A business’s success comes down to the employees that power the operation which means that it is essential that you keep hold of your best workers. This can be challenging as the top performers will usually be looking to progress and earn more money. Here are a few tips:

Career Development Opportunities

As mentioned, the top performers will usually want to advance their career whether this is within the company or by making a move. Therefore, you need to try and keep them at your company by offering options for promotion and development in the form of training.

Additional Responsibilities

Leading on from this, the top performers can easily become bored if they are excelling in their responsibilities. This means that you need to keep them active and engaged so additional responsibilities can be an effective way of doing this while helping them to develop their abilities and find areas of the business that interest them. This could involve leading a project, managing a small team, giving a presentation etc.

Positive Feedback

Positive feedback is incredibly important yet often overlooked by business owners. Additionally, the top performers often do not get positive feedback as sometimes owners will believe that they do not require it. This is not the case as it is important that all hard work is recognized, appreciated and celebrated.

Financial Wellbeing Resources

A good salary is, of course, crucial for retaining employees, but it is also important that you can provide financial wellbeing resources for workers. Personal money matters can have a huge impact on employee wellbeing, so if you are able to help your staff to improve their money management then it could have a huge impact on retention, as well as morale, productivity and absenteeism.

Mentors

It can also be helpful for those that are performing well to have a mentor who can help them with career advice and to further engage them with the company. These mentors should be senior employees who are good at engaging with younger staff and are able to provide valuable support.

In order to grow and succeed, it is essential that a business is able to keep hold of its top performers. If the best workers left, then you will constantly have voids to fill which will result in dips in performance. The above are the best strategies to use to keep hold of your top performers and help them to enjoy their work and maximize their abilities. Retaining employees is all about recognizing their talent, providing them with opportunities to grow and develop within the company and creating a positive working atmosphere. This should then inspire your entire workforce to work hard each and every day.

The research found that 1 in 10 would be “extremely likely” to switch.

28% would be unlikely to switch if bad behaviour was found at their bank, while 24% would be neither likely nor unlikely to switch.

Although half of those surveyed would consider switching because of non-financial misconduct, only 4% of respondents have actually done so.

For customers who would consider switching because of non-financial misconduct, the main barrier to switching is the perceived hassle of doing so. 37% of respondents cite “excessive hassle” as the reason they haven’t already switched. 23% of consumers view all banks as equally bad, and 20% don’t know enough about alternative options to switch.

The main barriers to switching are:

• 37%: "excessive hassle”
• 23%: “all banks are equally bad”
• 20%: “don’t know about the other options”
• 10%: “loyalty to bank”
• 4%: “the products of ethical providers aren’t good enough”

Racial discrimination against employees is seen as the most intolerable example of non-financial misconduct, with 58% saying they would be likely to switch banks if it was going on, and 21% saying they would be “extremely likely”.

When it comes to the gender pay gap, just over one-third (38%) would consider switching bank because of a significant gender pay gap. 9% of women and 5% of men would be “extremely likely” to switch banks because of this. Respondents were also asked if they believed banking was more likely to have a culture of gender inequality than other industries. 36% said that they believed this to be true.

The factors that would make customers most likely to switch banks:

• 58%: discrimination based on race
• 54%: discrimination based on sexuality
• 52%: poor environmental practices
• 52%: sexual harassment
• 38%: significant gender pay gap

Mike Fotis, founder of Smart Money People, said: “The financial services industry has come under increased scrutiny in recent years for its track record on non-financial misconduct, with the FCA signalling that how firms handle non-financial misconduct is potentially relevant to their assessment of firms. Our survey shows that these issues matter to around half of banking customers.

“We were particularly interested by the barriers to switching. Despite the high profile promotion of the Current Account Switch Service, the hassle factor remains the key reason why customers don’t switch. And while new banks continue to emerge, 20% cite a lack of knowledge about alternative options as the reason why they wouldn’t switch.”

(Source: Smart Money People)

Almost a third of these breaches were down to organisations neglecting simple security procedures, whilst over three quarters were caused by issues at the application layer, often related to out-of-date software, insecure third-party payment systems, or inadequate scanning. All of these breaches therefore contravened Payment Card Industry Data Security Standard (PCI DSS) requirements.

In one organisation, up to 40 employees used the same password for the server, and had full admin rights to the overall system. Another case saw a coding error present in the website login page, which enabled an attacker to obtain usernames and password hashes – ultimately allowing access to the organisation’s web server.

