Over three quarters of Northamptonshire business leaders are concerned about the lack of available skills to take their companies forward, despite recruitment being seen as one of the focal points of business growth over the next 12 months, according to a new poll from financial and business advisers Grant Thornton. The survey of more than 100 local businesses was conducted at the 2016 Northamptonshire Limited event, when Grant Thornton unveiled the results of its annual analysis of the county’s 100 top performing companies, which showed a significant increase in turnover, profitability and
Over three quarters of Northamptonshire business leaders are concerned about the lack of available skills to take their companies forward, despite recruitment being seen as one of the focal points of business growth over the next 12 months, according to a new poll from financial and business advisers Grant Thornton. The survey of more than 100 local businesses was conducted at the 2016 Northamptonshire Limited event, when Grant Thornton unveiled the results of its annual analysis of the county’s 100 top performing companies, which showed a significant increase in turnover, profitability and employment over the past year. The poll results revealed that 83% of Northamptonshire companies are worried that a skills shortage will hold back business growth while over half (59%) of respondents believe addressing the skills gap is the most important area to address to improve the county’s economic future. This is significantly ahead of infrastructure improvements (20%), a stronger business network (10%) and better access to funding (8%). Commenting on the poll findings, Mike Hughes of Grant Thornton’s Northampton office said: “The Northamptonshire economy is thriving with many ambitious, fast growing businesses looking to expand further. This is creating further opportunities for investment and job creation. However, our poll highlights the ongoing concern about skills shortages across the region. Companies are continuing to find it difficult to recruit the right people with the right skills with the majority predicting this will impact on growth plans going forward. “It is therefore essential that employers continue to invest in existing staff, developing their skills to help create the business leaders of the future. This will mean looking at how to incentivise employees in terms of wages and benefits to not only retain the talented people they already have, but to attract new skilled people.” Grant Thornton also says that local businesses should consider taking advantage of the new Apprenticeship Levy, which comes into force in April next year, as a way of helping to bridge the talent gap. Mike Hughes continues: “Encouraging businesses to invest in new, young talent can help to create a culture of dynamism, increased productivity and growth. Local companies should be asking themselves now, could and should they take on new apprentices and draw upon the available funding? Quality apprenticeships which are specifically tailored to business needs can play an important role in upskilling the next generation.”