December 10, 2014
The economic impact of unfilled job vacancies on the UK economy may be leading to a staggering annual cost of over £18bn. Research by job site Indeed, claims that falling unemployment and robust job creation is resulting in many businesses finding it a challenge to locate and secure the right employees. This inability to find and recruit the right hire for a role is impacting on both the business itself and the wider economy in two major ways. For the employer, failing to effectively resource a business slows both production and profits, while in the wider economy unearned wages reduce consumer spending power and contribution to economic growth. ‘Empty desks’ in the real estate sector are having the greatest impact on the UK economy, due to high levels of contributed economic value (the goods and services that could be produced if the position were filled).