23 Oct 2008: Now is the time to Invest in Skills
NOW IS THE TIME TO INVEST IN SKILLS
As leaders of major businesses, business organisations and trades unions in the United Kingdom, we are absolutely committed to investing in training.
In an economic downturn, there is always a temptation for businesses - large and small- to cut spending on staff training. When times are tough, it looks a simple way to cut costs.
But its a false economy. Research in 2007 confirms that the firms that don't train are 2.5 times more likely to fail than those who do! Now is precisely the time to keep investing in the skills and talents of our people. It is the people we employ who will get us through. When markets are shrinking and order books failing, it is their commitment, productivity and ability to add value that will keep us competitive.
Investing now in building new skills will put us in the strongest position as the economy recovers. Skills to support the development of new products and services will shape whether we are ready to gain competitive advantage when growth resumes. From our experience in previous downturns, it was the businesses that did invest in their staff which saw the most dynamic recovery.
Even in these difficut times, there are real opportunities we should seize. In many businesses, it will be easier to find the time to release staff for training. Larger businesses could strengthn their supply chains by developing training in partnership with suppliers. For individuals, committing to trainng is the best way to maximise future employment opportunity. And there is a wide range of training available now for businesses to use from colleges, universities and training providers, many of them publicly funded. Through the work of the UK Commission for Employment and Skills, employers are making sure that this training is simple to access, clear and easy to use, and addsd real economic value.
The skills of our people are our best guarantee of future prosperity - and the best investment a business can make in challenging times. we must not pay the price of failing to invest in the talent on which our future will be built
Sir Michael Rake - Chairman, UK Commission for Employment and Skills Chairman, BT Group plc
Mervyn Davies CBE - Chairman, Standard Chartered plc
Brendan Barber - General Secretary, Trades Union Congress
Richard Lambert - Director General, Confederation of British Industry
Sir Stuart Rose - Chairman, Business in the Community Chairman, Marks & Spenser plc
