Companies struggle to fill vacancies following Brexit ‘supply shock.’
The CIPD (Chartered Institute of Personnel and Development) says that across all jobs, the number of applicants per vacancy has fallen dramatically. The lack of applicants has forced companies to raise their starting salaries in an attempt to attract more applicants.
Since 2013, the number of people moving to the UK from the EU has fallen, which has had a large impact on the number of job applicants in the UK. The number of people applying for low-skilled roles has fallen from 24 to 20, with a decrease from 19 to 10 applicants for medium-skilled jobs.
The biggest challenge is to companies and employers in sectors which typically recruit from overseas. They are vulnerable to changes in immigration policy.
Brexit could have a significant impact on the economy due to the number of unfilled positions and increased recruitment costs for businesses. A recruiter for Adecco Group said: “with Brexit looming we are seeing a talent shortage and a more competitive marketplace. In this landscape, there is pressure on employers to not only offer an attractive salary but additional benefits too.”
After the Brexit vote, there has been negative press about what it means for EU migrants looking to move to the UK. A government spokesperson said that the UK is aware of the huge contribution they make to the economy and they want to make it easy for them to come to the UK to live and work. There will be an immigration system put in place to welcome those who want to work and contribute to the economy.
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