Bonus Cuts - 68% of Employees Threaten to Quit

68% of professionals have stated that they will:- 'seriously contemplate' leaving their current job if they missed out on a year end bonusin January.

The findings come from international specialist recruitment firm Robert Walters annual Salary Survey, which also found that in spite of employee anticipation for bonuses being high, 52% of companies have allocated budgets for year end bonuses. A further 34% of employers decided to skip bonuses altogether in their early 2024 financial plans.

The importance of year end bonuses in talent retention is evident, confirmed by a strong 75% of companies who see them as crucial for retaining their best employees. In fact, 59% of professionals are expecting a bonus between:- 10% to 30% of their pay at the end of this month.

However, despite bonuses being a standard expectation in most professional compensation packages, ⅖ of employees have resigned themselves to not expecting a bonus for their hard work in 2023.

These findings follow the specialist recruitment consultancy's Salary Survey; which tracks remuneration predictions for the coming year, as well as surveying 4,000 white collar professionals and 2,000 employers to identify upcoming workplace trends.

Chris Eldridge, CEO of Robert Walters UK, comments:- "It is still a talent short market, so attracting and retaining the best people is without a doubt a challenge we will continue to see in the new year. A year end bonus remains a crucial retention tool, influencing almost:- 4 in 5 employees' career plans. It serves as recognition and reward for employees dedication and contributions, showcasing a sense of appreciation. It also helps with motivation for the following year; when people feel appreciated, they are more committed to continuing the hard work to reap the benefits in the years to come. Understandably many companies have had to reduce costs in what has been a turbulent economy, however companies should take an important note that it costs around:- 6 to 9 months of an employee's salary to replace them when they are gone. So, when you put it like that; a bonus is a much smaller cost than said employee leaving."

The survey unveiled additional employee priorities beyond bonuses. Whilst flexible work arrangements top the list as a priority for 36% of respondents, it was closely followed by:-

• Competitive salary (27%)
  

• Positive work life balance (23%)
  

• Good development opportunities (14%)

Chris adds:- "2023 was a tricky year to navigate for many organizations, with costs being heavily monitored. A holistic approach to employee strategies, incorporating more than just monetary benefits, is vital in securing and nurturing a strong workforce. 81% of professionals have reported that they will be looking at job alternatives in the new year, so it's vital to ensure you're doing what you can to maintain an attractive and competitive employee offering."

But for many small businesses, the rise in pay and other costs mean bonuses are just out of the question, especially with many small business owners now paying them selves less than their employees.

Please do email your views on this subject to our Newsroom at:- News24@SouthportReporter.Com or send us a message on:- Mastodon, Facebook, or Twitter.

Nearly 20,000 more young people given access to new and refurbished youth clubst

YOUNG people in villages, Towns and Cities across England are set to benefit from 140 new or refurbished youth centres thanks to the largest funding round to date from the Government's Youth Investment Fund.

Totalling more than £90 million, funding will support nearly 20,000 more young people per year to access new state of the art facilities such as workshop spaces, sports halls, art rooms, recording studios and skateparks.

Activities ranging from dance, drama and music to sport, horticulture and employment skills development will be on offer, giving young people access to opportunities that broaden their horizons.

This also marks a major milestone with the very 1st new build youth centre funded by the Youth Investment Fund opening its doors.

Located in a deprived area with high levels of antisocial behaviour, The Chichester Shed has used a grant of over £420,000 to build a brand new space to support more than 120 young people. The open access service will provide a space to relax and learn new skills, with activities including woodworking, yoga and skateboarding available.

Culture Secretary Lucy Frazer said:- "I want to see every young person have someone to talk to, something to do, and somewhere to go outside of the classroom, no matter where they are from, to help maximise their potential in life. This next round of funding from the Youth Investment Fund will help nearly 20,000 more young people achieve this goal. We have now committed to building or refurbishing over 220 projects in some of the country's most underserved areas, creating more opportunities for young people to gain the skills needed to succeed in life and stopping them from falling through the cracks."

The Youth Investment Fund has now allocated £250 million of its more than £300 million budget to services in areas of the country where need is high and provision is low.

It will engage young people most in need, including those that might have otherwise been at risk of becoming involved in anti-social behaviour or falling out of education, training or employment.

