Failure to tap into employee potential costs UK £200bn

Most
UK employees feel they are stuck in a rut – which could be costing their
employers up to £200 billion in wasted potential, according to a new study.

The
research by Foundation Degrees finds that nearly 33 per cent of the UK’s
workers believe they are going nowhere in their current jobs.

Almost
half of the 571 employees surveyed for the Talent Spotting report think they
are undervalued and four in 10 believe they are wasting valuable skills and
experience.

Nearly
40 per cent of staff are frustrated at the lack of opportunity to try new
things and half want their jobs to be more challenging.

Margaret
Hodge, minister for lifelong learning and higher education, said the research
shows the importance of continuing education and development.

“Too
much talent and ability is going to waste because employers are failing to
develop the potential of the people they have and appreciate the real value of
on-the-job learning and experience," she said.

“Foundation
degrees can help people move out of career ruts and into better and more
interesting jobs by equipping them with the technical know-how, academic
knowledge and transferable skills that employers now demand.”

The
research shows that the majority of employees believe employers are to blame
for failing to fill skills gaps, and nine out of 10 workers feel employers
should give existing staff the opportunity to learn different skills and take
on more responsibility before recruiting new people.

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