Hosted by Baroness Martha Lane-Fox OBE, this limited podcast series will focus on the key skills challenges facing organisations that were highlighted by The Open University’s Business Barometer report published in partnership with the British Chambers of Commerce. Martha will be interviewing experts covering the following topics: 

1. How SMEs can solve skills shortages  

2. The wellbeing impacts of skills shortages  

3. Local skills for local people 

4. The role of career changes to address skills gaps 

5. Solving the people and work challenge 

1. How SMEs can solve skills shortages  

Guest: Anthony Impey MBE, Chief Executive, Be the Business  

The recent Business Barometer report reveals that a significant majority (84%) of small and medium-sized enterprises (SMEs) are currently experiencing skills shortages. Additionally, with the threat of an ageing workforce, only one-third (31%) of these SMEs have established succession plans to address the retirement of their current employees. This situation could lead to long-term difficulties in terms of skills availability. 

It's understandable that the lack of HR resources in SMEs means that tackling the skills crisis is more challenging than for larger organisations. Currently, SMEs do not consider investing in staff training and addressing skills shortages as an immediate priority (as indicated by 45% who do not plan to invest in training over the next year), it is important to recognise that investing in employees and tapping into new talent pools can help alleviate existing pressures and ultimately improve financial performance. The lack of planning and investment in L&D will make it even more challenging to retain employers, especially with the current wage competition. 

Futureproofing and planning is the key here - providing training opportunities to new workers can also contribute to employee retention and encourage loyalty. 

2. The wellbeing impacts of skills shortages  

Guest: Carla Hoppe, Founder of Wealthbrite 

The recent Business Barometer report reveals that 72% of organisations say skills shortages have increased workload on existing staff. This increase in workload coupled with the cost-of-living crisis, can lead to retention issues for businesses.  

With 73% of organisations experiencing a skills shortage, how can employers effectively address their over-extended and financially pressured workforce? Could investment in employee L&D help retain staff, future proof the workplace and prevent employee wellbeing deteriorating? 

Carla Hoppe, Founder of Wealthbrite recognises the business imperative to get skills training right to remain competitive. She will share insights into the value of financial skills training in boosting productivity as well as supporting employee wellbeing outcomes. 

• What are financial skills and why do they matter to employees in a cost of living crisis? 

• Is this a business issue? Does it impact issues such as staff retention and wellbeing? 

• How can businesses embed best practice and upskill staff in this area? 

3. Local skills for local people 

Guest: Alwen Williams, Portfolio Director, Ambition North Wales 

The Business Barometer report revealed that 75% of Welsh business leaders are still experiencing skills shortages. Various regions and nations of the UK have suffered from economic decline and de-industrialisation which has left businesses struggling to find the skills they need locally. One third of organisations in Wales also said they had no written or annual plan to tackle their skills gaps. Many parts of the UK have traditionally been cold spots for education and skills training.   

Alwen is tasked with leading the North Wales Growth Deal and delivering the Growth Vision for the Region. The Growth Deal’s five programmes will bring £1 billion of investment to North Wales over the next fifteen years. It will create a vibrant, sustainable, resilient, and thriving economy through addressing known long-term challenges and unlocking opportunities to build on our strengths, boost productivity and create new high-value jobs. This podcast will discuss learnings from this programme and how business leaders can play their part in upskilling and reskilling local people.  

4. The role of career changes to address skills gaps 

Guest: Bryan Redpath, Director of Rugby, London Scottish 

In a rapidly evolving job market, the ability to acquire new skills and adapt to change is paramount. People now have multiple careers, and factors such as economic circumstances, AI and automation are driving the need for reskilling and career changes like never before.    

In this podcast episode, Bryan Redpath, former Scotland international rugby union player shares his firsthand experiences of navigating career transitions and acquiring new skills. Bryan will share insights into what it takes to adapt, evolve, and embrace change, not just for professional athletes, but for individuals in any field facing career transitions.   

The episode will reflect on the role of lifelong learning to enable career changes and explore how employers can tap into this talent pool to plug their skills gaps. 

5. Solving the people and work challenge