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August 7
07 Aug

5 Things The Employment Benefit World Taught Us This Week - August 7th

August 7

This week in our employee benefits round-up, we look at 5 recent benefits news stories that Human Resources Directors will want to know.

1. One employee in three would sell company secrets if the price is right

Over one third of former employees would spill company secrets for the right price, according to a new study. The report, entitled “The Loudhouse Study”, was commissioned by American IT services company Clearswift and has found that a shocking 35% of would sell off information to the highest bidder. The survey looked at over 500 technology companies based in the US, Europe and Asia, with 25% of people asked admitting that they would sell data for less than $8,000, or £5,136. Company patents, customer credit card details and personal information were all up for grabs if the prices were right. 18% claimed they would let slip about corporate secrets for just £995, whilst 35% said they would only takes bribes if the offer reached over £45,000. The worrying statistics are only made worse by the realisation that 61% of respondents have daily access to private customer data, 51% have access to financial data and 49% have access to sensitive product information.

2. Here is the key to motivation according to gender

Scientists have uncovered the secret to motivating the male workforce, according to research carried out by Leicester University. Apparently, setting men goals leads to raised productivity, whilst giving them specific targets to work toward helps motivation. Conversely, women performed better than men when they had no goals set. The study looked at 109 participants dividing them up into groups before setting them simple challenges. Researchers found that men performed better, achieving higher scores, in the groups with goals set, whereas the women had a higher productivity level when they were not set a target.

3. The robots are coming

Nearly half of today’s jobs will be taken over by robots in the next few decades and the majority are performed by men. Jerry Kaplan, author of Humans Need Not Apply: A Guide to Wealth and Work in the Age of Artificial Intelligence, believes that the automation of jobs “will not fall upon society evenly.” Writing for The Atlantic, he says: “The jobs performed primarily by women are relatively safe, while those typically performed by men are at risk.” This conclusion comes from analysis of the Oxford research paper The Future of Employment: How Susceptible are Jobs to Computerisation? This study shows that 47% of modern-day jobs are likely to be taken over by machines and male workers stand more than a 70% chance of being replaced.

4. The hospitality industry faces a recruitment crisis

High levels of employee turnover within the hospitality and tourism sector could potentially bubble into a recruitment crisis. A report by People 1st has said that 993,000 employees will be needed by 2022. 870,000 of these employees needed to replace existing staff. Louise Smalley, Group HR Director of Whitbread, said: “The hospitality and tourism sector has a major employee retention problem which costs £274m annually. This then creates skills gaps, which in turn leads to a productivity shortfall, where employees in the hospitality sector are 58% less productive on a per employee basis than the likes of manufacturing.” This skills gap is leaving 68% of restaurants and hotels without a full roster of staff. A knock-on effect of this is a decline in productivity. An employee in hospitality and tourism will only contribute £21,600 to the industry. This is 39% lower than construction (£35,000 per employee), 53% lower than an employee in retail (£46,000 per employee), and 58% lower than manufacturing (£52,000 per employee).

5. You actually can rely on luck to rise to CEO level

The route to the top for nearly a fifth of CEOs is luck according to a new study. The research from PA Consulting shows that 69% of CEOs attribute their career development to the actions they took and the decisions they made. However, 31% credit external forces. 17% of respondents described being given a ‘lucky break’, while a further seven per cent described someone taking a risk on them. The study also explores the experiences that CEOs felt were most critical to their development. Stretching challenges were the most popular (48%), followed by overseas experience (41%), breadth of experience (36%) and on-the-job learning (21%). Over two fifths (41%) of CEOs mentioned role models as key influencers in their career development of which 34% mentioned one person and seven per cent mentioned two people.

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