Partner Article

UK Unemployment Rate at Eleven Year Low

The Office of National Statistics (ONS) in the UK has today revealed that the UK unemployment total has fallen by 52,000 to 1.64 million between the months of April to June 2016. This is the lowest total number of jobless in eight years, while the unemployment rate at 4.9 percent is at its lowest since the summer of 2005.

“A lower unemployment rate is certainly positive for both the country and local companies - particularly in the light of Brexit” said Derek Irvine, vice president of client strategy and consulting at Globoforce. “However, as the job market strengthens, businesses need to take into consideration that as more jobs become available, employees actively start searching for new jobs. We may see companies finding it harder to keep hold of their top talent as valuable employees become increasingly tempted by new challenges, better perks and bigger pay checks.”

Derek continued by saying, “A high turnover is a big - if not, the biggest - concern for businesses. As employment rates grow, businesses need to make sure that they keep their current employees engaged. Indeed, it’s imperative that they are meeting the motivational and cultural needs of their employees. One way companies can do this is through social recognition, which enables everyone in a company to recognise an employee’s ongoing work achievements and positive behaviour. By implementing peer-to-peer feedback, companies gain full insight into an individual’s performance, allowing them to better identify key influencers and spot potential flight risks, so that they can make better business decisions for each employee. Furthermore, crowd-sourced recognition adds a human element to performance evaluations, creating a much more valued, happy, and loyal workforce that can see the contribution they are adding to an organisation.”

This was posted in Bdaily's Members' News section by Savannah O'Hare .