Employment set to rise as the UK hits its pre-recession peak in 2014
This week a few different groups have come forward in the news to announce that the UK is getting right back on track financially – excellent news for those looking for work, and for businesses who are looking to expand their teams. It is widely predicted that this summer, the size of the overall economy will overtake the peak level it hit before the 2008 financial crisis. Not only is this a return to form, it’s a great platform for future growth and prosperity and a chance for a new generation of workers to cut their teeth in commerce.
Businesses right across the UK are already feeling the benefit as they expand and create jobs, and future predictions for growth are furthering their ambition and drive to succeed. The British Chamber of Commerce (BCC) thinks that this ‘peak’ will hit in the autumn, and things will continue on an upward trend from there. Its 2015 forecast has also been upgraded from 2.4% to 2.5%, and it predicts that the UK’s interest rates will start climbing again from an historic low of 0.5% to 0.75%. Reflecting this – there are 500,000 more people in work this year than at the same time last year, and it’s set to get better. This is largely due to businesses expanding and growing, replenishing and growing their teams for the challenges that lie ahead. Many new businesses, or businesses that were established in the past 5 years during the economic downturn, will see this as a chance to excel and finally reach those targets they’ve been longing to hit. Small businesses in particular will be looking to catch the updraft, and take on skilled new workers to help with the next phase of growth and capitalise on any opportunities that come their way.
Finding the right staff for the job is never easy, but with more jobs being created the jobseeker market is going to see a lot of mobility and change, with many people looking to move from part to full-time work, or perhaps get a foot further up the ladder and retrain to be more desirable. Things like accounting and other finance based professions are set to boom as businesses broaden their horizons and look to manipulate their data and adjust their strategies in various ways. This jostling for position will be integral in the hiring of new staff, with many employers interested in what value potential candidates could bring to a role. While the job market and employment in general is set to grow, so will competition for jobs – so it’s going to become even more important for businesses to hire the right staff for the job.