UK businesses worried about talent pool shortage, reveals survey

A new survey conducted over the summer found that UK financial directors are more worried about the negative effects of a skill shortage than anything else.

China's economic slowdown and the possible of a 'Brexit' from the EU were seen as less of a threat to growth than the condition of the UK talent pool.

Modest growth

The journal of the Institute of Chartered Accountants of Scotland (ICAS) carried out the survey in association with global law firm DLA Piper.

More than a hundred ICAS members took part in the study, all of them holding the rank of financial director.

Modest growth of between 1% to 2.5% was the expectation for the UK economy over the next year from more than half (58%) of those that took part in the survey. The same percentage last year said they thought 2015 would see strong or modest growth.

Talent shortage

Problems recruiting and retaining people with the right skills was the main reason for a change in growth expectations, according to the study.

The majority of financial directors surveyed believed that the private sector plays a major role in boosting economic growth. They also believed that motivation and training investment measures for employees would bring bigger benefits than government intervention in the economy.

Anton Colella, ICAS CEO, pointed out that educational establishments are adapting "at a glacial pace" to address the challenge, one that is constantly acknowledged by the heads of professional accountancy bodies on a global scale.