London could be calling, but despite the many mining opportunities in this capital of both England and the United Kingdom, it’s not exactly an easy time to make a career here. With a long history as one of the world’s top financial capitals, this is a precious place to live. The city ranked 17th with Helsinki, a notoriously expensive location, in the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living index in 2021.
The index is constructed by comparing prices in US dollars for goods and services in 173 global cities. While this is just one indication that London is an expensive place to live and work, there are plenty of others.
A 2019 research from SpareRoom found that 33% of people between the ages of 20 and 30 living in the city did not have access to a living room. Rent costs are skyrocketing, says property website Rightmove: In July this year, the average monthly rent in London reached a record high of £2,257, or 11.8% higher than last year.
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Then there is inflation and the cost of goods and services that we have to contend with. The Bureau of National Statistics (ONS) suggests that supermarket data collected across the web for 30 daily groceries indicates that the cheapest items are up 17% in the 12 months to September 2022.
While London has long been hailed as a Valhalla for talent, factors other than the price of milk, bread and rent are now clamoring for attention in addition to the price of milk, bread and rent. Brexit in particular has reduced the scope of opportunities here, as around 44% of UK-based financial services firms are relocating or planning to relocate some of their operations or staff to the EU, according to EY.
Rising layoffs at tech companies, political uncertainty – the UK has its fifth prime minister in just six years – and a looming recession aren’t helping either. The ONS reported that the UK economy contracted in the three months to September, which is expected to herald the start of a recession.
But despite that, there are still plenty of opportunities. The key for employees is to focus on areas of stable growth and careers within those industries. Here are three sectors with high growth potential for 2023.
Following the UK’s initial National Cyber Security Strategy 2016 to 2021the government launched the National Cyber Strategy 2022, which sets out a five-pillar approach to protect and promote the UK’s interests in cyberspace. The plan aims to shape the cyber sector to stay ahead of adversaries, strengthen its capabilities and influence and shape the technologies of tomorrow so that they are safe, secure and open.
As a result, the UK is developing domain excellence in cybersecurity, with companies such as BAE Systems, Clearswift, Sophos and PwC leading the way. As we continue to digitize, digital security becomes increasingly important to initially secure our data and protect it from attacks.
Cybersecurity jobs are especially common in the finance and fintech sectors, but are increasingly common in the workforce to secure sensitive data in healthcare and education.
This essential sector seems to be going nowhere. If you’re looking to advance your career in this industry, Citi is looking for a Head of Network Security Services in London. You have end-to-end responsibilities for network security services engineering and operations, ensuring a service-oriented organization that meets the business needs of a digital bank.
Gartner reports that global end-user spending on public cloud services is expected to grow by 20.4% this year, with spending expected to reach nearly £489 billion by 2023.
The big surge in cloud adoption was driven by the pandemic: In April 2020, Microsoft CEO Satya Nadella said, “We’ve seen two years of digital transformation in two months.” That rapid pace has only continued as companies first introduced remote working and now hybrid and flexible options.
As a result, this is a great area for career growth. A recent report from Public First and AWS found that digital technology could grow the UK economy by more than £413 billion by 2030, which is more than double the annual output of the UK manufacturing sector (£183 billion). The research also revealed that cloud computing will play an integral role in supporting the technology stack that will enable the UK’s digital future.
There are interesting vacancies at large and small companies. For example, Google has offered a Cloud Security Consultant role in its Google Cloud Professional Services division in London. You provide advice and guidance to customers using Google Cloud Platform services and work with them to design and develop cloud security architectures and solutions.
Artificial Intelligence (AI)
A recent study from software analytics firm SAS, assessed AI readiness of London boroughs and found that Camden, Westminster and Hackney were in the top three. The research looked at the number of AI-related jobs, R&D spending, GDP, business growth, and the number of relevant academic courses available within each area. In 2021, the city was home to 1,300 AI companiesor 65% of the entire UK AI industry ecosystem, with companies such as Brainpool.ai, iTransition and Signal AI.
The government wants to make the UK a “global AI superpower” and wants to do so with its 10th anniversary National AI Strategywhich will place a broader focus on AI and data science skills, recognizing how they can be used to increase resilience, productivity, growth and innovation in both the private and public sectors.
If you’re looking for an AI or machine learning position in London right now, you’re in luck, as a good number of companies are hiring. For example, take a look at Amazon EU SARL, which is looking for a machine learning scientist. You build state-of-the-art machine learning systems for the most complex and fastest growing transport network in the world and focus on the development and research of machine learning solutions and algorithms for core planning systems.
Check out the House of Talent Job Board for hundreds of jobs in AI, cloud and cybersecurity across Europe