The British Chambers of Commerce (BCC) has called for Government action to alleviate pressure on the labour market, describing the shortage of available staff "a ticking timebomb for firms up and down the country".
BCC Head of People Policy, Jane Gratton, said the UK jobs market "remains incredibly tight", which is adding to the growing list of concerns businesses are facing.
She was speaking after the latest employment figures from the Office for National Statistics showed a record number of job vacancies, despite a small increase in overall employment levels.
Jane Gratton said:
"Competition for skills and labour continues to drive up wage costs.
Skills and labour shortages have reached crisis point for many firms. The impact is being felt on their ability to meet customer demand and forcing some to turn away new business, because they simply do not have the human resource. This is restricting growth and business confidence. It's a serious and urgent problem.
On top of all of this, firms are now grappling with the highest inflation in almost 40 years; the largest spike in interest rates in three decades; ongoing supply chain disruption; and eye watering energy bills. There is a limit to how much additional cost business can absorb.
The Government can help ease the growing pressure in the labour market at no extra cost to the Exchequer. We need an immediate review and reform of the Shortage Occupations List (SOL) to include more jobs at all skill levels. This will give firms breathing space to train and upskill their workforce. We have over a million more job vacancies than people available to work, so the sooner we start the SOL review, the better.
We also need to encourage economically inactive people back into the UK labour market through access to publicly funded rapid retraining opportunities. Businesses must be part of the solution too by creating the right workplace conditions, for example by providing flexible working practises, training opportunities and a focus on workplace healthcare and support.
We cannot see another month of the same old news, it's time for action and we're offering the solution. It's time for the Government to listen."
BCC Head of People Policy, Jane Gratton
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