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Keeping on trendMark Beatson
Chief Economist, CIPD
Cycles and trends (and “events”!)
2
MegatrendsLong-term trends shaping work and working lives
• De-industrialisation and rise of knowledge-based services
• Technology and globalisation• Demographic change• More women in labour market• Increased educational attainment• Decline of collective institutions• Changing employment relationships
Short-term issues (2014/15)
4
More jobs and less unemployment
5Source: Office for Budget Responsibility
Carney’s magic 7%
Youth unemployment and NEETs – this time it’s structural?
6
More skill shortages?
• Usual suspects – skilled trades, IT, manufacturing professionals
• Emerging shortages – professionals in health and social work
• Big spatial variations• 60% of service firms and
81% of manufacturing firms reporting recruitment difficulties (BCC Economic Survey Q4 2013)
7Source: Employers Skills Survey, 2013
More EU in-migrants?
8Sources: ONS; European Commission Winter economic forecast.
Medium term issues (post election)
9
Fiscal consolidation – more to come
10
33
35
37
39
41
43
45
47
49
1978-79 1982-83 1986-87 1990-91 1994-95 1998-99 2002-03 2006-07 2010-11 2014-15 2018-19
Per c
ent o
f GDP
Current receipts Total managed expenditure
Forecast
Source: ONS, OBR. Excludes Royal Mail and APF transfers.
The ‘cost of living’ crisis - a productivity problem?
11Sources: Own calculations from ONS data; Office for Budget Responsibility, December 2013.
Skills – a demand or a supply problem?
12Source: OECD PIAAC survey
Europe won’t go away (even if Scotland does ...)
13Source: British Social Attitudes Survey
Longer-term issues (next 10 years)
14
Workforce ageing accelerates
Sources: CIPD calculations based on ONS 2012 Principal population projections and revised mid-year estimates for 2002 and 2007 , employment rates for May-Jul 2002 and 2012 based on the Labour Force Survey and CIPD assumptions for employment rates for 2017 onwards.
Who will stay ahead of the machines?Job Probability of job
losses in next 20 years
Recreational therapists 0.003
Dentists 0.004
Athletic trainers 0.007
Clergy 0.008
Chemical engineers 0.02
Economists 0.43
Real estate sales agents
0.86
Technical writers 0.89
Retail salespersons 0.92
Accountants and auditors
0.94
Telemarketers 0.99 16
Sources: Frey and Osborne, 2013; European Social Survey 2012 (% reporting 5 or 6 on a six-point scale)
Who’s eaten all the (American) pies? Was it the wolves of Wall Street?
Sources: US Bureau of Labor Statistics, Current Population Survey; World’s Top Incomes Database.
Thank you!
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