New report shows global skill-shortage hotspots
The UK ranks among the world's top five nations facing a skills deficit in five key areas of professional expertise, according to a global survey of 2024 job listings.
8 August 2024According to the report from Hays - a world-leading specialist in workforce solutions and recruitment, which operates across 33 nations - the UK is joined by New Zealand, Portugal, Canada and Switzerland in a 'top five' where shortages are greatest.The survey, which said that competitiveness in these five nations could be negatively impacted by the lack of available talent, concentrated on vacancies in five sectors: financial services (including banking and insurance), technology, life sciences, manufacturing and engineering.At the opposite end of the table were the US and China, who dominated as far as both the supply and demand for key talent was concerned, while India and Colombia emerged as the nations with the most affordable talent networks.Germany also ranked among the top five for talent networks across all sectors while Brazil performed strongly in tech, engineering and financial services, and Japan was among the best when it came to manufacturing and life sciences.
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Hays said the findings in the report, ‘The Workforce of the Future: Navigating the Skills Disruption', illustrated the fact that skills shortages had been negatively impacting organisations for years, resulting in stagnant productivity and missed opportunities for innovation, which have hindered long-term growth. "To address the growing skills gap, organisations must understand the global supply and demand of skills and take proactive action to ensure a steady future pipeline of talent," said Hays in a statement."Organisations who implement a global talent strategy will broaden their pool of skilled candidates, dramatically boosting their chances of finding the skills they need."The report concluded that Colombia, Malaysia, Hong Kong and Singapore were emerging as top talent networks across all five sectors and had "the potential to support organisation’s long-term growth plans, positioning themselves as key talent producers of the future".Hays added: "For organisations that are looking for robust talent profiles and consider cost and experience, the most resilient locations for tech talent are India, Romania, Mexico, Hungary, and Malaysia."Nigel Kirkham, CEO of enterprise solutions at Hays, pointed out that business leaders were facing numerous challenges when it came to finding the talent they needed to enable their organisations to thrive."Skills shortages, ageing populations, differing expectations from workers, the ever-evolving gig economy, and the emergence of skills-based hiring, are some of the trends adding toward a complex set of decisions for business leaders as they look to acquire talent," he said.Mr Kirkham added that if the UK aimed to continue to compete on the global stage, it needed a steady supply of talent with the right skills."When organisations are able to operate at their full potential, it improves the economy, increases employment and, in turn, benefits everyone," he said."Organisations must learn how they can find and utilise the right talent, for the right work, in the right location. Business leaders need to create a workforce planning strategy that considers not just the type of talent they need, but where they can source it from, the level of experience needed, and the cost to acquire.”The recently-elected Labour government has now launched a 'Skills England' programme aimed at producing the talent that UK businesses have badly needed for several years.Dr Joe Marshall, chief executive of the National Centre for Universities and Business, commented: “It’s no secret that the UK is facing a severe and acute skills crisis.“What’s more worrying still is that businesses face barriers to upskilling their staff and accessing new talent. A strong education system, matched to the talent needs of employers is what underpins a productive economy and drives opportunity.“The collaborative nature of Skills England that has partnerships with employers at its heart, is particularly welcome. Businesses, as both customers of talent and drivers of evolving skill needs, must be central to this transformation.”
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Hays said the findings in the report, ‘The Workforce of the Future: Navigating the Skills Disruption', illustrated the fact that skills shortages had been negatively impacting organisations for years, resulting in stagnant productivity and missed opportunities for innovation, which have hindered long-term growth. "To address the growing skills gap, organisations must understand the global supply and demand of skills and take proactive action to ensure a steady future pipeline of talent," said Hays in a statement."Organisations who implement a global talent strategy will broaden their pool of skilled candidates, dramatically boosting their chances of finding the skills they need."The report concluded that Colombia, Malaysia, Hong Kong and Singapore were emerging as top talent networks across all five sectors and had "the potential to support organisation’s long-term growth plans, positioning themselves as key talent producers of the future".Hays added: "For organisations that are looking for robust talent profiles and consider cost and experience, the most resilient locations for tech talent are India, Romania, Mexico, Hungary, and Malaysia."Nigel Kirkham, CEO of enterprise solutions at Hays, pointed out that business leaders were facing numerous challenges when it came to finding the talent they needed to enable their organisations to thrive."Skills shortages, ageing populations, differing expectations from workers, the ever-evolving gig economy, and the emergence of skills-based hiring, are some of the trends adding toward a complex set of decisions for business leaders as they look to acquire talent," he said.Mr Kirkham added that if the UK aimed to continue to compete on the global stage, it needed a steady supply of talent with the right skills."When organisations are able to operate at their full potential, it improves the economy, increases employment and, in turn, benefits everyone," he said."Organisations must learn how they can find and utilise the right talent, for the right work, in the right location. Business leaders need to create a workforce planning strategy that considers not just the type of talent they need, but where they can source it from, the level of experience needed, and the cost to acquire.”The recently-elected Labour government has now launched a 'Skills England' programme aimed at producing the talent that UK businesses have badly needed for several years.Dr Joe Marshall, chief executive of the National Centre for Universities and Business, commented: “It’s no secret that the UK is facing a severe and acute skills crisis.“What’s more worrying still is that businesses face barriers to upskilling their staff and accessing new talent. A strong education system, matched to the talent needs of employers is what underpins a productive economy and drives opportunity.“The collaborative nature of Skills England that has partnerships with employers at its heart, is particularly welcome. Businesses, as both customers of talent and drivers of evolving skill needs, must be central to this transformation.”
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