Investment in skills vital as labour market pressures remain high – Chamber

Business leaders in Greater Birmingham today called on the government to enable critical investments in upskilling and reskilling talent – as figures reveal businesses are facing continued labour market challenges.

Unemployment in the West Midlands remained unchanged at 5.3 per cent in the August to October period, according to new figures released by the Office for National Statistics.

Nationally, vacancies fell by 45,000 to around 949,000 in September to November – including a decline in 16 of 18 industry sectors.

However, vacancies remain above pre-pandemic levels and Greater Birmingham Chambers of Commerce said employers still face “enduring difficulties” in recruiting the right talent for their workforce.

Emily Stubbs (pictured), senior policy and projects manager at Greater Birmingham Chambers of Commerce, said: “While vacancies continue to decline, labour market pressures remain high, with pay growth once again outpacing inflation.  

“Despite local employers facing enduring difficulties attracting the talent they need, unemployment in the West Midlands remains largely unchanged on the quarter and notably above the national average. This is in large part attributable to longstanding skills gaps in the region, exacerbated by the economic impacts of the pandemic. 

“These remain incredibly challenging times for businesses, and recently announced plans around immigration will put international talent pools out of reach for many employers, making local skills availability all the more important. 

“If the Government is serious about economic growth it is critical that firms are enabled to invest in meaningfully up- and re- skilling local talent.”

To find out more about recruitment trends in Greater Birmingham, read the Chamber’s Quarterly Business Report