The UK has been experiencing a skills shortage for several years now, and the issue is only set to worsen due to an aging workforce. This is a growing dilemma for employers who are struggling to fill vital roles with skilled workers. It is becoming increasingly clear that the UK needs to take action to address this issue and ensure that it has a pipeline of skilled workers for the future. The backbone of Hunt’s Autumn Budget does not go far enough to address the issues caused by the “Great Resignation”.
Research by the Institute for Fiscal Studies has shown that the majority of this rise has come from those who weren’t in work anyway. Instead, increasing economic inactivity has been caused by the “Great Resignation”, where wealthier workers decided they’d accumulated a large enough pension pot to quit the rat race. A report by the Resolution Foundation showed that the over 50s seeking early retirement are skewed significantly towards higher earners. These people aren’t ill; they’re rich. Further reading on Ben Cope’s interesting article for City Am Over 50s aren’t staying out of work because they’re sick – it’s because they’re rich (cityam.com)
What Skills Do Employers Value & Need
In August 2022, we published an article that focused on a CareerMap survey that asked employers to list what skills they looked for in entry-level candidates; the most popular answers were “enthusiasm” (78%), “transferable skills” (71%) and “relevant work experience” (64%). Yet when you think about it, universities don’t necessarily provide any of these skills, whereas apprenticeships, internships, and other jobs can. As an alternative to studying for a degree, an apprenticeship can give young people a chance to gain valuable, in-demand skills along with practical hands-on experience. Which is why we continue to promote the benefits of apprenticeships.
We also shared a follow-up article on LinkedIn that looks at the role educational institutions should play to help students feel better prepared for entering the Competitive Job Market. This article, which is well worth a read, emphasises the need for more apprenticeships in the UK and reveals that despite obtaining shiny degrees from leading universities, less than one-third of young people in the UK feel ‘very or extremely ready’ to enter the job market. This demonstrates a lack of confidence in the younger generation and may explain why many hesitate when it comes to applying for roles that come with responsibility and involve a steep learning curve from day one.
How To Combat An Aging Workforce
UK skill shortages are on the rise as senior professionals with a wealth of industry experience now reach the age of retirement or choose to leave and retire early due to work-related stress. And this presents a unique challenge for employers industry-wide. As experienced professionals begin to retire, their expertise and knowledge are lost, which in turn creates a significant skills gap.
The UK has 270,000 more workers aged 50-64 who are economically inactive. Fewer over 50s are in work than before the pandemic. This is a problem, and one unique to Britain. Employers must therefore look for new and more innovative ways to retain the knowledge and expertise of their aging workforce, such as offering a flexible contract of employment, mentoring or training programmes for the next generation of skilled workers. Another solution is to actively recruit older workers and leverage their experience and expertise to help fill the skills gap. So rather than requiring these industry experts with decades of experience to take on full-time roles that can be tiring for those reaching retirement, opportunities can be created that pay well but only require remote work or a couple of hours a week to pass on the torch to newly qualified employees.
Our Commitment
Our commitment as an employer and training company is to continue to promote diversity and inclusion in all areas that we operate in and our 50 plus training programme champions age equality in the workplace and is just one of the ways we are working to empower individuals to reach their full potential, regardless of their age.
Our Top Tips To Be Better Prepared for the Job Market
Now let’s talk about increasing your chances of securing a job and being as prepared as you possibly can for a new role. Here are our top tips for the next generation of industry leaders;
- Be open to new experiences and take advantage of every opportunity that comes your way to gain valuable experience and skills. This will help overcome the current UK skill shortage!
- Don’t wait for opportunities to come to you; take initiative and create your own opportunities to gain industry experience.
- Continuously invest in your skills and knowledge by attending workshops, training courses, and other development opportunities to stay up-to-date with industry developments.
- Remember the importance of preparation in the job market, and take time to research the company, practice your interview skills, and ensure that your CV is tailored to the role to increase your chances of getting through the initial screening process. This practice also helps you to be better prepared for the interview thus preventing poor performance.
