British firms predict skills shortages - Mitrefinch


Mitrefinch logo

Our blog

Book a demo

British firms predict skills shortages

Published: January 6, 2016

Skills shortages are becoming increasingly problematic for many firms, it has been suggested.Analysis published by Robert Half UK claimed that the retirement of the baby boomers will lead to a widespread skills dearth.

The majority (74 per cent) of financial directors are worried that the absence of top talent will have a negative impact on their organisation over the next two years.An even higher proportion (77 per cent) said that the retirement of older staff members will have a negative impact over the next five years.

Unsurprisingly, small firms are the most concerned about potential skills gaps. The vast majority (84 per cent) have forecast that the departure of older professionals over the next five years will have a negative impact on their business, whereas this number was only 77 per cent for medium-sized firms, and even lower at 69 per cent for large firms.

As a result of the departure of older and more experienced employees, businesses will have to adapt to the needs of some of the younger generations of staff.To cope with the challenges that this will inevitably bring, 45 per cent of firms are trying to prepare by increasing training and development programmes, while 25 per cent are increasing mentoring programmes and knowledge transfer.

A further 32 per cent have responded by enhancing benefit programmes.The same number are attempting to incentivise baby boomers to stay, while 27 per cent are hiring mid-level talent to develop a skills pipeline.Just one in ten (ten per cent of) finance directors said that they did not foresee a potential skills gap.

Whatever the situation in your company, if you are in the process of taking on or losing workers, then our HR software at Mitrefinch can help you to get access to all of the relevant employment data that you need including the skills and qualifications your employees currently have.

Don't waste time

Empower your teams with integrated Time and Attendance Software, HR Systems and Payroll Solutions