GC Situation Report: July 2023 Employment Insights

• The Growth Company (GC) Situation Report, July 2023, includes detailed information on the economy, as well as the results of the GC Survey and Business Confidence Index.
• The latest data shows that workforce skills gaps persist, with many firms looking to increase investment in workforce development.
• In the labour market, meanwhile, around a third of firms are actively recruiting new staff.

The GC Situation Report, July 2023, contains leading economic data from both local and national sources. This month’s survey findings are based on responses from 174 firms recorded between 4th July and 6th August.

Here are the headline figures and trends relating to employment and skills.

Skills Gaps

• 54 percent of firms reported workforce skills were only “partly” at the level needed to meet their business plan objectives.
• The main technical skills gaps identified were: Specialist technical skills (41 percent); knowledge of products and/or services (13 percent); advanced specialist information technology skills (11 percent); and complex problem resolution (10 percent).
• The main people and personal skills gaps were: Sales (19 percent), ability to manage time (12 percent), setting objectives (10 percent), and managing and motivating staff (9 percent).

Workforce and Skills Development

• 43 percent of businesses said they intend to increase capital expenditure to invest in workforce development and skills over the next 12 months. 55 percent expect their investment in this area to remain the same.
• 52 percent of those surveyed stated they were actively seeking to increase the diversity of their workforce through recruitment and progression practices. Meanwhile, 29 percent said they were likely to do so in the future.

Recruitment and Redundancies

• 28 percent of firms said they were actively recruiting new staff, an increase of 6 percent on June. 19 percent reported difficulties recruiting new staff.
• The main job categories companies were looking to fill were customer facing roles (36 percent), managerial roles (11 percent), and roles “not elsewhere classified” (14 percent).
• 1 percent of businesses said they were in the process of making redundancies.

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