In last month’s column, I highlighted the key questions that many business leaders have been asking when I talk to them about the skills gaps that are impacting their organisation.
How much will the skills gap really cost us? What is the benefit of investing to resolve the problem, and what happens if we do nothing?
The answers have proved elusive to all but a few companies with the time and resources to carry out the necessary financial analysis, but a new research paper by my team at Ennis & Co Group – Understanding The Cost Of Your Skills Gap – has come up with some interesting numbers.
Our conclusion is that there is a commercial upside for automotive businesses who invest in upskilling, with the potential for an uplift in annual turnover of around 3%, compared with the risk of a drop in turnover of 4% or more for businesses who do nothing.