UK job vacancies are at an all-time high, with 1.29 million positions available – almost 500,000 (25%) more since the pandemic began. With 131,000 vacancies in the professional services sector – with key areas in technology and engineering – the lack of professional talent is severely hindering the success of businesses across the country.
This is echoed in new research from global investment bank, JPIN, revealing that over a third of the UK workforce (36%) cite a lack of skilled workers as being the biggest factor in stunting the growth of businesses. Specifically, 1-in-4 respondents referred to the distinct lack of tech talent as being a key issue.
In a bid to combat the worst skills shortage on record, the UK Home Office has announced several new visa routes, including the High Potential Individual (HPI) visa – aimed at bringing top-tier international talent into the country. Bearing some similarities to the Highly Skilled Migrant Programme – which ran from 2002 until 2008 – the HPI visa looks to attract the brightest talent to the UK to maintain the nation’s status as a leading international hub for digital innovation and emerging technology.
Industry expert, Gaurav Singh, reiterates that one of the most important shortages lies in the tech sector, despite marked efforts from companies to fill these valuable roles. Software engineers and cybersecurity experts are the most sought-after workers in 2022 – according to research from Hays.
Britain has historically relied on the support of international talent – with almost 40% of non-UK born workers being in the highest-skilled jobs in 2020 – according to the University of Oxford. Singh explains that although outsourcing workers from the European Union has become more difficult after Brexit, there is a wealth of talent that exists in the world’s emerging markets.
In 2021 alone, 43% of the UK’s skilled worker visas were issued to Indian nationals; with a further 25% of the world’s engineers being from India – according to research.
Concerns about talent shortage are already starting to have a tangible effect on the share prices of UK tech companies; research exhibits that wage inflation and resignation rates drove a 10% share price fall at NCC Group – a cyber security specialist.
The High Potential Individual (HPI) visa scheme is set to launch on May 30 and will be open to applicants who have graduated from a top global university, allowing them to live and work in the country without needing a sponsor.
Gaurav Singh, founder of JPIN, comments:
“Recruiting tech talent is now one of the main areas of focus for businesses, with the lack of skilled workers in this sector beginning to really impact UK firms. It’s clear that a large number of companies are wanting to transform and digitalise their operations in light of a challenging economic climate; however, there simply aren’t enough skilled workers in the country to fill this gap.
“With innovation deriving from so many different countries in today’s global economy, there is an extensive surplus of talent in the emerging markets that can assist with alleviating the recruitment pressures Britain currently faces.
“It is time for the government further lean on these markets for support in filling the talent gap. For instance, as a 21st century powerhouse, India’s rate in producing some of the world’s most successful skilled workers has placed a spotlight on the nation’s talent pool, particularly in the tech sector.
“I suspect that a combination of upskilling homegrown talent as well as leaning on the pillars of other thriving economies will help with combating the skills shortage. It certainly looks as though this is the UK’s strategy – especially by introducing the HPI Visa scheme, which will help bring in talent from other countries to fill the current gap.”
