Lack of talent may lead to a recession, warn UK recruitment professionals

Annual research trends by Bullhorn’s UK recruiters believe the talent shortage in the UK is worse now than it was five years ago. This news breaks just days before Britain’s exit from the European Union, leaving concerns for many regarding Prime Minister Boris Johnson’s promise to attract “top talent”.

Currently, unemployment rates in the UK today are low, with the estimated percentage of people over the age of 16 not working at just 3.8%.

Despite an open job market, there appears to be a stall in talent. Reskilling current employees is seen as a vital measure to address this shortage. There have also been calls for employers to accelerate pay increases to compete for qualified candidates.

Peter Linas, Bullhorn’s Executive Vice President of Corporate Development and International, commented: “The talent shortage in the UK is getting worse, but there are ways that recruiters can help tackle it. Of course, increasing pay will attract better candidates, but reskilling employees is one of the biggest opportunities in recruitment right now. Recruiters are best positioned to identify emerging skills and competencies, and guide businesses that are struggling to get to grips with how job roles are changing, and how to find the talent they need.”

With fears that Brexit might cut off the European talent pool, recruiters are calling for organisations to be more diverse in their recruiting. Due to the lack of homegrown skills in the tech industry, some skills are in such short supply that UK-based companies are offering foreign candidates an average of 28% more in salaries than local candidates, in order to fill their open roles.

A sparse talent pool has led to fear among these field leaders, with nearly three-quarters citing economic uncertainty as their top economic challenge for the year, with more than half expecting a recession in the next 12 months.

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