Faster hiring will benefit our economy
Learn more about why a slow hiring process is bad for business.
The cost of unfilled vacancies to the UK economy is huge – estimated to be close to £15bn today. This means that job openings over a month old represent a combined loss of £1.25bn per month in potential economic output. This situation is compounded by an archaic approach to hiring, which means that almost half of UK job listings take over a month to fill, with 27% remaining vacant for over three months.
Our inability to create a fluid, skilled labour market and to speed up the hiring process has major impacts on both business and the wider economy. Failing to effectively resource our businesses slows both production and profits; while unearned wages reduce consumer spending power and its contribution to economic growth.
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