Record vacancy levels a sign of talent shortage facing firms - Chamber

Job vacancies have hit a record high as firms are struggling to source the right talent to drive economic recovery, business leaders said today.

New labour market figures reveal the number of job vacancies in the July to September period reached 1.1m across the UK - and increase of more than 300,000 from pre-pandemic levels.

In the West Midlands, employment rose by 0.6 per cent between March and May, with unemployment decreasing by 0.8 per cent 4.9 per cent.

However, these statistics do not factor in the end of the furlough scheme which finished last month.

Greater Birmingham Chambers of Commerce say talent shortages remain a significant issue for the region 's businesses.

Emily Stubbs (pictured), policy and projects manager at the GBCC, said: “While the latest statistics on the West Midlands labour market are somewhat encouraging, they don 't yet reflect the end of the government 's furlough scheme, which the ONS estimated nearly a million people were still on at the end of September.

“Combined, the record number of vacancies and higher than average unemployment in the West Midlands also present a concerning picture, that businesses are unable to source the talent they need to drive economic recovery from the coronavirus crisis, and West Midlands residents aren 't able to access available job opportunities.

“The Chamber 's annual Birmingham Economic Review, launching on 21 October, will feature expert business and academic insights on the labour market challenges precipitated by the crisis.

“It will also discuss how the city-region may tackle these challenges and address ingrained skills gaps by taking advantage of opportunities such as the development of HS2, the Birmingham 2022 Commonwealth Games, and the transition to a more environmentally sustainable, net zero economy. ”

Saira Demmer, chief executive of SF Recruitment - a patron of the GBCC - said: "These latest figures provide pleasing reading for the West Midlands, particularly as the employment rate has risen despite the record number of job vacancies and, at the time of this report, the approaching end of furlough.

"The unemployment figures have also decreased, particularly in the West Midlands, which again shows a narrowing gap when compared to national averages."

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