Skills shortages (77%) and poor-quality applicants (78%) pose significant hurdles for UK organizations, impacting operational capabilities.
Human resource consultancy firm XpertHR discovered in its most recent recruiting poll that poor quality applicants (78%) and skills shortages (77%) are the main hiring difficulties facing UK organizations. These findings indicate that these businesses are having difficulty finding the capabilities they need to run their operations.
While a lack of talent is still a major issue for many industries, 44% of UK organizations said they were having trouble matching the compensation and benefits offered by competitors, which suggests they may be losing out to other organizations for the best individuals. In the meanwhile, 26% of organizations reported having trouble keeping new personnel.
Employers are finding it difficult to find talent, despite the fact that the unemployment rate in the UK is presently 4.2%. This is because candidates often lack the requisite training and experience, which puts their company’s resilience at danger.
Specialist abilities—either necessary for their organization or unique to individual roles—were the most frequently mentioned talent that employers, across all industries, were finding difficult to fill (88%). This is in addition to soft skills. In addition, it was finding it challenging to find soft talents like management (33%) and leadership (37%).
Forty-three percent of employers have provided improved training programs to upskill both new and current employees in an effort to alleviate the skills deficit. On the other hand, 58% of respondents stated that their company is paying and benefiting prospects more attractively, and 52% said they are paying current employees more to keep them around.
“Having the right individuals in the right roles, with the right skills”
In light of the current talent shortage, XpertHR advises HR and recruitment professionals in the UK to make sure they are reaching qualified candidates and offering a competitive pay and benefits package that can be a strong incentive for both current employees and candidates. HR professionals in the UK are starting to get ready for their busiest recruitment period in Q1 2024.
In order to stay competitive, it advises organizations to adopt a data-driven strategy. “Many businesses have been able to survive, and even thrive, in recent years despite challenging economic conditions,” said Bar Huberman, content manager, HR strategy and practice at XpertHR.
But having the right people in the appropriate jobs with the right talents is what really makes a firm resilient. It’s time to reevaluate incentive packages and make use of benchmarking technology as HR, talent acquisition, and business leaders get ready for the new year and the rush of hiring that comes with it. This will ensure market competitiveness through offerings that draw in top talent and foster employee satisfaction.
“Moreover, encouraging internal mobility can help with certain skill shortages, and offering substantial training and development can be a compelling approach to keep and engage current employees.”
Pay grading and benchmarking solutions have the potential to help organizations create and optimize a pay structure that not only satisfies their business goals but also matches the expectations of potential candidates, employees, and the general market.
