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The shrinking workforce in the UK economy - what do the numbers say?

Britain is currently in the grip of an 'employment crisis'. There are 1.3 million job vacancies, and not enough people are looking for work to fill them for the first time. According to the article published in The Week, "the shrinking workforce is the most urgent problem facing the UK economy", said Chris Giles in the Financial Times.

hire a remote team to manage the workforce

There are 900,000 fewer workers today than the Bank of England expected before Covid struck. The governor of The Bank of England, Andrew Bailey, has warned that labour shortages are driving up prices and wages, thus contributing to his struggle to bring down inflation.

This month, Technomine Travel Solutions will discuss the reasons behind the staff shortages and how hiring remote teams can be a solution to upscale the economy in the coming years. We will also be covering some of the latest news items that will discuss the significance of eco-tourism, sustainable travel and the strategies of the UK economy to boost the country's GDP.

lack of job vacancies in uk

"The problem we planned is not the problem we got" - Financial Times

Recently in January 2022, The Guardian published an article stating the reasons behind the lack of job vacancies in the UK. The economic fallout is because of the coronavirus pandemic, which has made Britain's workforce smaller, younger and more female after a sharp rise in people leaving work during the lockdown.

British Airways has decided to cut 10,000 flights from its schedule to and from Heathrow this winter to prevent disruption. Not only this, but BA also assured the passengers to give them a refund or, if possible, reschedule their tickets on different airlines.

Take a look at the official statement released by British Airways.

"While most of our customers will travel as planned, and we're protecting key holiday destinations over half-term, we will need to make further cancellations".

In addition, British Airways added, "We'll offer customers affected by these changes an alternative flight with British Airways or another airline or a refund." The announcement gives customers several months' notice of changes.

But here comes the question

Why all of this is happening, and how can we resolve it?

hiring remote team can be helpful

With the staff shortage increasing, it is impossible to streamline business activities. The Over 50s Lifestyle Study confirms that retirement is the most frequent reason for leaving work during the Covid-19 pandemic. The report also finds that 82% of people who went or lost their jobs during the pandemic had not returned to work, while only 18% have returned to work.

From all the above news articles, one thing is clear. The Covid-19 pandemic made people leave their jobs, and safety was the primary concern for people to take this action. At this point, hiring remote teams to streamline business processes can be very helpful.

Virtual travel assistants will be helping companies to boost tourism and even complete all the pending tasks by working out-of-hours giving a quick headstart the next day. Also, working in different time zones can help companies be available for their customers 24*7.

Besides the Covid-19 pandemic, sustainable tourism is the centre of attraction for travellers worldwide.

Strategies to overcome the staffing issues in the UK

Faced with severe staff shortages, businesses across the UK must find creative solutions to continue servicing clients safely. Companies must have a robust risk strategy and insurance solution to tackle the staffing issues in the UK.

In this challenging environment, company directors must make tough decisions to deal with the situation, such as cutting production or services and raising prices to continue operating. Take a look at the following strategies to overcome staffing issues in the UK.

virtual travel assistants to boost tourism

Filling vacancies

Hiring permanent staff members and maintaining retention is challenging, but where successful, this improves labour supply reliability and reduces reliance on fluctuating agency staff. Measures to minimise staff turnover include flexible working hours and an increase in annual leave or salaries for critical roles. The UK companies can provide employees with additional benefits like sign-on bonuses, enhanced incentives and loyalty bonuses.

Moreover, supervisors need to make an extra effort to ensure that the new starters hired are comfortable with their new roles and know whom to contact in case of questions. The new job day should ultimately focus on the working environment, covering essentials like fire safety, security, first aid, and accident reporting, among others.

Advantages of filling vacancies

Promoting from within the business sends a strong message to the rest of the team. It tells them there are clear opportunities to advance within the company - that their time at work can be a career rather than just a job.

Companies are far more likely to hold onto their best talent if they can see a clear path of progression within the organization.hiring permanent staff memebers


Travel companies should also consider the option of re-skilling existing staff members. This can, in some cases, represent a better and more sustainable approach toward business growth. Staff training and development can help travel professionals create a more agile, loyal, productive and motivated workforce that is likely to drive the organisation forward.

Travel companies should not forget about the older generation as well. As people in the UK are going for early retirement, training the older generation and making them work through part-time and full-time work is an excellent opportunity to make their expertise stick for a more extended period.

Advantages of reskilling existing staff members

Reskilling your workforce is a great way to retain top performers and knowledge within your business. Reskilling workers brings several benefits. Not only will you save money, but you can also reap the benefits of maintaining a loyal workforce and improving the morale of your existing employees by showing your willingness to invest in them to grow with the changing world around them.

gap of the older younger generation


The shrinking workforce is the most urgent problem facing the UK economy. In the UK, employment fell by 466,000 (1.4%) in September 2021. With the rise in the workforce, companies face financial loss, which might not be suitable for the UK economy.

To gear up the UK economy, businesses can consider hiring remote teams to manage daily tasks and even completing all the pending ones by working out-of-hours. This will not help compensate for the issues of a shrinking workforce but can also help businesses expand their market, covering a broader audience. Moreover, strategies like filling vacancies and reskilling the existing staff members can help companies to focus on building a more agile and productive workforce.

If your business is considering hiring a remote team to manage the workforce, Technomine Travel Solutions is there to help. We work round-the-clock to ensure your clients have not stuck anywhere during any time of the day. Besides this, we have a qualified team of travel professionals that can help your clients complete the pending tasks by working out-of-hours.

Contact us if you are interested in knowing more about Technomine Travel Solutions and our services.

Published Date:    22/09/2022
Category:  Remote Teams  
Author:  Admin

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Technomine Travel Solutions are here to help and grow your business in these unprecedented times. We can support your business continuity, improve efficiency, reduce overheads and make your business more agile for the challenges ahead.

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About us

Technomine Travel Solutions are here to help and grow your business in these unprecedented times. We can support your business continuity, improve efficiency, reduce overheads and make your business more agile for the challenges ahead.

Facebook Instagram Linkedin Twitter
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