Santander’s report highlights the need for skill development as crucial for the UK’s economic future. Key challenges include changing work attitudes, AI advances, and the path to Net Zero.
- The report notes a significant decline in workforce training time compared to a decade ago, emphasizing the urgency to address this gap.
- Barriers such as time constraints and costs hinder worker training, affecting productivity and economic growth.
- The rise of hybrid working presents managerial challenges, with differing generational views on its economic impact.
- Santander introduces a new educational initiative to support skill development in green, digital, and leadership areas.
In a comprehensive report titled “Tomorrow’s Skills,” Santander underscores the necessity for the UK government to prioritize skill development in response to three major societal shifts: shifting work attitudes, the integration of artificial intelligence, and the transition towards a Net Zero economy. The bank calls for significant investment in training and upskilling among the workforce to adequately prepare for these impending changes.
The report reveals a concerning trend where UK workers are dedicating 20% less time to training now compared to ten years ago, despite the fact that over half of the workforce acknowledges the need for additional skills to maintain relevance in their roles. Barriers such as time limitations, financial costs, and a lack of flexible learning options are identified as key obstacles to training access, contributing to stagnant productivity levels.
Additionally, a significant portion of the workforce remains overly confident about job security—69% anticipate staying within their current field throughout their careers, and 72% believe their occupations will persist unchanged over the next decade. This reflects a broader unawareness of the potential impacts driven by new technologies and evolving societal needs.
Mike Regnier, CEO of Santander UK, asserts, “The UK cannot afford to fall behind in this critical area if we want our economy to grow and remain competitive.” Regnier emphasizes the urgent need for the government to concentrate its skills strategy on three foundational areas: changing workplace attitudes, the ramifications of AI, and equipping workers for a sustainable economy.
The rise of hybrid working introduces unique challenges for current leadership roles, with notable generational differences in attitudes. A greater percentage of younger employees view hybrid work as beneficial for the economy, compared to older colleagues who are less convinced of its advantages.
As industries transform with AI, 63% of workers recognize the necessity of training in new technologies, though nearly half of younger workers express concern over potential job displacement due to AI advancements. Upskilling in AI and digital technologies remains critical for enhancing productivity and securing career longevity.
In conjunction with meeting the UK’s 2050 emissions targets, 58% of workers perceive the need to acquire new skills to contribute to a greener economy effectively. The report highlights that building workforce capacity in sustainability skills is vital for supporting the Net Zero transition.
To combat these challenges, Santander has partnered with organizations such as xUnlocked and Fearless Adventures to launch a new adult education program. This initiative, hosted on the Santander Open Academy, offers free video-led training focusing on green, digital, and leadership skills intended to prepare individuals and businesses for future economic demands.
Santander’s initiative and government collaboration are pivotal in addressing the UK’s skill crisis and ensuring future economic competitiveness.
