The impact of the economic downturn will mean a significant challenge ahead to maintain and increase employer investment in skills; it also will mean a greater number of individuals will need to re-skill into new industries and new jobs to meet the future needs of the West Midland’s economy.
In the post-recession economy higher-level skills will be essential if we are to realise the opportunities presented by new products, new processes and new industries and people without basic skills will continue to have fewer and fewer opportunities. Businesses need to be aware that investing in skills now could be essential to their long term success; a workforce with the right skills can motivate, increase productivity, improve customer satisfaction and reduce costs.
It is vital that employers continue to invest in skills, especially at this time of economic challenge.
Investment in skills can help employers to:
- improve their service to customers so that they sell more products and services
- improve customer satisfaction
- move into new markets and develop new products and services
- improve the way their organisation is managed
- identify areas of complacency and weakness and how these affect their organisation's performance
- recruit and retain the people they need
- improve productivity and ultimately, higher profits
- recruit, develop and fully exploit the talent of graduates
- close the skills gaps that hinder performance
Investment in skills can help individuals to:
- Gain a broader understanding of their job and the industry
- Perform better in their job
- Bring current and relevant knowledge to their company and share techniques
- Increase their motivation and commitment to their company
- Increase their confidence
- Cascade new skills acquired to other colleagues
- Be able to take on new tasks
- Have better communication, team working and problem solving skills
- Become a lifelong learner and embrace wider aspects of the business
- Progress in their career and reach their full potential
- Have access to a wider range of opportunities
It is vital, especially in light of the current recession, individuals not only invest in skills but in relevant skills for which there is demand both now and in the future.