Local Market Information, Growth Sectors & Future Jobs
What is Local Market Information (LMI)?
In a nutshell Labour Market Information (LMI) is the name for the facts and figures about jobs and employment regionally, nationally and globally. The information is used to give an overview of past, present and future work. The labour market is the term used to describe the amount of people working and looking for work and the amount of jobs available in different industries.
How can LMI help you with future careers decisions?
LMI can help you to understand:
- Which jobs are growing or declining - for example its is projected that Engineering companies in the UK will require 182,000 people per year with engineering skills up to 2024, there is currently an estimated shortfall of 55,000 skilled engineering professionals per year.
- What qualifications or skills you will need to do a job - for example it is projected that around one third of all jobs by 2020 will require a degree, degree apprenticeship or level 6 qualification.
- How much you might earn
- What a job involves on a day to day basis
- How your interests and skills are relevant to certain jobs - employability skills are highly valuable by employers
- What jobs are available in your region and also nationally
What should you consider when looking at LMI?
Remember, LMI does not tell you what to do. It is also not designed to give you a complete picture or a personal view of the job market, there will always be people with different views and experiences to what the data shows so you need to do your own research.
LMI does however provide a guide to jobs and the job market by looking at trends and averages. LMI can help you to:
- Consider aspects of jobs which you may not have thought about before
- Look at careers from different perspectives
- Ask questions
There are other things you should also consider when looking at LMI.
- The labour market changes - whilst LMI data is as up to date as it can be there is a delay between information being collected and processed.
- Figures for LMI are often rounded up or down and are not meant to be precise but offer a guide
- Think about exploring jobs with similar job titles
Regional Growth Sectors for Suffolk/Norfolk
Renewable/Clean Energy - In our region there are currently over 600 business mainly specialising in offshore wind, gas and nuclear energy. This sector contributes £1.4bn to the UK economy. There are over 12,000 jobs in this sector with thousands more employed in the wider supply chain. Planned investment in offshore wind and nuclear power will produce enough power to power more than 58% of UK homes.
Jobs in Renewable/clean energy:
Wind Turbine Technician - Wind Turbine Technicians maintain and repair wind farm turbines on land and also at sea. Average starting salary is around £25,000 rising to around £42,000 for experienced technicians.
Energy Engineer - Energy Engineers research, design and build power generation plants and work in the oil and gas industry. Average starting salary is around £20,000 rising to £80,000 for experienced engineers
Agricultural food - In our region there are currently over 8,000 business in Agri food. This sector contributes £3.5bn to the UK economy. There are over 91,000 jobs in the industry with many more employed in highly specialised sub-sectors within Agri food.
Jobs in Agricultural Food:
Land Based Engineer - Land Based Engineers build, service and repair agricultural, horticultural and forest machinery and equipment. Average starting salary is around £25,000 rising to £40,000+ for experienced engineers.
Agronomist - Agronomist advise farmers on soil management and crop production. Average starting salary is around £20,000 rising to £40,000 for experienced Agronomists.
ICT & Digital - In our region there is currently a workforce of over 24,000 in this sector with a further 35,000 digital technicians and engineers active in companies and other local sectors. ICT & Digital contributes £1.4bn to UK plc. It is currently estimated that this sector will have over 10,000 vacancies to be filled by 2024.
Jobs in ICT & Digital:
Digital Technician - Digital technical support staff diagnose and solve software and hardware problems for computer users. Average starting salary is around £16,000 rising to around £35,000 for experienced technicians.
Digital Delivery Manager - Digital delivery managers are responsible for the performance of a team and the digital products and services they produce. Average starting salary is around £37,000 rising to around £95,000 for experienced managers.
UK Growth Sectors
With the employment landscape constantly changing it can be difficult to know which industries have a bright future and will be offering employment opportunities.
- Transport and Logistics - The number of road freight logistics businesses grew by 229% between 2016-2019. The biggest opportunity for jobs in transport is in Data Analysis. This could well appeal to ICT and Maths graduates keen on solving complex problems.
- Financial Technology - This is a sector that is set to dominate the UK economy from 2019 and beyond. A recent survey showed that FinTech companies expect to grow by a staggering 88% between 2018-2021. FinTech roles will be ideal for anyone with backgrounds in web development or business.
