Current Job Market Indicates Stark Demands For Skilled Workers

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Business

Based on the recently published KPMG & REC UK REPORT ON JOBS interesting market findings came to light, highlighting the current challenges for employers as well as job market trends. These results and trends reflect the data from September 2021. The findings will be discussed thoroughly throughout this article.

Some may find the data and research difficult to understand given personal experiences in the job market, but after further consideration and when taking into account additional research, the data is clarified. Nothing is as simple as it originally seems, but clarify will be provided to make the topic easily digestible.

Findings of the UK Job Report

The current demand for skilled workers exceeds the supply, frustrating employers who are in desperate need of support to meet the demand of consumers. Due to the lack of skilled workers, this has impacted the starting pay being offered by hiring companies. This can be a problem for smaller businesses who may need the additional help, but can’t afford the high cost it comes with.

In one particular category though this increase in permanent job vacancies wasn’t as apparent – executive and professional services. Regardless, despite the overall increase in vacancies there seems to be a clearly lacking supply of skilled workers to fill these empty seats in the office. It was also noted in the report that those who do fulfill qualifications of vacant positions second-guess their initial decision to switch careers or job roles within an uncertain economy.

Inconsistencies

Now, those living in the UK who have had a difficult time in their job search may find these findings difficult to believe. The report paints the job market as a promising place to get hired right on the spot, but reality proves it to be different. To explain this discrepancy further, it is helpful to look at the Institute for Fiscal Studies report.

Despite this dramatic increase in job openings, the vacancies are still open at lower rates for a quarter of the workforce than before the pandemic. The vacancies that are available are mostly available in low-paying jobs, not offering much stability or security to workers. Higher paying jobs that are often filled by graduates and/or women are still at a minimum of 10% lower than before the pandemic.

Furthermore, there is a severe lack of skilled possible employees. Many who are seeking jobs simply don’t have the skillset needed to fulfill the roles and responsibilities of vacancies in industries that offer to pay a living and higher wage. The optimal solution for this dire problem is for the job seekers to improve their skills and for the potential employees to offer support when they decide to move jobs.

Implications

This is somber news, but overall the implications of this open job market with either mainly low-paying jobs or unskilled people applying for high-paying positions are dire. The UK has seen how this has already impacted the supply chain so far, and it’s unfortunately only likely to get worse. Examples of this impact on the economy include the lacking produce in grocery stores and empty gas stations.

As the supply chain disruptions and disturbances continue, more and more businesses will face challenges in staying profitable and afloat. This of course has further implications, and the stability of the economy will very much be in question.

How can FD Capital help

Many businesses are looking for capable help, especially when it comes to their finances. FD Capital is an expert in providing businesses with qualified employees, who will help your business and/or company perform better. FD Capital offers part-time and full-time CFOs as well as Finance Directors to support your company in reaching its full financial potential.

The market for the finance industry has become busy especially in London, but hiring the right fit for you can be difficult. FD Capital also offers smaller businesses an opportunity to benefit from CFOs by providing interim part-time CFOs. However, if you aren’t interested in hiring part-time candidates through FD Capital but want to recruit your own employees, that is an additional service FD Capital offers.

The recruitment process can be frustrating and a time suck for both employers and potential candidates. In order to reduce the stress and frustration, FD Capital can recruit fitting CFO and Finance Director candidates for you. Since FD Capital is based in London, they are an expert in finding candidates who are knowledgeable of the trends and challenges faced in your particular region.

No matter what you decide, and how the job market impacts your business, there are solutions to support you in this unstable and unsettling time!

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