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Unemployment figures released 9.30am on Wednesday

Unemployment figures released 9.30am on Wednesday

Investment in people is vital to stimulate growth

Unemployment is expected to rise again when the Office of National Statistics publishes its unemployment figures. These are expected to show a further rise in youth unemployment. Figures are anticipated to show that one in five young people aged 16 to 24 is out of work, a total of 731,000.

Many experts express concern about the impact of the lack of investment in skills upon business growth. Liz Field, CEO of Financial Skills Partnership, comments: “If businesses stop investing in the attraction, retention and development of talent, their growth could be seriously hampered.

A major part of the solution is for companies to rethink the role which skills play in their businesses. It is time that businesses stopped thinking about skills as merely an HR matter, and started to think of their talent as a powerful route to growth, profitability and competitiveness.

It’s important we learn the lessons from the last recession when companies starved their organisations of investment in talent and suffered severe consequences as a result. Many companies in our sector are taking skills seriously and are currently putting in place stable foundations which will empower them to continue to thrive and prosper in difficult market conditions.”

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