5 Things The Employee Benefits World Taught Us This Week - August 28th
Each week we take the time on our employee benefits blog to spell out the 5 top employee benefits news stories of the week. We do the same this week, of course, and so here are the week’s top stories.
UK Employees are too stressed
80% of UK office workers admit to feeling burnt out and overly tired, according to new research. A survey carried out by management software company Workfront has found that British businesses are facing a stress epidemic, causing work related anxiety to seep into their home life. The report has uncovered that a staggering 73% of employees expected their stress levels at work to increase in the near future. This undue pressure will undoubtedly have a direct harmful impact on work-life balance, morale and productivity. Respondents to the survey have cited their main trigger factor for stress as excessive workloads and competing deadlines, with a further 57% blaming a lack of communication between teams for rising levels of tension.
40% quit over bad bosses
More than four in 10 (42%) employees have quit a job because they had a ‘bad boss’, according to research from lead generation company Approved Index. The researchers found that the most common complaint about bosses was leaving their workers feeling under-appreciated – cited by 40.76% of respondents. Overworking their team (39.96%) or expressing favouritism for other team members (34.64%) were also common criticisms.The worst industry for ‘bad bosses’ was recruitment, where 100% of the employees surveyed said they had left a job because of their boss. The travel and tourism (76.92%) and marketing and PR (63.13%) sectors also had high rates of workers walking out over poor management.
Bonus payments are almost back to pre-downturn levels, according to figures from the Office for National Statistics (ONS). Total bonus payments in financial year 2014/15 were £42.4 billion, an increase of 2.7% on the previous year. Across non-financial industry organisations a total of £28.8 billion was paid out in bonuses, an increase of 9.7% on last year. The sector with the biggest increase in bonuses in 2014/15 was the professional, scientific and technical services industry, showing a rise of £0.9 billion on the previous year. This was followed by the information and communication industry with an increase of £0.5 billion. Bonuses fell in the finance industry to 20% of total pay in 2014/15. £13.6 billion was paid in bonuses across the finance and insurance sector, a decrease of 9.6% since the previous period.
Company hires cheerleaders to improve staff motivation
Internet companies across China are hiring ‘programming cheerleaders’ to create a fun work environment and motivate staff. According to Trending in China these “pretty, talented girls” are being hired to buy programmers breakfast, exchange chitchat and play ping-pong with them. An HR manager of an internet company that has hired three such motivators has said that their programmers “are mostly male and terrible at socialising, and the presence of these girls have greatly improved their efficiency and motivation.” The concept has sparked controversy on social media.
It is now twice as easy to get a job now than a year ago
Competition for jobs has fallen to a new record low, according to research from Adzuna. The report found that there were 0.64 jobseekers for every advertised position in July 2015. This compares to 0.67 in June and 1.14 in July 2014, meaning it was nearly twice as easy to find a job in July 2015 as during the same period the previous year. Average advertised salaries have also dropped to a year-long low, with the average advertised UK salary standing at £33,505 in July 2015, down 0.6% from £33,696 in June and 1.1% lower than the £33,873 recorded in July 2014.