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Engineering faces upto £9.5bn Retention Gap

 

In a recent report published by the Association for Consultancy and Engineering and EngTechNow, the ‘Retention Gap’ revealed that the engineering sector could halve the productivity lost when loosing and replacing staff. The analysis found that productivity lost through handover activities and the integration of new staff amounts to £5,128 for engineers and £4,908 for senior technicians.

The gap is lower when replacing engineers and technicians at a more junior level to £2912 for graduate engineers, thus potentially reducing productivity loss by promoting from within an organization. Combined, this potential loss in productivity across all levels of the engineering sector could amount to a loss of £9.5bn over the next decade.

There is an estimated 1.8 million engineering roles to fill over a ten year period and the report highlights why industry must benchmark itself and adopt best practice. Engineers are responsible for delivering so much of our economy and for achieving much of the government’s ambitions in the future. The governments recent publication of the UKs productivity rate confirms an urgent need for improvement in order to maintain UK international competitiveness.

Robert Wigley, Director of Technical Network says, "With surging demand for engineers amidst a skills shortage, means that engineering companies must work hard and be innovative to source the right people and retain staff."

“There has been an increase in recruitment in almost all sectors of engineering and the recruitment process is becoming more sophisticated. The days of pulling out a job spec and matching it with CVs are over. Technical skills can be learnt and transferred but behavior’s can’t. If a company hires someone with the right technical knowledge but the wrong professional or personality fit, it probably won’t last.”

“Hiring companies must provide applicants with all the necessary information to fully understand the company that they are potentially joining to ensure full commitment from the outset, so they don’t move on soon after joining. This means companies must not only sell themselves well, but they must outline the culture, vision and direction of the organization, through the attraction, selection and on-boarding process.”

“Employers should examine what appeals to potential applicants and to their own staff. By opening up new opportunities to work in other parts of the business for example, employers may find more staff will look to progress where they are, rather than move on. Furthermore, when a business is investing heavily in someone’s career, knowing whether the cultural and professional fit is right is particularly important.”

“Getting the cultural fit right is vital but businesses must also have an open-minded approach to recruitment so they can tap into every available resource. They should not limit themselves to a small number of people with highly specific experience or they risk a lengthy candidate search and overlooking other potentially suitable candidates for the business.”

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