As someone with responsibility for overseeing economic policy in your area, you are no doubt looking for answers as to how the crisis is affecting your area, so that you can help businesses and people respond and recover from the disruption.
Our new Response & Recovery report will help you get the answers you need. Using robust data and expert analysis for your local area, the report is split into the following three sections:
Below are just some of the insights offered in the report, along with details of how you can purchase a copy for your area.
The period of immediate upheaval and disruption, involving questions of triage, damage limitation and understanding the evolving nature of the economic impact within the local economy.
To understand short-term changes, we use Job Postings Analytics (JPA), to identify employer demand in your area. For example, the chart to the right uses job postings from the beginning of lockdown to mid-June across the country to show which sectors are least and worst affected, and where growth is starting to happen. Response & Recovery identifies these sorts of trends for your area.
We continue assessing the short-term impacts by delving deeper into the JPA data to show how specific jobs are being effected. For instance, the chart to the left looks at how employer demand has changed for the Top 20 highest employing job titles in the restaurant and pub sector from January to June, and we can do this for any specific sectors of interest in your local economy.
The period of recovery, including understanding ripple effects of industry decline, opportunities to maximise business growth, and matching skills supply and demand amidst rising unemployment.
Identifying how your area's key industries relate to unemployment is vital to understanding medium-term exposure. The report does this by mapping your area's most competitive industries to Claimant Count and Furlough numbers (see chart to the right). What this does is highlight which sectors that are most crucial to growth have the highest potential exposure to the crisis.
The closure of businesses and consequent loss of jobs in one sector will have a knock on effect on the rest of your local economy. Using our Input-Output Economic Model, we calculate "multiplier" effects through the supply chain, which enables us to arrive at an estimate for the potential direct and indirect loss of jobs and earnings throughout your area.
The period of resetting local industrial strategy, taking into account the acceleration of social and technological trends, including online retail, remote working, and fragilities in supply chains.
Understanding how your area's industries and workforce requirements may be changing is essential to long-term planning. Using ONS indicators on "Proximity to Others", the extent of furlough, and the presence of key worker roles, we can identify which jobs and industries in your local economy are likely to be the most and least disrupted as a result of the crisis measures.
A crucial part of recovery in your area will be ensuring that people get back into work as soon as possible. Through our JPA and Skills Library, our report identifies "skills adjacencies" between available pools of workers and rising labour market demand, so that you can work for the rapid redeployment of unemployed labour to meet the fastest-growing demand for new workers.
Whether you are interested in the report as a whole, or in any one or two of the short, medium or long-term sections, we can tailor a solution that meets your needs and are confident that the insights you'll get will be of huge value to you as you plan ahead.
So contact us now, and let's talk about how we can help your area respond and recover.