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Skills Gap Causing Losses In Productivity And Revenue In Top Ten World Economies, According To CareerBuilder Survey

Stocks in this article: GCI

CHICAGO, March 20, 2013 /PRNewswire/ -- The growing deficit of skilled labor needed to fill in-demand jobs is causing a drag on employers across the globe.  A significant number of employers in the ten largest world economies said that extended job vacancies have resulted in lower revenue and productivity and the inability to grow their businesses.  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.  Japan ranked high among those who said the inability to find skilled talent has impeded expansion of their businesses.

Infographic:  http://cb.com/ZVEkDf

The global CareerBuilder survey, conducted online by Harris Interactive © from November 1 to November 30, 2012, included more than 6,000 hiring managers and human resource professionals in countries with the largest gross domestic product. 

"The inability to fill high skill jobs can have an adverse ripple effect, hindering the creation of lower-skilled positions, company performance and economic expansion," said Matt Ferguson, CEO of CareerBuilder.  "Major world economies are feeling the effects of this in technology, healthcare, production and other key areas.  The study underlines how critical it is for the government, private sector and educational institutions to work together to prepare and reskill workers for opportunities that can help move the needle on employment and economic growth."

Percentage of companies that have open positions they can't fillEmployers in the BRIC countries ( Brazil, Russia, India and China) were the most likely to report challenges in recruiting high skill labor with more than half of employers stating they currently have positions for which they can't find qualified candidates.  

  • China – 74 percent
  • Brazil – 63 percent
  • Russia – 57 percent
  • India – 53 percent
  • Germany – 31 percent
  • Japan – 29 percent
  • U.S. – 28 percent
  • France – 26 percent
  • U.K – 23 percent
  • Italy – 18 percent

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 (see CareerBuilder's Global Job Forecast).

Negative impact of positions that stay open too longA large percentage of employers in the top ten economies stated 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.

  • China – 81 percent
  • Brazil – 74 percent
  • Russia – 74 percent
  • India – 69 percent
  • Italy – 55 percent
  • France – 47 percent
  • U.K. – 41 percent
  • Japan – 40 percent
  • Germany – 39 percent
  • U.S. – 38 percent

Of employers who have felt a detrimental impact from extended vacancies, the following reported suffering a loss in productivity and revenue and stagnant business growth.        

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