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Employment trends – TWP’s crystal ball

The contrast is stark. There was the deepest financial crisis in 130 years in Britain 10 years ago. Now, the outlook is benign despite the unknown outcome of the Brexit process

Unemployment is low, the numbers of job vacancies are high, and the type of work people are doing is changing.

In this article, TWP previews 3 workplace trends that are likely to become more apparent in the next year or two and the implications this may have for your business.

Recruitment and HR issues for small businesses

Artificial intelligence and automation are set to be two key growth areas when thinking about how they are deployed by businesses. Human resources and financial services are two sectors in particular which are bracing themselves for these changes.

In employee management today, there are already many new software programs that make sorting through applications easier. These services will reduce the time that employers have to spend in identifying who will be right for a job through advanced keyword searches and the ability to mine data to identify the educational and experience requirements needed for a role

If you spend a lot with recruitment consultants, AI may bring this particular cost centre down in the coming years.

Young people are aiming higher

Indeed.com, the job-search website, have carried out a survey on the interests of young Britons and recently published the results. The findings make for interesting reader, providing employers with an insight as to what the UK’s young people are aiming for, and potentially what the labour force could look like in the future.

The poll found that the amount of young people that are pursuing a “professional career” is rising. Indeed defines a professional career as an office job or a management role. In fact, the amount of management roles that are being applied for by those under 28 are rising dramatically also.

Roles that include the phrase “manager” and “coordinator” have seen a disproportionate amount of attraction from jobseekers. However, a common criticism of this increased interest is that young people are overestimating their own abilities and aren’t willing to start from the bottom and work their way up the ladder. Only time will tell if this is the case.

On the other hand, the data also shows that young people (under 30s) are more likely to hold service positions such as waiters and bar staff than their older counterparts.

What can we conclude from this? We’ve all seen inflation in people’s job titles in the last 30 years as a “sales rep” became a “senior UK accounts manager”. To attract the right young talent, will we now have to start appending everything with “manager” to draw attention to the roles we have on offer and will that mean increased salary expectations as a result?

The UK workforce job hops, or at least thinks about job hopping

Investors in People also recently published the results of a survey on the UK workforce’s attitudes towards their current jobs. The key finding that was published was that 47% of British workers are looking to move jobs.

Poor management is said to be the main reason for this level of unhappiness, with an increase of 7% on the findings of last year’s poll.

The second most cited reason for unhappiness at work is not enough pay. This ties in with the findings of Indeed’s study, as it may provide a reason why more young people are looking for more senior positions – which pay significantly more.

Get in touch

It seems that the British workforce is getting restless through a combination of perceived low pay and bad management. This is going to have knock-on consequences for all of us who take the risk to employ people.

For any employment-related accounting issues you’d like to talk to us about, please call us today on 01932 704 700 or email service@twpaccounting.co.uk.

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