The talent shortage continues to throw HR into disarray. The latest JobsOutlook Survey from the Recruitment and Employment Confederation (REC) found that two in every five businesses would need to recruit to meet additional demand in their business.
In the light of this report, employers have been urged to reconsider their approach to investment in training and upskilling their existing staff. At present, the majority turn to recruitment agencies and the gig economy to fill skills gaps. While addressing an immediate need, this approach doesn’t resolve a potentially ‘unprecedented labour shortage’.
A further report from the Institute Of Public Policy Research (IPPR) found that over five million employees are over-educated for their jobs, an increase of nearly a third since 2006. Its report Another lost decade : Building a skills system for the economy of the 2030s warns of the prospect of a further ten years of falling wages and productivity and calls on employers to take action to utilise the skills of their existing workforce.