ACCA urges gov to address skills and talent shortfall

ACCA is urging the UK Government to address a national decline in upskilling, in a bid to kickstart economic growth and increase flagging productivity. 

In a recent study named ‘Skills Development: Policies for Enhancing the Employer Ecosystem’, ACCA argues that employers need financial help to address “chronic” underinvestment in training and that current career guidance is “fragmented”, with levels of support based largely on region and sector. 

ACCA said it believes that a Skills Tax Credit Pilot focused on digital technology, sustainability and financial competence would empower organisations to address the chronic underinvestment in training. 

Similarly, a fundamental baseline assessment of careers guidance would provide the government with the data needed to identify gaps or weaknesses in provision, improve underperforming regions and help individuals access new opportunities. 

Joe Fitzsimons, senior manager, policy and insights, ACCA UK, said: “Our data tells us 75% of employers want to reskill their staff. Yet, ACCA members and UK employers have expressed concern around the ability to recruit and upskill the talent businesses need to grow. 

“In particular, members in small and medium sized organisations cite cost and lack of resources as challenging factors. These ACCA proposals would make a significant difference to the national recruitment and retention landscape, assisting national economic recovery and boosting productivity.”

Abdul Goffar, director, ACCA UK, added: “The UK has witnessed a proliferation of education pathways and skills development initiatives, yet organisations across various sectors continue to highlight the ongoing challenge to upskill talent. Therefore, we need greater clarity on the options available, to give both employers and employees the opportunity to develop.”