Labour Market in the UK and Personal Branding - Essay Example

Marketing yourself Table of Contents Marketing yourself Table of Contents 2 General Overview of Current labour market 3 Labour market in UK 4 Targeting 6 Positioning in the job market 6 Personal branding 7 Conclusion 8 References 9 General Overview of Current labour market The labour market condition can be considered as a reflection of the economical of the nation. When the economy remains at boom, demand goes high in labour market, hence the wages increases resulting in better living condition for the labour class. Again when economy faces rescission, demand for labours declines, wages moves downwards and the living condition gradually declines. After the downfall in world economy conditions are too bad in the labour market. Millions of workers lost their job; they were left alone to fight with their destiny. By cost cutting policies, they were forced to take jobs of lower pay scale. From last phase of 2008 onward labour market is in a pathetic condition. Though the data relies by government and non-government agencies reveals that many companies started recruitment phase, but this is mostly at the lower level and for the employees belonging to the age group of 19-24 years. The important grounds for selection of these workers are Communication skill (54%), professional qualification (41%) and work ethics (39%). It has been declared that just 15 percent of the employees will receive a review in their pays in the year 2009. Only 8% of the companies are planning to heir migrant employees and these should be highly skilled (ICPD, 2009). Labour market in UK The labour market in UK is composed of 31.23 million people as of 2008. Approximately, 1.3 % of this population is engaged in agriculture, 24.2% in the industry and 74.5 5 in the services industry. The unemployment rate of the country is about 5.6% as of 2008. (CIA World Factbook, 2009). According to a study by the Department of work and pensions, UK has one of the highest employment rates in the world (greater than 70%) and just lags behind Canada worldwide. UK has seen major ups and downs with regards to its employment rates. The percentage of the working population has however seen a northward trend since 1993. The report also states that the country spends the lowest amount towards the active based market programs when compared with other countries. UK spends less than 0.4% on its labour market programs as a percentage of the GDP which is much lower than its other counterparts in Europe. The reason for this can be attributed to the astounding success of the economy of the nation which has seen continuous periods of growth for about 57 quarters. Secondly there is very limited regulation and limits on the labour market. (Cort, n.d.). The recent economic downturn has taken its toll on the job market in UK. The unemployment rates have risen sharply. The latest figures released by the government shows that the total number of unemployed people in UK is about 2.26 million as of 2009. Analysts predict that these figures are likely to show a northward trend. Analysts predict this figure to reach a peak volume of approximately three million by the end of this year. The drop in the employment levels have dipped to their historical low values since 1971. The claimant count represents the number of people, who receive out of work benefits is presently at its highest mark since July, 1997. (CBI, 2009). A recent report by the CBI UK reveals that getting a new job in the UK market has become tougher than ever. The latest statistics reveal that the total number of vacancies in the job market stands at a historic low of 4.4 million as of May 09. The job market shows different statistics for the public and the private sector. While the private sector reported dip in the hiring levels, the public sector on the other hand reported an increase in the hiring levels. The level of unemployment is highest in the age group of 18-24 year old. The rate of unemployment of this age group has been pegged at 16.6% which is the highest since 1993. Apart from this employers are also forced to cut down on the number of jobs, most of the corporations have resorted to undertake steps like pay cuts etc. The worst hit groups are the fresh college graduates as firms are now trying to reduce their training costs, which is high for the fresh graduates as a cost cutting measure. It has been found in a CBI study that most of the recruiters had put a freeze on fresh hiring’s. Most of them have not given any salary hikes or have given minimal hikes to their executives. The economic downturn has forced all the corporations to reduce the amounts of bonuses that are being given to the employees. The average amount for redundancy payment is pegged at twelve thousand pounds. The study also shows that almost sixty one percent of the employers have put up a policy of freeze in their recruitment process. The construction sector has the highest percentage of recruitment freeze followed up closely by the manufacturing sector. The public sector on the other hand has seen a lower percentage of companies putting up a freeze on recruitment. It has been reported that approximately fifty six percent of