One million more people are now underemployed!
In the past 30 years, the UK’s manufacturing sector has shrunk by two-thirds, the greatest de-industrialisation of any major nation. Specialised skills within manufacturing held typically by the older demographic, are no longer required. A belief in the importance of services, especially financial services, convinced politicians that it was ok to allow manufacturing employment to decline.
Many people in the workforce are placed in jobs where their skillset does not match their job. Many employees are working in low paying or are placed into low skilled jobs. Many individuals who would prefer full-time work are working part-time. “Why is this the case? This could be due to a shortage of required technical skills in the labour force.
Industries that are booming in the UK, along with skills needed to fit into that field…
UK-based Fintech firms are expecting an 88% growth over the next three years. The Government’s ambition is for the UK to lead the world in developing Fintech.
Many established banks are not well equipped to deal with the digital revolution – just look at what happened recently when TSB tried to upgrade their system. It may be possible that our banking system has not been developing its workforce, causing such consequences for banks. This means that many new jobs are having to be created, making it good for some whilst it being challenging for others – as many individuals are forced to relearn technical knowledge. To fit into this industry, modern knowledge is essential in understanding blockchain technology, cyber-security, and being able to adapt current knowledge to meet requirements for Fintech. Only then can skills be useful to the industry.
Biotech industry in the UK is flourishing. In 2017, British-based biotech firms raised a total of £1.2 billion through investment. As technology improves, biotech has huge potential for growth. Ultimately, it could improve people’s lifespan as its finding treatments for conditions like dementia, cancer, and feeding the world by improving the yield of crops.
The ideal employee needs to be graduated with new knowledge in this industry and be habitual in researching new technologies in biotech and biopharma. The individual needs to be creative, highly innovative, and be able to adapt their current skills to meet new business trends. It’s about staying ahead of the game, as everyday new research is carried out.
Something that may have been in sci-fi comics 30 years ago with no possibility of existence is now big business. Along with that, jobs that did not exist 10 years ago are now being created. The virtual and augmented reality market is expected to be worth 162 billion US dollars (£120 billion) globally by 2020, and firms in the UK wants to expand into the industry.
VR is not just for gamers – it’s becoming increasingly popular in the world of work too. The technology can complement fire and police training procedures, test safety measures, provide therapy for hospital patients and be a powerful tool in digital marketing as customers immerse themselves in new products and services. However, modern knowledge is needed once again, and this will only be found in modern graduates or people who have keen interest in the new technology.
As the economy is advancing, non-graduates in the UK are twice as likely to be unemployed than graduates, this is due to innovation making old practices and skills evaporate. The spur in new industries have caused a decline in old industries. The workforce in new industries who hold degree can earn an average of £12,000 a year more than non-graduates, as advanced knowledge is essential to today’s market!
As always, we wish you GOOD LUCK on your job hunt! Remember we have over 100,000 jobs to choose from on Zoek – make sure you don’t miss out on that modern-day career – Search now
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