Fri, 24 Jun 2011
The brightest young minds could consider careers in
manufacturing over financial services as a result of the recession,
expert suggests.
Those running a business in the manufacturing sector have the opportunity to recruit some of the UK's most talented young minds in the current economic climate, it has been claimed.
Matthew Alabaster, PricewaterhouseCoopers (PwC) director of strategy, suggested many graduates and school leavers might shun the financial services sector in favour of other industries, creating a "window of opportunity" for manufacturing firms.
"If you look at other sectors that have attracted talent and investment - like financial services - people will be pausing a little bit more before they stake out a career in financial services," he commented.
According to Mr Alabaster, those running a business in the manufacturing sector can therefore capitalise on the chance to bring in "some of the brightest and best from universities and school leavers" who might previously have opted for other industries.
The prospects for those considering a career in manufacturing rather than financial services look promising when considering Deloitte's Economic Review Q2 2009.
Roger Bootle, economic adviser at the firm, predicts that the manufacturing sector's share of the economy will increase to between 13 and 15 per cent from its current position of 11 per cent over the course of the next ten years.
In comparison, Mr Bootle believes the financial sector - currently standing at eight per cent - could see its share shrink to around five per cent.
People working in manufacturing could also do well to focus their training on areas such as sustainability, as PwC's recent The Future of Manufacturing report predicted this would be a fertile area for British firms.
Alternative energy technologies and new, greener production techniques for everyday appliances and products were named as future focus areas for the manufacturing sector in the UK.
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The learndirect team