The analysis also revealed that the £1.74 million in fines issued for these incidents by the ICO in this time period could have amounted to almost £889 million under the General Data Protection Regulation (GDPR).

Phil Bindley, managing director at data centre and managed service provider, The Bunker commented: “PCI DSS compliance is a continuous journey and one that requires regular assessment to identify any weaknesses across an organisation.

“Regulators aren’t going to be lenient about failings in this space, and if businesses don’t invest enough into improving defences, we’re going to see more organisations having to pay the price for a relaxed approach to security.”

Simon Fletcher, managing director at cyber security specialist, Arcturus added: “We’re still seeing businesses failing to implement even basic measures when it comes to securing sensitive information.

“The need for regular and thorough testing is clearly outlined by PCI DSS, and is something that is still forgotten by many or causes confusion, particularly when it comes to the application layer. Testing systems is vital in order to ensure that any issues are quickly addressed to prevent data being put at risk.”

Reed Finance asked senior finance professionals what they thought and Rob Russell, Director of Reed Finance, shares some of the key findings with Finance Monthly.

The need to invest in the development of staff should be a top priority for any organisation. Employees who feel supported and have the opportunity to extend their skill sets are more likely to remain with a business, which in turn can benefit from a stable and committed workforce.

Skills development within the finance sector is a current hot topic with the acknowledgement of a growing skills gap, not helped by the uncertainty surrounding Brexit’s impact on the labour market. A skills gap that is not addressed will lead to a lack of competiveness as companies struggle to fill important roles with qualified staff.

We polled 600 senior finance professionals to gauge their opinions around staff development, what could be holding firms back from investing further, and the important areas requiring a skills development and training focus.

However, it is important to look at the type of skills needed for a successful career in finance. Our recently published interactive report ‘State of Skills’ analysed Google and O*NET data from the past 10 years for typical accountancy and finance roles. It found that written and verbal communication is prized by employers of finance professionals. This could be due to the future strategies of companies wishing to see finance executives take on leadership roles which entail not only technical soundness, but also an ability to inspire and work as a leader of teams – with ‘active listening’ and ‘oral comprehension’ some of the most important skills for a CFO to have.

We were also interested in where finance leaders thought skills gaps were, and how they were planning to tackle them. We polled 600 senior finance professionals to gauge their opinions around staff development, what could be holding firms back from investing further, and the important areas requiring a skills development and training focus.

1. Current status

When asked to describe their organisation’s current status when it comes to investment in skills and training, about two thirds believe that the level was adequate for their company needs.

However, 35% of those questioned said that the investment levels were not high enough, and when asked why this was, they answered that there were ‘other business priorities’ to take care of first. This could be a false economy for such organisations, as this direction of travel will inevitably lead to an under skilled and, perhaps, demotivated workforce and all the subsequent issues this would create.

2. The training barriers

Questioned on the potential barriers that mean training investment is not what it should be, a number of constraints were cited. Chief among them was the belief that budgets are tight and training resources under pressure within their organisation. This was followed by an admission that time pressures were too great to allow more focus on staff development.

Interestingly, a quarter said there is no guarantee that staff would remain with the organisation once they had been trained and the investment in time and resources would be effectively wasted. This is a pessimistic outlook when the converse could be argued. Employees could be more predisposed to stay with a business that is prepared to help support and develop them. Unenthusiastic employees and apprenticeship levy issues were also highlighted as barriers, but only by a few finance professionals.

Interestingly, a quarter said there is no guarantee that staff would remain with the organisation once they had been trained and the investment in time and resources would be effectively wasted.

3. Areas of focus

The current advancement in new technology and software across the sector was identified by respondents as a vital area for training. As more organisations invest in growing technological capabilities, the need for employee training to optimise their potential needs to increase. This area of employee development was, by some distance, the most strongly articulated in the research findings, outstripping the more traditional areas of skills training such as accounting information, auditing, financial accounting and tax accounting.

It would appear that a focus on supporting staff as new technology enters the sector should become a top business priority both to meet business need as well as employee demand.

4. The role of training

Asked what they believe the role of training to be within an organisation, three views dominated the answers. There was general consensus that the purpose of training is to improve overall company efficiency, as well as enhance individual skillsets for the general good of the organisation. These two opinions were closely followed by a need to retain staff and to have better career progression internally.

