UK Labour Market Analysis

This essay analyzes the UK labor market in 2019, exploring trends like the rise in employment and unemployment rates. It examines the challenges of graduate employability, including the skills gap and the need for communication and teamwork skills. The essay also provides recommendations for institutions and employers to address these challenges and improve graduate employability. Desklib provides past papers and solved assignments for students.

Individual essay

Table of Contents
INTRODUCTION...........................................................................................................................1
1 Analyse the UK labour market 2019...................................................................................1
2 Students responds and suggestion for graduate employability challenges..........................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
A market where employer and workers communicate with each other where employer
wants to get labour and employees for their organisation and workers wants job for earning
money (Jenkins, 2017). This study shows about labour market trends of UK in which it tells
about loose labour market and tight labour market. It analyses strategies about talent
management and recommendation for graduate employability.
1 Analyse the UK labour market 2019
From the labour force survey it shows about the number of working people which has
been increased from July to December 2018, while the number of unemployed people are 8.63
million aged from 16 to 64 years were economically inactive that neither working nor available
to work. It was an estimated that 32.60 million people in work in which 1,67,000 more than for
July to September 2018 and 444,000 more than for a year earlier.
The Latest estimates from labour force survey, it shows about level of employment that is
increased by 141,00 in the UK in the three months to November 2018. This employment rate
increased by 0.2% points to 75.8% over the same period. The number of employed men
increased by 118,000 in the 3 months to November 2018. The number of employed women
increased by 0.2% points over the same period (Chung and Van der Horst, 2018).
The number of unemployed people increased by 8,000 in the three months to November
2018. In unemployment rate, male unemployment rate was higher than female unemployment
rate. Short term unemployment increased by 6,000 to 806,000 in the three months to November
2018. In medium term it increased by 11,000 to 219,000 and in long term it decreased by 8,000
to 347,000 over the same period.
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Labour market trends
Labour market is a place and market where functions of the forces of both demand and
supply happen. In labour market employer and workers interact with each other. Employer tries
to hire the best and workers tries for the best satisfying job. Labour demand is concerned with
the demand for workers in an economy. Data related labour demand is important as it shows and
help to explain variations in certain labour market behaviours, for instance, wage elasticities,
unemployment level and hours worked level. There are various factors that affect and determine
labour market like level of compensation that is offered by employer, skills and knowledge that
required for specific job and location of job whether urban, non urban rural.
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Illustration 1: UK labour market
Sources: (UK labour market, 2018)

