Manchester jobs market

The uncrowned capital of northern England, Manchester was at the heart of the Industrial Revolution during 1800's. Since then, the city’s industrial and economic growth has never stopped, and its pioneering character has grown from strength to strength, resulting in new inventions in the fields of music, art, science, and sports. Many world-famous bands, including The Smiths, Oasis, Joy Division, and New Order emerged from the Manchester music scene. Scientists at The University of Manchester have made groundbreaking discoveries, including The Manchester Mark 1, and the recent graphene and quantom dots.
Thanks to the city’s state-of-the-art infrastructure, cultural diversity, clean environment, political stability, and healthcare and education facilities, Manchester has been named the best city to live in the UK, according to The Global Liveability Survey by the Economist Intelligence Unit. Also, the city has 60 percent more 25-29 year olds than any other UK cities have, according to statistics from the ONS. It is no wonder then that Manchester is the ‘go-to’ destination for new businesses and job seekers in the UK.

Job Opportunity

Manchester is a leading centre for finance and trading. The Manchester Chamber Of Commerce is the largest in the UK. The city is also home to four renowned universities, many corporate service firms, international healthcare centres, and logistics companies. More than 2000 foreign enterprises have headquarters or offices in Manchester. Some acclaimed companies headquartered in the city include BBC, Sainsbury’s, Marks & Spencer, Umbro, Royal Bank of Scotland, and the Cooperative Group. Doctors, engineers, teachers, researchers, marketing executives, and construction workers – job seekers from almost every field are likely to find a suitable job in the city.

Employment Outlook

In terms of job creation, Manchester is likely to beat the world’s top cities like Paris, Berlin, and Tokyo over the next few years, predict economists at Oxford Economics. The city could see around 3.8 percent employment growth till 2020, and its professional services sector could create around 7,800 new jobs, says the report titled Beyond the City commissioned by the International Festival for Business. According to the report, Manchester would be one of the top 10 destinations for jobs in finance, law, advertising, and management, outside the capital. Along similar lines, the North West job market recently saw around 28 percent year-over-year growth, compared to the national growth rate of only 18 percent, according to The Robert Walters UK Jobs Index. Quite evidently, the outlook for Manchester’s job market is buoyant. The Greater Manchester area is expected to create 110,000 new jobs by 2024, estimate experts at Oxford Economics.

Key Industries

Manchester accounts for 50 percent of the north-west’s economy and 5 percent of the country’s economy, according to the Guardian. The city’s economy was initially dependent only on the textile industry. Over the years, the economy has become more diversified, with the focus shifting to banking & finance, wholesale & retail, service sectors, manufacturing, information processing. Thanks to the presence of multiple world-class universities, Manchester has established itself a leading centre for knowledge-based industries. Some other sectors driving the economy of the city include aviation, logistics, biotechnology, electronics, media, medical, and food processing.

Banking, Finance & Insurance

There are more than 60 leading banks and financial institutions and many insurance companies in the city, employing more than 100,000 people. Top players, including the Bank of England, FMUK Holding Ltd, London Scottish Bank Plc, the Co-operative Group, and General Guarantee Finance Ltd, and The Royal Bank of Scotland have headquarters or offices in the city.

Knowledge-based Industries

Manchester is the nerve-centre of the UK’s knowledge-based industries, with researchers at the four universities located in the city pioneering new inventions in the fields of software development, electronics, bio-science, environmental technologies, ICT, chemicals and textiles. In fact, Manchester has been named one of the six science cities in the country, by the UK government.

Retail and Professional Services

Manchester professional services sector is likely to see around 14 percent growth by 2020, creating thousands of jobs in the city’s legal, accounting, management, creative and media sectors, according to a recent report. With the presence of MediaCity in Salford Quays, the city already offers a large number of jobs to the creative people in the field of music, theatre, and journalism. Retail is another important job generating sector in the city, with top players like House of Fraser, Marks and Spencer, and Harvey Nichols having stores and offices in Manchester.

Manchester is arguably the second best job destination in the UK and a great place to live and work.
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