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The pace of labor market change in the UK has dropped to the lowest level in decades, even severe depression, has been very different from the turmoil of the 1980’s, according to a study by the Resolution Foundation and the London School of Economics.
The think tank said their findings, which were published Thursday, were in conflict with popular perceptions that working life changes are growing, and robots are rapidly replacing humans and gig economics jobs instead of factory work.
“This is a very serious matter. The reality is that change has always been slower, not faster,” said Nye Cominetti, an economist at the Resolution Foundation.
The UK has seen significant long-term changes in employment away from manufacturing – whose staff fell by more than 5m between 1970 and 2021 – and performing arts, health and education services, as well as low-paid segments such as hospitality and supervisors.
The change was not achieved due to the violent dismissal of workers in the Middle Ages: a sharp decline in productivity was due to the constant shift of older workers to resign, while young people joined other groups, the report said.
But the rate at which employment in various sectors has grown steadily has declined sharply, reaching its lowest level in the last decade. Even in 2021, with all the migration caused by the epidemic, labor market changes represent only 7 percent of the workforce, about one-third of the risks that came in the late 1980s, the researchers found.
The Resolution Foundation said the settlement was a “mixed blessing for workers”, as it reduced the risk of layoffs, and forced downsizing – but also meaning less opportunities. a new job offering better pay and expectations.
The share of unemployed workers every three months fell between 1991 and 2019. But the share of employees who chose to change jobs each sector also declined sharply, from 3.2 percent in 2000 to 2.4 percent in 2019 – a drop of 25 percent. Currently, the proportion of employees who choose to move to work in a new field has dropped by 35 percent immediately.
This can be frustrating, as in 50 years, the pay rise of migrant workers has increased by 4 percent over those who choose to remain.
However, the report warns that the dynamics of the labor market are expected to rise in the next decade, with the integration of Covid-19, Brexit and zero reforms in the economy. The authors add that policymakers should try to minimize the change as much as possible by leading young people to work in the growing regions, rather than “trying to speed up the departure of older workers” in the 1980s.
“Employees should benefit greatly from this change and increase pay,” said Cominetti, adding: “More workers will also lose their jobs, and will need to be better protected than they did in previous major economic years. Change.”
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