Accessibility options | A A A | text only

Business, Administration and Finance

Future Trends

 

Future Trends.jpg

Administration

  • Administrative and secretarial occupations are projected to see a loss of almost 400,000 jobs, a fall of around 11 per cent, largely as a result of the continuing impact of technology in the workplace. There is still expected to be around 3 million jobs in this occupational area by 2020 but its share of employment will have fallen from 12 per cent to 10 per cent, according to the projections.
  • The number of people working in administration at highly skilled levels however is predicted to continue to rise.
  • Staff will increasingly need to offer a range of skills - for example, not just secretarial skills but additional skills in customer care or specialist skills such as languages, or strong IT ability.
  • Developing technologies are changing the way all businesses work and there is likely to be an increase in remote working in some areas. For example, some secretarial services can be provided by a specialist agency, or individual, working in a different place to the business they are offering the administrative service to.
  • Administrative staff can be vulnerable to cuts in large organisations - such as the Health Service - particularly if their level of skill is low.

Projection figures from 'Working Futures 2010 -2020' Warwick Institute of Employment Research - December 2011.

Business

  • Businesses operate across all the sectors from engineering, science, manufacturing and scientific businesses to care, IT and digital technology. So they are affected by that sector's prospects - it pays to check out the prospects for the business sector you are considering entering.
  • Developing technologies are changing the way all businesses work and there is likely to be an increase in remote working in some areas for some staff who may be responsible for a much larger geographical area.
  • Lower level skills jobs will be at the greatest risk as technology increasingly takes over lower skills tasks.
  • Highly skilled business services jobs are predicted to grow over the next decade.
  • Business and other services also incorporates a diverse range of industries, including computing services as well as business and finance. It was initially hard hit by the fallout from the credit crunch and subsequent recession, especially in the areas of banking finance and real estate. Despite this the sector as a whole is expected to stage a significant recovery, being projected to grow in output terms by almost 4 per cent per annum over the longer term. Employment in the whole sector is projected to increase by around 1.2 million by 2020 (a rate of growth of around 1.3 per cent per annum).
  • Employment in business & other services fell by about 3 per cent in 2009 and by a further 0.8 per cent in 2010. In 2011, following the recovery in output, a pick-up in employment is also expected, but only at a very modest rate. However, this is the only broad sector that is expected to have rising employment in 2011.
  • The recovery in business & other services is forecast to strengthen over 2012-13, led by finance & insurance, professional services and support services, with a more moderate pace of recovery expected in real estate.

Projection figures from 'Working Futures 2010 -2020' Warwick Institute of Employment Research - December 2011.

Finance

  • Business and other services incorporates a diverse range of industries, including computing services as well as business and finance. It was initially hard hit by the fallout from the credit crunch and subsequent recession, especially in the areas of banking finance and real estate. Despite this the sector as a whole is expected to stage a significant recovery, being projected to grow in output terms by almost 4 per cent per annum over the longer term. Employment in the whole sector is projected to increase by around 1.2 million by 2020 (a rate of growth of around 1.3 per cent per annum).
  • Financial services industries are still facing challenges at the moment because of the economic downturn and the takeover of some banks by central government. However, there will continue to be a range of opportunities at various levels for skilled people in this industry, which is the UK's most successful industry and is central to the UK economy.
  • The UK insurance industry remains strong - it is the largest in Europe and the 3rd largest in the world. Although it has seen set-backs, with floods and unemployment premium payouts, employment in the sector is expected to grow.  This has been made possible due to increasing internet sales, product diversification and higher premiums for customers. 
  • Developing technologies are changing the way all financial services work and there is likely to be an increase in online financial services.
  • Continued online growth not only in sales but in customer support and banking will result in some future job losses in customer-facing branch jobs.
  • Growth will be in higher skilled jobs such as call centre work needing customer service skills and highly qualified staff in the financial services sector.
  • The predicted recovery in finance & insurance and professional services may not lead to large numbers of jobs though as globalisation and completion from financial centres in the Far East in particular may limit these prospects.

Projection figures from 'Working Futures 2010 -2020' Warwick Institute of Employment Research - December 2011.

Do you want to find out more about general future trends in the job market?