Skills shortages pose a problem for many small and medium enterprises (SMEs) across England, research shows.
A new report has found that skills gaps in the workforce are hampering the profits of many SMEs.
Few employers have the resources to address the problems, a report from Lloyds Commercial Banking showed.
Most employers (95%) said difficulty finding candidates with the right skills was having a “detrimental impact” on their company.
However, 80% of businesses had not increased investment in developing skills or boosting the career development of employees.
David Oldfield, SME and mid-market banking managing director at Lloyds said firms should have a greater focus on nurturing the skills needed in their workforce.
He said: “Clearly there are some significant hurdles but it is crucial businesses do everything they can to develop skills across their workforces in order to position themselves for future growth.”
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