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The Race to Upskill is on, and Welsh Businesses Face a Unique Chance to Pull Ahead

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By Anand Chopra-McGowan,

VP, General Manager,

UK and Europe at Emeritus

 

Welsh businesses are at the forefront of the UK’s recovery from the pandemic. Recent ONS figures show the Welsh economy has been the first in the UK to return to its pre-pandemic size. As businesses spring back and set their sights on growth – not just recovery – effective and affordable skills training will be a vital asset.

Businesses across the globe face several increasingly complex challenges. From technological change and the net zero agenda to economic shockwaves, every business needs a workforce that can push on through the changing tides.

When 9 in 10 business leaders in Wales report difficulties in hiring workers with the required skills, it’s time to start equipping existing employees with the skills they need instead of looking externally.

Skills boost business

The last two years are testament to the importance of business agility: the CIPD reports that improving workforce flexibility is one of the top priorities for businesses emerging from the pandemic. 2020 brought many sudden changes to how we work and it's the most adaptable companies that have stayed resilient.

Put simply, businesses can’t afford to neglect upskilling their own staff – the World Economic Forum warns that half of all employees worldwide will need reskilling as soon as 2025. The skills race has already begun but businesses say a glaring gap in funding is holding them back. Research from the CBI shows that UK employers’ biggest barrier to getting the skills training they need is limited funding or extortionate course costs.

Government support

Both the UK and Welsh Governments have taken notice and want to help businesses overcome the high entry cost of upskilling. The Welsh Government’s Flexible Skills Programme, for instance, provides businesses in Wales with access to up to £25,000 of co-funding to train employees, alleviating the significant financial pressure on businesses.

The Programme is even designed to address specific skills challenges across Wales, so businesses can enrol with a provider of their choice to meet their digital, hospitality, and manufacturing skills needs – all areas where more people will need better skills if businesses are to be prepared for the future. This represents a welcome step in the right direction, but we can’t afford to lose this momentum. This concerted and coordinated effort between businesses and governments must continue and expand.

To make sure that governments are reaching as many people as possible, funding needs to be liberalised. Training is currently prohibitively expensive for employers and employees, but the demand is there: PwC research shows that 77% of employees are ready to learn new skills to remain employable, and they will need financial support to make this a reality. Much like the Flexible Skills Programme, there are other practical measures governments can and should implement to remove funding barriers to upskilling. At Emeritus, where I work, we’ve called on the UK Government to eliminate barriers and introduce an Earned Learning Entitlement for higher-level skills, giving workers up to £1,000 a year to fund the training they need. The barrier of cost must be overcome, so everyone can take full advantage of the tech-driven learning solutions that await us.

Harnessing tech for training

Hundreds of thousands of workers in Wales need to upskill, and with urgency. In the age of remote working and learning, online training offers a scalable solution that’s affordable and accessible to all.

While the online learning formats of old have been defined by their long course lengths, low effectiveness and an average completion rate of only 1 in 3, there is a new way.

Effective online learning means combining the accessibility and affordability of the internet with the more supportive and structured environment of the classroom. This cohort-based approach empowers learners to  complete their courses and get the skills they need for the jobs of today and tomorrow.

It means that upskilling isn’t confined by geography either: learners anywhere can remotely access Emeritus’ 250 courses, receiving professional training from the best universities in the world. From Wrexham to Swansea, Welsh learners can access an education at the University of Cambridge, London Business School or Harvard, all whilst continuing to work at their current job.

Learners with Emeritus have benefitted from this more tailored learning with remarkable course completion rates of 9 in 10. A total 94% of Emeritus learners report a positive impact on their career development as a result of their training.

Businesses are hamstrung by insufficient funding for learning, so when solutions, such as the Flexible Skills Programme, present themselves, it’s critical that businesses capitalise on them. Effective learning methods exist, and Welsh businesses have a unique opportunity to unlock the potential of the workforce – it’s time skills be made a top priority, to prepare the businesses of today for the work of tomorrow.

Business News Wales