About this Event
Join us for a delicious lunch at the Cosy Club in Nottingham as we discuss the findings of the CBI Economics and Learning Curve Group teams' report about the economic and societal impacts of training and skills development.
Foreword: CBI Economics
At the CBI, we are acutely aware of the recruitment challenges that businesses have been facing, which have become particularly severe since the pandemic. Even following the outbreak of war in Ukraine and the subsequent effect on energy prices, recruitment concerns have remained one of the top issues raised in meetings with members. Members tell us that there is a shortage of key skills in specialist areas of IT and a longstanding shortage of engineers in particular. And our regular surveys highlight the impact this is having on business operations, as businesses worry that it could limit their output in the short-term, as well as affecting their investment plans in the longer-term. These issues don’t only limit the competitiveness of businesses in the UK, but undermine living standards for all.
The UK’s productivity has been underperforming relative to its peers for many years, and a persistent and significant lack of workers with the right skills will only make this worse. The education and skills landscape in the UK has a fundamental role to play in ensuring that the UK’s domestic workforce is fit to work in the businesses of tomorrow. This report, commissioned by Learning Curve Group, a national education and training provider, clearly articulates the evidence base for the economic and benefits of training – for the individual, the firm and for the economy and wider society. CBI Economics has found these benefits to be substantial across all these areas, with our methodology estimating a net present value benefit of £206 million for the wider economy from just one year of Learning Curve Group’s training.
Digging into the variety of benefits which training unlocks has been a helpful reminder of its civic value too. As well as raising the earning potential of individuals and firms, those individuals are more likely to vote in elections, to volunteer, to be healthy and less likely to commit crimes. As well as the economic benefits to individuals and firms, the accrual of benefits to society more broadly from training reinforces the importance that government should place on education and training in its overall strategy. By doing so, it can ensure that every part of the UK achieves its full potential.
Event Venue & Nearby Stays
The Ivy Market Grill, 1a Henrietta Street, London, United Kingdom
GBP 0.00
