Our second annual Index looking at the skilled labour market and the challenges being faced by employers as they compete for the most sought after skills. The Hays Global Skills Index 2013 was produced in collaboration with Oxford Economics, to deliver a report detailing the difficulties of recruiting skilled labour across 30 countries.
The Index was created using seven key indicators, from talent mismatch to wage pressure, each of which contribute to the final Index score to measure the pressures being faced by individual markets for skilled labour.
The Hays Global Skills Index 2013 has demonstrated that the efficiency of labour markets is not directly related to the current state of the economy. Our Index shows structural factors have the greatest impact on the efficiency of the labour market. This highlights to employers and governments that policy changes and actions to alter the inefficiencies will create real improvements to labour markets.
The UK is still struggling with high levels of talent mismatch due to on-going skill shortages and a reduced talent pool as candidates’ confidence to move jobs is low. There are signs of slowing across numerous key markets and at all levels creating wage pressures in these industries. Overall the UK shows a generally balanced picture for labour markets with difficulty in finding the right skills to fill key vacancies.
To view the Hays Global Skills Index 2013, please click here.
We have created three key recommendations to business leaders and policy makers to help develop the talent pipeline and ensure we have the right skills for the future. These are:
1. Governments must demonstrate real financial and political commitment to improving the flexibility of labour markets
2. Education reform must be developed through close collaboration between governments and the business community
3. Businesses need to develop and implement dedicated policies for their youngest and oldest staff
To read these recommendations in full detail and to view the full Global Skills Index click here.
Watch our video to hear Alistair Cox, CEO of Hays plc, discuss the findings.