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Regulatory burdens are still weighing companies down

Regulatory burdens are still weighing companies down

Ed Davey, the employment relations minister, recently reinforced the government’s commitment to removing the barriers to job creation.

The minister made his comments at a breakfast event at Epsom Downs Racecourse, saying the coalition wants to remove both perceived and real barriers. He acknowledged that employers’ felt it was difficult and tricky to employ staff but stressed that the new Employer’s Charter was not biased in favour of employees.

Employers have rights too, and if they behave reasonably they have nothing to worry about, he continued.

The government will press ahead with reforms that will give employers confidence to recruit. All business organisations have complained about Employment Tribunals and so the coalition intends to reduce the unfair dismissal qualifying period.

He finished off by telling the audience that Whitehall is currently reviewing all employment related legislation and in the future, the government intends to deregulate or re-regulate rather than introducing new legislation.

It isn’t only employment legislation that is weighing employers down. The latest Annual Global Accelus Survey from Thomson Reuters GRC found that 71% of senior compliance and risk managers feel the global economy is being held back by the burden of regulations. And a massive 88% of the respondents said regulators must find better ways to ensure the regulations they are trying to enforce are effective.

In the financial sector last year, there were 12,500 regulatory updates globally and there will be even more this year, said the president of Thomson Reuters GRC, David Craig.

It’s not only the financial services sector that is weighed down by the burden of regulation either. Energy, healthcare, legal, life sciences and shipping are all heavily regulated industries and companies are getting increasingly concerned over how to cope with the daily avalanche of rules and regulations, he added.

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Image: Le Voyage des Ballons Multicolores by ClickFlashPhotos / Nicki Varkevisser

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