In a survey which was published by The Economist Intelligence, UK employers have been advised that they need to ‘re-double their commitment to job training’ in order to get the best from their employees and benefit from increased profits and productivity through employee skill enhancement.
Conducted by speaking with 252 businesses across both the public and private sector in the UK and the US, the survey found that the high level of unemployment within the UK is taking its toll on the skills of people who are still of working age and this, in turn, is harming their job prospects. The survey showed that the companies that were polled see a direct link between financial performance and training, with employee productivity improving with more training.
Speaking about the report, Jim Wynn, said: “The findings of the EIU analysis confirm that training not only leads to increases in productivity and customer satisfaction, but at least a 20 per cent jump in profits. Skills training is not just a growth issue, but also a vital component for companies in surviving this recession. The challenge is that fewer employers are devoting adequate resources to training yet the benefits of training are hard to ignore.”
As the level of unemployment stands at its highest in the UK since 1994 at 8.4 per cent, firms are urged to offer training as part of their recruitment process as well as making sure that current employees are not neglected.