Renew Your focus on People to Manage Industry Challenges.

The key is not to tackle it alone – you need your team to join you on the journey. In this blog, we take a look at how to manage the upcoming times with a renewed focus on people.

Exploring the skills shortage

You’ll already have heard about the skills shortage. The latest statistics from The Open University’s (OU) Business Barometer 2022 report revealed the severity, with 86% of large organisations, and 68% of small businesses, feeling it’s a challenge to find staff with the right skillset.

For 78% of companies, it’s resulting in lower output, profitability and growth. And for 72%, it’s leading to a rise in their employees’ workload, which is also affecting their wellbeing. What’s more, 28% have either had to turn down or not been able to bid for work, as they don’t have the staff in place.

Thankfully, many businesses have seen the light in terms of what they need to do – 52% of large organisations will increase their investment in training over the next 12 months.

Focusing on training

Employers have learnt their lesson when it comes to training, specifically apprenticeships. According to the OU’s findings from their build the future apprenticeship survey, two-thirds of companies who utilised their apprenticeship levy during the pandemic say this sped up their recovery.

This survey also found that 77% said productivity rose in their business, and just shy of 75% saw boosted staff retention rates. Plus, half of the businesses not currently utilising their apprenticeship levy are planning to this year. And so, it’s apparent that apprenticeship qualifications have two bows to them: they can help to solve the current problem of the great resignation, and allow for a more successful post-pandemic recovery.

Investing in specific skills

There’s a variety of apprenticeships out there, including those in sales, team leadership and management. With the rise of technology, obviously data skills will become more important – and this may require upskilling your existing staff so they can meet the business’ needs and move with the times. Having said this, soft skills are just as crucial as hard ones. Studies reveal that soft skills training can result in as much as a 256% return on investment!

We’d argue that soft skills are now more important than ever, especially for the younger generation. For those who weren’t in an office environment pre-pandemic, they might be lacking traditional skills they otherwise would have gained. Remote working may not have enabled them to develop skills such as verbal and vocal communication, collaboration, creativity and self-confidence – all of which are critical for forming strong relationships internally and externally.

Move forward with training and apprenticeships

Times are challenging right now, but the last thing you should do is take your eye off the development of your people. Whilst the pandemic had a major impact, the reason so many businesses got through it was because their teams were agile and resilient. Don’t rest on your laurels though. Make sure you continue to upskill and reskill your people, so they – and your business – can survive whatever lies ahead. Your people really are your biggest asset.

If you’re looking for a provider of apprenticeships, or training, don’t look any further than BMS Progress. We tailor our courses to align with your business’, and the individual’s, needs. You can equip your team with the right skills, and successfully manage what the future holds.

Start the conversation by contacting us today.