Robison & Co

Office Risk Insights

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Attraction and Retention Trends to Monitor in 2024

The job market in the UK has been chronically tight for a while now. Many people left their jobs during the “Great Resignation” that followed the COVID-19 epidemic as a result of refocusing their priorities, creating a large number of employment openings. Employers still have difficulties due to high inflation and skills shortfalls, even if job postings decreased in 2023, suggesting a weakening of the market. As a result, companies this year will probably still have trouble finding and keeping outstanding workers. Employers may plan ahead and prepare their recruiting and engagement strategies by reading this article, which explores trends in attraction and retention to monitor in 2024.

Skills-based Hiring

In 2024, organisations will struggle to recruit employees with the right skills. According to ManpowerGroup’s 2024 UK Staff Shortage Survey, 80% of UK companies face this issue. Finding talent in administration, engineering, IT, and data is especially tough. Thus, many companies are shifting their hiring focus from degrees or experience to specific skills. Skills-based hiring can help find qualified candidates. Employers can benefit by valuing learning ability, offering strong growth programmes, and focusing on cultural fit.

Gen Z

Glassdoor’s Workplace Trends research predicts that in 2024, Gen Z workers will outnumber baby boomers in the workforce. Born between 1997 and 2012, Gen Z has different job expectations than previous generations. Employers may need to adapt to attract and retain this talented group. Gen Z is socially conscious and values social interaction, company culture, job flexibility, and growth opportunities.

Pay Transparency

Pay transparency gained focus in 2023 and will continue to grow in 2024. Savvy businesses use transparency as a recruiting tool. Recruitment company Reed found that 78% of job applicants are discouraged from applying if the wage isn’t disclosed. Pay transparency is popular with younger generations and can enhance an employer’s reputation by showing a commitment to fair pay.

Mental Health

Mental health and well-being remain vital concerns for employers. A recent Gympass survey showed that 77% of workers might quit if their well-being isn’t prioritised. Employees will leave if employers don’t meet their expectations for integrating well-being into workplace culture. Therefore, having a clear well-being strategy will be crucial for employee retention in 2024.

Keeping Up with Pay

The recent rapid increase in inflation has outpaced many employees’ wages, affecting attraction and retention. The Chartered Institute of Personnel and Development’s Labour Market Outlook predicts many companies will raise wages in 2024, with an average increase of 5%. This is not surprising given the current economic climate.

 

Furthermore, in an effort to enhance attraction and retention, firms are increasingly providing alluring benefits. According to data gathered by LinkedIn, 46% of businesses plan to improve their pay packages in 2024 by include benefits, such as remote working.

 

To discuss a new policy, or current policy please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk

 

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AI Will Affect Workplaces in Four Ways During 2024

AI Will Affect Workplaces in Four Ways During 2024

AI transformed industries in 2023 by optimising processes, boosting workflows, and boosting consumer satisfaction. Between 2023 and 2030, the worldwide Artificial Intelligence market is projected to expand at a rate of 37% per year. Employers will depend more and more on Artificial Intelligence in 2024 to boost productivity and make important business decisions while addressing ethical, regulatory, and transparency concerns.

Enhanced Decision-making Capabilities

In 2023, employers began using AI to speed up HR processes such as hiring, onboarding, and training. As technology evolves, it will increasingly assist with career coaching, performance reviews, and identifying opportunities for internal growth. Additionally, it’s decision-making capabilities depend on robust cybersecurity to protect corporate information.

Enhanced Productivity

By 2023, chatbots and virtual assistants started handling tedious tasks, answering customer queries, and improving the employee experience. A McKinsey & Company analysis in 2023 estimated that these technologies could automate 60% to 70% of employees’ time. They also developed workplace-specific algorithms to identify tasks needing immediate attention.

