Seventy one per cent of British businesses do not believe David Cameron’s target of full employment will be achieved in the next five years, according to new research by totaljobs. The data, released today, also reveals that 43 percent of jobseekers say that they have been more selective about the roles that they have taken over the last three years. As a result, almost a quarter of businesses have experienced restricted growth due to a shrinking talent pool and 55 percent say that they currently have a skills shortage in their business.
The research, which surveyed 100 UK businesses and over 4,000 jobseekers, found that nearly half of British businesses anticipate recruitment will be difficult over the next couple of years, with the average number of candidates interviewed per role currently standing at six.
Interestingly, despite employers finding it harder to find new talent, 65 percent of jobseekers think it has been more difficult to get a job compared to the last time they were looking for a new role. This contradiction demonstrates the continued mismatch between the skills held by candidates and those demanded by employers.
With the national unemployment rate currently standing at 5.1 percent, its lowest level since May 2008, the recruitment industry is seeing a shift in candidate supply and demand with the significant majority of employers saying it is now more candidate-led than in the last five years.
A large business operating in the retail sector, who took part in the research, said it believed that ‘as the economy continues to get stronger, finding talent becomes a bit more difficult’. This is a view shared by over a third of the businesses surveyed who say they believe that the time it takes to fill roles will increase in the next five years.