Welcome to the latest edition of our newsletter.
Coming up we are going to be looking internal career development and the impact on staff retention and the latest HR news.
Promoting internal career development opportunities
With the current skills gap in the UK and two-thirds (66%) of large UK businesses saying they struggle to recruit employees with the skills they need, investing in learning and development has never been more crucial.
Recent studies also show that employees are more likely to stay loyal to your organisation if they can explore internal jobs. It’s no surprise that investing in employee growth has multiple benefits and internal career development and talent mobility can play a vital role in staff retention.
According to the 2023 Global Talent Mobility Study, employees prefer using internal job boards or intranet to explore internal career opportunities, rather than having a direct conversation with their manager.
By creating a culture that focuses on workplace belonging, employees are more likely to feel comfortable having a conversation with their manager about career opportunities, without fear of managers unconsciously thinking they are planning to leave. This level of engagement is crucial to the success of the overall Company and fostering a positive workplace culture.
Internal career development provides employees with opportunities to enhance skills, acquire knowledge and contribute to their professional growth, making their contributions more valuable to the Company, in addition to growing your internal talent pipeline of skilled, knowledgeable employees.
By establishing clear career paths, outlining potential roles and progression opportunities that are supported by creating a learning culture which embraces training and innovation, setting SMART goals and ensuring internal job opportunities are made visible to employees, Companies can create a culture that values and supports career development and the growth of employees.
In addition, by introducing an internal employee referral scheme you can unlock your employees' network, by leveraging their connections and industry knowledge to identify potential new candidates. The benefits of this include reducing recruitment costs, increases the likelihood of finding candidates that are the right cultural fit and employees are more likely to refer people they believe would positively contribute to the team, whilst fostering a sense of engagement and ownership among existing employees. All of which contributes to strengthening the team and the overall success and growth of the Company.
National Insurance Changes from January 2024
The National Insurance Class 1 rate will fall from 12% to 10% from 6th January 2024 as The National Insurance Contributions Bill was passed on 30th November. Self-employed workers will also see tax reductions from 6th April 2024 with Class 2 National Insurance payments abolished and the rate on Class 4 National Insurance will be cut to 8%.
National Minimum Wage Changes from April 2024
The Government has announced the National Minimum Wage (NMW) rates will increase from £10.42 per hour to £11.44 per hour, as from 1st April 2024.
I competed Hyrox at Excel London on 26th November and completed it in 1 hour 9 minutes.
I’m sure next year will see an equal amount of exciting new fitness challenges ahead!
I would like this opportunity to thank you all for your continued support over the course of this year and I’m looking forward to what 2024 has in store!
Wishing you all a wonderful Christmas and a Happy New Year.