In order for YCB to remain financially viable and competitive in the future we need to make savings. In response to changes in funding arrangements which resulted in a lower than predicted income stream, YCB undertook a remodelling and restructuring of its services which achieved significant savings last year. However, these savings still leave a funding gap. In addition, cuts to the Adult Social Care budgets nationally have already resulted in Barnet Council facing a cut of 26 per cent in its funding from central government during the period of the current spending review (2011-15), which equates to £72.5m in cash terms.
It is therefore essential that YCB acts not only to recoup the current deficit but also to build in a safety margin to ensure that it is financially fit for purpose in the future with the possibility of further cuts to funding. In order to help close the funding gap, secure new business and develop our services, we must be competitive in terms of costs.
We have carried out two benchmarking exercises using independent external organisations which demonstrate that our salaries are at least 20% more than their equivalents within the care and support sector in London. Our aim is to reduce salaries so that we can make the necessary savings, whilst ensuring that our salary levels are still competitive enough to attract and retain staff with the right skills and competencies to provide a high quality of service. Other terms and conditions will not be affected and our pension contributions in particular are extremely generous compared with other reputable local government, not-for-profit and private sector organisations.
The formal consultation period with YCB staff and their union representatives on our proposals starts today and runs for up to 45 days.
For more information please contact Mary Cawley, PR and Communications Manager, on 020 8359 3600 or email firstname.lastname@example.org