Skills shortages and skills mismatches are worrying issues for businesses. When employers find it difficult to recruit the people with the skills they need, there are real costs. These may be lost business, reduced productivity or a need to undertake additional training to upskill people. There are also implications for the workload and welfare of existing staff with increasing pressure to meet growing demand.
The Hays Global Skills Index helps to identify where there are skills shortages, or too great a skill pool for the jobs available and also looks at the effect this has on wages in the 33 countries in which the company operates. Developed jointly by Hays plc and Oxford Economics, the analysis investigates how the global skilled labour market has changed since 2015, drawing from labour market data and Hays in country recruitment experts’ experience in the market. As this is the fifth year of the Index, the report also looks at how things have changed since 2012 to take a longer-term view of developments across the global labour market.
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