London’s looming talent shortages require a new way of hiring

According to recent data, 65% of London’s businesses are struggling to fill vacancies. But there’s a simple solution—and no one’s talking about it.

London’s looming talent shortages require a new way of hiring
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Despite the recent waves of mass layoffs, talent shortages are once again on the horizon. And this time, London’s businesses are bearing the brunt.

Over 77% of London’s firms are hiring, but 65% are struggling to fill openings. This is according to a survey of over 1000 business leaders and HR managers in London. And the results are concerning.

Widespread talent shortages

It’s not just specialist roles proving to be a recruitment nightmare, but entry-level roles too. In fact, the vacancies span all types of jobs and skill sets. It’s clear that the capital has a fundamental talent and skills issue. So what can hiring managers do about it?

Let’s get to the heart of the problem. The survey indicated five big blockers to filling vacancies:

  • A low number of suitable applicants (57%)
  • Competition from other firms (40%)
  • A lack of flexibility on offer (37%)
  • Anti-social working hours (31%)
  • A general lack of interest in the role (31%)

It’s a lot to unpack, but there seem to be two main concerns: local candidates lack the skills and experience needed, but they also have higher expectations of what they want out of a job.

Upskilling isn’t the solution

Business groups and the UK government are turning to upskilling as a way to combat the shortages. And that’s a great start, but the issue runs deeper than that.

As more people leave the capital in search of better prices, more space, and greater flexibility, the city will naturally become less abundant in top talent. Instead, talent will be distributed more equally across the UK—and the globe. So localized upskilling can only go so far.

The good news is that there’s one solution that can help businesses combat all those blockers: international hiring.

Remote worker with checked shirt on laptop

Now, we’re not saying: “Don’t bother with local talent. Outsource everything abroad instead.” That’s not the solution. But hiring strategically in new geographies to complement your domestic hiring is.

By expanding your talent pool globally, you automatically reach many more highly qualified candidates. You can offer them heaps of flexibility too. On top of that, international hiring allows you to find talent across time zones to fill vacancies that require different schedules—without anyone having to work anti-social hours. It’s a win-win.

Let’s take engineering as an example—a notoriously tough industry for recruiters. According to Workable, the global average time from job opening to offer is 62 days within Engineering. Yet, it only took Omnipresent an average of 27 days to fill each of our engineering vacancies in 2022 (59 hires made in total!).

The results speak for themselves when companies hire globally.

Global teams are the future

And here’s where it gets even better. Global teams have the potential to be smarter, more creative, and more diverse. They’re shaping the future of work and helping businesses pull ahead of the competition. Think about it: you can hire the best talent in the world, not just those living in Zones 1-6 and the surrounding commuter belt. For further information on our UK services, check out our UK PEO page to learn more.

Ultimately, international hiring is a compelling solution for companies looking to close talent and skill gaps. London is changing. Work is changing. So your hiring strategy needs to change too.

If you’re ready to take your hiring global, Omnipresent can help you onboard and pay international talent compliantly. You don’t even have to have a business presence abroad to get started. So book a free call with our team of experts to learn more. We’re here to help you build the best teams on earth.

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Ali Shepherd

Meet Ali Shepherd, one of our talented contributors. Check out Ali’s articles to learn more about global employment and remote work.

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