Navigating the current skills gap

Overview of Labour Market Trends Report

The British Chamber of Commerce Report Overview on Labour Market Trends: September to November 2024, which came out yesterday, signals a difficult time ahead for employers seeking to recruit.

Their streamlined report provides actionable insights into the labour market’s current state and practical steps to navigate ongoing challenges effectively. Carmen Watson, Chair of Pertemps Network Group, who partnered with The British Chamber of Commerce on this Report, said: “The latest data shows a modest increase in the unemployment rate, indicating a rising demand for talent across all sectors.”

Reaction to Labour Market Data

Reacting to the latest ONS Labour Market data, Jane Gratton, British Chambers of Commerce Deputy Director Public Policy, said: “The labour market continues to be challenging for many businesses, with wage growth continuing to rise as firms compete for skilled workers. To grow the economy, we need businesses and the workforce to thrive. Government must ease the cost-pressures on firms so they can invest in people. Working proactively with employers to tackle the long running skills crisis is likely to become even more important in the months to come.”

Strategies for Talent Management

This means difficulties ahead in securing and retaining the best talent. But, upskilling your current workforce and recruiting young apprentices are viable options for the following reasons:

Benefits of Apprenticeships

Staff Engagement and Retention:

Staff who are trained through apprenticeships feel valued and are more likely to be engaged, productive, and loyal.
80% of employers who take on apprentices have seen a significant increase in employee retention.

Financial Incentives:

Hiring an apprentice under the age of 25 with a salary of £25,000 could save an employer around £3,000 per year in National Insurance costs from April 2025.

Professional Academy's Apprenticeship Offerings

Here at Professional Academy, we offer a range of apprenticeship in marketing, sales and Leadership and management with great results:

Achievement Rates:

Our Qualification Achievement Rate (QAR) is 70%, whereas the national average is 54%.
90% of our apprentices who complete their training achieve Merit or Distinction.

Learner Testimonials

Our learners tell us that their Professional Academy tutors and mentors helped to build confidence in themselves to tackle challenges they hadn’t thought possible. The knowledge and skills gained from the workshops and online learning prepared them for the End Point Assessment.

Conclusion: The Imperative of Skill Development

In today’s working environment, maintaining and updating your skills isn’t an option but a necessity – so get in touch today to start that journey.

Philip Knowles,Head of Learning