H&S Updates, HR Updates

Labour Market Update – Unemployment Down Again but Pay Rates Stagnate

Park City run open training courses for managers, or anyone else needing to know about time management and managing absence carried out by our qualified HR experts. Both courses are only £99 each.

Employment

The latest figures from the Office of National Statistics (ONS) show that the number of people in work has increased to 31.84 million in the 3 months to February 2017 which is an increase of 39,000 in the previous 3 months. The current proportion of people in work (aged 16 to 64 and known as the employment rate) is at a joint record high of 74.6% since comparable records began in 1971.

At 4.7% the rate of unemployment is also at its lowest since 1975 with 1.56 million unemployed people seeking work, down 141,000 from the same time last year.

Hours Worked

The total number of hours worked per week across the UK workforce stands at 1.03 billion, which is 13.4 million more than the previous 3 months and 17.3 million more than a year ago. The increase reflects both the number of people in work and the increased number of average hours worked per week. Employees are working on average 32.4 hours per week  – the highest since 2002 – with full-time workers at 37.7 hours and part-time workers at 16.3 hours per week in their main job.

Pay

Average weekly earnings have increased by 2.3% (2.2% when discounting bonuses) which in real terms (i.e adjusting for inflation) is only an increase of 0.2% (0.1% discounting bonuses) compared to the same period last year.

Average total pay (including bonuses) was up to £509 per week compared to £494 per week a year earlier.

Commentary

Whilst high levels of employment are good for the economy and good for those people seeking work, the slowing rate of pay increases across the workforce causes concern for the wider economy as household spending decreases as a result. However, low unemployment should be a driver for an increasingly competitive job market as businesses strive to retain and attract the most skilled and qualified workers. It will be interesting to see how things continue to evolve as we delve deeper into Brexit and digest its effect on the overall  UK economy.

If you could do with a little expert advice on any of your employment matters – whether it’s salaries & bonuses, recruitment needs, staff structures or employee relations – contact Park City.

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Saul HunnaballSaul Hunnaball
15:44 12 Aug 22
We have worked with Park City for our HR and Health and Safety support for many years now and have always received an excellent service.Carley is our Consultant and she is always so helpful, as are... her colleagues when she is unavailable.I would highly recommend Park City.read more
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08:31 27 Jul 22
Park City have worked with us for many years, advising and guiding us regarding HR and Health & Safety, along with supplying valuable training.We work with many people in several areas of expertise,... Sara Godfrey, Jennie Galione, Ashley Williams, Sam Parcell, Stephanie Devans, Poppy Hayhoe.They build confidence within our company and are always available with support and advice.They provide a consistent, professional, hands-on service, second to none!Thank you from DH Industries Limited.read more
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The DS Group have been working with Park City now for a number of years and we have found their HR services to be invaluable. The service received is always to the highest professional standards and... they have assisted our business in becoming more efficient and effective in all HR matters.My consultant Sam Parcell is always on hand to help answering any questions quickly and professionally and she offers vital guidance, advice and support to us.We as a company will continue to use Park City’s services for many years to come and we cannot recommend them enough!Tracy Norton-Mead, Operations Director at the DS Group.read more
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