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The Olympics May Turn Out to Have been Enough to Boost Confidence

Copyright (c) 2012 Alison Withers

There has been much talk of the legacy in terms of increased trade that it is hoped will follow on from the 2012 Olympic Games in London.

It will be a long time before the calculations can be completed and it will be known whether there has been a boost to the economy as a result, not only to tourism but in other sectors of the economy now that it has been demonstrated that the UK and its people have significant organisational skills and imagination.

In the next few months, however, it is possible that there could be a more upbeat mood that will provide an antidote to the pessimism and lack of confidence that has characterised much of the year so far.

The majority of the economic news throughout 2012 has been negative, including two quarters back in recession, a widening trade gap and most recently during the Games a revised forecast from the Bank of England that the economy faced zero growth for the year.

Nevertheless, there have been one or two slightly more positive indications not least a continued increase in the availability of vacancies and a slight reduction in the numbers of people out of work.

The latest monthly look at the state of employment and employer confidence from the Recruitment and Employment Confederation’s (REC) showed that the numbers of available vacancies and of candidates continued to increase during July. Higher demand from private sector employers also offset a further decrease in public sector demand

The increase in vacancies was at its lowest in six months according to the REC survey and employers were taking longer to make decisions about hiring.

It is not realistic to imagine that the Games will herald an immediate turnaround in the UK’s economic fortunes but equally the positive psychological effect of a successful event should not be underestimated.

Self confidence is important both to business people hoping to negotiate new contracts and develop their businesses and to candidates applying for work and attending interviews. The Games provide an example of the innovation and efficiency that is available in the UK.

Those volunteers who have been praised for their efficiency, generosity and good humoured hospitality and who might be looking for work in administration or as a PA or secretary will have a positive example to add to their CVs and are likely to be experiencing renewed energy for the job search.

While it is not something that is easy to measure it is likely that a successful two week event may be enough to break the atmosphere of depression and negativity that has been prevalent as the global economic crisis has dragged on and that may just be enough to stimulate activity in the economy and on job creation.

The successful London 2012 Olympics could provide a much needed stimulus in confidence among employers and candidates for jobs. By Ali Withers.