‘North East businesses clearly have an appetite to grow and invest in the next generation of talent’
North East businesses are leading the UK in creating opportunities for young people, new research has shown. The latest Lloyds Business Barometer shows regional companies are making a strong and ongoing commitment to investing in young workers, with 70% recruiting early career talent in the past year.
This figure is the highest of all the UK regions, ahead of Scotland with 66% and the North West with 60%, and higher than the national average of 52%.
Meanwhile, 93% of North East companies that hired early career talent in the past 12 months expect to hire more in the next year. And more than half (52%) who didn’t recruit early-career talent in the past year say they would if they felt they could.
Almost two-fifths (38%) cite greater certainty of Government funding as the main catalyst for recruitment, followed by the provision of more relevant local training (36%), stronger links with education providers (35%) and better information about support available (33%).
Almost a quarter (24%) indicated access to finance to manage recruitment and training costs. That confidence extends to further investment in skills, with more than three-quarters of North East businesses (76%) confident they can secure the funding they need to invest in training, apprenticeships or new hires in the next one to three years.
Martyn Kendrick, regional director for the North East at Lloyds, said: “North East businesses clearly have an appetite to grow and invest in the next generation of talent, and it is particularly encouraging that the region leads the UK for early career recruitment.
“What we are doing strongly is the willingness to invest and the bigger challenge is making it possible for businesses to find people with the skills they need.
“Bringing together business, education and training providers will be key to closing the gap, helping more young people into work and giving North East companies access to the talent they need to grow.”
Amanda Murphy, CEO for Lloyds Business and Commercial Banking, added: “Businesses are not just hiring for today, they are investing in the people who will shape the future. The strength of employers’ appetite for early career talent is encouraging, but ambition must be matched by better access for candidates, clearer routes into training and the confidence to continue to invest.
“Technology will continue to change the way businesses operate, and these findings are a strong reminder that customer-facing skills are still important. The ability to understand customers, build trust and manage relationships will help create the best business.
“Closing the gap between ambition and action will be a joint effort between business, government, communities and education providers. By helping businesses find the right people and develop the skills they need, we can build a stronger talent pipeline and support growth across the UK.”