Santander’s recent report emphasizes the need for the UK government to develop skills in leadership, digital, and sustainability to advance the economy. Key societal shifts are impacting the workforce and necessitate increased investment in training and upskilling.
- UK workers are spending 20% less time on training compared to a decade ago, despite recognizing the need to upskill.
- Barriers such as time, costs, and inflexibility are hindering access to essential training, affecting productivity.
- Many workers are unaware of technological and societal changes that could impact their careers.
- Santander launched a new education program focused on green, digital, and leadership skills to prepare for economic transitions.
In the newly published ‘Tomorrow’s Skills’ report, Santander outlines critical societal changes that are poised to reshape the British workforce. These include evolving attitudes towards work, the rise of artificial intelligence, and the transition to a Net Zero economy. Santander argues for a strategic focus on education and skills enhancement to meet these challenges head-on. The report highlights a concerning statistic: UK workers are dedicating 20% less time to training than they did a decade ago. This decrease comes despite over half of the workforce acknowledging the necessity of upskilling to remain current in their respective fields.
Santander identifies significant barriers preventing workers from accessing training opportunities, such as time constraints, financial costs, and lack of flexibility. These barriers contribute to stagnating productivity levels across the country. Moreover, a notable 69% of workers anticipate staying within their current field for their entire career, with 72% believing their jobs will continue unchanged over the next ten years. This indicates a troubling lack of awareness regarding the impact of emerging technologies and societal changes on job markets.
Mike Regnier, CEO of Santander UK, has underscored the imperative of education and ongoing skills development. Emphasizing a strategic approach, he stated, ‘The UK cannot afford to fall behind in this critical area if we want our economy to grow and remain competitive.’ Regnier advocates for a focused government strategy targeting three pivotal areas: changing work attitudes, AI advancement, and sustainability practices.
Changing perceptions of work, particularly in light of hybrid working models, pose new managerial and leadership challenges. Generational divides in attitudes are evident, with 65% of individuals aged 25-34 viewing hybrid work positively, in contrast to only 27% of those aged 55-64. These differences necessitate leadership that can navigate and harmonize such varied perspectives.
As artificial intelligence continues to reshape industries, 63% of workers recognize the critical need for training in new technologies. Among younger workers, 47% express concerns that AI may eventually displace their roles. Upskilling in AI and digital technologies is essential for ensuring productivity and securing future careers.
With the UK’s 2050 emissions targets approaching, 58% of workers predict a need for new skills to adapt to a sustainable economy. The importance of equipping the workforce with sustainability competencies is critical for facilitating a seamless Net Zero transition. Responding to these needs, Santander has introduced an adult education initiative in collaboration with xUnlocked and others, offering complimentary training in green, digital, and leadership competencies via the Santander Open Academy.
Notably, Steph McGovern, a business journalist, has supported the idea of lifelong learning. She asserted, ‘As the needs of the economy change, so too should our attitude to learning. We should think of education as lifelong. We all need to adapt, but workers can’t do that on their own.’ Santander’s proactive measures, combined with its call for government intervention, highlight an urgent need to address the UK’s skills gap.
Santander’s focus on leadership, digital, and sustainability skills is crucial for the UK’s economic resilience and competitiveness.
