Survey: Skills Gap to Blame for Global Productivity and Revenue Declines

Chicago — March 20

The growing deficit of skilled labor needed to fill in-demand jobs is causing a drag on employers across the globe, according to a new survey.

A significant number of employers in the ten largest world economies report that extended job vacancies have resulted in lower revenue and productivity and the inability to grow their businesses, according to a global CareerBuilder survey conducted online by Harris Interactive from Nov. 1 to Nov.30 of last year.

The survey included more than 6,000 hiring managers and human resource professionals in countries with the largest gross domestic product.

Employers in China were the most likely to report having open positions they cannot fill and corresponding negative effects on their company performance. Russia houses the largest percentage of employers reporting a revenue shortfall tied to extended job vacancies, while the U.S. is among those most likely to report a productivity loss, according to the survey. Japan ranked high among those who said the inability to find skilled talent has impeded expansion of their businesses.

Employers in the BRIC countries — Brazil, Russia, India and China — were the most likely to report challenges in recruiting high skill labor, the survey said, with more than half of employers reporting they currently have positions for which they can’t find qualified candidates.

The BRIC nations are also hiring at a more accelerated rate, containing the highest percentages of employers planning to add full-time, permanent staff in 2013, the survey said.

Moreover, a large percentage of employers in the top ten economies reported their companies have experienced negative implications from extended job vacancies, citing less effective business performance, lower quality work, lower morale and higher employee turnover. Following the BRIC nations, employers in Italy and France were the most likely to report this, according to the survey.

Not surprising, technical fields — namely information technology and engineering — dominated the areas where employers said they are having the most difficulty recruiting skilled talent.

There were notable challenges in recruiting for high-end sales positions in the U.S. and Europe and recruiting for research and development jobs in India, China and Japan, the survey said. Filling Production jobs is a bigger challenge in Brazil, Russia and Europe.

Source: CareerBuilder