New Report: How the ‘Rewarding Industries’ are responding to sector challenges.
People who are employed in education or in the third sector do some of the most fulfilling jobs in the UK. These roles require a passion and a sense of vocation that are harder to find in other professions. They are, as we’ve called them for this report, the ‘rewarding industries’.
Endsleigh Insurance has published a brand new report revealing how the Education and Not-for-Profit sectors are responding to the cost-of-living crisis.
To find out how independent schools, universities and third sector organisations are coping with and overcoming the many issues facing them, we surveyed more than 200 people across these sectors looking at their experiences in three critical areas:
Turnover - Exploring how they are balancing their finances.
Talent -Looking at measures to recruit, retain and reward their staff.
Technology - Investigating the advantages and challenges that come with new platforms and online services.
The report highlighted some key areas where institutions have concerns, and revealed how they are adapting and responding to these issues:
- New data shows 29% of staff at universities and independent schools fear risk of closure
- Two thirds say their institution has been negatively affected by the cost-of-living crisis
- Institutions pursue new commercial partnerships as way of increasing revenues
- 85% take steps to make the workplace more attractive to retain best staff
The Rewarding Industries report has revealed the difficulties that the cost-of-living crisis has presented academic institutions. More than two thirds of staff at universities and independent schools say that it has negatively impacted their finances, while nearly a third fear that their institution may be at risk of closure (29%).
The study also revealed the changes that the sector is making to hire and retain talented staff, with 85% of institutions taking action to make the working environment and employee wellbeing central to their employee attraction and retention strategies.
In addition, and perhaps partly in an effort to improve their appeal to younger employees, some organisations in education are burnishing their green credentials: 12% said they were introducing plans to achieve net zero emissions and reducing their carbon footprint.
Alison Meckiffe, CEO Endsleigh Insurance, said
“It has been an incredibly difficult couple of years for the education sector, which is now finding itself exposed to the cost-of-living crisis. We discovered that while many organizations are indeed facing challenges, many more are focused on solutions. The resilience, creativity and innovation being shown is inspiring.”
“At Endsleigh, we too are adapting. As a specialist insurance broker for both the education and third sectors, we are partnering with our customers so they can better meet the needs of the future.” “By taking these steps, we hope to play our part in keeping the education sector as rewarding to work in as they’ve ever been. The last two years show just how important the people within them are to our society.”