Report from ISG urges greater data transparency to unleash the UK as a global skills powerhouse
Today, ISG, the global construction specialist, has released a research paper that points a way forward for the UK to better master plan its skills and talent pipeline, driving enhanced productivity and maximising inward investment. Rethinking the skills conundrum: Connecting the dots between people, place and productivity, calls for greater transparency and accessibility of national planning data as the catalyst for a demand-led skills revolution.
Taking the simple concept that investment in physical assets creates long-term job opportunities, ISG’s report looks at how creating a fully transparent and easily accessible data resource on capital investment plans by public and private sector organisations provides confidence and guidance for young people, parents/carers, educators, government and investors, on demand-based skills pathways.
Drawing evidence from successful government-led interventioghns in key sectors, such as the TV and Film industry, and through primary research, addressing skills sentiment with young people and their parents/carers, ISG’s research highlights how an open source approach to planning data could unlock significant potential for the UK to accelerate its progress towards the goal of becoming the global leader for high-skilled, high-wage economies.
• Traditional and emerging sectors all point to the fundamental importance of a sustainable skills pipeline as critical to the success of their future investment plans
• Over the next five years £584.4bn will be invested in built assets within the UK. Office investment accounts for £202.2bn, with ‘Industrials’ second placed at £99.9bn
• There has been a reduction in training investment per UK worker of 28% from 2005-2019 – to match EU levels, employers would need to invest an additional £6.5bn per year
• Organisations seeking to invest in the UK placed a secure pipeline of appropriately skilled talent ahead of financial incentives as the number one determining factor for an investment decision
• Young people respond favourably to careers with skills that speak to their life views. An ability to positively impact society ranked much hier than environmental considerationsDownload the report to read more of the findings
Zoe Price, Global Chief Operating Officer of ISG, said: “We’re all familiar with news reports detailing how many new roles a major capital investment will create, and this research develops this simple concept by envisaging a powerful forward looking data asset that updates in real time and would be available universally."