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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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Cyber Insurance – Why do you need it for your business?

WHY DO YOU NEED CYBER INSURANCE FOR YOUR BUSINESS?

Cyber Insurance protects your business from a wide range of cyber threats, which is extremely important in todays digital age. It is also important and beneficial to have preventative measures in place within your business to prevent cyber attacks, however, insurance is a crucial layer of security.

What are the benefits of Cyber Insurance?

Cyber Insurance policies are created to suit your needs and offer a number of important benefits, which may include the following:

Business interruption loss:

If your organization experiences an IT failure or cyber-attack that disrupts your business operations, your insurer may cover your loss of income during the interruption. Increased costs to your business operation in the aftermath of a cyber-attack may also be covered.

Privacy breach costs:

Policies will either have a single clause or be split into two separate clauses: breach costs and privacy liability. A breach costs clause provides cover for costs that arise from dealing with a security breach, such as notifying customers. A privacy liability clause provides cover for privacy infringement claims and associated legal costs in the event of a breach, which is critical for all organizations that handle or store personal information.

Cyber-extortion:

Your policy may cover you in the event that your organization is infected by ransomware or any other malicious software that attempts to seize control of, and withhold access to, your operational or personal data until a fee is paid.

Digital asset replacement expenses:

In the event that your digital assets are lost, corrupted, or altered by a cyber-criminal, this coverage can help mitigate the costs.

Media liability:

Protection against claims resulting from libel, slander, defamation, or infringement of intellectual property rights.

Forensic support:

24/7 support from cyber-specialists following a hack or data breach.

Reputational damage:

Coverage for lost profits due to cyber-attacks.

Management liability:

Covers costs associated with defending senior management from cyber-attack fallout.

*This is a general overview, and specific policy details may vary*

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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BT Redcare alarm removed from the market

“BT’S DECISION TO WITHDRAW THEIR REDCARE ALARM SIGNALLING SERVICE FROM THE MARKET”

Nicholas Whiting, a leading figure at BT Redcare, has announced to the security market, including security installation businesses and Alarm Receiving Centres, that BT will terminate all operations of BT Redcare on August 1st, 2025. This announcement, made on February 1st, follows a refreshed strategy aimed at minimizing product variations and focusing resources on developing key products and services that better meet customer needs.

BT has decided to terminate their Redcare alarm signalling service, effective from August 1st, 2025.

Impact on Clientele

As a result, this decision will directly affect over 100,000 individual customers and enterprises. Consequently, customers should expect to be contacted by various alarm maintenance firms and providers.

Insurance Implications

Since alarm systems are crucial for customers’ insurance policies, clients should consult their insurance brokers for guidance. Moreover, it’s important to ensure that any changes comply with insurance requirements.

Substitute Options

Given the limited options for alternative providers, it is recommended to consider replacement products such as the CSL Dualcom Grade shift Pro DP3 or any dual path Alarm Transmission System with a DP3 performance level, certified to BSEN50136-1:2012.

Urgency

Therefore, Redcare customers need to act promptly. As the deadline approaches, potential bottlenecks in installation and product shortages are expected.

In conclusion, transitioning from BT Redcare to a suitable alternative requires immediate attention to avoid disruptions and ensure continued compliance with insurance policies.

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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UK Business Health Snapshot

It’s critical to stay abreast of the factors affecting UK businesses right now. This snapshot provides timely information relating to current economic trends, financial performance and business resilience. To read more CLICK HERE

 

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