Health & Social Care
The Fastest Growing UK Sector
According to a recent analysis conducted by Forbes Advisor, the health and social care sector has emerged as the fastest-growing industry in the UK. This assessment was based on a thorough examination of the latest business demography statistics for the year 2023.
The analysis revealed a positive trend in business survival rates on the Inter-Departmental Business Register (IDBR) during the second quarter of 2023, when compared to the same period last year. It is worth noting that while the overall number of businesses added to the IDBR has decreased by 14%, only two out of the sixteen sectors analysed showed an increase in the development of new business entities. These two sectors were the health and social care sector, along with real estate.
The health and social care sector experienced a significant growth in the development of new business entities, with a recorded increase of 8%. In the second quarter of 2023, there were 3,400 new business registrations in the sector, compared to 3,125 in the same period of 2022. This demonstrates significant expansion and increase in entrepreneurial activity within the industry, indicating its potential for further development, but combining expansion with skill shortages comes with potential risk to quality of care and dilution of services.
It is now more important than ever for care organisations to build seamless end to end hiring processes to thrive in a market that has an increasing need to secure and retain the best possible teams. The strategic hunt for skilled individuals will play a major part in the development of the industry’s future key and top performing care organisations
