The London Olympics is only weeks away, and years of planning will finally come to fruition as the sporting event begins and draws attention from all over the world. Long after the Games have finished, the British economy will remain bolstered. Lloyds Banking Group has expressed that a £16.5bn “Olympic effect” will be left, creating around 62,200 jobs in the process.
For recruitment agencies looking to future placement opportunities, the news that thousands of jobs are to be created will be welcomed. Lloyds expressed that two major areas of recruitment will occur in the construction and tourism sectors. Meanwhile, London will not be the only place to benefit from the jobs increase, with regions across the UK all noting a ripple effect from the capital. It is here that Lloyds has predicted its economic sums, saying that around £6bn will be contributed to the economy by London, whilst the remainder will stem from the rest of the UK.
Talking of the important effects that the Games will have upon Britain, Lloyds Banking Group’s chief economist, Patrick Foley, said: “London 2012 is the most important sporting event the UK has ever staged; however, it is also impacting our economy in a way that cannot be ignored. We've witnessed a construction project on an unprecedented scale, the economic ripples of which are being felt not only in the host city, but across the UK.”
For recruiters planning future job gains, the news will offer optimism for both the economy and the job market. After the Games have closed, thousands of jobs will remain available.
Geoff Newman from online recruitment agency RecruitmentGenius.com is one of a handful of companies chosen to help find employment for those after the games.
“The Olympics has created a significant number of jobs, but it’s true legacy will be the skills and opportunities it has developed that will be passed on to subsquent employers. We have over 3,000 very talented individuals who will shortly be available for work and we’re delighted to be helping them.”