CCR Magazine

You are here  :Home arrow News arrow Skills gap experienced by SMEs is likely to widen
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Skills gap experienced by SMEs is likely to widen PDF Print E-mail
Tuesday, 24 May 2016
Aldermore, the UK specialist lender and savings bank, has today warned that, although many SMEs currently experiencing a skills gap have adopted measures to address it,  the proportion of businesses this issue affects is likely to widen. This means that firms should act now to tackle the skills gap if they haven’t done so already, in order to secure their future growth. 

The warning has been issued in light of research conducted by the Bank, in conjunction with YouGov and CEBR, which found that only 29% of businesses reported that they are not suffering from a skills gap in their business. Medium-sized organisations were almost twice as likely as smaller ones to report a skills gap.

The report also reveals that 81% of the businesses who are suffering from a skills shortage have started to address it. At the same time, 39% of businesses reported that they will need to hire more staff to grow financially over the next five years.

Of the businesses who have implemented measures to tackle the skills gap, over four in 10 (43%) of firms have chosen to introduce additional training programmes for staff, highlighting that many employers prefer to update the skills of their existing workforce.

Other common measures introduced by companies to address the skills shortage include offering apprenticeships, a method used by three in 10 (31%) of businesses, and employing overseas workers with the right skills, which is a strategy adopted by over a quarter (26%) of firms.

Carl D’Ammassa, Aldermore’s Group Managing Director, Business Finance, said: “Companies currently affected by this issue are clearly working hard to address the skills shortage; however, as firms continue to grow and if the labour market continues to tighten, this issue will become even more pronounced and will affect an increasing proportion of businesses. This persisting issue will consequently harm business growth by eroding profit margins due to soaring employment costs, unless firms adopt robust measures to protect themselves against it.

“Firms must act now to introduce processes to reduce this risk in the long-term, regardless of whether they are currently facing a skills gap or not. Inaction now could come back to bite them in the future.

“Companies should think about how to retain skilled staff, organise succession for retiring employees and train people according to the company’s needs, in order to achieve their future growth aspirations.”

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197