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UK Overview

Global Skills Index
unitedkingdom

At 5.2, the UK’s overall score suggests slightly greater labour market pressures than in normal economic times. An expected decline in labour market participation and upward pressure on wages in high-skill industries will contribute to this pressure in 2013. The UK economy is still emerging from recession, but there is some evidence that the recovery is gaining momentum. However, headwinds from the current government’s austerity plan and ongoing deleveraging suggest caution.
 

 
 View the full Global Skills Index here and see how all 30 economies compare

Key Finding

While long-term unemployment continues to be a pressing issue for the UK (contributing to a high talent mismatch score), healthy rates of improvement in education levels and positive net in-migration are important counterweights helping to reduce measured labour market pressures.

Downward pressure fromukscore_2

Overall wage pressure
Increase in education levels
Net in-migration

Upward pressure from

Long-term unemployment
Labour market participation
Wage pressure in high-skill industries

UK's 2013 Index

The diagram below shows how the UK scored for each individual component. The component's all carry an equal weighting but the first four can be considered 'structural indicators' while the last three are compensation based indicators. Each indicator is given a score from 0 to 10.0 and the overall Hays Index score (5.2 for UK) is a simple average of the seven indicator scores.

 

ukchart

View from the ground
 

"It remains tough for employers to find top talent. The high talent mismatch levels are due to on-going skill shortages and a reduced talent pool because candidate confidence to move jobs is low and employers have largely remained focused on recruiting to replace leavers. However, more positive sentiment is starting to gain momentum throughout the UK. Industries such as oil and gas are performing well, which is leading to some wage pressure and this is mirrored in professions, such as IT, finance and even construction, where niche skills are in high demand."

Nigel Heap, Managing Director, Hays UK & Ireland
 

 How does your country compare? The full Global Skills Index is available here