With the current uncertainty around Brexit and its potential threat to the availability of skilled migrant workers, there is a pressing need for British business to develop and nurture its own talent pool.

Some stated that a proactive training-centric business philosophy leads to the creation of a positive company culture. This not only retains staff, but can act as tangible attraction when it comes to the task of attracting new talent in the face of increasing competition.

With the current uncertainty around Brexit and its potential threat to the availability of skilled migrant workers, there is a pressing need for British business to develop and nurture its own talent pool. By valuing employees and supporting them to grow in their roles, businesses can enhance their reputation, become an employer of choice for those seeking new positions, and be rewarded with a lower employee turnover that creates a more stable platform for the rest of the company.

Recent independent research of UK employees commissioned by expenses management software company Expend has highlighted that Generation Z and Generation Y employees are the most negatively impacted by facilitating their employers’ expenses. Over a quarter (27%) of Generation Z employees (18-24 year olds) have not been able to pay off credit card bills because they have outstanding company expenses due to them from their employer.

This appears to be making younger employees the least tolerant of existing processes for expenses - 82% of UK Generation Z employees find being out of pocket from expenses very unfair and 42% would move jobs because of a poor expense policy.

The average amount of debt for a University leaver is now £50,000, and yet the average starting salary for most graduates is £19,000 - 22,000. According to the ONS, wage growth slipped to 2.7% from 2.8% in the three months to May 2018. However, despite the slowdown in wage growth and increased cost of living, young employees are still expected to float expenses for the business. These factors combined mean that younger workers are more financially sensitive than ever before, and yet are still expected to pay their employer’s expenses and go out of pocket each month, which can have a significant impact on their personal finances.

Expend’s independent research, which was commissioned in conjunction with OnePoll, showed the scale of this impact on employees’ finances and willingness to circumvent expense policies. Out of all age groups, Generation Z workers are most likely to circumvent the expenses policies of their employer, with over a quarter (27%) stating they would spend more than they normally would to make a company expense worthwhile, if they could get away with it. Nearly 1 in 5 (18%) of Generation Z employees stated they would profit from business expenses if they could get away with it.

The picture for Generation Y/Millennials (25-34 year olds) isn’t much better. Research from independent think tank The Resolution Foundation has shown that UK millennials are now some of the worst off financially in the developed world, only behind Greece. The home ownership rate in their late 20s, at 33%, is half that for the baby boomers at the same age (60%). Our research showed this age group would be the least inclined out of all respondents to take a job if it had a poor expense policy, with 40.87% saying they wouldn’t.

On the other hand, the older age groups are disproportionately tolerant of the existing system of expense, with the 55+ age group is the least likely to circumvent expenses because of a poor expense policy, and only 4.90% saying they would expense items they shouldn’t if they could get away with it.

Johnny Vowles, CEO of Expend said, “younger employees have a hard deal at the moment with rising living costs, wage growth described as ‘anaemic’ by the ONS and higher than ever student debt. While the current expenses system is just the way things have always been done, for some employees this could be the straw that broke the camel’s back. Organisations need to look at how all processes are impacting on their younger workforce, to encourage recruitment of happy workers but also to minimise the business risk. Disenfranchised younger workers more open to circumvent expense policies and profit from them than even before, so employers also need to gain greater oversight over their company finances to protect themselves.”

(Source: Expend)

Employee wellness is all about ensuring staff are happy and healthy in and out of work. Mental health-related presenteeism costs employers up to three times the cost of mental health-related absence so it’s more important than ever for businesses to take action and take greater responsibility for the wellbeing of employees.

It’s undoubtedly a win-win for both parties as employees are more likely to work longer and be more productive when they are happy and healthy.

Alongside this, it is emerging that employees are calling out for greater support at work, with 8 in 10 saying they do not believe their employer does enough to support their physical and mental wellbeing.

Richard Holmes, Director of Wellbeing at Westfield Health, advises what actions you can take in your business to improve wellness.

1. Encourage staff to get out the office

“Not only is eating at your desk bad for your body, it’s bad for your work and your mental health. Getting fresh air and a change of scenery will mean employees return to their desks feeling recharged and less stressed. It is also a good way to encourage employees to get out the office and exercise. You can also help decrease the risk of depression and poor mental health by suggesting a walking meeting every now and again.”

