New research shows that many small to medium-sized enterprises are suffering a skills gap within their workforces, according to lloydsbankinggroup.com.
The report, which came from Lloyds Commercial Banking, questioned 1,000 British SMEs. It found that 61 per cent said there was a shortage of skills in their workforce, which they think could be harming company growth and competitiveness.
However, despite these concerns, 80 per cent of SMEs said that they hadn’t increased their investment in skills development over the last 12 months.
Commenting on the data, SME and mid market banking managing director for Lloyds, David Oldfield, claimed that small businesses need to make sure investment in skills is a top priority.
He told hrmagazine.co.uk: “Given the recent economic headwinds that British business have had to endure it is understandable why some have not been able to make skills development a priority, but if they are to reach future potential growth they’d be wise to consider doing so now.”
The research also suggests that those who are recruiting for London jobs or elsewhere around the company make sure that they hire highly-skilled workers to fill any gaps they have in their company.
According to the data, the average spend per employee on skills development by SMEs is approximately £900.