UK economy is missing out on £1.2 billion due to improper skill matching, new market survey reveals

The UK economy is missing out on an average of £1.2 billion due to the employee’s inability to retrain for new skills or switch industries, extensive research carried out by consultancy company PwC has found.

UK economy is missing out on £1.2 billion due to improper skill matching, new market survey reveals image 1

Statistical figures obtained from the report suggest that a sum of around £930 million is wasted because the skills of available workers are not properly matched to the existing employment opportunities, while an extra £270 million is being spent by employers on unnecessary recruitment costs.

The report, commissioned by online professional networking service LinkedIn, compiled data coming both from the network’s 277 million users and from PwC’s own Saratoga database of 2,600 employers, a news report on the matter can reveal.

The adaptability of the 11 countries was ranked based on factors such as the average number of times workers in the country had switched employers, and the number of job vacancies available per person.

The research found a strong correlation between the adaptability of a country’s workforce and the performance of companies in that country.

Despite the higher number of available work opportunities in the UK, the report shows employers are spending longer finding suitable candidates for vacancies and employees are at risk of prematurely leaving job roles after being poorly matched to a position.

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