Page 10 - Regional Employment & Skills Plan

10
2.0 Global Economic Trends and Future Challenges
The global economy continues to expand with increasing employment and the continued digitalisation of sectors placing a high emphasis on the employment and skills requirements of individuals.
2.1 Global Trends to 2030
Economic change within the region will be driven by global trends that will change the way that individuals work and participate in the economy. These changes range from technological advancements to societal changes and a change in the population structure.
These drivers of change will be in the large part global and will influence the region both directly and indirectly, it is important to understand these changes to identify the opportunities that they will provide and to maximise the potential of the regions’ enterprises and people.
For the region to succeed as a 21st century knowledge economy there is a need to look beyond ‘future proofing’ the present to preparing for and embracing the future.
Please refer to the regional PESTLE1 below, to see the political, economic, social, technological, legal and environmental challenges and factors which could affect the region in the future.
Political
Budgets Election Cycles Planning Legislation Bureaucracy Devolution
Economic
Under-performance in value & productivity
Lower pay levels,
Global economic instability, Increasing demands for employment,
High propensity of lower value occupations,
Low rates of research & development activity, Globalisation,
Changing employment patterns, New business models, Automation of knowledge work.
Social
Qualification levels, Changing demography, Workless households, NEETs,
Age Breakdown,
Work-life balance,
Quality of life,
Changing work environments, Economic migration,
Digital & social networks.
Environment
Rurality,
Access to services & opportunities,
Transportation links, Sustainability of development land,
Low carbon technologies, Climtate change,
Resource scarcity.
Regional PESTLE Analysis
Technological
Automation of knowledge work, Internet of things,
Advanced robotics,
Advanced materials,
Advanced energy,
Mobile internet & cloud technology Digitalisation,
Nanotechnology,
Development of BigData
Legal
Regulatory requirements, Intellectual property law.
Regional Employment & Skills Plan South West & Mid Wales Policy Context