The UK skills shortage has been well publicised in recent years, especially with regards to its effect on productivity and this year’s Business Barometer investigates the extent and nature of the skills shortage in the UK, and the effect it is having on organisations of all sizes.
The Open University’s 2018 Business Barometer reveals that organisations spent a staggering £6.3 billion on temporary workers, recruitment fees, inflated salaries and training as a result of skills lacking in the UK labour market.
The report further highlights how the shifting business environment requires highly skilled workers with the ability to adapt to new environments that can help organisations to become agile and flexible in the face of future challenges. But ultimately, training is a crucial part of the puzzle, providing a long-term solution that can help to address the skills shortage and ensure that the UK remains competitive on the global stage.
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