Staff Training

Since the pandemic, the number of advertised job vacancies has soared.  Figures quoted in December 2023 show that there are 934,000 vacancies in the UK and therefore there are 934,000 staff training opportunities.  This represents a serious challenge to the UK economy, not to mention:

• increased stress for existing staff who have to take on extra responsibilities
• poorer customer service because there are insufficient staff to meet customer needs
• less opportunity to generate increased profits
• less tax income for the government to pay for public services.

Sobering financial thought for you.

If every vacancy commands the average UK salary of £33,402 per annum, that represents an income tax loss to the government of:

£33,402 – £12,000 (personal allowance) x 20% = £4,280.40 per person

NI loss of £33,402 – £12,570 (NI lower limit) x 10% = £2,083.20 per person

Additionally, if every person spends 80% of their income on goods and services, a VAT loss of £33,402 x 80% x 20% (standard VAT rate) = £5,344.32 per person

Or put simply, an overall tax loss of £11,707.92 x 934,000 which is a fraction under £11 billion per annum!

So where can employers find 934,000 staff to fill their vacancies?

• There are 1.46 million people unemployed in the UK
• There are 7.5 billion people living on Earth!
• There are 3.5 million ‘economically inactive’ 50 – 64 year olds living in the UK.

So in theory, it shouldn’t be difficult.

As an employer, where should you focus?

The 50 – 64 age group who are economically inactive would be an excellent place to start for the following reasons:

• This age group usually have a lot of experience – both work and life, which they can bring to your company
• They are less likely to ‘job hop’ like the younger generation
• They are more likely to stay in their current role as opposed to seek promotion and career growth.
• Statistics suggest that a lot have retired during and since the pandemic. The initial ‘release’ may have been wonderful but they might now be recognising that having some work structure, plus the additional income, would be welcome.

So how might you entice these people to work for you?

• Flexibility of hours, working patterns, working part in the office/part at home, more holidays; are likely to appeal far more than salary.
• Buddy them up or introduce a Mentoring scheme to help them feel part of the business and allow others to benefit from their experience.
• Highlight that your priority is to recruit the right attitude as opposed to the right skills. You are prepared to invest in their training and fill the skill gaps where necessary.  This in turn will help build their loyalty and help them be advocates of your business.

Staff vacancies are costing you money.  Invest in your business, people’s futures plus help generate £11 billion per annum towards our public services.  Staff training is the way forward.  A professional training company such as Unlock Staff Potential Ltd, will build bespoke training plans to increase the effectiveness of existing staff and upskill new ones.