Demographic change

Opportunities

Threats

a)

Growing number of self-employed people

 Consultation, advisory and supply chain opportunities

 Financial services providers are likely to benefit from patronage, e.g. banks and insurance firms

 Franchising opportunities as more people wish to become their own boss

 Smaller pool of potential employees / recruits, i.e. labour shortages. This can therefore lead to higher wages being paid.

  Possibly an increase in competition from those who have set up their own businesses

b)

Increasing number of single parent families

 Child-care and related products

 Impact on workforce planning, e.g. workforce flexibility

 Labour immobility

 Relatively low income earners (or lower disposable incomes)

 Possible reduction in size of potential labour force

c)

Parents choosing to have fewer children and at a later stage in their lives

 Career development of female workers

 More females opting for full time employment

Perhaps a greater labour supply in the short term

 Higher disposable incomes

 Long term impacts on related industries, e.g. schools and manufacturers of toys

 Smaller workforce in the future

d)

More people graduating with University degrees

Increased potential pool of skilled and qualified workers

 Increased productivity

 Higher earners lead to greater spending in the economy

 Higher salaries as firms compete to attract the best workers

Reduced workforce as more people enter higher education (postponed entry to the workforce)

Possibly higher staff turnover as skilled employees tend to be more mobile / headhunted