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UK Economy Suffering from Small Business Skills Shortage

Small business owners spend more than 100 hours a year on average looking for suitable candidates, training new members of staff and developing and supporting their existing staff, according to a study by online lender Everline and the Centre for Economic and Business Research.
This figure represents time that could be spent further developing the business if suitably skilled staff were readily available, and equates to £3,160 of their time in economic terms (Gross Value Added).
The number rises to £7,540 for 18-34 year olds and falls to £1,860 for respondents aged 55 and over, indicating that younger entrepreneurs recognise that in order to focus on business development themselves, they need to spend more time creating a skilled workforce.
The small business employment index (based on changes in headcount and the number of vacancies in a company) is at its highest since 2004 and just under a quarter (24 per cent) of small businesses surveyed had available vacancies today.
SOURCE: smallbusiness.co.uk
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