagement

A new survey by Randstad UK indicates that over a quarter of the UK workforce is planning to change jobs within the next six months. This marks an increase from 24% in January 2023 and mirrors the pre-pandemic level of 26%. The survey, which polled 12,000 individuals aged 18 to retirement, also revealed that nearly 19% of employees had already changed jobs in the six months leading up to January 2024. This is up from 16% in the previous year. Key findings: Work-life Balance: The top reason for job changes, cited by 41% of respondents. Irresistible Offers: 30% left after receiving an offer they couldn’t refuse. Lack of Career Opportunities: 24% switched jobs due to limited growth prospects. Disinterest in Current Role: 22% left because their jobs no longer interested them. Flexibility: 20% cited insufficient flexible work options. The survey also highlighted that 57% of workers feel they lack enough opportunities for development in their current roles. Alarmingly, over half of minority workers (53%) reported facing career progression obstacles due to their identity. What do you think about these findings? How can businesses better support their employees? Let’s discuss! #JobMarket #CareerChange #WorkLifeBalance #Recruitment #HRNews #FutureOfWork #InclusiveWorkplace #EmployeeRetention

Great news from Scotland! Workers across the region are more confident in their career prospects than the rest of the UK, which is driving up pay rise expectations. According to the latest Robert Half Jobs Confidence Index (JCI), 69% of Scottish workers feel optimistic about their job prospects over the next six months, surpassing the national average of 60%. Long-term confidence is also high, with 61% of Scots confident in their career potential over the next five years. This confidence is translating into higher pay expectations, with Scottish workers anticipating a 5.2% pay rise in the next year. This is above the national average of 3.8% and second only to London’s 5.6% expectation. What are your thoughts on this trend? Are we seeing a shift in the job market dynamics? Let's discuss! #Growth #Recruitment #FutureofWork #HRNews #Scotland #CareerProspects

The latest KPMG and REC UK Report on Jobs presents significant trends that are shaping the recruitment landscape. Permanent hiring experienced another decline in May, but the rate of decrease was the softest in over a year. This ongoing trend is attributed to slow decision-making and a lack of demand, which continue to weigh heavily on recruitment activities. On the temporary staffing front, the reduction in temp billings eased, marking the weakest decline since January. Despite the challenges, pay rates continued to rise significantly due to high living costs and persistent candidate shortages. Worker availability, on the other hand, increased steeply, reaching its highest level since December 2020. Regionally, there was a sharp reduction in permanent placements in the South of England, while the Midlands saw marginal growth. Temporary billings fell in London and the South but grew in the Midlands and the North of England. Sector-wise, the Engineering and Blue Collar sectors recorded the strongest growth in demand, whereas the Retail and Secretarial/Clerical sectors faced the steepest drops in permanent worker demand. The current landscape emphasizes the importance of adapting recruitment strategies to attract and retain top talent in 2024. Understanding these trends is crucial for navigating the evolving recruitment environment. By staying ahead and adapting your strategies, you can effectively attract and retain top talent in 2024. #Growth #Hacking #Coach #Training #LeadershipDevelopment #FutureofWork #Recruitment #Futurist #GlobalInfluencer #SageBizExpert #RecruitmentUK #HRNews #Fintech

Is Job Loyalty Dead? A new FDM Group study suggests it might be for Gen Z. 66% of them believe switching companies is essential for career growth, focusing on skill development and new experiences over traditional job loyalty. The cost-of-living crisis is a key driver, pushing many to seek higher salaries through frequent job changes. Key findings: 80% would go into the office for coaching and mentoring. 75% of Gen Z and Millennials would quit if forced into full-time in-person work. Gen Z brings fresh ideas, adaptability, and problem-solving skills to the workplace. #JobLoyalty #GenZ #CareerGrowth #FutureOfWork #EmployeeEngagement #WorkplaceTrends #SkillDevelopment #MultigenerationalWorkforce https://buff.ly/3xgo9w6

📉 Employers expect to slow hiring next quarter, according to the latest ManpowerGroup survey. While job openings fell to 8.1 million in April—the lowest since February 2021—employers added 272,000 jobs in May, despite unemployment rising to 4%. Despite the cooling job market, AI remains a top priority. ManpowerGroup's report shows that 55% of global employers plan to increase headcount over the next two years due to AI and machine learning. Companies are now focusing on talent with skills aligned with AI strategy, machine learning, and automation. Key Insights: Net Employment Outlook (NEO): Q3 2024 sees a positive NEO of 22%, down 6 percentage points from last year. US Job Market: NEO at +30%, a 4% drop from the previous quarter, influenced by steady interest rates. AI Adoption: Employers are considering how to upskill current employees and proactively source AI talent. Notably, 68% of North American senior leaders believe AI will positively impact the future of work, compared to 59% of frontline workers. To address workforce anxieties about AI, HR should focus on redesigning jobs and offering upskilling pathways. In the face of a shifting job market, the ability to adapt and prepare our workforce for the future is more critical than ever. #FutureofWork #AI #HiringTrends #HRNews #TalentAcquisition #Upskilling

🚀 Closing the employment age gap for older workers could generate £9bn annually for the UK economy, according to the Centre for Ageing Better. Bridging this gap can also earn the Treasury an extra £1.6bn in income tax and national insurance contributions each year. The Centre for Ageing Better, along with Age UK, the Institute for Employment Studies, and Demos, is calling on political parties to commit to closing the employment gap between older and younger workers by 2030. Their 50+ Employment Commitment aims to increase the employment rate of workers aged 50 to 64 to 75% by the end of the decade. Key steps to achieve this include: Improving employment support for people aged 50 to 66. Increasing investment in support for those in their 50s and 60s. Providing targeted support nationwide for all people over 50. Allowing older workers to upskill, reskill, and develop. Reviewing the DWP's approach for individuals in their 60s. Implementing paid carers’ leave and flexible work rights. Launching a government-backed campaign to reduce ageism. By 2030, there will be 1.2 million more people aged 50 to 64, making it crucial to mobilize this workforce for the future of UK growth and productivity. Supporting older workers isn't just about fairness; it's about ensuring they have equal opportunities, which benefits employers, the economy, and the entire country. Let's harness the potential of our experienced workforce and drive forward together. #FutureofWork #HRNews #Employment #AgeDiversity #EconomicGrowth #50PlusEmployment

🚀 Exciting times in the fintech world! Monzo has just announced its first full year of profitability with a pre-tax profit of £15.4 million for the year ending 31 March 2024. This marks a significant milestone for the UK-based digital challenger bank. The company's impressive 2.5x increase in gross revenues to £880 million, along with the introduction of new products and services such as the Call Status fraud prevention tool, cashback rewards, Monzo Investments, and instant access savings accounts, has been pivotal in this achievement. Customer deposits surged by 88% to £11.2 billion, and Monzo expanded its customer base by 2.3 million, including 200,000 new business clients. This growth was further fueled by a $430 million funding round led by CapitalG, and an additional $190 million, pushing its valuation over $5.2 billion. Looking ahead, Monzo is setting its sights on international expansion, with plans to enter the US and European markets. Ireland is poised to be its gateway into Europe, with early-stage plans for a Dublin office. The recent hiring of Conor Walsh as the new US CEO signifies their commitment to this vision. Stay tuned as Monzo continues to innovate and expand its product offerings, including mortgages and pensions. The future of fintech is bright! 💼💡 #Fintech #Growth #Innovation #Monzo #Profitability #InternationalExpansion #FutureofWork #Recruitment