Around two-thirds of hiring managers say younger workers quitting are amongst the top reasons they can’t fill their skills gaps, according to a new report.
Young people across Europe are quitting their jobs – and this is becoming one of the biggest barriers to addressing the skills shortage for companies, according to a new report.
New figures reveal how 60 per cent of talent managers say the trend of younger workers quitting, and their struggles to attract new hires with the right skills, means they cannot fill their skills gaps.
The pandemic and the subsequent economic instability, which has resulted in record levels of inflation that have still not abated across much of Europe, ushered in trends such as the so-called “Great Resignation” and “quiet quitting”.
Lots of younger workers especially felt they weren’t getting a fair deal, oftentimes working harder for less as prices rose faster than their wages.
A survey of thousands of talent managers, learning and development professionals, and workers across different levels in companies in the UK, France, Germany and the US has revealed the stark difficulties these trends have left companies in.
High turnover of younger employees in the workforce was a particular problem for hiring managers in the UK, with 60 per cent of them saying it was the biggest challenge they faced related to the skills shortage.
In its 2023 Global State of Upskilling and Reskilling report, analysts from learning platform 360Learning revealed that losing the knowledge of the older generation who are retiring was the most significant hurdle for more than a third of the hiring managers surveyed.
In France and the US the biggest challenge was finding enough new hires with the right skills.
The skills crisis is putting “significant pressure” on many types of business due to losing institutional knowledge through departing retirees and turnover of younger employees, according to David James, the chief learning officer at 360Learning.
“As a result, the demand for talent is far outstripping supply. To rectify this, employers need to create a culture of continuous learning and give their teams the tools and opportunities to advance their skills,” he said.