Menu
06/08/2001
Salaries rise as skills shortage worsens
TWO out of five small businesses recruiting new managers last year had problems hiring people, with three-quarters of these citing lack of specialised skills as the reason.
These are some of the findings revealed by new research published by the Institute of management (IM) and Remuneration Economics. Entitled “The Smaller Business Review” and based on the responses of 125 companies, the survey found that during 2000 over 74 per cent of businesses reported that they had engaged in a campaign to hire new senior staff. However, 40 per cent of the respondents experienced problems recruiting, a marked increase in comparison to the 1999 figures, which showed only 27 per cent encountering difficulties finding the right people.
Other findings of the survey included the finding that directors in the small business sector received, on average, an earnings boost of 7.1 per cent, with managers’ earnings boosted by 6.5 per cent, compared to 4.8 per cent in the previous twelve months. This suggests that smaller businesses are having to pay more to recruit and retain managers who do have the right skills.
Significantly, managers in the traditionally highly-paid hi-tech sector are well down the list in terms of earnings increases, with reflects the dot.com crisis and the general downturn in the IT sector. However, executives who did best over the past year were in personnel/Human Resources, with managers receiving a rise of 11.3 per cent in overall earnings – contrasting vividly with their actual salary rise of 6.5 per cent, suggesting that their take-home pay has been substantially increased by bonuses. (CL)
These are some of the findings revealed by new research published by the Institute of management (IM) and Remuneration Economics. Entitled “The Smaller Business Review” and based on the responses of 125 companies, the survey found that during 2000 over 74 per cent of businesses reported that they had engaged in a campaign to hire new senior staff. However, 40 per cent of the respondents experienced problems recruiting, a marked increase in comparison to the 1999 figures, which showed only 27 per cent encountering difficulties finding the right people.
Other findings of the survey included the finding that directors in the small business sector received, on average, an earnings boost of 7.1 per cent, with managers’ earnings boosted by 6.5 per cent, compared to 4.8 per cent in the previous twelve months. This suggests that smaller businesses are having to pay more to recruit and retain managers who do have the right skills.
Significantly, managers in the traditionally highly-paid hi-tech sector are well down the list in terms of earnings increases, with reflects the dot.com crisis and the general downturn in the IT sector. However, executives who did best over the past year were in personnel/Human Resources, with managers receiving a rise of 11.3 per cent in overall earnings – contrasting vividly with their actual salary rise of 6.5 per cent, suggesting that their take-home pay has been substantially increased by bonuses. (CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
02 October 2001
NI lags behind UK in designating stakeholder pensions
Only two thirds of Northern Ireland businesses have designated a stakeholder pension provider compared with the UK average of 85 per cent a new report shows.
NI lags behind UK in designating stakeholder pensions
Only two thirds of Northern Ireland businesses have designated a stakeholder pension provider compared with the UK average of 85 per cent a new report shows.
11 April 2002
UK new investment projects fall
The latest Ernst & Young European Investment Monitor survey has revealed that the number of new investment projects into Europe in 2001 fell by 12 per cent on 2000 figures. Countries that performed poorly in 2001 included the UK with a 34 per cent decline from 575 projects to 377.
UK new investment projects fall
The latest Ernst & Young European Investment Monitor survey has revealed that the number of new investment projects into Europe in 2001 fell by 12 per cent on 2000 figures. Countries that performed poorly in 2001 included the UK with a 34 per cent decline from 575 projects to 377.
01 November 2018
CMA Launches 'Stop Cartels' Campaign
New research has revealed that many firms don't know enough about how to comply with competition law, according to the Competition and Markets Authority's (CMA). Citing this research, the CMA has launched a cartel awareness campaign, which aims to educate businesses about which practices are illegal.
CMA Launches 'Stop Cartels' Campaign
New research has revealed that many firms don't know enough about how to comply with competition law, according to the Competition and Markets Authority's (CMA). Citing this research, the CMA has launched a cartel awareness campaign, which aims to educate businesses about which practices are illegal.
14 August 2001
UK R&D spend is below European average
The latest figures on research and development (R&D) spending shows that the UK lags behind the European average and falls well below the US. Figures released by the Office of National Statistics revealed that the UK spent £16.7 billion, equivalent to 1.83 per cent of Gross Domestic Product (GDP) on research and development in 1999.
UK R&D spend is below European average
The latest figures on research and development (R&D) spending shows that the UK lags behind the European average and falls well below the US. Figures released by the Office of National Statistics revealed that the UK spent £16.7 billion, equivalent to 1.83 per cent of Gross Domestic Product (GDP) on research and development in 1999.
04 March 2002
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
