How to help East Midlands SMES plug the skills gap and turn the tide

JO HARRIS, LLOYDS BANKING GROUP AMBASSADOR FOR THE MIDLANDS, LOOKS AT THE SUCCESS OF THE BIG CONVERSATION – A THREE-MONTH SERIES OF ROUNDTABLE DISCUSSIONS BRINGING TOGETHER BUSINESSES, POLITICIANS, ELECTED MAYORS AND BUSINESS GROUPS IN REGIONS ACROSS THE

THE impact of the pandemic has affected everyone differently. Listening to voices from across the UK is essential in helping to understand others and appreciate their circumstances, making our workplaces and communities more inclusive.

This was the driving motivation behind The Big Conversation – a three-month series of roundtable discussions bringing together local businesses, politicians, elected mayors and business groups from all regions and nations of the UK.

The insights we gathered painted a vivid picture of the resilience on display from people up and down the country, not least from those across the East Midlands.

Now, those findings have been collated into The Big Conversation: Helping Britain Recover report, a vital resource harnessing the views of business leaders, policy-makers and community leaders.

Through our conversations we heard many shared experiences. However, the clearest theme was the diversity and divergence between local economies across the country.

The overwhelming feedback was that people want a bespoke regional approach to the economic recovery. There can be no ‘one-size-fits-all’ solution.

This was undoubtedly the sentiment shared by my fellow panelists during our own Big Conversation here in the East Midlands in November.

Local politicians, trade bodies, charities and businesses shared their insights and experiences, discussing how national and local Government, business groups and financial services can work together to help firms flourish.

The discussion focussed on supporting small businesses to not just survive but thrive in the wake of the pandemic. It became clear that one issue continues to threaten the region’s economic recovery – a lack of skilled workers.

The need to address the East Midlands’ skills gap predates coronavirus. Accounting firm Grant Thornton’s 2018 Confidence Survey found that more than two thirds (69%) of the region’s most profitable businesses described the talent pool as lacking, and the same percentage felt that the region’s skills shortage was their biggest barrier to growth. But the pandemic has amplified this issue.

The conversation participants, including Loughborough MP Jane Hunt, John Thorpe, managing director of Market Harborough’s Thorpes Joinery, and D2N2 Local Enterprise Partnership (LEP) CEO Sajeeda Rose, were unanimous in the need for businesses to embrace new ways of working while also finding workers with the skills firms need.

The Apprenticeship Levy was identified at the discussion as one potential solution. Giving more firms the ability to create apprenticeships is critical to growth and to creating opportunities for the community.

Small businesses have been particularly affected by the pandemic. Their ability to survive and move forward will be key to the economic recovery, and taking advantage of future growth opportunities will hinge on them being able to adapt and continuing to innovate.

As Sajeeda Rose of the D2N2 LEP stated, however, they must first be made aware of where to turn for support and advice, saying that a wrap-around service whereby a business owner could be signposted and helped to access skills, finance, growth and survival support all in one place was needed.

There is hope on the horizon. The roll out of the vaccine, a more collaborative approach, and a focus on creating the skills the local economy needs will support the region’s recovery.

A regional approach, shaped by local voices, will be essential in making sure that this is effective. What we’ve seen from the conversation so far is that the region has the ambition and motivation to make this happen.

To find out more about The Big Conversation go to www.lloydsbankinggroup.com/ Our-purpose/the-big-conversationhelping-britain-recover/ and for more on Lloyds Banking Group go to www.lloydsbankinggroup.com/