Caliam HR Newsletter - February/March 2007

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With widespread skills shortages in the UK labour market staff retention becomes a hot issue

A new survey of HR professionals shows that it costs UK companies on average £9,766 to recruit and train a new employee.

The research, conducted by Momentum Financial Services, also shows that with an average staff turnover in the UK of 17.9 per cent, the cost to companies across the UK is a massive £48bn.

Why is it a major problem?

The UK employment market is suffering from a skills shortage. It can take weeks or months to find the right candidate and with longer notice periods it could be weeks before they actually start working for you.

In a recent survey 85% of organisations experienced difficulty in recruiting staff and 73% of companies admitted to experiencing retention difficulties, with 40% of employees leaving within two years of employment.

Just think of the cost to your business

There are a range of costs associated with losing key staff:

  • Recruitment costs
  • Additional costs for temporary cover
  • The selection process
  • Induction training

The loss of key people could also affect the relationship with your customers.

What can you do to reduce staff turnover?

At Caliam we can help you focus on developing strategies to retain your key employees and reduce the costs associated with a high turnover of staff.

Call 0845 241 2828 to arrange a no obligation free two-hour consultancy session. Try our services for free.

 

What’s new for 2007?

What changes to the employment minefield can you expect to have to come to terms with during the year? The following is an outline of some of the changes planned or expected during 2007.

January
Bulgaria and Romania joined the EU – but note that there are restrictions in employing nationals from these countries due to immigration requirements.

February
Tribunal awards increased from 1 February – the maximum compensatory award in Unfair Dismissal cases increased to £60,000 and a ‘week’s pay’ increased to £310.

Car drivers breaking the hand held mobile phone legislation will be liable to incur penalty points as well as seeing the fine double to £60

April
The Work and Families Act 2006 applies to parents (both natural and adoptive) where the expected date of childbirth / adoption falls after 1 April. The main effects are:-

  • Paid Statutory Maternity and Adoption Pay extends to 39 weeks
  • Additional Maternity Leave is available to all employees
  • Employers can keep in contact (reasonable) with employees on maternity / adoption leave and allow ‘keeping in touch days’
  • Employers entitled to receive more notice of an early return to work
  • Right to request flexible working extends to carers
  • Statutory benefits such as SMP, SSP and SPP to increase

July
Smoking ban in public places in England

October
Regulations expected to increase statutory holiday entitlement for all workers from 20 to 28 days (max)

Manual filing systems in existence before 24 October 1998 required to comply with Data Protection Act

If you'd like to discuss the impact of new legislation on your business, or any related HR issue then call 0845 241 2828 - we'll give you a FREE no obligation two-hour consultancy session.

 

Copyright Caliam HR 2007