| Graduates lack basic numeracy skills |
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| Written by Adrie van der Luijt | |
| Friday, 09 May 2008 | |
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Three quarters of financial services employers report shortages of technical skills.
The Chartered Insurance Institute's second annual skills survey reveals that the issue has become so critical that it is now on the agenda in four out of five boardrooms which represents a huge increase of 20 per cent on 2007. Grammar and numeracy Over half the employers (57 per cent) accused the education system of failing to meet the needs of the industry with only 3 per cent describing basic levels of education as "more than adequate". In addition, nearly two thirds (61 per cent) of employers complained that graduates struggled with even the basic skills like grammar and numeracy. These findings coincide with an increase of 14 per cent to 73 per cent of employers who believe that employees will need higher qualifications in the future. The CII figures are in line with a CBI report last month, which found that poor basic skills have a serious impact on customer service according to two-fifths (40 per cent) of employers, and lower productivity according to a third (34 per cent). CII President Lord Hunt said that the results of the survey provided a wake up call that we all need to play an active part in raising skill levels. He called the increase in those reporting skills gaps a particular worry. "In this period of economic instability it is vital that we do not take our eye off the skills issue, tempting though that may be. Cuts to training budgets in order to make a quick saving will in the end prove to be a false economy,” Lord Hunt added. Commitment to improving skill levels He said that the industry needs to continue to embrace the vision for UK skill levels as set out by Lord Leitch and contribute to meeting the challenging targets he set. “We must continue to work at attracting the highest calibre of individual into our sector. As Leitch points out, much of the future workforce is already in place and should be encouraged to develop further,” he warned. He pointed out that the UK financial services industry is world renowned for its commitment to improving the skill levels of its staff, but warned against complacency. “We must continue to commit time and resources to training and development if we are to remain competitive in the face of intense global competition,” Lord Hunt concluded. Lord Leitch was tasked in 2004 by the Government with considering the UK's long-term skills needs. In December 2006 the Leitch Review produced its final report, Leitch Review of Skills: Prosperity for all in the global economy - world class skills, which recommended that the UK commit to becoming a world leader in skills by 2020. In July 2007 the Government published its response to Leitch in which it accepted many of the report's recommendations. Related articles
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