Competition increasing for top talent

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Skills shortages and increasing competition for talented staff are being witnessed by many UK firms

Businesses across the country are being forced to battle it out tooth and nail to attract the best employees and to keep hold of their top talent, new research has shown.

Insights gathered as part of the latest CIPD/Hays Resourcing and Talent Planning Survey included the fact that the vast majority (82 per cent) of business leaders in the UK now feel competition for talent has become more fierce.

Indeed, the survey revealed almost half (44 per cent) of UK organisations expect to increase their headcount during the coming 12 months, while 35 per cent of respondents stated their talent management budget has grown over the last year and is expected to continue to do so in the months ahead.

All this points to ever-increasing competition to attract and keep hold of the best employees - an issue that is leading to growing skills shortages. Overall, 50 per cent of respondents claimed it is now harder to fill technical roles within their business due to a lack of prospective employees with the necessary skills/experience to excel.

Furthermore, 78 per cent of respondents stated they had faced difficulties in recruitment during the last year.

Jessica Cooper, research adviser at the CIPD, said: "Organisations are increasingly feeling the pinch when it comes to sourcing key but scarce skills. In the 'make or buy' debate, the 'buy' decision still seems to predominate investment in talent, but hiring new talent is just part of the solution for addressing skills shortages.

"Once people are in a role, they still require ongoing development to achieve their full potential and meet ever-changing and critical skills needs."