- Construction - The UK construction industry has seen strong growth in recent times. Between 2016 and 2018 around 30,000 construction companies/businesses were born. The UK construction industry now accounts for 12.4% of all UK business. For anyone with a background in engineering, architecture or building work its a great time to get into a rapidly growing industry.
- Digital Marketing and Advertising - Digital marketing has grown rapidly over the last 10 years and shows no signs of slowing down. It's also not just advertising that is set to grow, social media and content marketing are also expanding providing great opportunities with people with degree level qualifications in Maths, English and Graphic Design.
- Energy/Renewable Energy - The Governments plan to have 15% of all energy consumption to come from renewable energy by 2020 has seen significant investment into UK based sustainable energy companies. It is currently estimated that the UK renewable's industry could support up to 400,000 jobs by the end of 2020.
What will the future job market look like?
With technologies and industries changing and developing all the time nobody can accurately predict the jobs that will be available in 50 years time because simple many of them do not current exist so the development of employability skills that you can take from one job to another will help you to take advantage of the changing world of employment.
However by using LMI and looking at the current trends in the employment market we can make some predictions about some of the jobs that are likely to be in demand over the next 10-20.
- Teacher - It had to be top of our list. Where would we be without them? More primary school teachers are needed as the population increases. Secondary school teachers are needed to teach Maths, Physics, Chemistry and Languages. The teaching workforce is projected to grow by 4.7% by 2024 creating over 23,000 jobs, during the same time it is projected that 33.7% of the workforce will retire creating over 160,000 job opportunities.
- Cyber Security Expert - The threat of cyber crime to business is on the increase. In a bid to to fight of e-criminals companies are increasing investing in ramping up their digital security. Globally it is anticipated that by the end of 2021 up to 3.5 million cyber security jobs are likely to be unfilled.
- Big Data Analyst - Data analysts are in high demand across all sectors, such as finance, consulting, manufacturing, pharmaceuticals, government and education. Engineering UK currently estimates that in the UK there will be around 157,000 new jobs created in big data by the end of 2020!
- Software Engineering/Development - Coders, Developers and Engineers are in high demand and there are not enough people with these skills to fill the rapidly increasing number of available jobs. Embedded engineers earn on average £71,000.
- Nursing - There is currently a shortage of around 40,000 nurses in the uk. The demand for Nurses is likely to continue to grow. Whilst bursaries for nursing degrees have been replaced by fees there are now alternative routes in to the profession with degree apprenticeships becoming more available.
- Care Worker - With the number of people aged 75+ expected to double by 2040 the need for people to work in the care sector will be substantial. The workforce is projected to grow by 6.6% by 2024, creating 61,100 jobs. In the same period, 32.2% of the workforce is projected to retire, creating 296,100 job opportunities.
- Mechanical Engineers - All Engineers are well paid and currently in demand, in the UK alone it is anticipated that around 182,000 people with engineering skills at level 3 and above will be needed every year through to 2024, it is estimated that there is a shortfall of around 55,000 each year. During this time it is projected that 23% of the workforce will be likely to have retired creating a further 21,000 job opportunities.
- Epidemiologist - There are likely to be lots of opportunities emerging in the world of life sciences. Epidemiologists study the patterns, causes and effects of diseases in groups of people. Typical starting salaries are around £24,000-£30,000, with experience this can increase up to around £38,000.
- Personal Trainers - Personal Trainers create one-on-one fitness programmes for their clients, motivating and guiding them to achieve their goals. The need for Personal Trainers is projected to grow by 4.2% by 2024, creating 2,600 jobs. In the same period, 31.9% of the workforce is projected to retire, creating 19,500 job opportunities.
- Carpenters & Joiners - The UK construction industry is growing and needs thousands of people every year to fill manual and non-manual positions. Apprenticeships help to fill the skill gaps in the industry. The need for Carpenters & Joiners is projected to grow by 1.2% by 2024, creating 3,200 jobs. In the same period, 25.9% of the workforce is projected to retire, creating 71,700 job opportunities.
Careerometer - comparing salaries, working hours, job prospects etc etc
The Careerometer is an excellent tool enabling you to look at and compare salaries, working hours, growth and job prospects for many different careers in the UK. Simple follow the link below.