London named talent capital of the world
Tom Newcombe, November 11, 2013
London is the best city in the world for employment in high-skilled, knowledge-based jobs, research published by Deloitte has found.
The study has dubbed London as the "talent capital" of the world, as it employs 1.5 million people in high-skilled sectors, compared to 1.2 million in New York, 784,000 in Los Angeles and 630,000 in Hong Kong.
London is the global leader in 12 of the 22 high-skilled sectors Deloitte identified. These include digital media, legal services, publishing, education, accountancy and banking.
The study predicts 300,000 more jobs will be created in London by 2020, of which at least 100,000 will be in high-skill sectors. It also predicts a decline in employment in banking, but growth in London's creative, digital and life science sectors.
"This study demonstrates London's power in the global economy," said Angus Knowles-Cutler, London senior partner at Deloitte.
"It is a desirable and diverse city in which to work, allowing it to attract the very best of British and international talent. Indeed, our city's highly skilled talent might be one of our greatest invisible exports."
Can London cope?
Deloitte said the findings cement London's reputation as a leading global city, but raises the question of how the city will cope with the continued influx of talent.
It recommends appointing a chief talent officer to sit within the Greater London Authority to monitor the flow of workers in the City. It urges the Government to strengthen business links with education, anticipate growing pressures on infrastructure and housing, and develop London's talent in line with the rest of the UK.
Kit Malthouse, deputy mayor for business and enterprise at the Greater London Authority (GLA), said: "Great cities rise and fall by attracting – or failing to attract – talented, skilled people. London has long been a magnet for talented individuals and has also nurtured native-born talent through the excellence of its universities, colleges and on-the-job opportunities.
"However, we cannot take its continuing eminence for granted. The global economy is dynamic, and we have to constantly refresh and adapt our workforce's skills in order to remain competitive."
High-skill sector global leaders, London vs New York
Retail and investment banking
Management, scientific and technical consulting
Accounting, tax and payroll
Architectural and engineering
Publishing (except Internet)
Primary and secondary education
New York (7)
Radio and television broadcasting
Cable and subscription programming
Adult and other education