It was positive to see that unemployment in Scotland is still at a record low, according to the latest figures posted last week.
Data released by the Office for National Statistics (ONS) highlighted that the unemployment rate for those aged 16 and over was 3.2 per cent between February and April this year, the same rate as the previous quarter.
What’s more, the employment rate for those aged 16 to 64 between February and April increased slightly to 75.5 per cent in Scotland, which was one percentage point up on the previous quarter.
Both figures are encouraging, especially when we are continuing to face numerous economic challenges, including the rising cost of living and Brexit, with its impact consistently being felt both north of the border and across the UK.
When holding up Scotland’s unemployment figures against the rest of the UK, we come in lower, with the average at 3.8 per cent.
Having more people in work is great to see, however it was slightly concerning that regular pay across the UK had fallen during the last quarter at the fastest rate in more than 10 years, when taking into account rising prices.
One sector that is bucking that trend and certainly buoyant in Scotland is tech. With many of our retailers and start-ups innovating and transforming digital tools and services due to the unprecedented demand and almost overnight change of culture brought about by the pandemic, the industry continues to ride on the crest of a wave.
So much so, according to new data by job search engine Adzuna, analysed by Tech Nation for the UK’s Digital Economy Council, more than one in 10 jobs (13.22 per cent) in Scotland are now in the digital sector.
Investment and expansion are also on the rise, with Scottish start-ups and scale-ups having already raised £281m in funding this year alone, £28 million more than the total raised for the whole of 2019 (£253m).
What’s more, the range and number of jobs currently on offer is 42 per cent higher than in 2021, with more than 20,000 tech roles advertised in Scotland since January alone.
Within the tech sphere, security roles are also increasing rapidly, particularly for cyber security engineers, with demand doubling compared to 2019 and security is now in the top five most in-demand skills when it comes to tech – increasing 671 per cent over the past three years.
Some may feel that it is a niche sector, however with the tech sector and digital space continuing to rise at an incredible rate, cybersecurity is needed more than ever to protect businesses and the public not only in Scotland, but globally.
Just last week, it was announced that the NHS is set to bring 30 new jobs to Dundee, following the opening of Scotland’s first ever cyber security hub at the new Abertay cyberQuarter at Abertay University.
The £18 million hub, which was opened by Scottish Government minister for just transition, employment and fair work Richard Lochhead MSP alongside Scotland office minister Iain Stewart MP and university principal Liz Bacon, further strengthens Abertay’s reputation as the place to come for research and expertise on cyber security. The university is the UK’s first to be awarded Academic Centre of Excellence in Cyber Security Education by the UK Government’s National Cyber Security Centre.
With Abertay and several other higher education institutions such as Glasgow Caledonian University, Robert Gordon University in Aberdeen and Herriot Watt University in Edinburgh offering a variety of cyber security courses, the opportunities for graduates are endless, and it’s hoped that the new cyber security hub will go a long way in keeping the talent here in Scotland.
As with many industries, London leads the way in the number of jobs available and high salaries, however Scotland is certainly up there, coming in amongst the top five regions across the UK with its average advertised salaries hitting £52,893, which will also help avoid a skills drain within the country.
Continued investment within the tech industry, highlighting the sector as a great place to work for our young people and providing appropriate training and development for those keen to enter the tech workspace will all undoubtably help continue the rise of the digital work age within Scotland.
Bingo Business Puts Power in the People’s Hands
Carlton Bingo has become one of Scotland’s largest employee-owned firms, after the creation of an Employee Ownership Trust (EOT) that will give 209 staff a controlling stake.
With nine venues across Scotland, stretching from Partick in the west end of Glasgow to Elgin on the south coast of the Moray Firth, the company is a household name for many Scots, and the move is seen as a way to secure its future for staff and customers.
An EOT is a government initiative, giving business owners the opportunity to sell their shares to an employee-owned trust. Company owners may wish to sell directly to employees for a multitude of reasons, but the removal of the capital gains tax paid on this certainly plays a part.
You typically pay capital gains tax when you profit from the sale of valuable assets such as shares, art, or property (and recently cryptocurrency). For incomes over £50,270, the capital gains tax is 20 per cent, so by selling to an EOT, you can save quite a bit.
An EOT only works if the staff value of the company comparably to other potential buyers. The true strength of a business often lies with its people as they see the day-to-day reality rather than the sales spin.
In theory, using an EOT is a win-win. The owners avoid capital gains tax, and the employees get more power over the operations of the organisation, enacting their own vision for what the future holds.
Any merger, acquisition or takeover often comes with significant risk, and employee-based buyouts like this have a mixed record of success. It’s a commendable move for the 209 staff and I wish them luck.
It Made Me Laugh
When thinking about Scottish tourist sites, Loch Ness, Edinburgh Castle, the Isle of Skye and Hadrian’s Wall, all spring to mind – not a house in Knightswood.
However, poor Lanna Tolland exploded on social media last week after taking to Twitter to share a snap of eight Americans in her garden taking pictures.
It soon came to light that their grandfather had lived at the very address Lanna now resided. The Glasgow resident kindly let the visitors in to look around her home and soak up some of their family history, whilst she hilariously documented the ordeal.
We recently saw Whereverly, an Edinburgh based tech start-up, join forces with National Parks and other organisations associated with popular tourism spots to help fight overcrowding. Let’s hope Lanna doesn’t require their expertise anytime soon.
It Made Me Weep
While it’s great to see that unemployment in Scotland is at a record low, we have lost more than 27,000 manufacturing jobs during the pandemic.
Yes, manufacturing has been on a downward trend since 1960 when 38 per cent of the working population was employed in this sector, but a fall of almost 13 per cent over the past three years is depressing, whatever way you frame it.
The Scottish Government had pledged to produce 130,000 green jobs by 2020 in their ambitious plans to reach net zero, revolutionising manufacturing along the way. With only a fraction of the roles expected to have materialised though, they are rightly under fire.
Scotland is perfectly placed to be a leader in the green jobs’ revolution, with our geography and skilled workforce. However, figures like this are a real cause for concern.
