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Britains booming job market
15 July 2014
Ian Stewart, Deloitte's Chief Economist in the UK, published a recent report highlighting the strength of Britain's current job market, which offers great promise for those who are seeking new employment opportunities. This renewed confidence largely comes from the rapid growth of the private sector, which has provided a bright spot in Britain's shaky recovery and has helped to propel the economy towards the initial stages of stability.
Deloitte's report features a number of promising figures for job seekers, including the creation of 1.6 million new jobs since 2010 and a record UK employment figure of 30.4 million. These details, in addition to other promising findings, suggest that the British job market is finally on the road to recovery.
The power of the private sector
Supplementary data provided by Deloitte emphasises the decline of public sector employment opportunities which account for just 18.2% of all jobs, a figure which stood at 22% five years ago. While public sector career positions have diminished, the rise of private sector vacancies has generated a significant contribution towards the jobs market and has undoubtedly been responsible for the fall in unemployment rates.
Much of this growth is due to the explosion of start-up businesses, which have created exciting employment positions and have been a vital contribution to the UK's economy. The confidence of Britain's entrepreneurs was shown by last year's Companies House figures, which show that a record 526,446 businesses were registered in 2013 alone.
The rise of the female worker
For years men were considered as the family breadwinners. However, the number of women in employment reached an all-time high this year, with the female workforce amassing to 14 million. The majority of the growth in part-time employment figures workers has come from women who are playing a significant role in the UK workforce. For the last 25 years, unemployment rates among women have been consistently lower than among men, which correlate with today's modern lifestyle as more women seek an effective work-life balance.
Deloitte demonstrates that the private sector is again largely to thank for this improvement as an older, more international female workforce accounted for a significant chunk of UK employment. The number of older women in work is also expected to grow, as shown by findings from the Institute of Fiscal Studies (IFS). The IFS outline that in 2010-2011, over 16% of women aged 65-69 were in employment and this figure is estimated to increase to 37% by 2022-2023. Improvements in health, rising pension ages and the desire for a comfortable retirement all play a part in these findings and projected figures.
The future growth of Britain's job market
These statistics indicate that the British job market is on the up, with promising employment figures being released on a regular basis. Graduate recruitment has also been found to be at a pre-recession high, which is an encouraging breakthrough for the next generation.
In addition to an increase in growth and opportunities, current unemployment figures are at five year low of 2.2 million, and with the private sector storming ahead; this figure is bound to decline even further.
Scottish job seekers
For Scottish job seekers, figures from early 2014 confirmed that the country's job market was expected to strengthen throughout the coming year as a result of a bolstered economic recovery. In March, PricewaterhouseCoopers (PwC), a multinational professional services network, initially predicted that Scotland's economic growth would be around 2.4%, a figure which was revised last week to stand at an increased 2.8%.
Scottish employment statistics have also shown a dramatic fall, particularly in unemployed teenagers, as well as a compelling boost in graduate employment opportunities which are found to be higher than anywhere else in the UK. Last year, 70% of Scottish graduates secured professional employment shortly after leaving university, compared to 65% for graduates south of the border.
The evaluation of Britain's booming job market shows that now is an exciting time for job seekers in Scotland, and throughout the UK. The escalated strength of the private sector in addition to increasing figures for economic growth show great promise for future career opportunities. If you'd like to get your career started straight away, get in touch with one of our Recruitment Consultants or browse our current vacancies.