A survey of financial service executives carried out by Recruitment International has found that six in ten employers are spending significantly more time having to manage new and changing regulations. The time reported to be spent dealing with regulatory change was said to have increased to 18%, which represents almost a full day of a working week.
The report, which gathered the views of chief financial and operating officers within the financial services sector, found that in the last three years 59% of them reported that they were spending more, or significantly more, time dealing with regulatory matters.
A further 38% also stated that they believe their workforce were not very knowledgeable about changes to regulations, making their ability to keep up with the current red tape issues much more difficult. Unsurprisingly a massive 87% said they would like to see their workforce improve their understanding of regulatory issues.
After the CIPD’s report on the labour market outlook, which revealed that 20% of employers found employment regulations such as the AWR to be an issue when it came to dealing with contract staff, this has further highlighted the impact that regulations and employment legislation is having on the labour market as a whole, and backs the calls of many recruiters for red tape to be reduced.
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