Fundamental change in labour market

[Babber101]

I remember reading a few years ago about the creep of technology in the modern workplace and near and off shoring and the impact it would have in years to come across most industries - I never really believed it was going to be as bad as many commentators said and thought there would always be a need for high quality UK based employees but every time I read the business pages now I see another ftse 100 stalwart shedding large numbers of jobs and you don't hear of many creating large numbers of new jobs. I appreciate bad news is more often headline grabbing than good news but the UK must have lost 10's of thousands of jobs in large/ftse companies over the bast 10 years partly due to the recession but also partly due to fundamental systemic changes in the industries - financial services, pharma, print media, energy and o&g to name a few.

I know unemployment is at a pretty low level - where are all these redundant former employees of large companies going? Are they becoming contractors, is it the baby boom generation taking VR or people having to leave well paid jobs to take a backward step with smaller, regional firms ?

Curious to hear other ph's view? From my own experience in financial services it seems to be a long slow creep of job cuts upon more job cuts as technology and improved systems/processes really kick in.

Maybe this process of large scale job shedding has happened before and is just part of the cycle and I'm just too young to have seen it happen but it does feel that average job security and quality of prospects is declining on the whole in UK Plc or am I being over dramatic?