Unfilled vacancies a ‘ticking timebomb’, says BCC

With the labour market continuing to tighten, business growth and confidence are shrinking, said the British Chambers of Commerce.

However, according to larger accounting firms there is some evidence that there may be some loosening in the coming months.

BCC head of people policy, Jane Gratton, said businesses are facing a “ticking time bomb” and has called on the government to initiate an “Immediate review and reform of the Shortage Occupations List (SOL) to include more jobs at all skill levels”.

“The Government can help ease the growing pressure in the labour market at no extra cost to the Exchequer,” she said.

“We need an immediate review and reform of the Shortage Occupations List (SOL) to include more jobs at all skill levels. This will give firms breathing space to train and upskill their workforce. We have over a million more job vacancies than people available to work, so the sooner we start the SOL review, the better.

“[Today’s] figures show little improvement for employers over the last quarter. Despite the small increase in employment levels, the number of job vacancies in the economy remains around the highest on record. Competition for skills and labour continues to drive up wage costs.

“Skills and labour shortages have reached crisis point for many firms. The impact is being felt on their ability to meet customer demand and forcing some to turn away new business, because they simply do not have the human resource. This is restricting growth and business confidence. It’s a serious and urgent problem.

Source Financial Accountant click here to read more.