Latest News / ‘Shrinking talent pool’ leaves businesses with recruitment problems
‘Shrinking talent pool’ leaves businesses with recruitment problems
3 July 2017
The skills gap is costing businesses more than £2 billion a year in recruitment costs, hiring temporary staff and higher pay, a report says.
Research by the Open University found that nine out of 10 employers have had problems recruiting suitably qualified workers in the past year, with some having to offer higher salaries.
A survey of 400 businesses showed that three out of four were taking longer to hire staff, with managerial posts particularly hard to fill.
Steve Hill of the Open University, said: “The UK challenge of finding talent with the right skills means that businesses need to look at recruitment, development and retention differently.
“Now faced with a shrinking talent pool, exacerbated by the uncertainties of Brexit, it is more important that employers invest in developing their workforce.
”The cost of the skills gap to the UK economy shows it must become a business and government priority to build the skills and capabilities of each individual through investing in talent at all levels.”