This year has seen massive disruption in the labour market, and one of the biggest challenges has been simply trying to understand what is happening. Getting answers on how the upheaval is affecting your area is crucial for your college to be able to respond with the right courses and appropriate upskilling.
Our new consulting offer - Assessing the Economic Disruption in Your Area - uses data for your area to help you understand how the disruption is affecting your local economy in terms of:
Below are just some of the insights offered in the report, along with details of how you can purchase a copy for your area.
To understand how the disruption has affected your area, we first put it into context by looking at the industry, occupation and skills mix of your local economy, before going on to look at the initial impacts of the crisis.
We begin by looking at industries and occupations in your area, comparing numbers employed and recent growth with that seen in the rest of the country, before looking at how this year's disruption has affected employer demand for these jobs and sectors. In the chart to the right, we have used our Job Posting Analytics to identify how demand for each sector in an area has changed throughout the crisis, compared to the UK as a whole.
One of the most important aspects of responding to the crisis is understanding changing skills demand. In this section of the report, we take a look at characteristic skills demand in your area prior to 2020, along with how this has been changing since the initial lockdown. The chart to the left shows demand for skills in a Local Authority region, broken down into high, middle, service-oriented and labour-intensve skills.
In this second section, we look at the longer-term to ask how your area's industries are exposed to the ongoing disruption using metrics which include their mix of roles, Claimant Counts and Furlough measures.
There are a number of measurements we can use to show how the crisis has affected your local economy, with one way being to compare your area with other locations in terms of Claimant Counts and numbers Furloughed as a proportion of the economically active population. In this chart, we have highlighted five of the 38 LEP areas, with those in the upper right quadrant being those that have seen the most disruption for their resident workforce.
We also look to understand the effects of the crisis on your local workplace economy, which we do by combining national data on the share of employees furloughed in each industry with data on how important each of these industries is for your area. The adjacent chart shows the specific strengths in a particular local economy, and how these score in terms of Covid-related disruption, as measured through Furlough take-up.
The question that falls out from the impacts on industries is: which jobs are going to be affected? The report concludes with a selection of data on critical roles, including their typical education level and share of younger workers.
Using a combination of HMRC's Furlough data, together with our own insight, we've developed a model which estimates detailed industry risk. Using our staffing patterns, we use that model to identify the risks facing each detailed occupation in the economy. On the chart to the right, we've highlighted the most affected occupations in a local economy, showing the percentage share of jobs found in a highly disrupted industry environment.
While understanding the individual risks facing occupations is important, the impact on a regional economy is demonstrated by the interaction of risk with the volume of jobs involved — a niche role with the highest risk can be less important than a role with a medium risk but a very large number of workers affected. In the chart to the left, we bring these two factors together, ranking roles by the number of jobs at risk.
As the repurcussions of this period of immense change continues to unfold, make sure your college understands the dynamics of its local economy, so that you can respond appropriately to the needs of your community.
Contact us now, and let us help you assess the situation in your area.