Skills shortage is biggest challenge for SMEs
Posted on in Business News , Cycles News
According to a global study, SMEs across the world are suffering from a lack of skilled labour.
The Global Business Monitor report from Bibby Financial Services (BFS) surveyed SME owners and decision makers across Asia, Europe and North America to reveal the biggest issues facing businesses in 2017.
"Almost half (49%) of all respondents say that a skills shortage is the greatest challenge they face."
In an attempt to plug the gap, many SME owners are investing in staff training and development. Findings reveal that existing staff training is the primary area of investment with more than half of SMEs investing in this in 2017, followed by digital technology and employee recruitment.
BFS CEO for Europe and Asia, Richard Carter says "Many business owners are addressing the issue by upskilling existing staff. While it is fantastic to see businesses investing in skills development, this isn't a silver bullet. It can often take a months or even years to train staff for highly skilled activity."
Other key issues facing businesses in 2017 include rising costs (48%) and government regulation (44%). Almost a third say cashflow is their greatest concern in 2017.
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