2. Approachable line managers

“The first point of call sits with line managers. As well as helping employees achieve their work-related goals, a key part of a line manager’s role is to be an approachable mentor, a good listener and to be understanding. This communication between an employee and their line manager can play a massive part in their mental wellbeing at work and therefore reduce mental health related absences.”

3. Destigmatise mental health

“In 2016/17, there were over half a million (526,000) cases of work related stress, depression or anxiety, and this accounted for 40% of all work-related ill health¹. A ‘mental health day’ gives staff the ability to treat a mental health absence with the same approach as a physical sickness day. This will reduce the stigma around mental health and encourage staff to talk openly about their mental wellbeing. It is also a good way to monitor how people are feeling, for instance if someone is absent as a result of their mental health, something can be put in place to monitor and support them.”

4. Keep it fun

“Implement schemes and competitions in the workplace as an incentive for staff to get involved. Competitions can include sports days, quizzes or a step challenge and can either be judged individually or in teams. Introduce prizes to build competitiveness such as a free massage, healthy food vouchers or a gym subscription, resulting in a happier, healthier lifestyle.”

5. Flexible working

“The traditional 9 to 5 hours may not fit in with everyone’s lifestyle, so offering a flexible schedule may make a lot of employee’s lives easier. Businesses can also offer the option to work from home a few days a week. If an employee has a long commute, this can have a big impact on energy levels and general wellbeing.

The robotic revolution is set to cause the biggest transformation in the world’s workforce since the industrial revolution. In fact, research suggests that over 30% of jobs in Britain are under threat from breakthroughs in artificial intelligence. Thanks to advances in technology, many jobs that weren’t considered ripe for automation suddenly are. Is your job next? Find out how many jobs per sector, are at high risk of being taken by robots by 2030.

(Source: RS Components)

Zhaopin Limited recently released its 2016 White-Collar Worker Year-End Bonus Survey Report. The report found that more than 50% of white-collar workers in China did not get year-end bonuses in 2016. More than 11,500 white-collar workers participated in the survey.

According to Zhaopin's survey, 50.9% of survey respondents did not get any year-end bonus in 2016, down from 66% in 2015. 39.5% of white-collar workers had received their bonuses by the end of 2016, much higher than 13.4% in 2015.

Cash is still the most common form of year-end bonus for white-collar workers. Some companies offered physical gifts as annual bonuses, including company-made products, cameras, liquor, pork, fish, fruits, sauna coupons, inflatable dolls, rice cookers, tissue paper, and lottery tickets.

White-collar workers' satisfaction with year-end bonuses in 2016 remained at a low level of 2.18 (measured from 0 to 5, with 5 as the highest), although slightly higher than 2.07 in 2015, Zhaopin found. Employees in state-owned enterprises had the highest satisfaction score at 2.46, while workers at private companies had the lowest satisfaction score of 2.07.

In terms of work experiences, employees with less than one year's experience had the highest satisfaction (2.45) with the annual bonus, as their expectations were relatively low. The satisfaction with year-end bonuses declined as work experience increased because more experienced white-collar workers had higher expectations, said Zhaopin experts.

The average year-end bonus for white-collar workers in 2016 was RMB12,821, higher than RMB10,767 in 2015, but lower than RMB13,613 in 2014, according to Zhaopin's survey.

The finance industry offered the highest average year-end bonus in 2016, at RMB17,241, followed by RMB16,839 for the real estate/construction industry. The eEducation/arts and crafts industry had the lowest average year-end bonus at RMB7,433.

White-collar workers in Beijing got the highest average year-end bonus, at RMB15,846, followed by RMB14,640 in Shanghai and RMB14,605 in Shenzhen.

The more work experience, the higher the year-end bonuses for white-collar workers, Zhaopin found. The average year-end bonus for employees with more than ten years of experience was RMB20,471, compared with RMB5,675 for employees with less than one year of experience.

Among different types of companies, state-owned enterprises had the highest average year-end bonus at RMB17,318, while private companies had the lowest average year-end bonus, at RMB11,271.

The average year-end bonus for senior-level managers was RMB28,639, compared with RMB10,009 for ordinary employees.

In terms of occupations, white-collar workers in marketing/PR/advertising had the highest average bonus at RMB16,354, followed by RMB14,850 for R&D. Employees working in administration/logistics had the lowest average year-end bonus of RMB8,144.

(Source: Zhaopin Limited)