In their report, the Trust found among 616 businesses leaders: 32 per cent said they experienced a skills shortage for entry-level jobs. More worrying than that, 53 per cent said they had vacancies over the course of a year they couldn’t fill.
It is partly because of these figures that there is a palpable fear that the UK could be facing a skills ‘crisis,’ and 73 per cent said they were expecting this in the next three years.
Martina Milburn CBE, chief executive of The Princes Trust said: It is deeply concerning that employers are struggling to fill vacancies when we have hundreds of thousands of unemployed young people desperate for work. The current economic recovery is encouraging, but in order to sustain this growth, UK plc needs to invest in the next generation to avoid a skills vacuum in the future, which threatens to hamper economic growth.”
The growth of the economy is expected to exacerbate the skills shortage – £64 per cent said that faster growth will result in skills shortages within their company.
Despite these fears, 71 per cent businesses admit that the stigma of joblessness alone causes rejection of candidates; while 67 per cent that those without the a degree could be overlooked.
A third of businesses feared that this skills shortage could be the reason they go under.