A shortage of skills in the labour market is putting the brakes on investment and growth in Wales, says a new economic report. The joint report, published by the Federation of Small Businesses (FSB) and the CIPD in Wales, found that addressing skills shortages among small-to-medium enterprises was vital for overall productivity and economic growth.
The report examined the experiences of 30 businesses from different sectors across Wales and how the skills shortage was impacting them. Key findings showed that experiences of recruiting, training, up-skilling and accessing funding vary dramatically across regions and sectors with most Welsh SMEs saying they are time-poor and lack the formal HR function to facilitate effective and consistent skills development and analysis.
FSB’s own research shows that almost 80% of small firms struggled to recruit in the past 12 months. The report said that, at present, businesses are faced with a fragmented system of business support for skills that has a particular negative impact on SMEs, that make up 99% of the Welsh economy and…
