Labour Markets are Under Strain whilst Talent is Underutilised

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Labour Markets are Under Strain whilst Talent is Underutilised

Are you tapping into the right labour market and the underutilised workforce? 

Amidst the economic uncertainty of pre and post Brexit, recruiters are under strain from workforce availability whilst the job market is more competitive than ever. Research into the saturated job market shows that in November 2018, the number of unfilled roles across the UK hit a record high of 845,000. Recruiters are required to compete harder to reach their fulfilment rates as the demand for staff remains high.

Data from the Office for National Statistics show that between September to November 2018, the employment rate was estimated at 75.8%, this is higher than the previous year and the highest percentage since comparable estimates started in 1971. ONS data shows a year on year increase in the number of people in work, with an estimated 32.53 million people in work between June and August 2018, 141,000 more than the same time period in 2018 and 328,000 more than 2017.

What can you take away from these statistics? In a competitive market where labour availability is tight, are you tapping into underutilised and underrepresented workers? It is possible that many employers are overlooking a strong pool of potential candidates. Whether that is the single parent market, those with low education levels, young people or those with a disability. How can you better attract this market?

  • Focussing on these demographic groups can be viewed as an opportunity for businesses and it is an area employers cannot afford to ignore. Following the drop in EU jobseekers after the Brexit vote and the tightening labour availability, recruiters first off need to search more broadly and look into the diversity of the available workforce.
  • Secondly, invest in training as those available for work may lack relevant skills.
  • Thirdly, a clear focus needs to be on retaining current employees such as providing opportunities to develop or creating a work environment where employees feel like an asset.