UK Labour Markets
For the purpose of a sound analysis of the UK’s labour markets, the present reviews literature spanning roughly over a decade to capture an authentic picture. As such, we see in the past as far back as the mid 1990s the labour market of the country was much different from what it stands to be at present. In a 1996-research report, it is stated that in 1992 the signs of unemployment being reduced in the UK labour market was noted and there were a number of points that had the credit for this change in the situation.
The authors examined all the relevant conditions and steps taken to address this issue. The major point that they bring forth is the 1979-reform era embarked by UK Conservative government. These reforms were multifaceted and encircled a number of labour market institutions. Employment rights, social security, union activity, and minimum wage protection are the major areas in which the government took seriously positive reforms. Linked to these steps, the labour market of the country began to react.
Although the reaction was gradual, it did impact the labour market positively. Key events that span over this entire period are steady erosion of labour unions all through
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Tightening of security benefits, reduction in employment safeguarding, and other measures also played vital role to reduced unemployment. Thus from the beginning of the 1990s, the UK labour market started showing some positive signs with regard to reduction in its rates as compared to the past situation. One of the most significant player in the reduction of unemployment in the UK labour market was that regional bias was put to a halt in the phases of recession and recovery (Julian, 1996).
In another later report, it was revealed that the UK labour market was on the rise with regard to employment although unemployment was also recorded to mount. By December, 1998, the figures showed very positive signs for the entire market. In this case, a rise of 27. 2 million employees was estimated to be remarkable, something that was “the highest level ever recorded”. This report showed that key factor in bringing these positive signs was to get more and more right people for the right jobs, ones that had right skills.
Although it still remained a challenge for the government and the employer, it was the basic solution to the problem of unemployment. In figures employment in the UK labour market increased by 80,000 (in a quarter); 250,000 (over the year); and since 1997 spring it increased to 400,000, although the net increase for the unemployed (for a number of different reasons) was recorded to be 80,000 (M2 Presswire, 1998). Now, looking at the very recent picture of the entire UK labour market gives us a very bright picture.
According to a report, in the 2007 a survey conducted of 2,100 employers throughout UK revealed that the labour market at present remains robust as on employer out of five was planning to hire new workforce in the upcoming months. Although the entire market gave signs of positive development, the most productive areas of the market regarding labour utilization were reported to be the business services and the finance.
However, the major concerns of many of the employers as shown by the survey was that they are still in the continuous pursuit “to find the right staff and so having the right retention and recruitment strategies in place”. This was pointed out to be a decisive factor in today’s labour market given the changing global economic climate and complexities in relation to a number of work-related issues. Therefore, as compared to the past decade, the present UK labour market demonstrates very positive signs for the growth rate in employment across the region though different issues at unemployment also prevail (Grimsby Telegraph, 2007).