Spotlight on Business, Administration and Finance

Transcription

1 Information Technology Hair and Beauty Creative and Media Construction and The Built Environment Spotlight on Business, Administration and Finance Environmental and Land-Based Industries Society, Health and Development Hospitality Manufacturing and Product Design Engineering This fact sheet is intended to give an overview of labour market information (lmi) for the business, administration and finance sector. The information it contains can be used to help young people and their parents/carers consider the options and choices they have at 14, 16 and beyond. This information can also be used to inform staff and students alike, about the labour market in relation to the Diploma in Business, Administration and Finance.

2 National Picture Approximately 4 million people are employed nationally in business, administration and finance Women make up just less than 49% of the total business, administration and finance workforce Nationally the business administration and finance industry is characterised by a large proportion of small and microsized companies. Trends The business, administration and finance sector has experienced significant change over recent months and years. The intervention of the public sector into ailing banks highlights how important this sector is to the local and national economy. The sector now needs more high-level skills to replace retirements and occupational changes whilst also adding to the growth in the sector. There is forecast growth in the areas of consultancy, Islamic finance, ethical finance and the carbon market. Nearly 903,000 new workers will be needed in the industry over the period It is predicted that the proportion in management, professional level occupations and sales or customer services will increase with the focus on attracting the best talent to the sector. Employers are looking to take on people with level 3 qualifications or above to add to the expansion of this industry.

3 Forecasts Total Employment in the Business, Administration and Finance Sector Area Volume change +/ per annum UK 4,432, ,335, , NW 440, , , GM 195, , , Source: Annual Business Inquiry, 2007; Greater Manchester Forecasting Model, Forecasts are based on the best information currently available, however circumstances may change in the future. Business, administration and finance make up a larger share of the total number of in GM (17.6%), than in the NW (14.7%) or UK (16.1%) in 2009 Between 2009 and 2021 the number of in the business, administration and finance sector is forecast to increase across GM (23.3%), more rapidly than at the NW level (17.4%) or the national level (20.4%). Regional Picture North West Between 1998 and 2007 the number of business, administration and finance increased significantly in the North West and Greater Manchester Employment in the business administration and finance sector is forecast to continue to increase over the next 12 years with employment in Greater Manchester experiencing a more significant increase than the North West or the UK as a whole The Greater Manchester business, administration and finance sector is forecast to increase in size by nearly a quarter over the next 12 years It is predicted that the number of in the North West will increase (approximately) from 440,000 to 516,500 and from 195,800 to 241,400 in Greater Manchester between 2009 and The business, administration and finance sector is an important sector for the region, not only in terms of employment but also in terms of growth and economic output. There are a number of major business, administration and finance sector companies with bases in the North West, the greatest proportion being in Greater Manchester and the south of the city region, extending into Cheshire. The sector remains important to the region and is set to continue to be so but the majority of new vacancies will be in the higher skilled and professional areas of finance. Major employers in the North West include: Begbies Traynor Group Plc Peel Holdings Ltd Odeon and UCI Cinemas Co-operative Bank Plc Zetex Plc Bank of New York Mellon

4 Local Picture Greater Manchester Employee numbers in the Business Administration and Finance Sector Area Volume change +/ per annum GM 127, , , Bolton 9, , , Bury 4, , , Manchester 53, , , Oldham 4, , , Rochdale 4, , , Salford 8, , , Stockport 14, , , Tameside 4, , Trafford 16, , , Wigan 6, , , Source: Annual Business Inquiry This table shows the number of in the business, administration and finance sector in 1998 and 2007 and gives measurements of the changes that have taken place. The number of in this sector has risen in each borough in Greater Manchester. As can be seen by the figures, business, administration and finance is a key sector of employment in areas such as Manchester (24.7%), Trafford (18.5%), Salford (17.4%) and Stockport (15.3%).

5 Workplace numbers in the Business Administration and Finance Sector Area workplaces workplaces Volume change +/- 1998/2007 per annum 1998/2007 GM 15, , , Bolton 1, , Bury , Manchester 3, , Oldham , Rochdale , Salford 1, , Stockport 2, , Tameside , Trafford 2, , , Wigan 1, , Source: Annual Business Inquiry This table shows the trend from 1998 to 2007 of the number of business, administration and finance workplaces in the 10 areas of Greater Manchester. All have seen an increase in the number of workplaces over this period with some areas seeing quite significant increases, e.g. Salford (81.8%), Trafford (45.5%), Bury (44.4%), Bolton (41.7%), etc.

6 Salaries The national average gross (i.e. before tax and National Insurance etc. are deducted) weekly earnings across the industry are compared to a national average of Examples of the gross average weekly and annual salaries* for this sector: Job Title Average Weekly Salary Average Annual Salary Chartered and certified accountants ,853 Finance and investment analysts/advisers ,078 Credit controllers ,994 Filing and other records assistants/clerks ,113 Civil Service administrative officers and assistants ,473 Source: Annual Survey of Hours and Earnings, These are national average salaries - starting salaries can often be lower and in some cases much lower. *Based on gross pay (before anything is deducted). Diploma Outline The following three themes will feature in the mandatory learning component of the Diploma in Business, Administration and Finance at all three levels: Business enterprise: Looks at how to develop ideas, how to carry out research and promote products and services. Business administration: Introduces business administration and its importance to organisations. Finance: Looks at the knowledge and skills needed to manage personal and business finances. Optional learning will cover a selection of topics from a range reflecting the industry areas covered by the Diploma. More Information November, Produced by Better Choices (Careers Solutions) in partnership with the North West Information Group and the Commission for the New Economy. REF: KG/12-09/800