This report from Mercer examines the latest employment and migration statistics and the UK population and workforce in a pre and post-Brexit world in a bid to understand related business impacts.
Key findings from the March 2018 report:
1. The workforce crisis is playing out as we predicted, according to the most recent employment and migration statistics.
- The demand: The numbers of both jobs and vacancies are increasing. The UK has half a million more jobs and 56,000 more vacancies than a year earlier. The total number of job vacancies is almost 816,000, the highest figure since comparable records began.
- The supply: The number of people looking for work is falling (the unemployment rate is at its lowest since 1975), as is that of inactive workers in younger age groups.
Companies are already starting to feel the pain of not being able to recruit and retain. Previously, organisations assumed they could access talent to match their plans, whether by tapping the foreign labour pool, targeting graduates, outsourcing or taking significant portions of their business online. But the workforce and population trends we’re seeing now suggest that organisations can’t proceed on the same faith. The workers may simply not be there.