Although more than a few analyses are already available for study, even without any statistical background it’s easy to assess that recently imposed legislative measures made the UK job market seriously crippled. Despite the government 2021 furlough program, which paid around a third of all workers to stay at home, millions of employees around the UK are facing an uncertain future. For many, it was a life-saving measure, for the UK economy with a cost of over 68 billion pounds it was the most expensive financial support package in recent time..
The resilience and the struggle of the UK job market
After almost two years of dealing with temporary closures and attempts to overcome problems and difficulties with shifting to online shopping and a new transportation regime, some industries are struggling more than others. According to the Office for National Statistics, the measured gross domestic product (GDP) in the UK, shrank by 19.8% in the second quarter of 2020 and by September 2020 it was still 8.2%. Compared with September 2021, the GDP has slightly grown by 0.6% but remains below the pre-COVID level in the first quarter of 2020.
Most jobs with consumer-oriented activities, including hotels and restaurants, have lost most of their revenue during April and May of 2020. Meanwhile, industries with activities based on communication and information, where most services could be provided from home saw no or very little change during 2020 and 2021, compared to the first quarter of 2020.
Increasing demand for digital solutions
The extreme conditions, which most industries have never experienced before, created a specific atmosphere and forced almost every company in the UK to become some sort of a tech organization. According to experts, it’s only the beginning as more employees will stay at home in the future. Also, UK-based news companies nowadays have an even larger interest in developing quality video content and choosing the best video platform, especially considering the opportunity for video ad monetization which can considerably increase overall revenue.
Right there, with this new, rising trend there is a possibility that newly discovered and advanced IT niches will be created and will require a new generation of tech employees. Although it’s probably too early to be certain, it’s safe to say that remote work from home and video conferencing already has a huge influence on the flourishing of various platforms dedicated to working as well as for entertainment. Needless to say, this specific environment creates the need for new methods, which is why digital solutions are in such an increasing demand in every industry.
Confidence in the future of the tech job market in the UK – valid or not?
Within the last year and a half, frequent lockdowns and similar measures forced many businesses, especially small ones, to cut the number of workers or to close doors entirely. Meanwhile, as expected, the online job posting dropped from 10 million pre-pandemic to 6 million during the same 1.5 year period. However, the tech job market in the UK is rapidly growing and this growth seems faster than ever.
This is a rather logical development and a result of a large number of investments in this sector, as well as the shift of IT infrastructure to programs dedicated to online retail automatization. However, with the explosive progress of the tech industry, some companies are facing a shortage of highly skilled professionals, and rising demand for new tech staff with specific knowledge and experience. This shortage is already noticeable in the cybersecurity industry and will be an even bigger problem in the future if this industry continues to progress, as was predicted. Employing an experienced cybersecurity worker is already a challenge, for small companies as well as for big corporations.
