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The current job market is not only frustrating for those looking for employment, but also for businesses with open positions that they can not find the talent to hire. Half of employers say they are concerned with the growing skills gap in Britain and more than a quarter of employers (28 per cent) say they currently have open positions that they cannot find qualified candidates to fill.
Considering the fact that three in five (65 per cent) employers currently feel that the skills that workers have, are not matching the available jobs – and 23 per cent of employers have positions that stay open for 12 weeks or longer- the costs associated with the skills gap can add up quickly and have broader implications for business performance.
Nearly half of employers say they are concerned about the negative impact the skills gap is having on their business due to extended job vacancies. Employers also reported compromised work quality, loss of revenue and a rise in voluntary employee turnover among the consequences:
- Lower morale due to employees shouldering heavier workloads – 25 per cent
- Inability to grow the business – 17 per cent
- Loss in revenue – 12 per cent
- Higher turnover of employees – 10 per cent
“The skills gap in Britain is an issue that is not going away anytime soon,” said Scott Helmes, Managing Director of CareerBuilder UK. “There is a growing disconnect between the skills employers need and the skills that are available in the labour market today. This causes workers and companies to miss out on realizing their full potential and creates multiple negative consequences for businesses. As a result, we see more employers investing in training programs that will allow their business and employees to be more competitive not only today, but in the future.”
Big business making big efforts to close the gap
Employers are taking matters into their own hands to create the talent they need. Sixty-three per cent have hired someone who didn’t meet all of their job requirements, helping that person to grow into the position. Two in five employers plan to train workers who don’t have experience in their industry or field and hire them in 2014. Thirty per cent of companies say they spend more than £50,000 a year on training, while 11 per cent spend £200,000 or more.
The majority of employers (74 per cent) somewhat or strongly agree that employers should do more to train for hard-to-find skills or offer opportunities that will contribute to a more highly skilled staff. Nearly half of employers say they provide academic reimbursement (either partial or full) to employees.
The national survey was conducted online in January 2014 and included a representative sample of 500 company managers (with responsibility for hiring staff) across industries and company sizes in Britain.