There are mainly two types of labour market that includes: tight labour market and loose labour
market.
Loose labour market: It refers those markets where is a large supply of people looking
for work related to job openings. In this type of market an employer hire many desired workers
without increasing the current wage rate. Employer do not have to change their wage rate so it
can helpful as it decreases the cost of the company.
Tight labour market: It refers those markets who has more jobs than workers. In this
type of market employer faces many difficulties in finding qualified workers to fill the job. It
increases the cost of the company as they have to hire employees and workers in attractive pay.
A designed group of people who were born between 1946 and 1964 they are called baby
boomers. They are called baby boomers because in this period there was a statistically increase
in the number of births that occurred. Baby boomers were most physically fit, the wealthiest and
most active generation up to this era and were the first to grow up genuinely which were
expecting the world to improve with time (Khoudja and Platt, 2018).
The UK occupational classification system is used to classify workers according to their
occupation. They classified their jobs according to skill level and contents of workers. Over 32
million people in the UK are employed currently but professions face shortage problems.
Talent management strategies
Human resource management always focus on talent management that includes
acquiring, hiring and retaining talented workers. In order to business growth managers and
leaders need to engage and high performing employees. The purpose of talent management
strategies is it considers internal development programmes and provision of talent in order to
successfully meet organisation's future needs (Davis and et.al.,2016).
Strategies for staff retention
There are some strategies which every company follow for the retention or decrease
labour turnover such as: Flexible timing, career breaks, high quality supervision, competitive
salary and benefits, better employee engagement etc.
Family friendly policies: A family friendly workplace make employers possible in
decreasing labour turnover and provide flexibility to employees to more easily balance work and
family. Family friendly policies are laws and social policies which recognize the importance of
families to society. The main aim of this policy is to meet the needs of disabled family members,
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needs of children and the oldest generation. It also fulfils family and work obligation. Family
friendly policies benefit families, employer and society. It may includes work and family bill as
it permits fathers to provide benefits from additional paternity leave if mother returns at
workplace and office before the end of maternity leave. It includes flex time, job sharing, part-
time.
Flexible timing: Flexible working refers the flexibility in working hours which may be
part-time, working 2-3 days in a week etc. Flexible working hours help employees to find and
enjoy social life and work-life balance. It is a proactive flexible working policy. It gives positive
effect on retention and recruitment. Employers feel that flexible working can effect positively on
work-life balance and can improve employees morale. Flexible working improves retention rates
(McCollum and Findlay, 2015).
Higher quality of supervision: Quality supervision refers the way of taking care of
monitoring and controlling the quality of application. It involves stimulating the right candidate
to perform the right activities at the right time with the aim of achieving the right result. There
are some qualities required for improve the quality of supervising such as: ability to delegate,
positive attitude, communication skills, humanity and passion for the company. IT is important
for not only decreasing staff turnover but also for providing safe place and improving their skills
and morale towards the company.
Training: It is another main strategy of talent management which help in staff retention.
Many of the employees leave organisation because of lack of training and they can not
understand the given task and work. For improving skills of employees managers require
providing training in order to achieving organisational goals. Trained workers more focus on
work and do their task effectively which lead in higher productivity and maximizing profits.
2 Students responds and suggestion for graduate employability challenges
Graduate employability refers those institutions and employers that want to support and
have supported the students' knowledge, attributes and skills which graduates need to succeed in
the workforce and for their future improvement.
For graduate employability managers should focus on capacity to gain appropriate job.
There is rapid growth in number of students. Rapid population growth limit in growth of jobs
which create a severe problem about unemployment.
Recommendation for institutions
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Communication with employer: In order to create work experience opportunities, it is
important for candidates and employees to communicate with employer (Thompson and
McCabe, 2016).
Bridge the skills' gap: Engagement with business is important to facilitate closer
correspondence between skills that business want and skills that employees possess. There is a
link and relation between soft skills like critical thinking, flexibility with hard skills like faculty
related attributes and technical.
For measuring employability, institutions and employer should consider the number of
employees which are visiting to campus. It should also consider number of hours which they
need to provide their students for career planning. With the help of consideration, the growing
importance of employability in higher education it can continue to develop graduate
employability ranking and employees want input from employers.
Capacities and skills which employers looking for
There are requirement of ability and skills which employer look for that are:
Positive attitude: It is important skills that are required and necessary which every
organisation and institutes seeks. Positive attitude shows employer that employees are ready to
give their best and will work hard for achieving determined goals.
Communication: For working in organisation communication skills play an important
role. It shows employer their listening power, way of transferring and delivering messages.
Team work: Team work means to help each other at workplace. It helps in improving
relationship with employer and other staff.
Problem solving: It is also important in order to find solutions of problems and difficult
situation. It is important to develop creative solutions and improve performance.
Willingness to learn: This skill and ability shows employer that employees are happy at
workplace and want to learn new things for improving their skills towards achieving goals
(Hamade, Artail and Jaber, 2011).
CONCLUSION
From the above study it has been concluded that labour market is important and helpful
to employers and workers because there employer can get the best employee for their
organisation. It showed about skills which required to employers and they looking for in order to
fulfil their vacancies according to work and employability.
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REFERENCES
Books and journals
Chung, H. and Van der Horst, M., 2018. Women’s employment patterns after childbirth and the
perceived access to and use of flexitime and teleworking. human relations. 71(1).
pp.47-72.
Davis, T. and et.al.,2016. Talent assessment: A new strategy for talent management. Routledge.
Hamade, R.F., Artail, H.A. and Jaber, M.Y., 2011. A study of the impact of the willingness-to-
learn of CAD novice users on their competence development. Computers & Industrial
Engineering. 61(3). pp.709-720.
Jenkins, S., 2017. Gender, place and the labour market. Routledge.
Khoudja, Y. and Platt, L., 2018. Labour market entries and exits of women from different origin
countries in the UK. Social science research. 69. pp.1-18.
McCollum, D. and Findlay, A., 2015. ‘Flexible’workers for ‘flexible’jobs? The labour market
function of A8 migrant labour in the UK. Work, employment and society. 29(3). pp.427-
443.
Thompson, L. and McCabe, R., 2016. ‘Good’communication in schizophrenia: a conversation
analytic definition. In The Palgrave handbook of adult mental health (pp. 394-418).
Palgrave Macmillan, London.Jenkins, S., 2017.
ONLINE
UK labour market. 2018. [Online]. Available through.
<https://www.oecd.org/unitedkingdom/Employment-Outlook-UnitedKingdom-EN.pdf>
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