Matt Weston, Managing Director, Robert Half UK comments on the ONS Labour Market Statistics:
“Despite a slight decline in employment levels in October, the UK labour market continues to resiliently support our economy. However, with digitalisation transforming the workplace, the skills gap left in its wake remains a cause for concern for many businesses looking compete on the global stage.
“The skills gap is harming businesses. Recent research revealed that the average SME would have to spend £160,000 to address their skills gap in the next year, but if left untouched, it would impact their revenue by £318,000 within five years.
“Insights from our 2020 Salary Guide found businesses need to act quickly to secure their chosen candidate but improving staff retention should also be a top priority. Tapping into the pool of skilled interim professionals, who can apply their expertise to short-term projects, while also upskilling existing team members, combined with investing in a blend of training and development initiatives, will help companies approach the next twelve months with confidence.”