We all know it’s really important to research the jobs market. Keeping up to date with changes in your sector is critical to your success. This practice is not just for those looking for their next job. It’s also important as part of your career management.
A PESTLE analysis is one of the most effective frameworks available for understanding the ‘big picture’ and external environment in which an organisation operates. Therefore, it’s also a valuable tool to use for your personal research.
- Political landscape
- Economical changes
Political Landscape and Economical changes
The political environment affects everything that concerns the jobs market today and in the future. Of course, we can not mention politics without mentioning Brexit. However, the political landscape has always had an impact on the jobs market. Love or hate politics it’s well worth keeping aware of the changes in your sector.
Fiscal Policy (taxes):
- Income tax
- National Insurance contributions
- Corporation tax
- Capital Gains tax
- Inheritance tax
- Excise duties
- Value-Added tax
- Council Tax
Monetary Policy: This is a government policy designed to control the amount of spending in an economy. It’s concerned with altering the money supply, interest rates, exchange rates and the amount of credit that is available to customers. Interest rates for example, which are now the responsibility of The Bank of England. This has a direct impact on loans and mortgages.
Nationalisation verses Privatisation: Deregulation or contracting out or the sale of a public corporation (transfer to the private sector).
Regulation and legislation: Health and Safety Executive,
Law: Criminal law, Civil law and Employment Law.
Every country has a distinctive mindset and attitude. These attitudes, values and cultural influences have an impact on the businesses. The social factors might ultimately affect the sales of products and services.
Some of the social factors you should study are:
- The cultural implications
- The gender and connected demographics
- The social lifestyles
- The domestic structures and classes
- Educational levels
- Distribution of Wealth and disposable incomes
Other social factors that affect the job market:
- Buying habits
- Emphasis on safety
- Religion and beliefs
- Health consciousness
- Family size and structure
- Attitudes toward saving and investing
- Attitudes toward green or ecological products
- Attitudes toward for renewable energy
- Population growth rate
- Immigration and emigration rates
- Age distribution and life expectancy rates
- Attitudes toward imported products and services
- Attitudes toward work, career, leisure and retirement
- Attitudes toward customer service and product quality
This is probably one of the biggest and faster-changing factors to have a significant impact on the jobs market. It influences how we work and live. The methods of communications available to us now are incredible.
There are so many ways of getting our messages out into the world!! A variety of methods of communicating, iPhone, Skype, WhatsApp, FaceTime, Video, YouTube etc.
- Social media platforms
- Medical technological advances
- Cyber Security threats
- Electric cars
- Self-drive cars
- Artificial intelligence
- Live and online streaming movies
- Robot Agility
- Gene Editing
- 3D Printing
- Forensic Science advancements
- Drone delivery service
And this is only the start of what’s truly possible in the future.
Legislative changes take place from time to time. Many of these changes affect the business environment. If a regulatory body sets up a regulation for industries, for example, that law would impact industries and business in that economy. So, businesses should also analyze the legal developments in respective environments.
- Anti-discrimination laws: Rrace, religion, sex, age, harassment, etc.
- Health and safety at work: Work breaks, work time and shifts, safety equipment, clothing, etc.
- Work environment regulations: Temperature, hygiene, facilities
- Protection against dismissal, trade unions regulations, fair and minimal wages regulations, welfare, etc.
- Minimum contract requirements and mandatory contract elements
- Mandatory health and social insurance requirements,
- Laws involving the employment of foreign workers and managers
- Anti-immigration laws, healthcare laws and mandatory healthcare insurance
- Retirement laws, retirement plans and mandatory insurance
- Legal factors involving consumer protection legislation
weight and measures laws: Standard weighting equipment, norms, attestations etc.
- Product description laws: To avoid misleading and fraudulent advertising etc.
- Consumer credit regulations: Protecting against unfair financing activities, loans, interest rates, age restrictions for buying particular goods etc.
The location influences business trades. Changes in climatic changes can affect the trade. The consumer reactions to the particular offering can also be an issue. This most often affects agricultural businesses.
- Climate change
- Availability of non-renewable goods
- And consequently
- Availability of certain renewable goods
- The existence of certain biological species
- Workplace efficiency
- Environment-related laws
In our fast-changing modern workplaces, it’s essential to understand how all of these factors impact on the jobs market. We hope this article has given you some food for thought. There are no jobs for life. With this in mind, you need to future-proof your career. Take full responsibility for keeping your knowledge, skills and experiences up to date.