Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

72% of UK firms face skills gaps, turn to AI and upskilling amid £275m productivity loss

by September 13, 2024
September 13, 2024
72% of UK firms face skills gaps, turn to AI and upskilling amid £275m productivity loss

The skills gap in the UK continues to widen, with 72% of companies reporting shortages in critical areas such as AI, data analytics, and cybersecurity—up from 69% in 2023, according to DocuSign’s Digital Maturity Report 2024.

As a result, businesses are increasingly turning to ‘quiet hiring,’ upskilling their current employees, and deploying AI tools like ChatGPT to bridge the gaps without increasing headcount. The number of firms using AI to address skills shortages has surged by 42% this year.

Despite substantial investments in digital transformation, UK firms are still grappling with productivity challenges. Employees are reportedly spending an average of two days a week on manual, low-value tasks, costing businesses over £275 million annually in lost productivity. This inefficiency is also contributing to employee dissatisfaction, with 41% considering leaving their jobs due to outdated processes.

While 35% of companies plan to ramp up their investment in AI over the next year, only 43% feel fully equipped to implement these technologies, citing concerns around security and data protection as major obstacles. Nevertheless, enhancing efficiency through AI and digital tools remains a top priority, as firms strive to align their technology investments with improved productivity outcomes.

Sheila Flavell, COO of FDM Group, highlighted the urgency for businesses to support their AI investments with robust skills training. “With AI advancing rapidly, businesses are investing more to stay competitive. However, it’s crucial for companies to provide high-impact skills training to help their staff keep pace with evolving technology. Upskilling in AI, data analytics, and security ensures they have the talent needed to drive digital transformation.”

Flavell emphasised the importance of experiential learning in upskilling efforts, enabling employees to gain hands-on experience with new technologies. “This approach not only boosts productivity but also reduces the reliance on ‘quiet hiring’ and helps retain top talent by offering real opportunities for growth,” she added.

As businesses navigate the challenges of a rapidly evolving digital landscape, the focus on upskilling and integrating AI solutions is set to play a pivotal role in closing the skills gap and enhancing productivity. However, for these initiatives to succeed, companies must also address security concerns and ensure their workforce is adequately prepared to leverage new technologies effectively.

Read more:
72% of UK firms face skills gaps, turn to AI and upskilling amid £275m productivity loss

0
FacebookTwitterGoogle +Pinterest
previous post
Smart Buildings Made Simple: The Power of Building Management Systems
next post
Housing crisis leaves 21 hopeful tenants battling for each rental property

You may also like

What is a Net-Zero Company?

August 18, 2022

Amazon pledges $4bn to Anthropic in race for...

September 25, 2023

UK House Prices Expected to Stagnate in 2024,...

June 14, 2024

Jacob Rees-Mogg meets energy giants in bid to...

August 30, 2022

Small businesses set to be swamped with £23BN...

December 19, 2022

Amazon set to bring Warhammer 40,000 shows and...

December 19, 2023

Tech Nation calls for R&D cuts to be...

October 31, 2022

My Expert Midwife raises £1.6m to fuel next...

July 15, 2025

Over 90% of mid-sized businesses struggling to access...

June 26, 2023

How to Prepare for Crypto Investment: Tips for...

August 9, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump 1.0 alums share chilling Google message from before second-term return: ‘LAWFARE at its finest’

      August 2, 2025
    • Trump closes week with plans to reposition subs amid heightened Russia tension, new tariffs

      August 2, 2025
    • Inside the Biden cover-up probe: 8 aides questioned, more on the way

      August 2, 2025
    • BROADCAST BIAS: ABC compares Sydney Sweeney ad to Nazis as networks go nuts about her ‘genes’

      August 2, 2025
    • Jeremy Hunt: ‘We’re over-medicalising anxiety and depression with sick notes’

      August 2, 2025
    • Cambodia to nominate Trump for Nobel Peace Prize for role in ending country’s conflict with Thailand

      August 2, 2025

    Categories

    • Business (8,652)
    • Investing (2,168)
    • Politics (16,286)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved