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UK Edition
18th October 2024
 
THE HOT STORY
Competition for internships gets harder
The number of internships available for students and college leavers has dropped by 30% this year. Traditionally, October is peak internship application season, but there are only 3,817 internship opportunities currently advertised, compared to almost 5,500 a year ago. Growing sectors include defence, energy, and engineering, but IT, finance, and legal firms have seen a significant drop. UK internship rates are under half of those in the US, leaving British students disadvantaged in an increasingly global market. Internships provide insight into different parts of the business and exposure to different teams, but obtaining a place is harder for students from lower socioeconomic backgrounds or without networks in their chosen sector. Leading organisations are gradually widening access to internships, offering options such as one- to three-day 'insight days,' winter internships, and spring courses.
DIVERSITY, EQUITY & INCLUSION
Disability pay gap persists in UK
According to the Office for National Statistics (ONS), disabled workers in the UK earn an average of £2 less per hour than their able-bodied counterparts, resulting in a disability pay gap of 12.7% in 2023. This gap has remained largely unchanged for the past decade. The median hourly pay for disabled employees stands at £13.69, compared to £15.69 for non-disabled workers. The disparity is more pronounced among men, with a gap of 15.5%, while women experience a 9.6% gap. Harriet Edwards, head of policy at the national disability charity Sense, described the situation as "infuriating," saying that "disabled people deserve better." Sense's research indicates that over half of individuals with complex disabilities have taken less challenging roles due to inadequate employer support.
WORKFORCE
Millennials struggle to meet financial goals
According to a study of 4,000 adults, fewer than 10% of millennials have achieved their financial goals, with 'lifestyle inflation' being a significant factor. The research revealed that 40% of millennials believed they would have saved more by now, but instead, many have prioritised lifestyle upgrades as their income increased. On average, millennials are £25,000 short of their savings expectations, largely due to the high cost of living (65%) and unexpected expenses (44%). Carl Watchorn, head of banking at first direct, said: “Our research shows millennial and Gen Z savers are reaching big milestones later than their parents and grandparents.” Despite these challenges, 73% of millennials say they remain determined to achieve their financial goals, with 61% feeling more financially resilient in recent years.
UK ministers to stick by Tory plan for £1.3bn of cuts to sickness benefits
Work and pensions secretary Liz Kendall does not plan to reverse £1.3bn in cuts to sickness benefits announced by the previous Conservative government at this month’s Budget, the FT reports.
TRAINING & DEVELOPMENT
Careers advisers ‘should be funded in every secondary'
A report by the Social Market Foundation, commissioned by Speakers for Schools, highlights the urgent need for dedicated careers advisers in every secondary school. It emphasises that students lacking familial support for career guidance are at a disadvantage, with a third of those from less advantaged backgrounds not receiving any advice. Nick Brook, CEO of Speakers for Schools, said: “Raw talent and academic ability are not always enough for young people from more disadvantaged backgrounds to overcome the barriers they face to future success.” The report advocates for integrating career knowledge into the curriculum and ensuring equitable access to work experience opportunities. It also suggests that careers provision should be a key criterion in Ofsted inspections to enhance the quality of guidance provided.

 
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LEGAL
University lecturer wins £40k payout
Dr Paul Leaney, a former lecturer at the University of Loughborough, has been awarded £38,645 after an employment tribunal ruled he was constructively unfairly dismissed. The tribunal found significant flaws in the university's investigation into allegations that he called a suicidal student "selfish" and forced them to apologise to their flatmates. Leaney, who resigned in September 2020 after 42 years at the university, expressed relief at the ruling, saying he "didn't feel like I was being served a sense of justice." The tribunal concluded that the university "breached the trust and confidence" in its relationship with him.
HEALTH & WELLBEING
Competitive socialising pulls Brits from the pub
A new wave of competitive socialising venues built around a game or a sport — such as darts, mini-golf and bowling — is spreading as boozy office events go out of fashion.
INTERNATIONAL
Nine's culture of bullying and sexual harassment revealed
An independent report has revealed systemic issues of power abuse, bullying, discrimination, and sexual harassment at Australian media company Nine Entertainment. The report highlighted a lack of leadership accountability and significant distrust among employees, with 57% of Broadcast Division staff reporting such experiences. Workers told the review that when they made complaints, HR would cover it up. One worker said: "It is drilled into us to never go to HR. They are very much on the side of the company. Their attitude is 'it's not our fault this happened'." Catherine West, chair of Nine, acknowledged the unacceptable behaviours and apologised to affected employees, saying: “We acknowledge that too many of our past and present employees have been harmed by poor workplace culture.” The board has committed to implementing all 22 recommendations from the report to reset the company culture, with acting CEO Matt Stanton emphasising the need for a safe and respectful work environment.
McKinsey cuts hundreds of jobs in China
McKinsey is overhauling its China business after cutting back on government-linked clients and reducing the unit’s workforce by nearly 500 people, about a third of the total. In recent times, the company has been separating the China unit from its global operations to reduce security risks with doing business in the country. Over the past two years, McKinsey’s workforce in Greater China, which includes Hong Kong and Taiwan, has shrunk by hundreds of employees. McKinsey first opened in mainland China in 1993 and grew quickly alongside the nation’s economy, winning business from state-owned firms including China Construction Bank, and China Telecom.
Germany seeks Indian workers to boost economy
The German Cabinet has introduced 30 measures aimed at attracting skilled workers from India to address labour shortages threatening the country's economic growth. German Labour Minister Hubertus Heil said: "Germany needs more economic dynamism and that requires qualified skilled labour." With an ageing population and a lack of skilled workers, Germany is looking to India, where "one million new people enter the labour market each month." The new strategy includes a digital visa by the end of 2024, job fairs in India, and German language classes for prospective migrants. Currently, around 137,000 Indians are employed in skilled positions in Germany, with a low unemployment rate of 3.7% among them.
UniCredit signs deal for 1,000 early retirements
UniCredit, Italy's second-largest bank, has reached an agreement with labour unions to implement early retirement for 1,000 employees, with plans to replace half of them with new hires. The initiative aligns with CEO Andrea Orcel's strategy to streamline the corporate structure while enhancing digital capabilities. The bank's potential merger with Commerzbank could further influence its operations, as it becomes the largest shareholder pending approval. Additionally, UniCredit will invest in retraining 600 employees, with 200 transitioning to branches to support fee income growth.
OTHER
Third of parents are ‘more relaxed' about children missing school
According to a recent Parentkind poll conducted by YouGov, a notable shift in parental attitudes towards school attendance has emerged since the pandemic. The survey revealed that 31% of parents are now "more relaxed" about their children's attendance, with this figure rising to 43% among those with children on free school meals. Despite 76% of parents asserting that "every school day matters," nearly one in five say they find it harder to get their children to school compared to before the pandemic. Paul Whiteman, general secretary of the NAHT school leaders' union, described fines for absence as a “blunt tool” and called for increased support for schools and families. The survey also highlighted issues with homework: nearly 40% of parents reported arguments over it.

 
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