Scottish businesses ready to invest in young people
Two thirds (66 per cent) of Scottish businesses have recruited early-careers talent in the past year, according to new research from Bank of Scotland.
Of the companies that hired early-careers talent in the past 12 months, 90 per cent expect to recruit more over the next year.
Even among Scottish businesses that did not recruit early-careers talent in the past year, 75 per cent say they would have done so if they had felt able to – more than any other part of the UK.
When asked what factors would most increase their confidence to invest specifically in early-careers talent, Scottish employers highlighted better access to suitable candidates and stronger external collaboration.
Nearly two fifths (39 per cent) cited greater certainty over government funding as a primary catalyst. This was followed by better access to suitable candidates (34 per cent), stronger links with education providers (28 per cent) and more relevant local training provision (27 per cent).
Nearly a fifth (17 per cent) pointed to access to finance to manage upfront recruitment and training costs.
Almost nine in 10 Scottish businesses (89 per cent) are confident they can secure the funding needed to invest in training, apprenticeships or new hires over the next one to three years. This is the highest of any UK nation or region, ahead of second-placed Yorkshire and the Humber and nine percentage points above the UK average of 80 per cent.
Scottish companies cited customer service and relationship management (37 per cent) as the skills most needed, followed by sales and business development (30 per cent) and specialist sector or technical knowledge (29 per cent).
When it comes to addressing anticipated skills gaps, Scottish businesses are taking a practical approach with internal training and upskilling of existing staff leading the responses at 54 per cent.
Martyn Kendrick, Scotland director at Bank of Scotland commercial banking, said: “Scotland’s businesses clearly have an appetite to grow and invest in the next generation of talent and it’s particularly encouraging that Scottish firms lead the UK in their confidence to secure funding for skills investment, while many more would recruit early-careers talent if they felt able to.
“What comes through strongly is that the willingness to invest is there and the bigger challenge is making sure businesses can find the people with the skills they need.
“Bringing businesses, education and training providers closer together will be key to closing that gap, helping more young people into work and giving Scottish firms access to the talent they need to grow.”
Amanda Murphy, chief executive of Lloyds business and commercial banking, said:
“Businesses are not simply hiring for today, they are investing in the people who will shape their future. The strength of employers’ appetite for early careers talent is encouraging, but ambition needs to be matched by better access to candidates, clearer routes into training and the confidence to keep investing.
“Technology will continue to transform how businesses operate, and the findings are a powerful reminder that customer facing skills still matter. The ability to understand customers, build trust and manage relationships will help set the best businesses apart.
“Closing the gap between ambition and action will be a joint effort between businesses, government, communities and education providers. By helping businesses find the right people and develop the skills they need, we can build a stronger pipeline of talent and support growth across the UK."
Pictured: Amanda Murphy, chief executive of Lloyds business and commercial banking
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