business news
NEDBANK PRIVATE WEALTH RETAINS GOLD STANDARD WITH PERFECT SCORE
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edbank Private Wealth recently had good reason to celebrate. Not only had it been reaccredited with the prestigious Gold status from Investors in People (IIP), but it also achieved a perfect score against the Framework, meeting all 196 of the evidence requirements. This level of accreditation places the company in the top 16% of IIP accredited organisations across the UK, demonstrating its commitment to people management excellence across all areas of the business. This was the fifth successful review since the bank was first awarded the Investors in People Standard in 2002. The company now holds this coveted status for the next three years. The assessment included interviews with staff from both the Wealth and Trust divisions of the organisation, and from across five of their office locations: the Isle of Man, Guernsey, Jersey, London and Dubai. Laurence Skelly, Minister of the Department of Economic Development, congratulated Greg Horton, the executive head of Nedbank Private Wealth International, and said: “I’d like to congratulate Nedbank Private Wealth on retaining its Investors in People Gold standard - all the team should be extremely proud of this achievement.” Mick Lynch, who carried out the assessment, said: “During the assessment I was extremely impressed by the commitment to client and staff contentment, staff development, wellbeing, and the overall ‘whole team’ positive atmosphere at Nedbank Private Wealth. It was a pleasure to facilitate the assessment
at such a professional organisation.” Lynn Kelly, senior training and development executive at Nedbank Private Wealth, said: “Our retention of Gold, the achievement of a perfect score, and the
Chamber of Commerce business survey reveals concerns over living wage plans
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majority of business leaders support the principle of introducing a living wage on the Island, but many have concerns that it’s not economically viable at the present time, and that it might damage the quality of life here. That’s the general view expressed in a survey conducted by Isle of Man Chamber of Commerce in October. A report by the Economic Affairs Division of the Cabinet Office proposes a living wage of £8.61 per hour, a rate which would be £1.11 more than the
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Island’s current minimum wage. Tynwald unanimously agreed to receive the report on October 17th. The Chamber of Commerce, which is the Island’s biggest business network, conducted a survey of 69 businesses from nine sectors of the Island’s economy, and asked questions about the possible impact that a living wage might have. While 72% of companies support the principle of a living wage as a socially responsible policy, businesses in key employment sectors of the economy expressed concerns
observations of the assessor reinforce the power of collaboration around our organisation and the amazing efforts of our staff who continually seek to enhance and develop our business.”
that it would have a negative impact if it was implemented right now. Only 3% of employers felt that implementing the proposed living wage would be positive for their business and its future prospects. Some of the largest employers on Island that took part in the survey felt that their business would be negatively impacted if they had to implement an £8.61 per hour living wage without a corresponding increase in demand for their products and services. Businesses also expressed concern about substantial ‘on costs’ which need to be factored in due to erosion of pay differentials. The full report can be viewed at: www. iomchamber.org.im ON THE AGENDA