The latest quarterly report from EY ITEM Club predicts that even though unemployment is likely to drop below 7% in the first six months of 2014, the demand for skilled job seekers will continue to increase.
“Despite the labour market increasing by nearly one million people over the last two years, the demand for highly-experienced, skilled talent has never been fiercer, particular within construction, high tech, professional and scientific industries, which are growing rapidly,” explains Stuart Steel, human capital partner at EY.
Employees today seem keener to relocate and to change careers, which puts some employers at a disadvantage when it comes to finding the right fit for the job; hiring managers are forced to compete with both local and global counterparts when it comes to finding employees.
More and more companies are building talent and training strategies that will not only help them to build the right team but will also retain the team members for the long haul.
The EY report also shows that the labour market is currently in a stage of major change, which is partly due to an increasingly high number of workers putting off retirement.
In order to stay viable and shift with this economic growth, the labour market must change. Employers, policy makers and HR professionals are likely to need to evolve in their strategies or risk missing out.