Companies working hard to address skills gap, says bank

Companies are working hard to tackle the skills gap, and those who have not already done so should act now, according to specialist lending and savings bank Aldermore.

The bank’s report, which was conducted in conjunction with YouGov and CEBR, showed that just 29 per cent of businesses are not suffering a skills gap.

Training

The report showed that businesses are now starting to address the skills gap, with over 80 per cent taking action. Nearly 40 per cent of businesses said that they will require more staff in order to grow financially over the next five years.

Many businesses are aiming to tackle the skills gap by introducing new measures to improve the skills of their staff.

Of the businesses that have put new measures into place, 43 per cent have offered additional training programmes, over 30 per cent have offered apprenticeships, and 26 per cent have employed workers from overseas with the right skills.

Aspirations

Aldermore Group Managing Director of Business Finance Carl D’Ammassa said that businesses are working hard to address the skills gap, but stated that companies “must act now” in order to prevent the issue from becoming more pronounced.

“Companies should think about how to retain skilled staff, organise succession for retiring employees and train people according to the company’s needs, in order to achieve their future growth aspirations,” he said.