Self Funded New Skills
Self Funded New Skills
Three in ten adults (30%) who are working or looking for work, have dipped in to their own pockets during the recession to pay to learn new skills in their own time to help them get new jobs or keep their current one. The fact that millions of people have invested their own cash during the recession was discovered in a new poll by elemense, the recruitment processing outsourcing company.
The survey, part of an annual study into the various key elements of the world of work, also found that the 35-44 age range (38%) and 18-24 year olds (34%) were most likely to self fund skills development to make their job or prospects more secure. Regionally, workers in Scotland (36%) were most likely to pay to gain new recession-busting skills, followed by the Midlands at 33%, the North, South West and Wales at 30% and the South East least at 26%.
Keith Sammons, managing director of elemense said: Its interesting that many of the people who were most likely to spend their own money and time on skills development would have probably not been of working age during the last recession. It shows a major change in the nature of the workforce and how much personal responsibility people now take for their career now the concept of a job for life has gone. The regional differences are also interesting. While people in the South2 were least likely to spend on personal skills training they were also least confident in their job security despite the news that the recession is easing. This survey and the other activities we are undertaking throughout the year will give us valuable insight as we work with our many clients in various sectors across the UK to help them get best value from their people management.
Investing your own money in up-skilling can be a wise investment according to leading City wealth manager Lee Robertson of Investment Quorum. Many people have taken a very pragmatic approach to this recession and the wider financial instability. At one level, privately funding an executive MBA may be beyond the reach of many of us, but spending several hundreds or maybe thousands of pounds to stand out from the pack at work or in interviews can bring a return many times greater. For someone not working, just six months off work could add up to 10,000 in lost salary and a reduction in pension on retirement3. And for someone working, staying in work and maybe even gaining a promotion, can pay back many times over in return for a modest investment in self development.