Posted: Tuesday, 23 August 2016 @ 11:14
The Institute of Chartered Accountants and Grant Thornton’s UK Business Confidence monitor for Quarter 1 of 2013 makes interesting reading. The report suggests that there is a rise in business confidence and that the UK economy should avoid a triple dip recession.
Michael Izza, the CEO of the Institute says “As I travel around the country, I speak to young people who want to start their careers and make their way in the world. I speak to many businesses that are doing well. They are profitable and increasing their market share. We need to focus on these people and give them the support and encouragement to grow their businesses and take on new employees. This in turn will drive investment and secure a stronger economic recovery”.
Whilst the situation gives cause for optimism any recovery will be fragile and will depend on the private sector creating further employment opportunities.
A rise in employment is obviously welcome, however it is unlikely that wage increases will keep up with consumer price inflation. As well as continued stagnation in real wage increases the report also points to a growing shortage of management skills.
One in ten businesses are concerned that they may not be able to source enough skilled labour to aid the recovery and in particularly management skills. Companies feel that during the next 12 months skill shortages will become more pronounced and will present difficult challenges in meeting their business objectives.
John Herman CEO of Intec Business Colleges who delivers worked based skills training and management qualifications throughout the country comments that “one way forward for businesses is to take advantage of the Government incentives and to offer Apprenticeship opportunities”.
He continues “in order to address skills shortages in a cost effective way, businesses should introduce Apprenticeship programmes in company for their existing workforce and to help in recruiting new staff. There are currently generous incentives for employers to take on Apprentices and there are Apprenticeship frameworks available in more industry sectors than ever before”.
Intec has been established for over 30 years and has worked in partnership with its employer network to provide skills solutions and work based apprenticeship qualifications over that time.