August 30, 2013
Low job turnover could be here to stay
According to a new report from the Chartered Institute of Personnel and Development (CIPD), the proportion of workers leaving their employer at any given time fell by over two fifths between 1998 and 2012. The research reveals that since 2008, average job tenure has been increasing. Mark Beatson, chief economist at the CIPD, said: "This is a trend that seems to have crept up on us. We have been told for a long time to expect the end of the 'job for life', but the data appears to have been moving in the opposite direction. We expect job turnover to be low in recessions because people 'sit tight' waiting for the jobs market to improve, but in fact turnover was falling well before the recession took hold."
Retail sales exceed expectations
Retail sales grew strongly in the year to August and exceeded expectations, according to the CBI's latest quarterly Distributive Trades Survey of 125 firms. Clothing sales, grocers and recreational goods performed particularly well. For the first time since January 2011, sales volumes were above average for the time of year. In addition, employment in the sector grew at its fastest pace since May 2002 and is expected to grow again in September.
Burnley named most enterprising place in Britain
The Lancashire town of Burney has been named as the most enterprising place in Britain in this year's Enterprising Britain Awards. The Burnley Bondholders scheme is an initiative that brings together more than 100 local firms that work together to promote Burnley as a place for business. The consortium has attracted £10 million to the area. Michael Fallon, business and enterprise minister, said: "These awards showcase the entrepreneurial spirit that can be found in local authorities, businesses, schools and colleges across the country."
Fines for firms that don't auto-enrol
Businesses that are not compliant with pension auto-enrolment could face steep fines, HR software provider, Advanced Business Solutions, is warning. Under auto-enrolment, every employer must automatically enrol staff into a workplace pension scheme. The scheme is being rolled out gradually – it began with the largest firms in October 2012. Simon Fowler, managing director of Advanced Business Solutions, said: "The cost for those businesses which don't get the auto-enrolment process right will be massive. The biggest challenge for UK businesses will be next year, when SMEs are gradually opted in. With an estimated 4.8 million businesses in the UK, and 99% of those classified as SMEs, the scope for error will increase greatly."
International Festival for Business 2014
Business champions and entrepreneurs have pledged their support for next year's International Festival for Business to be held in June and July 2014. Small businesses are well-represented – John Allan, national chairman of the Federation of Small Businesses (FSB) and Phil Orford MBE, chief executive of the Forum of Private Business (FPB) are two of the event's ambassadors. The festival is also supported by the British Chambers of Commerce (BCC), UKTI and the Confederation of British Industry (CBI).