Notwithstanding fears remain that Brexit uncertainty could damage the economy, the latest figures show that unemployment has fallen to a 45-year-low.
The number of people in work in the UK is 75.1 per cent, the highest level since 1971 and the number of those out of work have dropped to just 4.4 per cent. Meanwhile, there were 32.07 million people in employment in the three months leading to June this year – a 338,000 increase compared to last year.
These figures show that business in Britain is booming with more demand than ever for workers across all industries, and even more encouraging is the news of major international firms who are investing in the UK economy. Just this week Amazon announced plans to open a new warehouse near Bristol creating 1,000 jobs, Google is planning a new headquarters in London creating 3,000 jobs and Deutsche Bank have committed to move to a new UK headquarters by 2023.
Of course, this news and the latest employment figures paint a positive picture, however, there is no escaping the uncertainty over the fear of lack of skills throughout the UK.
It is crucial therefore that employers plan for potential skills shortages by deciding on their future recruitment strategies. Skill shortages have been blamed for significantly increasing pay rates particularly in sectors such as IT & Digital and Construction, however, we urge employers to look at the other benefits they can offer employees.
Yes, the pay package is important, however, there are so many more elements people look for when switching roles. Our latest research suggests that the reputation of the employer, the progression and training opportunities offered, and the location of the job was more important than pay. So whilst Britain’s economy is growing year-on-year, month-by-month, employers need to look at what they can offer existing and new staff to ensure they can attract and retain the right employees for years to come. Developing your employer brand has never been more important.
So whilst the latest job figures are cause for celebration all round, Acorn will work closely with employers to ensure they can offer the benefits people want, and continue to develop new initiatives to develop the skills required to secure the future success for our UK employers.
Looking for Work-ready Junior Software developers – find out more about Acorn IT Bootcamps.