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The resident population of Corby is 53,174, of which only 22.6% are
under the legal working age. This means there is a good labour supply
for businesses in Corby. Over half of the population is made up of
people from ages 16 – 59 which means there will be a lot of people
looking for jobs and the company can provide this. But this may also
mean people need training as they may have just come out of school and
have no skills yet or they may have skills that are outdated and need
re-training to use new technology such as computers. This will
increase the overheads of businesses in Corby meaning they will have
less money to spend on expanding or developing new products.
Only 5.3% of the population is made up of 16-19 year olds which means
that business will have trouble finding younger, part-time or
‘Saturday job’ employees. As there is a minimum wage for people of age
18 and over this means that the business will be paying out more money
in wages if they employ older staff.
The main age groups in the population are 16 and under which makes up
22.6% of the population and 30-59 year olds which makes up 42.4% of
the population. This means businesses should concentrate on aiming the
majority of their products at these two age groups. But those aged 16
and under do not have a lot of money to spend so the business will not
be getting a significant income from them, so may have to spend money
on advertising and promotion to persuade those from the smaller
percentage age groups to shop and purchase items from Corby shops.
b) Economic Activity
63.6% of the Corby population are employed as well as 2% who are
economically active students. This means a large percentage of 34.4%
are unemployed, retired or permanently disabled. This means this
percentage will have less disposable income to spend on products and
services that Corby businesses offer and the businesses will not make
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"The Impact of Resident Population and Age on Corby Businesses." 123HelpMe.com. 17 Jul 2018
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will have less money to spend on expanding and developing new products
and will not be able to employ more staff so the level of unemployment
will not improve.
Also in places where the level of unemployment is high, crime rates
also tend to be high so the businesses are at risk from crime which
may cost them a lot of money if anything gets stolen and they will
have to pay extra for security measures meaning overheads will
Over 4000 people are claiming Jobseekers Allowance or Income Support.
As there are quite a large number of these, employed people would have
to pay more tax to allow the government to provide this kind of
support and the employed people may have less disposable income,
meaning demand will fall and the business may have to lower prices to
motivate consumers. This means there will be less money coming into
the business and they may have trouble covering overheads.
Although over 30% of people are not working, only 4.2% are actually
unemployed meaning there aren’t that many people that the business can
recruit so they may have to recruit from outside of Corby. This will
increase overheads as they may have to pay for relocation and these
people may expect higher wages.
c) Students and Qualifications
Only 3.3% of the Corby population are still in full-time education
from the ages of 16-74. One one hand this means there are plenty of
staff for the businesses to recruit. On the other hand this means
there are not very many people going onto higher and further education
or getting useful qualifications so the business may have to train
people or recruit people from outside of Corby to do jobs that require
these qualifications. This will increase overheads and may cause
trouble for the business by disrupting the cashflow.
This also may decrease the amount of disposable income available as
the people in this percentage will not be earning much and may be
paying off student loans so can not afford the businesses products and
services so this may decrease demand slightly.
Nearly 40% of the population of Corby have no qualifications which is
an extremely high percentage. This means many people will not be
qualified for the jobs available so the business may have to provide
training which will increase overheads or recruit from elsewhere which
will have the same effect.
Only 8.5% of the population have qualified to degree level or above.
Although this would be good for businesses as they would have
qualified staff, people with degrees would expect to be paid a lot
more than people without them so they would have to pay a lot more out
Although people that are recruited from within Corby that do not have
any qualifications will not expect a high rate of pay which means the
businesses overheads will still be relatively low and retained profit
may be higher allowing them to recruit more staff, expand or develop
d) Housing and Households
32.1% of households have no car or van which could cause problems for
the businesses as employees would have difficulty getting to work. The
business would have to provide transport for staff which would
33.6% of the households in Corby have dependent children living in
them which means the parents in these houses will want a job to
provide for their children. This means that the business will have
motivated employees as they will want to make as much money as
possible. But as the money is being spent on necessities for them and
their children, such as food, water and clothes, they will have less
disposable income to spend on the businesses services so demand may
fall and the businesses may again have to lower prices.
28.2% of the population live alone in a house which means they will
have more disposable income as they will only have to pay for
necessities for themselves and can spend the rest as they please. As
this is quite a large percentage of the population this means the
business will have a noticeable increase in demand and profit meaning
they can expand or develop new products.
9.4% of the population are lone parents with dependent children which
means they may have trouble getting childcare for their children while
working. This means the business may have to provide childcare or this
percentage may be unable to work. This will either increase overheads
for the business or lower the amount of people they are able to
recruit again meaning they may have to recruit from outside Corby,
also increasing overheads.
Only 3.2% of the population have a house without central heating or
the sole use of a shower, bath and toilet. Although this is not a
great percentage, those who are in this percentage may not be very
motivated and the company may have to take measures to motivate them
which may cost money.