Economists predict that it is new small and medium sized businesses including start ups that will pull the UK out of the economic downturn. Officially, the UK is no longer in recession as growth is at 0.3% for the last quarter. This year, 500,000 new businesses have been created so far, many of them by women entrepreneurs for their new career. Unemployment fell in the UK by 5,000 in the first quarter of 2013 while the number of people in work increased by 24,000.
Writing in Personnel Today last month, John Eccleston argued that the improving UK economy will lead to an exodus of talent. As the employment situation perks up, employee turnover is likely to increase. Employee retention will become increasingly important as talented but dissatisfied workers take flight. There is already a shortage in the UK of people with science and technology based skills. For career changers this environment is helpful.
Bloomberg reports that “service industries are holding up as the nation’s factories struggle”. Despite the second quarter slowdown, service industries are have been expanding at a faster rate in May. The labor market and the housing recovery are likely to stabilize overall economic slowdown in the US and the economic future looks bright.
For my support, contact me at Ghazala@careerchangeat40.com or give me a call. Together we will transform your career and hence your whole life.