Industry body calls for new Government to shore up future of UK business
The new coalition Government must now spring into action to address the key issues facing business leaders, if the UK is to continue on the path to post recession recovery.
That is the view of business leaders according to research by Chartered Management Institute (CMI) into what type of support managers need most if they are to bring about recovery and growth. As the voice of managers in the UK, CMI is now calling on Government to take action on three specific areas to help support the UK’s business leaders:
1) Offer employers tax breaks to enable greater investment in skills
2) Give employers and learners greater control over funding for skills development and reduce the amount of bureaucracy surrounding access to funding streams
3) Recognise the need to develop management skills in young people, with the establishment of a national Youth Academy for Management
Petra Wilton, director of policy at CMI says: “UK managers are integral to driving our recovery, but their efforts are being hampered by a lack of available finance, management skills and poor levels of employee morale. They need practical help and support and they need it now. Our latest Economic Outlook survey revealed that investment in management development is down by 56 per cent despite 38 per cent of employers reporting that management skills shortages would have a damaging impact on their business over the next six months.
“It is no surprise that the proposed policies UK managers most want to see made a reality, revolve around improved skills development and greater support of all-age education and training. No matter what the economic conditions, UK plc has no hope of a quick recovery or renewed competitive success without a skilled workforce at its helm. Throughout the downturn, CMI consistently warned that a burgeoning skills gap had the potential to undermine recovery and destroy business confidence. Action is needed now. If the newly appointed business secretary, Vince Cable, fails to focus his attention on management and leadership we face a protracted recovery and an uncertain future.”