Half of London’s smaller companies are held back by a shortage of skilled staff, according to a new study.
The Albion Ventures Growth Report 2013 says more than 1 in 3 companies nationwide reported growth hinderance due to skillset shortages.
The report examines the challenges and opportunities faced by 450 SMEs with a combined turnover of over £1.6 billion,
Centres of gravity
Greater London has the biggest SME skills gap out of all UK regions, followed by the West Midlands – meaning the skillset shortages are worst in the most intense business regions.
Sales, IT and financial management are the most common skillsets cited as short of when hiring.
Top trumps
The skillsets most commonly cited are shown below:
| Sales |
16% |
| IT |
12% |
| Financial Management (cash management) |
10% |
| Research & Development |
9% |
| Human Resources/ CSR |
8% |
| Business Planning |
8% |
| Operations |
3% |
Image Credit: flickr/tasmanianarchiveandheritageoffice