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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 from
Overall wage pressure
Increase in education levels
Upward pressure from
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.
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
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