Meet the Team - Colyn Mole on Aberdeen's Fight Back
There is no getting away from the turbulent time we’ve all experienced up here in the north east over the last few years. Working in recruitment we’ve experienced the changes that have taken place across the region first-hand. It is estimated there have been around 90,000 job losses in the region since 2014. But while there are obvious challenges remaining we are starting to see the people of our fine Granite City fighting back.
Aberdeen – Investment
Just last week Scotland’s Economic Secretary Keith Brown and Scotland Officer Minister, Lord Dunlop, formally signed the new City Deal, which guarantees £250m investment from the UK and Scottish governments. It’s expected this deal will generate around 3,300 jobs in the area over the next 10 years. A further £254m from the Scottish Government for housing and transport shows a real commitment and a belief that the region can establish itself again as a leading city for business and industry.
While much of the investment, according to Keith Brown will focus on establishing “Aberdeen’s position as a global oil and gas hub” developing new products and processes to reduce costs in the sector, we think it is vital other industries capitalize on this investment to build up a more robust economy around the region.
Those leading the charge are also looking at creative ideas to generate alternative investment. Aberdeen Council were the first in the country to acquire investment bonds. According to cityam.com
“Proceeds from the £371m index-linked bond are equivalent to over a third of the city's annual budget and nearly three times its annual expenditure on capital projects.”
Other large scale projects in Scotland, for instance the £1.08 billion investment from BT which has generated an estimated 12,600 jobs across the country, will positively impact on every region of the country, including Aberdeen.
Aberdeen - The Supporting Cast
We firmly believe the future success of business in this region will be down to building a broader focus. At Eden Scott Aberdeen we've had to refocus our efforts into a number of different sectors that have continued to exist up here as jobs in oil and gas have reduced. Our IT recruitment business has increased as have vacancies in accounts and finance. While neither are as large as oil and gas they will continue to exist and grow as other industries grow up around them.
The alternative energy sectors does depend largely on investment from the Government but there is so much engineering talent in this region that it’s essential their knowledge is redirected into this sector and that the region combines its oil and gas heritage with the future of energy provision.
As a group Eden Scott operate across 20 different sectors. Our hope would be as other industries grow as a result of this investment we can support the inevitable recruitment needs. Having talked with our construction team they highlighted the crossover of engineering skills between oil and gas and construction and how valuable they will be in this growing sector.
Aberdeen – Working Together
There are other global issues on the horizon that Aberdeen will have to face up to. The potential fall-out and ongoing indecision around Brexit. Some, including the IPPR Scotland, suggest the country faces a £1.34bn budget cut by 2019/20 as a result of lower economic growth and reduced tax receipts. There is also the obvious nervousness around the global implications of a Trump presidency, especially for our oil and gas sector.
However we firmly believe that the Aberdeen-shire is packed full of potential and as a business community we have to work together, through all the challenges we face to restore the area to its former glory around a more varied and robust business model.