The UK skills shortage is costing organisations £6.3 billion
The majority of organisations in the UK (91%) struggled to find workers with the right skills over the past 12 months, according to a new report commissioned by The Open University.
The Open University Business Barometer, which monitors the skills landscape of the UK, reveals that three in five senior business leaders surveyed (61%) report the skills shortage has worsened over the past year. Employers are paying a high price to ensure their organisations have the skills required to remain productive.
With skills in short supply, many senior business leaders (70%) find that the recruitment process is taking longer - by an average of one month and 22 days. As a result, nearly two in three (64%) report spending more on recruitment, with costs increasing by 49 per cent or £1.23 billion in total.
While the process is taking longer, when identified, talented workers with in-demand skillsets are able to take advantage of their strong position, driving employers to spend an additional £2.16 billion on salaries. Two thirds (67%) were obliged to increase the salary on offer last year, typically on four occasions by an average of £3,400 each time.
Many organisations have been forced to give up on finding appropriate talent, choosing either to hire at a lower level than intended (63%) or to leave the role vacant (51%).
The financial impact is not the only drawback of the skills shortage. Around half of organisations (47%) say they are not as agile as they need to be due to a lack of skills, and in a changeable political, economic and technological climate adaptability and flexibility are essential. Management and leadership skills are particularly important for navigating change smoothly, yet nearly three quarters of employers (73%) have experienced difficulty in hiring for these roles in the past 12 months, which is cause for concern.
More concerning still is that more than half of senior business leaders surveyed (53%) expect the situation to deteriorate over the next 12 months. More than two in five (44%) expect their organisation to struggle financially in the next year, indicating that the issue needs to be urgently addressed.
This is where Cushillo Personnel can help. We have over 25+ year’s local recruitment experience and we have built an extensive understanding of the local job market. We have forged long term partnerships and built a network of contacts with many industries and sectors.
We understand behind every successful business, there are a team of INTELLEGENT, HARDWORKING and RESOURCEFUL individuals. At Cushillo we are committed to find the very best candidates to make your business a success. “AFTER ALL, YOUR SUCCESS IS OUR SUCCESS”
We understand the increasing demands to attract the very best talent for today’s business and we have invested in the latest talent management technologies to ensure we stay one step ahead of our competitors and provide our clients with an unrivalled quality service.
Recruitment like many other industries is rapidly changing. Cushillo Personnel has invested in leading recruitment and candidate engagement technologies ensuring we are at the forefront of our sector.
In the recruitment industry, business is won on the speed and quality of the process and finding that exceptional candidate first.
The never-ending struggle to attract top talent is something that Cushillo Personnel understands very well and can help you with.
The competition for top talent out there is fiercer than ever, therefore it is our mission to make sure the way we work is modern, time efficient and targeted. Our approach, attitude and work ethic is appreciated by all of our current customers.
If you have any further questions or you would like to discuss how working with our company can help raise recruitment standards within your company, please do not hesitate to contact us on 01384 226063 or email email@example.com