There is a serious skill shortage in the UK, which is costing UK businesses £2bn every year. The technology sector in particular has seen a huge shortage, as fewer people are choosing to pursue IT as a career.
It’s been revealed that businesses are short of 20,000 engineers and technicians every year and by 2015, approximated 1.8 million more people will be needed. This skill gap means that many firms are unable to progress and is damaging their prospect in many ways.
The skill shortage is increasing staff workloads and means that there are higher operating costs and less time to meet customer requirements.
This issue is not going to go away overnight, there is no real solution that can resolve the skill shortage, but there are certain things that businesses can do to help to close the gap in the skill shortage.
Many business owners are taking the approach of training up existing staff members, so that they can progress into different areas of the business, either with in house training, or sending them on educational courses.
This strategy allows your employees to experience and learn different things, which will keep them interested in staying on with the business. If an employee feels valued, it’s rare that they will leave.
As well as training opportunities, it’s important to offer a competitive salary, pay reviews and bonus structures in order to retain your employees. Offering a better pay will help you to attract those who are perfect for the job, as well as retaining your existing employees. In the UK, most tech companies have confirmed that candidates are asking for more money that the firms can afford to pay.
Many businesses are also turning to help from overseas. The UK IT sector us more reliant on workers from other countries than any other sector and 13% of the U’s tech sector is made up of skilled workers from different countries.
Many businesses in the tech sector have also began to set up graduate schemes, offering assistance with tier 1 graduate entrepreneur visa applications. International students who have done a computer science, or IT degree are becoming desirable applicants for big businesses and tech firms.