You’ve seen the headlines; the post-Brexit economy is scheduled to change the way UK businesses operate. To sum up a long and overly reported story, businesses are fearing, among other things, that a talent exodus coupled with migrant flow restrictions will create more talent shortages. In fact, it’s already starting to happen.
Since the Brexit vote in June 2016, there’s been a landslide in EU nationals joining the UK workforce – figures showed a deficit of 61,000. This is happening amid a boom in the digital sector. Many experts have said that innovations in data analytics, artificial intelligence and the ‘Internet of Things’ have the potential to reshape the UK. Even the former Prime Minister, Theresa May, called for the upskilling of workers to meet the economic demands.
The UK is currently one of the top 5 nations when it comes to innovation, but it may have to surrender its position if digital skills are not nurtured and developed to achieve full potential.
The curse of the Brexit skills gap
No matter which side of the debate you’re on, one thing is noticeable – now more than ever, upskilling and retraining workforces is high on the agenda.
According to the Open University Business Barometer (OUBB) the skills gap in the UK has not stopped increasing over the last year. However, the last 12 months have proven to be particularly difficult. The latest report of the OUBB reveals that 63% of UK organisations are currently experiencing a skills shortage, up slightly from 62% in 2018. It currently takes two months longer to find workers with the required skills. As a result, organisations are being forced to hire temporary staff and to spend more in recruitment fees.
If migrant flows are restricted this figure will skyrocket post-Brexit. In the aftermath it’s expected that productivity will drop, the number of applicants per vacancy will fall and businesses will suffer.
No wonder every major political party is pushing for better training and improvement in skills. The efforts made by government initiatives in the past barely touched the surface. A five-figure number of businesses have reportedly benefited from such initiatives, but there are said to be more than five million small and medium-sized enterprises in the UK, so there’s a dire need to get upskilling happening at scale.
Lateral job moves will be in, new hires will be out
It’s a daunting task to say the least. A recent survey published by the Chartered Institute of Personnel and Development (CIPD) shows that 44% of employers said they were feeling the pinch and found recruitment more difficult in 2018, 34% said they struggled with retaining staff and the trajectory of hard-to-fill vacancies has continued to rise (up 19% from 2017 to 2018).
To boost retention rates, some UK-based companies have taken the easier road by increasing salaries – a win for employees but is it a long-term sustainable solution? Especially when upskilling and lateral moves prove to be win-win for both – the employees, and the employers.
Britain’s got talent, it just needs to be better optimised
The reality is the rate of technological change has caused a mismatch between the skills that existing workforces currently possess, and the skills that businesses need them to have in the future. There’s no hiding from it any longer. Learning and development matters.
While it seems that most businesses have gotten this message, some research shows only 52% of businesses have started planning their upskilling strategies. Worse still, at a time when investing in skills has been deemed critical for business continuity, other research shows some companies are tightening the reins on their learning and development budgets.
Learning and Development is a race against the clock
The irony is learning doesn’t happen overnight. Strategic workforce planning and development requires an audit to identify the skills the business requires for the future, which will then help determine what high-quality content modules can be best designed. Businesses seem to be struggling with what to start, when to start, when to stop, and what core capabilities they should prioritise.
We get it, business as usual must be maintained. Investing in skills for the future is a tough balance to strike. That’s why we thought it would be a good time to introduce Indorse to the UK market. Indorse represents a valuable opportunity for UK businesses to promote learning and development and upskill their workforces.
An upskilling program with Indorse can pave the way for greater retention
To be honest, it’s not a new age phenomenon. For decades many long-standing businesses have attributed their success to their ability to nurture and develop staff. There’s an undeniable correlation between employees being able to enhance their skills and their satisfaction and loyalty to their employer. What is a new age phenomenon though is our approach to digital reskilling. Traditional face-to-face classroom training no longer works.
If you haven’t guessed it already, that’s exactly what Indorse does.
Get ready for the skills age
Indorse is an advanced Coding Assessment Platform that makes learning and development much less complicated and more focused on industry relevant skills. We specialise in expert peer assessments & assessment-driven learning. By combining these two, you can start to future-proof your workforce with industry relevant skills!
We’re trusted by global banking institutions, multinational companies and some of the largest funded tech startups in Asia.Starting this year, we’re assisting one of Singapore’s leading banks to train more data scientists and analysts by designing a 12-module data analytics course which aims to help them retain top talent and solve skill shortages. Our technology and panel of renowned industry experts will be used to evaluate the assignments of their staff who attend the courses online or via the renowned Ngee Ann Polytechnic!
Brexit or no-Brexit there’s knock-on effects from upskilling
Regardless of what the future brings, the UK has seen an increase in the investment in learning and development. According to the latest report from OUBB, companies in the UK have spent more than £1.1B in training staff. Over 71% of businesses believe that training is the most sustainable approach when it comes to address skill shortages. In fact, organisations are starting to see that training leads to higher loyalty and job satisfaction.