London accounts for around 6% of the sectoral employment (approximately 20,649 employees), compared to 12% of UK employment. Employment levels are forecast to decline over the next 10 years. Employment in the region is focused on headquarter activities. There are around 1,500 employers in London and it has the highest proportion of employers with less than 10 employees (78%).
The mean weekly pay for London is £919.48, compared to £381.50 for the whole sector in the UK.
Data from the Labour Force Survey for the region’s workforce profile shows that the sector has a very diverse workforce including:
- over 90% of the workforce are employed full-time
- 9-10% of the workforce is aged 16-24 years, compared to 12% of the region as a whole
- the largest group is 25-44 years (60%), indicating a young workforce compared to other regions
- 31% of the workforce is over 45 years, compared to 32% of the region as a whole
- the greatest proportion of females work in the sector in London (41% compared to the UK average of 28%)
- 30% of the workforce is non-white, which again is the highest proportion compared to other regions (8% for the overall UK sector workforce)
There is a deficit of people with qualifications at Level 2 (4%) and Level 3 (22%).
12% of employers reported skills gaps within their workforce, which are most commonly among sales and customer service workers. However, a shortage of skilled labour continues to be a problem for the sector. 9% of organisations report vacancies.
Over the next 10 years, the proportion of females workers in the sector is forecast to increase by 4.7%. This is likely to be the result of an increase in the part-time workforce. The occupational profile of the sector is expected to remain fairly stable over the next 10 years. London has a high proportion of the workforce are Managers & Senior Officials.
Sources: Cogent regional factsheet 2008 and Cogent Sector Skill Needs Assessment 2006