the public sector organizations are still in the hiring mood despite the economic downturn. (CBI, 2009). The report also displays a gloomy picture of the future. The report states that most of the companies did not have a positive outlook about their hiring plans. Approximately, thirty five percent of the companies said that they had no answer as to when the hiring process would begin. On the contrary only nine percent of the corporate houses were of the view that things would be normal in a period of one year. (CBI, 2009). Targeting The term “targeting” means identifying right kind of segment and then concentrating on that section. While marketing myself I will try to find out those industries where I find better growth opportunities. For me the most important thing is the work environment of the organisation where I have to work. So I will first find out which are the industries that possess better growth opportunity in the coming future. Selection of the industries will be done on the basis of my graduation steam, my interest and my career plan. My first target will be those companies which are market leaders in their respective industry and enjoy a healthy financial stability. Positioning in the job market In term of marketing, positioning is a process though which one creates an image in the mind of the target market. So after I identify my target employers, I will try to develop my position in their mind. This will help me to develop an identity and will help me to convey how I can fit in their organisations. First of all I will try to identify what are the current job openings available in the target companies, what quality and skill they search in their future employees. After understanding the need of target market I will make an analysis, whether I fit in that position, is my qualification and past experience helps me to fulfil these requirements. Keeping all these factors in mind I will develop my Curriculum Vitae (CV) which highlights my qualification, my achievements and my skill that makes me eligible to apply for the targeted position. This will be a vital tool through which I can build a strong position in the employee’s mind. Since the preparation of a CV requires significant time and effort, I will also try and gain some outer knowledge in the meanwhile. This, I expect, will help to reflect that I am not a one-track person and can fit into multiple requirements. Personal branding Brand is a product or service which is distinguished from the other products and services. The same it true for self branding. It is not enough for me to identify the target companies; to get the appropriate position I have to develop my brand in the mind to my future employers. No doubt the market condition is not in a good state, so one has to work harder for developing a strong brand image in the market. There are many ways available through which I can approach the target companies. I can disburse my CV to different employment agencies and whenever the company’s requirement matches with my profile, I will get the change to apply for. I have another option; I can go directly to the company’s office and give a force application by submitting my CV. The company keeps that in their data base, as and when there will be a position which matches with my profile, I can expect to get a call for interview. Keeping a watch on the different news papers and magazine will also assist in getting the right opportunity. I will try to utilise the time gap between completion of graduation and getting a job in doing some short term professional courses as this will enhance my knowledge and will add weigh to my profile. I strongly believe that first impression is the last impression; so I will work on improving my communication skills and develop my personality to make a good impression on the interviewer. Conclusion After the world was hit with economical slowdown, labour market conditions are quite bad. Millions of people lost their jobs and the one who still retained the job are facing heavy cuts in their wages and fringe benefits. I know it is a tough time for a fresh graduate like me to get good job in the target companies, but a proper planning and marketing can make every thing possible. References CBI. 2009. Employment trends 2009. [Online]. Available at http://www.psmn.org/pdf/CBI_HN_employmenttrendssurvey.pdf. [Accessed on November, 13. 2009]. CIA. 2009. The World Factbook. [Online]. Available at https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html. [Accessed on November, 13. 2009]. Cort, M D. No Date. Active labour market policies in the UK. [Online]. Available at http://www.cicerofoundation.org/lectures/0804Presentation_Michelle_De_Cort.ppt. [Accessed on November, 13. 2009]. CIPD (Chartered Institute of Personnel and Development). 2009. Labour Market Outlook. Quarterly survey report Summer 2009. [Pdf]. Available at: http://www.cipd.co.uk/NR/rdonlyres/B825A8B2-7022-4D8A-B321-1AB38F1999B2/0/Labour_Market_Outlook_summer_09.pdf [Accessed on November, 13. 2009]. Office for National Statistics. 2009. Economic and labour market review.[Online]. Available at http://www.statistics.gov.uk/elmr/11_09/downloads/ELMR_Nov09.pdf. [Accessed on November, 13. 2009]. Read More