LABOUR MARKET

The UK Labour Market

The UK Labour Market

Introduction

The job market of the United Kingdom, as compared to the rest of the world, is very lucrative and appealing. The reason for this is because it is extremely flexible and there are a lot of opportunities available there for the people. The market has an unemployment rate below 8% (as of 2012) in comparison to other EU countries. Most of the jobs are in the southeast of England, while in the north of England, Scotland, Northern Ireland and Wales there is considerably more unemployment. Permanent jobs for people with proper education are easy to find but even for people with little education, it is relatively easy to find part-time and temporary work.

UK's Labour Market Statistics

According to a report by the Office for National Statistics, UK (2012), the employment rate for workers between the ages of 16 and 64 increased by 0.5% between June and August to almost 71.3%. the number of employed people increased from 212000 to 29.59 by August 2012.

On the other hand, unemployment decreased by 0.2, reaching 7.9% by August 2012 from March 2012. During August, there were 2.53 million unemployed people in the country, which revealed a decrease in unemployment by almost 50000.

Total earnings in UK rose by 1.7%, according to the August quarter (including bonuses) and regular pay (excluding bonuses). Regular pay during the quarter of June to August rose by almost 2.0%. Currently, there are more than 9.04 million economically inactive people in the UK, which is almost 138000 less from the quarter of March to May (Office For National Statistics. 2012).

Types of contracts

In addition to working full-time employee, there are other options in the labor market:

Part Time

Part-time work is very popular with foreign students, who try to combine their studies. Students usually find part-time work in pubs, restaurants, shops and offices.

Temporary

Temporary jobs are usually for a period of time or intermittent. It is a widespread trend among UK companies, and is relatively easy to find such employment. There is demand for secretaries and administrative offices on temporary basis. If qualified, a person is likely to earn more with a temporary job than with a fixed contract. A person can also find temporary work in construction, gardening, doing market research, as a model in the art schools, cleaning, babysitting, etc.

Contractors

Such people are usually self-employed and specialize in engineering, accounting, electronics, information technology, consulting and other specialties. Some jobs are highly paid and many people prefer to take up such jobs, because they can earn double or more than they would with a contract employee.

Volunteering

Although such jobs do not pay, some of them tend to give food and shelter. Additionally, it is a good option for people wishing to build up a strong CV.

Major Industries

The UK has a population of 57.19 million people and comprises of 9 regions (the North East, North West, Yorkshire and Humber, East Midlands, West Midlands, East of England, South West, London, South East) plus Scotland, Wales and Northern ...