BUSINESS REPORT
POLICY MATTERS
The Chamber’s Policy Executive ELEANOR SOUTHGATE represents your views to the people who matter.
Through our quarterly economic surveys and in our discussions with members we are increasingly hearing about recruitment difficulties and skills shortages. Whilst this nation-wide concern is nothing new it has been so long a problem and so deep a dearth that many are reporting the issue as reaching critical levels. In the last quarter unemployment reached a 42-year low (at 4.2%),
forcing some firms to consider raising pay in order to attract staff, despite depreciating productivity. Indeed, the latest edition of the British Chamber of Commerce’s (BCC) International Trade Outlook highlights that significant labour shortages are a key issue facing exporting firms of all sizes and sectors. These reports come as employers
‘BUSINESSES MUST BE BOLD
across the landscape voice concerns about the prospects of future restrictions on European Economic Area (EEA) migration. A potentially harmful result to all businesses in our region is that Infrastructure and investment developments, such as energy supply projects, which rely on EEA workers, could face major delays and have considerable costs and impact on UK businesses. Whilst clarity on the UK’s future immigration regime and post-Brexit
AND SPREAD RISK AND BROADEN THEIR MARKETS WHERE THEY CAN’
trading practicalities is needed now, businesses must be bold and spread risk and broaden their markets where they can. But before considering this employers must review their strategies for retention, people development and, potentially, retraining in order to hold on to the talent they currently rely on. In the meantime your Chamber, alongside the BCC, are urging for
Government to address these skills gaps in action that should complement and not contend with Brexit planning.
Skills shortages are likely to hit the region’s energy supply projects
18 inbusiness AUGUST/SEPTEMBER 2018
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