Latest labour market trends from the ONS, support for female entrepreneurs plus Apple and Microsoft’s brand new AI tools
Whilst stats from the ONS can make interesting reading, it’s vital that you understand what impact the trends they identify can have on your business. For example, you may need to opt to take on fewer staff, but pay a higher wage in order to improve retention. Female entrepreneurs can also benefit from a new finance resource aimed at providing women with the resources they need to start or grow their business. Read on to find out more…..
Latest labour market trends: what they mean for your business
The latest labour market report from the Office for National Statistics shows a few important trends that might affect your business.
First off, it looks like the job market is starting to cool down. It’s estimated that there are fewer job openings now, which means businesses aren’t hiring as much as before. On top of that, the unemployment rate has gone up to 4.4%, which is higher than it was last year.
When it comes to employment, the data is a bit mixed. Recent surveys and tax data show a slight drop in the number of jobs. However, the overall picture since December 2023 is more positive, with an increase of 431,000 jobs. So, while there have been some recent declines, the long-term trend still shows growth.
Interestingly, more people are not working or actively looking for work. The rate of people who are inactive in the job market has risen to 22.3%. This could mean more people are staying out of the workforce for various reasons.
On a brighter note for employees, though not necessarily for businesses, wages are on the rise. Regular earnings have grown by 6.0%. After adjusting for inflation, people are still earning more, which is good news for employees and may assist morale in the workplace.
However, there’s also been an increase, both since last month and since last year, in the number of people claiming unemployment benefits. This has now reached 1.629 million.
So, what does all this mean for your business?
- You might want to reconsider your hiring plans for now. With fewer job openings and more people out of work, focusing on retaining and training your current employees could be a smart move.
- It’s also important to plan for higher wages, as pay rates are going up.
- Offering flexible work options or training programs could help attract people who aren’t currently working.
Looking ahead, although there are some short-term changes, the long-term trend shows that job growth is slowing down. As ever, it’s essential to focus on sustainable business practices and long-term planning to navigate these changes in the job market.
Invest in Women Hub launched
If you are a female entrepreneur in the UK, you can now access a new resource designed to help you access the finance you need to start, grow, and scale your business. The new hub is designed as a one-stop shop that provides the resources and information you need.
For example, to try and simplify the process of finding a finance partner, the hub has a ‘Find a Finance Provider’ tool. The tool includes business incubators, accelerators, and venture capitalists within the options it provides. The Hub can also help you to connect with networks and to find a mentor.
The Rose Review published in March 2019 said that £250 billion could be added to the UK economy if women started and scaled businesses at the same rate as men. The new hub aims to help female entrepreneurs do just that.
The Hub is run by the Council for Investing in Female Entrepreneurs, a voluntary collective established to encourage and support women in business.
For more information, see: https://iiwhub.com
Extended Fisheries & Seafood Scheme now closed
We reported last week that the Fisheries and Seafood Scheme (FaSS) had been reopened after a further £2 million of funding was made available.
However, due to overwhelming demand the scheme has now been closed to new applications.
Any applications received prior to 12.00pm on 10 June 2024 are currently being reviewed. Any applications made after this time will unfortunately not be considered.
See: https://www.gov.uk/government/news/extended-fisheries-and-seafood-scheme-closes-for-2024
Apple Intelligence
At WWDC 2024 last week, Apple unveiled its much anticipated first step into artificial intelligence.
Apple’s strategy is to use AI within its ecosystem to enhance user experiences, focusing on practical applications. These AI features are designed to enhance the functionality of Apple’s operating software for Mac, iPad and iPhone, and one of the standout features is an update to Siri, Apple’s voice assistant, that will improve its voice control and functionality.
During the announcement, Tim Cook expressed his belief that Apple’s unique combination of hardware, software, and services integration gave them an advantage over other tech companies making use of AI.
A key concern for businesses will be how Apple implements privacy and security. While some processing will be done on-device, more complex requests will require the use of the cloud. Apple emphasised that they have robust security measures in place, but due to the privacy and security concerns that can surround AI use it will be important to see exactly how they implement these before committing to widescale use.
Many businesses are also finding it difficult to work out how to apply AI to their work and workflows. It may be that by focusing on practical applications, rather than flashy technologies, Apple Intelligence is able to help users boost their productivity in meaningful ways.
Apple Intelligence is not coming to all devices though. In the current lineup, only the iPhone 15 Pro and Pro Max, and Macbooks and iPads with M1 chips or later, will be compatible with Apple Intelligence. This means that there could be a drive to buy the new iPhones and Macs that are capable of running these advanced AI features. This would be good news for Apple, but perhaps not for your IT budget!
See: https://www.apple.com/apple-events/
Microsoft recalls “Recall,” its new screenshot feature
Sticking with an AI theme, Microsoft also recently announced changes to Windows that will incorporate Copilot+, its AI solution.
One of the new features of Copilot+ is called “Recall” where screenshots are frequently captured of whatever desktop activity is happening at that moment and then storing them. This was advertised as a function to make users’ lives easier.
Recall is a feature that can search through a users’ past activity, including their files, photos, emails and browsing history. In addition, the tool also takes screenshots every few seconds and stores them.
Users were understandably concerned about the privacy aspects of this and claimed that hackers may be able to misuse the tool and the saved screenshots. The Information Commissioner’s Office (ICO) also weighed in on the discussion and have said they are making enquiries about it.
As a result of the concerns raised, Microsoft have backpedalled and now confirmed that users will have control over what Recall accesses and saving screenshots will be an opt-in choice during setup that is turned off by default.
Microsoft say the updates will be implemented before Copilot+ PCs officially launch on June 18th.