According to a new report, UK businesses are losing over £2.2billion a year due to a lack of suitably skilled workers.

The Business Barometer 2017 survey completed by the Open University quizzed 400 businesses and found that 9 in 10 of the employers questioned are finding it hard to find suitable candidates to fill roles. The huge cost of this problem comes from having to hire temporary staff to fill vacancies, running recruitment campaigns more than once and having to pay higher salaries to get the staff they need.

In addition, 75% of businesses said the recruitment process took much longer than they thought with an average length being one month and 24 days.

In the UK, the unemployment rate is currently at its lowest for more than 40 years, which might be good for the economy but does mean that there are fewer candidates than ever from which to choose from.

As quoted by the Business Insider, Steve Hill the external engagement co-ordinator for the Open University said:

“The UK challenge of finding talent with the right skills means that businesses need to look at recruitment, development and retention differently.

“The cost of the skills gap to the UK economy shows it must become a business and government priority to build the skills and capabilities of each individual through investing in talent at all levels.”

If your business has been struggling to find suitable candidates then working with a dedicated recruitment agency, such as SF Group, could be just what you need. We have hundreds of candidates lined up and looking for new roles with skills across a wide-variety of sectors and industries. What’s more we can take the hard work out of the recruitment process for you, saving you both time and money and helping you to find the candidate with the skills that you need. To find out more about how we could help you, get in touch with us today.

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