A lack of key skills is weighing on the productivity of Yorkshire’s mid-sized businesses, new research suggests.
Advisory business Grant Thornton UK LLP has collected data that indicates 84% of firms surveyed think scarcity of skills is affecting their productivity levels with technical skills cited as the most needed, followed by financial, data and leadership abilities. Inefficient business processes, regulatory and legal barriers and difficulty in attracting and retaining talent were also cited as issues impacting productivity.
Researchers found 84% of the firms they spoke to were planning to invest more or the same amount in skills development over the next six months with 64% having established in-house training to address the issue. A quarter of respondents who were in need of financial skills said they did not have internal training in place.
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Grant Thornton looked at firms with turnover between £50m and £500m and said their findings pointed to hampered productivity impacting nearly every aspect of the businesses, including their ability to export, upskill employees and ultimately to grow.
Dan Dickinson, practice leader for Grant Thornton UK LLP in Yorkshire, said: “It’s clear that there’s a strong demand for further investment in skills development in Yorkshire, with business leaders recording a need for better leadership, financial and data skills to help boost productivity. This lack of necessary skills development, combined with difficulty in attracting and retaining talent, is likely creating a snowball effect, stretching current people resources and ultimately contributing to heavy workloads and inefficiency – further exacerbating the productivity challenges facing the market.
“Ahead of the election, the major parties have outlined that they are focusing on enhancing the skills and training opportunities available to the country’s workforce. It’s crucial then that the parties listen to what mid-sized businesses, the engine of the UK economy, are saying they need and put forward solutions to address the constraints currently hindering the growth and productivity of a core segment of our economy.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
