Skills and training - benefits for your business
Upskilling your workforce helps your business:
- Be competitive. Analysis by the OECD suggests that average labour productivity could be increased by as much as 5% if the level of skills mismatch in the UK was brought into line with OECD best practice levels.
- Uplift productivity of 6 to 12 percent - making financial sense for more than 75% of businesses. Analysis by Mckinsey and Company 1
- Boost productivity and efficiency bringing in new ideas and ways of working.
- Benefit from new technologies for example AI or 3D printing.
- 94% of employees say that they would stay at a company longer if it invested in their career development. LinkedIn's 2018 Workplace Learning Report 2
- Be competitive and support with controlling salary costs. Companies competing for employees with scarce skills with external hires typically paid about 20 percent more than reskilled workers.
References
Did you know?
Coventry has a diverse and highly skilled talent pool. Invest Coventry has further information on our skills and talent innovative collaborations between industry and colleges, higher education institutions and local training providers.
- 95% of the training costs for apprentices are covered by the Government and the remaining 5% could potentially be covered through Coventry City Council’s Levy Transfer Scheme for SMEs.
- Employees who earn less than £30,000 a year can access a wide range of fully funded training funded through WMCA’s Adult Education Budget. Courses range from NVQ Level 1 to Level 5 and include areas such as digital, English, maths, ESOL, and a wide range of work-related qualifications.
- Coventry College provide Employer Services to support with up-skilling existing staff and the recruitment of new staff via pre-employment programmes and Skills Bootcamps.
- The Coventry City Council Employer Engagement Team can support your business with upskilling and workplace development for employees at all levels including maths skills, digital skills and much more! For more information on training and events click here.
- More than £150m of investment from WMCA regionally in skills, with a wide range of flexible course options to suit different employer requirements.
- Volunteering provides an opportunity to develop people with the skills you need for your workforce and to make a real difference to people’s lives.
- Employers can develop co-designed pre-employment courses with skills providers providing bespoke courses to train candidates to have the exact skills employers require. There is no cost to the business for this activity which can be a great way of solving recruitment skills gaps.