Unfilled vacancies costing the UK economy £18bn a year
Indeed, the world’s leading job site and global hiring resource has released research revealing the scale and economic impact of unfilled vacancies on the UK economy – representing a staggering annual cost of over £18bn.
The economic potential offered by these positions is indicative of continuing improvements in the UK labour market, with falling unemployment and robust job creation. Despite this renewed confidence, the research suggests that many businesses are finding it a challenge to locate and secure the right employees. Inability to find and recruit the right hire for a role has an impact on both the business itself and the wider economy in two major ways. Failing to effectively resource a business slows both production and profits, while unearned wages reduce consumer spending power and contribution to economic growth.
The report’s findings illustrate the growing importance of building a strategic recruitment function to hire quickly and efficiently, and find the right fit for each role.
Indeed senior vice president Paul D’Arcy commented: “For today’s job seekers, these are positive conditions, however, at around £18bn per year, the cost of unfilled roles should serve as a wake-up call to UK businesses developing recruitment strategies in a post-recession environment.
“Each empty desk represents an opportunity both for the individual and the business. For the business, finding and recruiting the right individual means better productivity and profits, while for the individual, earning an income and spending a salary contributes to wide economic growth. In today’s economic environment of lowered unemployment and labour participation, it has never been more important to hire the right fit for each role.”
