Poor management cost UK business £84m a year

(2 minutes to read)

The Recruitment & Employment Confederation (REC) gives advice to businesses, as findings reveal poor management costs UK firms millions a year.

The UK currently has an estimated 2.4 million untrained ‘accidental managers’, and with poor management costing employers around £84 billion a year according to the OECD, firms are being advised on how to turn this around.

We are entering a new age of business leadership and management, and it is therefore imperative that we build a cadre of future leaders equipped to deal with the changing world of work’– that’s the message from Leadership 2025, the latest in the REC’s series of Future of Jobs white papers published with the Association for Project Management (APM).

In a recent REC poll, 1 in 4 recruitment businesses reported investing in future skills and business leaders as their main organisational priority.

This latest white paper Leadership 2025 sets out a number of ways in which the UK business community can help build a strong base of future leaders and managers. These include:

  • Understanding evolving leadership needs, and re-evaluating current management development programmes accordingly.
  • Providing better guidance and support to individuals to give them the skills and confidence to progress into management roles.
  • Driving inclusive search and recruitment practices at all levels to build a diverse pipeline of future leaders with the best talent available.
  • Investing in training and developing a cadre of future leaders and project management professionals, equipped to steer organisations through a fast-changing business landscape.
  • Recognising that enhanced leadership and management capability not only drives productivity but also improves business culture.
  • Building better bridges between education and work through initiatives such as the REC’s Future of Jobs Ambassadors network.

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

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Tom Hadley, Director of Policy and Campaigns at the Recruitment & Employment Confederation, said, “We are seeing the biggest shift in leadership and management needs for a generation. Employee expectations and workforce challenges are creating the need for more people-focused managers with strong communication skills and emotional intelligence. At the same time, Brexit is creating one of the biggest external challenges UK business leaders have ever faced, and the speed of technological change means that future leaders will need to see disruption as the new normal.

“Addressing these leadership and management challenges is not only key to driving productivity, growth and job creation – it is also essential for changing business culture in a way that drives good work, inclusion and employee wellbeing. We need policymakers, employers, recruiters and individuals to come together to develop a diverse, agile, people-focused cohort of managers who can lead the UK into the future.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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