Half of North East businesses plan to invest in skills in the next six months

Firms in the North East are committed to bridging the skills gap and investing in training and developing their staff over the next six months.

Research from Lloyds Bank has identified that on-the-job training is the region’s most popular form of upskilling new and existing employees (45 per cent), followed by off-the-shelf courses and training materials (25 per cent), and bespoke training courses (21 per cent).

Almost one in five (17 per cent) firms in the North East insisted that Government investment in sector specific training would help boost workers expertise in the region.

Greater productivity was identified as the driving force behind the need to invest in training in the North East, as 41 per cent of firms identify that upskilling could help their business become more productive. Other companies claim the uptick in training will make their business more appealing to clients and increase revenue (both 38 per cent).

Last year, Lloyds Bank extended its support for the Advanced Manufacturing Training Centre (AMTC) to help boost skills across the manufacturing sector.

The multi-million-pound sponsorship deal will be used to deliver advanced skills across the sector. It’s expected that by 2030, Lloyds Bank’s support will have trained 5,000 engineers, graduates and apprentices.

Steve Harris, regional director for the North East at Lloyds Bank, said: “Investment in training and development will help firms to unlock new avenues for success and it’s fantastic that so many companies in the region are planning on investing in their teams in the next few months.

“Training and development have often been linked to a boost in productivity and a happier workforce, so businesses that invest in upskilling teams will likely reap the rewards.”

By Mark Adair – Correspondent, Bdaily

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