According to a report by professional recruiters Hays, the talent mismatch in high-skilled industries such as engineering and IT are threatening the UK’s economic growth.
Hays global skills Index is a comprehensive annual review of the state of the professional labour market across 31 countries around the world. Hays third annual Skills Index, this year is named ‘The Perfect Talent Storm‘. The report sheds light on market trends in the professional labour market all around the world as businesses on a daily basis seek to find the talent that they need to grow.
Hays found that the global talent crisis is continuing to worsen. Across the globe we are seeing organisations fighting to find employees with the necessary skills and training.
As the economic recovery continues, companies are struggling to get the talent they need, particularly in science, technology, engineering and maths. With the widening skills gap likely to become worse before it gets better.
Companies globally are getting hot under the collar due to the increasing pressures from labour market participation, talent mismatch and overall wage pressures.
The mismatch between the skills that firms are seeking have worsened, this is bad news for the unemployed and firms looking to hire. This will only lead to many businesses struggling to fill roles.
The report found that for the first time virtually all countries have been experiencing some sort of economic growth. Therefore, jobs are being created, but with a mismatch of skills a workforce has to offer and the skills that employers need. There is no easy solution to this problem but governments and businesses must work together to identify workable solutions.
The UK is rated at 5.1, down from 5.2 in 2013. In Europe only three other countries (Ireland, Spain and Portugal) score lower.
If businesses don’t have the skills they need to grow it is likely to adversely impact on overall economic growth. Skills are at the heart of any economy, highly skilled roles help organisations grow and flourish and in turn helps the economy.
Finding the right person at the right time for the right role is paramount for growth in businesses.
To access the full report, click here.