Totaljobs recruiter news 13.05.13

All the jobs industry news you need to know in the UK

What NowYoung people “giving up” on looking for work

Global youth unemployment is close to “crisis peak” as young people are increasingly giving up on looking for work, a report by The International Labour Organisation (ILO) has warned.

The report, Global Unemployment Trends for Youth 2013, said the global youth unemployment rate is projected to rise to 12.8% (from 12.6%) by 2018. It estimates about 73 million young people (aged 15 to 24) are likely to be unemployed in 2013.

The ILO has warned the youth unemployment crisis is worse than the data suggests because long-term unemployment was growing along with part-time, temporary and insecure jobs.

When young people do find work, it is often only part-time or temporary, leading to a “skills mismatch” with “over-education and over-skilling coexist[ing] with under-education and under-skilling”, the ILO said.

“Many youths are giving up on the job search,” the report warned. “Secure jobs, which were once the norm for previous generations – at least in the advanced economies – have become less easily accessible for today’s youth.”

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Bonus squeezeExperienced City workers feel the ‘bonus squeeze’

Banks are continuing to exercise restraint around bonuses with experienced City workers reporting a fall in their payouts compared to last year.

In a survey of more than 1,000 London City workers, it found over half (55%) said their bonus had either decreased or they didn’t receive one compared to last year, with 45% of those with over 15 years experience seeing a decrease in their bonus level.

According to the results, experienced finance workers were most likely to see a squeeze in their bonus with 44% of those with over 10 years of experience reporting a decrease in their bonus compared to 27% of those with less than 10 years experience. As a result, almost half (44%) of all city workers said they would start looking for a new job.

“Without a doubt, the days of the big bonus culture have definitely come to an end and they are unlikely to return anytime soon,” said Geoff Fawcett, director of Hays Financial Markets. “However, there is still a place for bonuses providing they are geared to medium or long-term goals.

“The challenge for banks continues to be striking the right balance between acting responsibly and retaining their top talent so that their businesses remain competitive in the long term.,” Fawcett added.

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work life balancePoor work-life balance tips the scale for UK talent

Employees in the UK believe their organisation fails to support them in striking a balance between work and their personal life, according to research from global management consultancy firm, Hay Group.

Almost two fifths (39%) of employees feel their professional and domestic life is not in equilibrium. In addition, only half perceive their employer is sensitive to the relationship between work and home ­–­ a 6% drop in just one year.

At the same time as dissatisfaction with work-life balance is on the rise, organisations continue to ask their employees to ‘do more with less’.

Last year, just half of employees reported that there were enough people available in their department to complete the work required, falling 3% since 2011.

As a result, almost a third (31%) of employees do not think the amount of work expected of them is reasonable.

“Those that don’t address these issues, may see their high performing and high potential employees either burn out or walk out,” said Sam Dawson, head of UK Insight at Hay Group.

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