Businesses face drastic workforce shortages
Businesses face an unprecedented labour shortage. The impact of the UK’s ageing population on the UK economy and access to labour has been masked in recent years by positive net migration – until now. With immigration likely to fall, organisations must take the opportunity now to get ahead in order to ensure future growth and minimise risk.
The numbers that we have uncovered in our Mercer Workforce Monitor™ model are a wake-up call.
Even without Brexit, many professions already experience a tight labour market due to demographic shifts and skills transformation activated by automation, digital and innovation. Businesses must think very differently about how to solve the workforce crisis, yet this is a conversation few are having.
Our report reveals that organisations who plan for these scenarios now have the opportunity to turn this complexity into their competitive advantage and minimise the risks of impact.
Organisations can do this by maximising the productivity and development of the people they’ve already got, and strengthening their external market position to attract the talent that everyone will want and need in the future. It will also require tapping into broader and more diverse talent pools to fill the gaps: retaining older workers, bringing younger workers in earlier on apprenticeships, encouraging and enabling more women back into the workforce, embracing flexible working in order to attract those with a disability - as well as finding ways to automate tasks and jobs or other ways to do more with less.
Complete the form below to download Mercer’s Workforce Monitor Report™ to gain access to these insights and guidance on the path forward. We will also send you future updates as workforce figures change.