Employers across the UK have already expressed fears that a shortage of suitably skilled candidates may impede their operations, and, according to a new report the worst is set to come, with employers seeing no immediate end to the UK’s dearth of skills.
The findings comes as a part of report by The Prince’s Trust in partnership with HSBC, which questioned 616 UK firms, and revealed that almost three quarters of employers believe that the UK will face a significant skills crisis in the next three years.
A third of the employers questioned are already encountering skills gaps in relation to entry-level roles, while more than half are unable to fill the range of roles they have on offer.
And while 63% of businesses revealed that they had grown at a faster rate when compared to last year, they felt that this rapid growth could put even more pressure on the demand for skills.
What is the perceived impact of skills shortages?
Employers taking part in the research had a less than positive picture to paint of the outcome should the skills crisis worsen. More than two thirds (68%) felt that skills shortages would hamper economic growth, while just over a third (35%) expressed fears that it could lead to the closure of their business.
What can employers do to avert a future skills crisis?
Almost three quarters (72%) of employers felt that recruiting young candidates held the key to offsetting a future skills crisis.
This view was also echoed by The Prince’s Trust, who are urging employers to invest in vocational training for out of work youngsters.
“It is deeply concerning that employers are struggling to fill vacancies when we have hundreds of thousands of unemployed young people desperate for work,” said Martina Milburn CBE, Chief Executive of The Prince’s Trust.
Katerina Rüdiger, Head of Skills and Policy Campaigns at the Chartered Institute of Personnel and Development (CIPD) added:
“We agree that greater employer engagement with young people is vital, not only to help overcome youth unemployment but also to ensure that organisations have the talent they need to succeed,” she said.
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