The world of employment is changing all the time, and there are always big and sometimes scary headlines across the news. However, not all these headlines are negative, and some can help you to improve the way you run your company both now and in the future. To make sure you stay up to date and that you know exactly how the latest developments could affect you as an employer, read on for some of the latest news from the capital.
£30 Million for Young Employees
London will receive £30 million as part of the wider Get Britain Working campaign. This campaign aims to get employment levels to 80% and is one of the biggest employment reforms in many years. For instance, the aim is to increase apprenticeships, provide support for mental health issues and provide communities with up to £240 million. The £30 million they have given to London aims to get young people and those living with health conditions back in the system and earning a wage. This can improve many people’s mental health and quality of life and can even boost their self-esteem. Some of the initiatives this will fund include support for care leavers through an employment pack, digital resources, and removing the costs of childcare so that parents aren’t prevented from returning to work after their children are born.
A Lack of Positions in London
The London job market is currently facing a number of challenges that have increased in the last few years, including a lack of positions for those who are unemployed and limited growth opportunities. This can make it harder for people to get jobs, even when they have the correct skills and experience. However, this matches the trend throughout the rest of the UK and isn’t just isolated to London. This is also worsened by the fact that many companies are closing down or cutting the number of people they employ due to issues such as rising costs. This includes arts venues that are losing their funding and businesses which are still struggling after the disastrous impact of COVID-19.
London Unemployment Increases
Not only this, but the number of people who are unemployed in the London area is increasing, to the point that it’s the area with the most unemployment within the UK. For instance, the unemployment rate for young people in the city is over 14%, and is currently just over 8% for all age groups on average. This is partially due to a drop in the mental health of young people and an increase in chronic health issues that prevent people from working or that leaves them unable to take on a full-time position. Unemployment has been a problem in the city since the pandemic, along with the rest of the UK, especially as a lot of companies are now seeking to get people back into the office after years of remote working.
HR Companies Increasing
There’s an increasing number of HR companies in the city that can help both the satisfaction levels of employers and their team members. Many people trust HR companies and believe that they can give them the right insights they need. If you feel that a HR company would be right for your business and that they could help you out of any sticky situations that you currently find yourself in, you should consider speaking to the experts at HR Dept. They will be able to assess your current strategy and see where the problems lie, as well as come up with individualized guidance and support for you and your staff while you get back on your feet. This company also serves London, meaning that they have specific insight into the job market in the capital. This will allow you to improve your HR without feeling as if you’re on your own.
If you’re currently an employer in London, it’s important to be aware of the latest news as this could affect how many applicants you have, with many businesses now having to navigate thousands of applications for one position, and the types of skills that candidates will have. Staying up to date also allows you to understand the support that’s out there for you and your staff and whether you might have to cut back on the number of people you employ in the future. However, although employment in London might not currently be in the best position, this doesn’t mean that it’ll be this way forever as the government is seeking greater investment in opportunities and the economy is slowly recovering after the pandemic.
