UK 'to face one of Europe's largest talent shortages'

UK 'to face one of Europe's largest talent shortages'

The UK will soon be battling against a major shortage of skilled professionals across a variety of sectors, if the latest research on the subject is to be believed. New figures from Hay Group show the turnover of staff in Britain is set to increase sharply in 2015, with 765,000 more people leaving jobs than in 2012. This is likely to have an impact on firms, which might struggle to adequately replace talented individuals. As economic and labour market conditions improve, more businesses will be hit by a talent exodus, the group's report concluded. Having conducted the research in association with the Centre for Economics and Business Research, the organisation suggested the first signs of employee turnover rising will be seen in 2014. With confidence due to return to the market in 2015, the total number of departures is expected to hit 4.3 million. Chris Smith, consultant at Hay Group in the UK, said: "People have been reluctant to leave their current role due to the turbulent labour market ... But as conditions improve, dissatisfied workers pose a significant flight risk for organisations of all shapes and sizes in the UK. Recognising and then meeting the needs of the workforce will be key to retaining talent in the next few years." A lack of labour is said to be an issue that limits production at 12 per cent of companies in the UK. This makes it one of the highest scorers in Europe in this area, well above the four per cent recorded in Germany, one of the continent's economic powerhouses. Taking on workers in a variety of roles could be the key for companies over the next few years if they are to ensure they retain a balanced and capable workforce. Failure to meet the demands of modern business may leave some firms lagging behind their rivals, and wishing they had invested more in recruitment and the retaining of the most talented staff members.

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