The economic situation on the Isle of Wight is far from poor but, based on recent statistics, it’s trailing the rest of the UK in certain areas. Specifically, the local job market is below the national average in terms of employment rates and qualifications. Official data cited by Varbes [1] shows that 92.5% of the population (those of working age) was employed in 2022. The average employment rate in England for the same period was 94.8%. Of the working-age population on the Isle of Wight, 53% have two A-levels or more, while 9% have no qualifications.
Delving deeper into the qualifications data, 31.3% of the working-age population has a degree or higher. In England, 42.8% of the working-age population has a degree. What we can infer from this is that, at the top end at least, there’s a skill discrepancy between the Isle of Wight’s employment sector and its equivalent in England. We can support this claim by looking at occupation data. For example, the number of skilled metal and electrical workers decreased by 40% between 2021 and 2022. There were 17.6% fewer health and social care professionals in 2022 compared to 2021, and the number of skilled construction workers was down 27.6%.
There’s a Skills Gap that Needs Addressing
These statistics support the idea that we’re lacking skilled workers and people with higher qualifications. Why this is the case requires a separate discussion. For now, we can look at what can be done to improve the Isle of Wight’s employment sector which, in turn, will help the economy. There are, of course, various many possible solutions. As always, complex problems require complex answers. However, in an economy with fewer skilled workers than in other parts of the UK, immigration is a viable solution.
As noted by Alan Manning, writing for the London School of Economics, “Immigration means more people and more people means a bigger economy”. Based on this, “immigration almost certainly increases growth” of an economy, according to Manning. Therefore, if more people move to the Isle of Wight, it has the potential to improve the economy. One way to attract people is to offer jobs. This, of course, requires local companies to open their doors to foreign workers and, in particular, skilled workers. Attracting foreign workers requires more than an attractive remuneration package.
Companies Can Bring More People to the Isle of Wight
Companies need to follow the correct procedures in order to recruit foreign workers. As noted by immigration law firm Reiss Edwards, UK employers planning to employ workers from overseas are “required” to obtain a sponsor licence. A sponsor licence requires a business to uphold various HR reporting requirements and, moreover, offer lawful employment to foreign workers. Getting through the sponsor licence application process almost always requires the help of a lawyer. Experts in this field can vet businesses before they start the application process to ensure they meet the necessary standards to obtain a sponsor licence.
They can also help with the paperwork and ensure what’s often a slow process moves as quickly as possible. Therefore, it’s a process that can’t be navigated alone. Becoming a company that’s capable of employing people from overseas is only step one. You need to offer attractive employment conditions in order to get people over to the Isle of Wight. However, it’s the most important step in the process. If local companies can tap into this system, it could bring more people to the island. More people means a more buoyant jobs market which, if the experts are right, means a better economy for everyone.
Further Reading:
1. Island Businesses benefit from University of Portsmouth’s help to grow management course
