The leading Recruitment and Employment Technology Company, CareerWallet manages a portfolio of leading international job aggregators that help millions of jobseekers around the world find and apply for their next career move.
As the UK general election approaches, the implications for the job market are potentially significant especially as recent government data have shown a rise in unemployment and a stalling job market.
The election’s outcome will undoubtedly shape economic policies, regulations, and initiatives that will influence employment trends across sectors, regions and the UK as a whole.
CareerWallet processes up to 10 million jobs a day from recruitment globally and this wealth of data gives detailed insights into how economic and political changes impact the job market.
Based on current market trends and the potential scenarios following the election the firm has outlined how the election results could impact UK jobs.
Economic policies
A new government will bring substantial shifts in economic policy, directly affecting employment rates. The different political parties have all outlined varying approaches to fiscal policy, public spending, and taxation, all of which can impact businesses, investment and job hiring.
Taxation
Taxation will also play an important part in whether the job market expands and helps reduce unemployment levels. For example, lowering corporate taxes might encourage business expansion and new job opportunities.
Sector-specific impacts
Different industries respond uniquely to political changes, depending on the priorities and policies of the elected government. For example, increased funding for the NHS and healthcare services and government investment in infrastructure projects would lead to job growth.
Brexit and trade deals
Post-Brexit trade negotiations remain a critical issue. The next government needs to focus on securing favourable trade deals that can enhance export opportunities for UK businesses, leading to job creation.
Foreign investment
Political stability and favourable economic policies can help attract foreign investment, which would help create jobs in various sectors. For example, continuing to develop the UK as a global leader in tech and AI to encourage international tech firms to UK.
Employment market regulations
Employment laws and regulations are often subject to change following a general election such as policies enhancing workers’ rights or regulations aimed at protecting gig economy workers.
Craig Bines, CEO of The CareerWallet Group, said, “The upcoming general election has the potential to reshape the UK job market and is important that both jobseekers and employees need to understand how the election’s outcome might affect them.
At CareerWallet Group, we remain committed to providing insights and resources to help navigate these changes, ensuring that both businesses and job seekers can make informed decisions in a dynamic political landscape.”