Skills Shortage Impacts Economy By £18 Billion

The UK economy is losing out on £18 billion due to 520,000 job vacancies that businesses are unable to fill due to a lack of relevant skills, according to new research by Everline.

Small business owners spend more than 100 hours a year on average looking for suitable candidates, training new members of staff and developing and supporting their existing staff.

16% of businesses were unable to full a role in the last month due to the lack of appropriate skilled candidates and only 17% say that the staff in their business are fully trained in every area of their job role.

Furthermore, the small business employment index also found that SMEs are planning to increase their hiring over the next quarter and into 2015, therefore highlighting the need for the skills shortage to be addressed to meet the rise in vacancies.

Russell Gould, managing director at Everline says that the study illustrates that small business owners are often spending too much time searching for suitable candidates when they could be focusing on growing their business.

‘We are in the midst of a transformational story where SMEs learn to take advantage of the digital age, and more needs to be done to ensure that our workforce has the necessary skills to excel in this changing environment.

‘Younger entrepreneurs are doing the right thing by dedicating the time up front to up-skill their staff, but a more skilled workforce would remove the necessity for this and consequently free up even more time for UK small business owners.’

We believe that employers should not have to spend over 100 hours a year on average looking for suitable candidates. We believe that employers should be able to fill vacancies quickly and effectively.

By using JobsTheWord’s recruitment technology you will no longer need to waste your precious time sifting through hundreds of irrelevant applications or take weeks and months finding the perfect candidates.

We are changing the face of recruitment and technology is allowing us to do this. We are pioneers in the UK in the use of big data technology. Our ability to access all the information freely available on the Internet means that by using our clever bespoke algorithms we can quickly and effectively discover perfect passive and active applicants for employers. This ‘virtual headhunting’ service significantly reduces the time and cost it takes to find ideal candidates for their current roles and talent pools.

Get in touch and find out how we can help you:

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Mike Sandiford
Head of Partnerships
0207 193 9931

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