The Upskilling for Shared Prosperity study shows that the benefits from closing the skills gap across UK industries - including business services, construction and transport and logistics - are substantial, with the UK ranking behind only China, the US, India and Spain in terms of potential absolute GDP gains. The model estimates an overall boost of £75.6 billion in the core scenario, equivalent to 3% of total UK GDP by 2030.
It asserts that upskilling needs to be a priority for policymakers and business leaders as they respond and rebuild in the wake of recent pandemic challenges, and that people can - and should - be the beneficiaries of the Fourth Industrial Revolution, with technology used to complement and augment work rather than replace it.
Against this backdrop, it’s perhaps not unsurprising that workforce transformation and wellness is already a priority for many UK manufacturers over the next 24 months.
A recent Reinventing Manufacturing COO pulse survey reveals that over half (52%) plan to significantly increase digital working resources and skills levels, with 47% of UK manufacturing firms focusing on the use of virtual collaboration platforms and training tools.
And almost three in five business leaders say they will be prioritising strategies to support and boost employee health and wellbeing in the wake of the pandemic, with 40% embracing flexible working hours and a quarter (23%) continuing to support remote working.
Cara Haffey, PwC’s manufacturing and automotive leader, comments: “Crisis events, like the pandemic, can and should shape economic thinking, giving both government and business communities an unique opportunity to reflect, reimagine, and reset priorities.
“Achieving low levels of unemployment is not enough if the jobs are low-skilled, unrewarding and unstable, and this approach does little to expand the economy, increase productivity or national competitiveness in an increasingly interconnected world. Through schemes such as Help to Grow, the recent Budget has given UK manufacturers a welcome investment injection that will help to accelerate this digital transition and upskilling agenda.”
The PwC/WEF report puts forward four recommendations in delivering an upskilling agenda:
- Governments should adopt an agile approach to driving national upskilling initiatives, working with businesses, non-profits and the education sector. This includes providing incentives to create jobs in the green economy and by supporting technology innovation.
- Governments, businesses, and education providers should work together to build a strong and interconnected ecosystem committed to a comprehensive upskilling agenda.
- Businesses should anchor upskilling and workforce investment as a core business principle and make time-bound pledges to act.
- Education providers should reimagine upskilling and reskilling and focus on lifelong learning to ensure everyone has the opportunity to participate in the future of work.
PwC’s Cara Haffey, adds: “If we are to create a more inclusive and sustainable economy, where no one is left behind, manufacturing leaders must ensure their organisations play their part in giving people the chance to build the skills they will need to fully participate in the future workplace. Demonstrating that wellbeing is a critical component of the business strategy is just as important, after all a healthy workforce is the most effective.
“Our pulse survey shows it’s firmly on the radar, and by working closely with government and educators, I believe we can be ambitious in our aspirations to produce a highly-skilled and highly-productive workforce that is the envy of our competitors.”
