Wondering what’s shaping the job market right now? We break down the top five stories you need to know this month, plus what they mean for businesses, recruiters, and job seekers alike.
The main focus for the job market in August is the high unemployment rate of young people in the UK currently, and potential solutions being proposed to get them onto the job ladder, from £5m Jobs Programmes to Government contracts requiring job creation.
Additionally, we look at new data from Indeed regarding AI in the job market, and Forbes’ report on the highest paying jobs in the UK.
National Grid announces £5m Jobs Programme for young people in the UK
Energy company, National Grid, has launched a new £5 million fund as part of the Government’s education reforms supporting young people into work. The ‘Power Within Employability Fund’ will be available to up to 1,000 young people in the UK, from 2027, with the goal to develop job skills and qualifications.
The new programme makes up a wider commitment to developing a skilled workforce needed for the energy and infrastructure projects from National Grid.
Chief Executive for National Grid, Zoë Yujnovich, said; “As the UK invests in the infrastructure needed for a more secure, more resilient and cleaner energy future, we will help thousands of young people build confidence, gain qualifications and take meaningful steps towards employment.”
Forbes releases report on highest paying jobs in the UK
Business magazine, Forbes, has released their findings on the highest paying jobs in the UK, based on the latest data from the 2021 Census, the Office for National Statistics’ Labour Market Report, and the House of Commons. Aimed primarily at students entering the workforce, as well as working professionals thinking of a career change, the report looks at average pay based on gender, age and region, and the highest paying roles, including those in AI specifically.
Some of the highest-paying occupations include pilots and air traffic controllers, marketing and sales directors, specialist medical practioners, and financial managers.
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Government contracts to focus on job creation over green targets
As part of the government’s drive to increase employment, specifically for young people, ministers will scrap green and progressive targets for companies, in favour of job creation targets. Under the current requirements, social value of government contracts makes up 10% of the overall decision; however, under the new guidelines, companies creating local jobs will be favoured and will make up 20% of the decision-making.
Louise Haigh, the First Secretary of State, says that the change will help small businesses as contracts worth less than £1m will be exempt, giving them more of an opportunity to compete against larger companies.
“Every pound of taxpayer money should be spent in a way that benefits local communities, creating good jobs and giving young people the skills they need for the future,” says Louise Haigh.
However, the plans have been criticised by environmental groups, saying that social values such as environmental targets and helping young people into work should be equally encouraged.
Major engineering recruitment drive launched by Amey
Infrastructure consultancy, Amey, has announced a recruitment drive of approximately 600 workers nationwide, with a focus on consulting roles in technical, engineering, project delivery and specialist disciplines.
While the majority of new hires will be skilled professionals, Amey has also designated 100 entry-level positions for engineering graduates and apprentices.
Gert Vermeiren, Engineering Sector Director for Amey, said: “For those joining the business, this is an opportunity to work on some of the UK’s most significant infrastructure programmes while building a rewarding career, supported by opportunities for growth and professional development here at Amey.”
Indeed data claims 'AI is creating a two-speed job market'
New data shows a divide between the technology industry and other sectors according to Indeed and Bloomberg. As more and more companies become interested in AI implementation, software-development vacancies and roles connected to AI have risen 14%, while job postings in other areas such as retail and manufacturing have dropped 10%.
It has been suggested that companies are using AI to reduce costs and automate entry-level roles, while valuing workers who can utilise the technology for the benefit of the company. This can make the job market difficult for recent graduates or people returning to employment, and is contradictory to government efforts to increase employment for young people.
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