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Skills shortage hindering SME profits

20 August 2013

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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.”