This is the latest announcement that forms part of the Government's ambition to make sure young people are supported with positive and engaging opportunities both in and outside of School hours.

Clare de Bathe, CEO of Chichester Community Development Trust said:- "The Chichester Shed will provide an informal, dynamic and versatile space where young people can connect, learn and experience new activities. The space will be a haven for all ages and backgrounds to use throughout the School day and holidays, including intergenerational activities where boundaries can be broken down as well as adult education sessions and group workshops delivered. The funding has enabled the project ideas to be brought to a reality and we cannot wait to open the doors."

Examples of other youth centres receiving grants in this funding round include:-

• Bodies in Motion, Pendle - a combined grant of over £1.4 million will pay for the refurbishment of Orchid House Gym with new changing facilities and equipment, supporting 290 additional young people a week. The Garden Project will create a community-focused garden and greenhouse facility, engaging an additional 400 young people through therapeutic horticultural activities to promote a sense of wellbeing.
  

• Youth Options, Southampton - a new community café and training centre, backed by £1.2 million investment, will provide a safe haven for nearly 100 additional young people a week in a disadvantaged part of the City. The café will offer training in catering and hospitality, and will be targeted at those not in education, employment, and training, while the indoor space will be transformed to create new activity space and a counselling room.
  

• Positive Futures, Liverpool - The Positive Futures hub will be expanded to provide a sensory room, music rooms, art space, large sports hall and virtual reality spaces to support 250 additional young people a week.
  

• Tinside Cove and Lido, Plymouth - 2 listed buildings at the Tinside Lido will be renovated to provide space for nearly 300 more young people a week to benefit from new training and educational programmes, while the lido will be used for swimming, snorkelling, diving and life-saving classes.
  

• Weymouth West Air Scouts, Weymouth - The Scouts building will be refurbished with a new shower room, extended kitchen and 3 breakout rooms, doubling the building's size and enabling them to run multiple activities at the same time. The project will support nearly 80 more young people a week.

Nick Temple, CEO of Social Investment Business said:- "The Youth Investment Fund is transforming the youth service landscape right across the country, enabling youth centres of all shapes and sizes to enhance their services and reach more young people. It's very exciting to see the 1st Youth Investment Fund newbuild open its doors to Chichester's young people today. Before securing the funding, these young people had nowhere safe to go, and nothing to do after School. Young people now have a brand-new youth centre, inspired by their ideas and needs, giving them every opportunity to thrive and discover their passions. The Youth Investment Fund is truly unlocking potential and creating a legacy for future generations of young people in communities like this across the country. "

Denise Hatton, Chair of Back Youth Alliance said:- "We are delighted that nearly 20,000 young people will be able to access new and refurbished youth clubs through the latest instalment of the National Youth Guarantee. With mental health, loneliness and anti-social behaviour all on the rise, now more than ever young people need a safe space to go, a trusted adult to speak to and access to positive activities in their communities all year round."

Ruth Marvel, CEO of The Duke of Edinburgh's Award (DofE), said:- "This multi million-pound investment is so much more than skateparks, sports halls and art rooms. It's an investment in the resilience, confidence and independence of young people, which thanks to the on going impact of a pandemic and cost of living crisis, has never been more needed. We at The Duke of Edinburgh's Award know first-hand that when you invest in young people, there is no limit to what they can achieve. The Government's National Youth Guarantee has brought the DofE to thousands of young people in England for the 1st time, breaking down barriers and providing life-shaping activities and volunteering opportunities."

Today's announcement forms the latest part of the Government's:- 'National Youth Guarantee,' that will ensure every young person aged:- 11 to 18, within England, has access to regular clubs and activities, adventures away from home, and volunteering opportunities, by 2025, backed by an investment of over £500 million.

The National Youth Guarantee will provide greater access to activities such as:- The Duke of Edinburgh's Award Scheme and the National Citizen Service, and uniformed youth groups such as:- Scouts, Girlguiding, and Cadets.

To further support giving young people the best start in life, in September 2023 the Government announced the opening of the second phase of the £19 million Million Hours Fund, designed to create more than 1 million additional hours of youth centre provision in areas with high numbers of antisocial behaviour incidents.