Scotland’s Labor Market Shows resilience in Face of Economic headwinds
scotland’s labor market continues to demonstrate its strength,defying the challenges posed by the current economic climate. According to the latest data covering September to November 2024, the employment rate saw a positive surge, climbing by 1% to reach 74.1%. Concurrently, the unemployment rate experienced a welcome dip, falling by 0.2% to 3.8%. While both figures are slightly lower than their counterparts in the UK, they paint a picture of a thriving and dynamic workforce.
Ann Frances Cooney,an employment expert and partner at DWF,shed light on the wage trends within the Scottish labor market. “The early seasonally adjusted estimates for December 2024 indicate that median monthly pay for payrolled employees in Scotland was £2,485,showing an increase of 4.8% compared wiht December 2023,” she stated. This positive growth, however, is tempered by the looming rise in employer National Insurance contributions scheduled for April 2025.Cooney suggests that these increased costs may lead to some employers choosing to limit wage increases, possibly resulting in wage stagnation.
Looking ahead, Cooney anticipates a period of uncertainty within the labor market. “We predict some trepidation across the labor market as employers grapple with the raft of employment legislation wich is being introduced by the goverment,” she explained. “A cautious approach to recruitment and a focus on retention of core talent are both likely.” She further encourages employers to actively engage in the ongoing consultations to contribute to shaping the future of the employment landscape in Scotland.
Deputy First Minister and Cabinet secretary for Economy and Gaelic Kate Forbes expressed optimism about the resilience of Scotland’s labor market, stating, “These figures show that our labor market is proving resilient despite a challenging economic surroundings.”
Forbes highlighted the positive signs, noting, “It’s encouraging to see payrolled employment remains close to record levels and Scotland has higher median monthly pay than the UK.”
Moving forward, Forbes emphasized the Scottish government’s commitment to economic growth and employment expansion. “the First Minister will tomorrow (Wednesday) outline his priorities for Scotland’s economy, including closer relations with the EU and the need for the UK Government to introduce a migration policy tailored to Scotland’s distinct needs and bolster our working-age population,” she stated. she also underscored the government’s dedication to increasing workforce participation by stating, ”The Scottish Government is also committed to getting more people into work, which is why our draft budget was developed in partnership with businesses and includes £90 million for employability services.”
How has the AI labor market in Scotland evolved over the past few years, especially in light of the 2020 executive summary published by the UK government?
[Archyde News Exclusive Interview]
Headline: Navigating Scotland’s AI Labour Market: A Conversation with Dr. Ailsa McLeod, AI Economist Extraordinaire
Introduction
In the ever-evolving landscape of artificial intelligence, understanding the nuances of AI’s impact on the job market is not only crucial but also complex. Today, we have the pleasure of hosting Dr. Ailsa McLeod, a renowned AI economist who has spent years decoding the intricacies of Scotland’s AI labour market. Despite the challenges posed by the COVID-19 pandemic, Dr. McLeod continues to shed light on the sector’s trends and insights.
Interview
Archyde News (AN): Dr. McLeod, thank you for joining us today. Let’s dive right in. how has the AI labour market in Scotland evolved over the past few years, especially in light of the 2020 executive summary published by the UK government?
