Market Predictions: From Jobs to Trends to the Economy

Room of Doors

Last year’s big prediction fail centered around the UK’s Brexit decision and whether it would decide to leave or remain in the EU. The effects of this decision were also misjudged and gloomy recession-filled forecasts became downgraded as the economy retained its strength. But what of the coming year? Here are some of the main predictions that are set to affect the jobs market and recruitment should they come true.

Productivity in the Spotlight

Work/life balance, quality of life, flexible working and all of the above’s links to our productivity and bottom line profits have stolen the HR spotlight in recent years. That’s not predicted to change either as the UK lags behind its European counterparts in regard to productivity levels. So whether it’s a perfect perk or other productivity initiative, monitoring staff output has made it on to the agenda of 2017.

In addition, Chancellor Phillip Hammond has announced a £23bn productivity fund in his Autumn statement. 

New Laws and Legislation

We wrote last year of important changes for employers to consider in 2017.  These included Brexit, the Gig Economy, Gender Equality in terms of Equal Pay, the National Living Wage and the Apprenticeship Levy. Add to this the coming rise in the Minimum Wage from £7.20 to £7.50 an hour and you’ve got a lot for HR departments and employers to consider in the coming year.

The Devil’s in the Detail: Specific Jobs Forecasts

HR Grapevine listed some forecasts for specific job titles predicted to come into decline in the coming year. These are listed below and you can read their full write up here. Each job’s decline percentage rate is predicted in line with its growth outlook through 2024.

  1. Mail Carrier: -28%
  2. Typist/Word Processor: -18%
  3. Meter Reader: -15%
  4. Disc Jockey: -11%
  5. Jeweller: -11%
  6. Insurance Underwriter: -11%
  7. Seamstress/Tailor: -9%
  8. Broadcaster: -9%
  9. Newspaper Reporter: -8%
  10. Computer Programmer: -8%

In accordance with current predictions we have productivity, legislation changes and job demand changes on the horizon. We’d also like to add the sustained increase in demand for technical and digital talent that our recruitment agency observed throughout 2016.

Here’s looking forward to a productive and prosperous year!