Increased Attention to Legality, Ethics, and Transparency

In 2023, organisations had to focus on legal developments around Artificial Intelligence and understand the implications under current laws. Noncompliance could lead to costly legal proceedings, fines, penalties, and reputational damage. Employers must ensure AI systems are transparent and fair. This involves understanding potential biases in datasets, the sources used to train them, and the ethical ramifications of decisions. Employee training is crucial for the safe and ethical use of technology. A Salesforce study found that 62% of workers lacked the skills to use AI safely and effectively. With AI evolving rapidly, businesses might not yet have well-defined AI strategies. Employers should prioritise developing formal AI policies by 2024 to comply with evolving legal, ethical, and transparency standards.

Increased Emphasis on Hiring Based on Skills

The rise of AI is expected to change employers’ expectations and required skills for employees in 2024 and beyond. Employers will prioritise candidates with soft skills like communication and problem-solving, as well as technical skills like data analysis and AI comprehension. New roles such as algorithm trainers, data curators, and AI ethicists may emerge.

Incorporating AI into workplace processes is inevitable, but it raises ethical and legal questions. Employers must monitor trends through 2024 and beyond to stay compliant and competitive.

To discuss a new policy, or current policy please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk

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Unoccupied Buildings due to lockdown

On Monday 4 January the UK Government announced a further national lockdown and we  felt it was important to remind our customers of the impact this situation has on property insurances and the support and guidance we/your insurers can offer in the management of unoccupied buildings during this challenging time.

We are in a slightly different situation to previous lockdowns in that insurers were providing blanket responses to properties that were forced to close without restrictions in cover. Whilst some Insurers are continuing to provide blanket cover, this time the reaction is less co-ordinated and will have to based on individual circumstances. 

All customers who have a property insurance element to their policy have a minimum (14, 30 or perhaps 60) day definition of unoccupancy/empty in their policy, If a building is unoccupied for in excess of the specified period in the policy, we would ask that customers notify us immediately so that we can discuss your individual circumstances and ensure you receive the right advice and wherever possible maintain full cover. Failure to advise us could mean important elements of your cover are automatically withdrawn, the last thing any of us need with us moving into the coldest part of the year with freezing conditions and adverse weather.

I would urge you to discuss your individual circumstances with your Account Executive.

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FCA TEST CASE – COVID-19 Losses – Supreme Court Decision announced today.

The Supreme Court judgment in the FCA Business Interruption Test Case was published today. The full judgment together with a copy of the FCA’s press release is available here.
 

In concert with our Network provider Marsh and specialist Law Firm Fenchurch Law, we are reviewing the content of the judgment in detail. However, the key message is that the Supreme Court substantially allowed the appeal of the FCA on behalf of policyholders and dismissed the appeal brought by insurers. Notably finding the following:

  • Notifiable Disease Clauses – while the Supreme Court took a different approach to the High Court, it confirmed that all the disease clauses before the Court were triggered;
  • Prevention of Access / Hybrid Clauses – cover under these clauses still faces challenges but may be triggered more readily. No requirement for a legislative step ordering closure and potential cover for loss of access to part of premises;
  • Trends Clauses – the Supreme Court was clear that trends clauses can only take into account factors wholly unrelated to COVID-19 and rejected the “wide area damage” arguments of insurers;
  • Orient Express – the Supreme Court determined that the Orient Express case was wrongly decided and that it should be overruled. This decision therefore has positive consequences for insureds beyond the scope of COVID-19 claims. 

Next steps
We expect to be able to issue a further communication next week, to provide more detail about the key findings in the judgment and we will let you have further details when we are able. Please speak with your Account Executive if you have any questions or concerns regaring the implications following this judgement.

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10 COVID-19 related insurance tips for SME’s

Over the last few months, we have released a number of updates relating to the insurance implications of the COVID-19 pandemic. Now that we are back in Lockdown 2, I thought it timely to  bring an excellent summary to your attention that our industry body BIBA have released in conjunction with the CBI and the ABI. It’s a very concise and informative document which highlights 10 keys issues for anyone involved in running a business. I would encourage you to follow the link HERE. Please make contact with us if you need to discuss your own circumstances.