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Top executive pay now 117 times average worker’s wages

Posted on August 21, 2019 by webmaster

A report published by the CIPD and Britain’s High Pay Centre, examining executive pay across the FTSE 100, has revealed that the UK’s largest publicly listed companies paid their top leaders, known as ‘Key Management Personnel’, a total of at least £2.08 billion [€2.3bn] in 2018.

It also highlighted that the average (median) FTSE 100 chief executive earns 117 times more than the average worker in Britain. In other words, it takes the average worker one year to earn what a typical FTSE 100 CEO earns in just three working days.

The report also highlights concerns around corporate reporting on pay and performance for key management personnel, which it found to be inconsistent and lacking transparency.

The CIPD institute stated that: “Fairness is a key issue; if your organisation can’t afford to pay the Living Wage, can it justify a huge gap between its highest and lowest earners?”

The CIPD warned that executive pay is often disconnected from the reward strategy of the wider organisation – and therefore HR teams. But there are steps that people professionals can take to think about this issue in a more holistic context and address pay inequality.

Incoming pay ratio reporting requirements will push executive pay even further under the magnifying glass. HR teams will be under pressure to explain and justify any pay gaps, while taking steps to mitigate the negative impact this could have on culture and performance.

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More apprenticeships needed to meet youth jobs needs

Posted on August 8, 2019 by webmaster

DESPITE the tight labour market, 6,000 under-25s remain long-term unemployed according to the National Youth Council which is calling for more apprentiship places, especially for younger women. Apprenticeship courses have been expanded in recent years to include careers in auctioneering, insurance and accounting in addition to more traditional trades.

At present, there are 16,000 young people on apprenticeship programmes. We need increased investment in Budget 2020 to support more young jobseekers into an apprenticeship and a range of other employment and training measures to reduce long-term youth unemployment. That was the message from James Doorley, National Youth Council of Ireland (NYCI) deputy director at the launch of its pre-Budget submission.

The NYCI, which represents youth organisations working with over 380,000 young people nationwide, is calling for an overall investment of €14.9million in education, training and apprenticeships to halve long-term youth unemployment by the end of 2020. Only 2% – about 350 – of the 16,000 young people in apprenticeship schemes are women.

Mr Doorley said: “Census 2016 indicates that our population aged 10-24 years will increase to over one million by 2025, so we need to invest in policies, services and supports to meet the needs of young people today, while preparing for demographic pressures in the coming years.”

90% of smaller Irish firms call Britain’s ‘Brexit bluff’

Posted on August 5, 2019 by Gerald Flynn

ONLY one-in-10 businesses in Ireland are preparing for a no-deal Brexit despite the fact that many of them see it as serious threat, the cross-border body, IntertradeIreland, warned

IntertradeIreland’s all-island business monitor for the three months to the end of June shows that 40% of companies reported growth for the period but few expect further expansion over the coming 2019-20 year.

The all-Ireland trade body finds that 45% of businesses blame the UK’s scheduled departure from the EU at the end of October for this uncertainty, which rises to almost 60% among manufacturers.

However, only 11% of companies that contributed to the Business Monitor survey said that they have made any preparations for the UK crashing out of the trade bloc without a deal, scheduled for October 31st

More than four-fifths of cross-border traders, who would be most exposed should the UK leave with no deal, have not prepared for that outcome, Intertrade Ireland says.