Although we’in this area starting to see an up climb through 2010, the latest predict from the OBR (Office for Budget Responsibility) sees economic photo album slowing in 2011.
So how does this translate into the UK labour designate? Well, unemployment figures were 7.7% (2.5 million unemployed) which interestingly compares to 11.9% in the 1980s and 10.7% in the 1990s. Even in the wealthy 2007 (the most recent busiest and profitable period for the recruitment industry), unemployment was 5.3%.
Real Job Creation There is a general consensus in the recruitment industry that true job inauguration does not occur until the GDP is above 2.5-3% and this is not forecasted to happen until 2012. The latest GDP figure is just 0.7% (from the Office for National Statistics)
Jobless Recovery The REC offer the recovery behind this recession has been oscillate for two main reasons;
Employers have hung onto their expertise and found postscript ways to condense their people based costs
For example; edited overtime; sudden era energetic; pay freezes and no bonuses; and sabbaticals
Continued use of working resources
Which is the use of the performing, interchange and merger workers which accounts for 5% of the UK workforce (around 1.2M)
There is moreover the edited productivity in the UK – the lowest for 10 years – which has meant there is spare facility.
All this has led to reduced bagginess in the uphold – fluidity is the reveal massive to people changing jobs and this recession has seen a comfortable dwindling in people changing jobs. The UK labour push needs people to revise jobs in order to make a domino effect that kick starts a enthusiastic recruitment push.
The fine news is the REC carrying out we are starting to see some appendix in fluidity.
The Employer View The REC in addition to regularly surveys organisations to locate out more just very roughly their views not far afield away off from the labour make public, findings performance that “confidence is increasing; recruitment freezes are beast lifted and more hiring will happen in the neighboring 3-12 months”
The UK recruitment industry are plus feeling more confident gone more than 74% of those polled in the webinar maxim they think the UK recruitment ventilate is in fact starting to choose going on.
Bouyant Sectors for 2011 The CEO of the REC shared his thoughts not quite the sectors he believes will be the most floating throughout 2011;
Technology – already seeing quick accrual in surviving and the stage hires
Financial Services – and the industries multiple to it i.e., insurance etc
Oil and Gas – largely unaffected by the recession
Labour Trends There were plus three points made just about general trends in the labour marketplace which are also worth sharing when the UK project giving out marketplace;
Wealth created by intangibles
Organisations (70% of the Fortune 500) know their profusion and profitability is generated by their people and their brands. Although 75% of CEOs surveyed by Monster.com bow to that attracting the right capacity to their organisations is getting more hard.
Shift to freelance on the go
A poll of 16-25 year olds showed that 86% of them think they will be lively on a freelance or self employed knack subsequent to they enter the workforce. The support of managing their own careers is seen as one of the main attractions.
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Social media is growing as a method for job searching
What will be appealing to see is how organisations right of admission to this relatively supplementary method in their quest to attracting the right capacity.
Project Management Labour Trends Arras People are living astern the scenes conduct yourself the current Project Management Benchmark Report for 2011 which features current project meting out labour trends.