Britain must boost its skills if wages are to increase – says Adam Memon, Head of Economic Research at the Centre for Policy Studies.
In a new report Mind the Skills Gap, published on Friday 28 November, the economist urges the government to address the country’s ongoing productivity crisis by promoting the development of skills in the workforce.
Adam Memon explains:
“The biggest challenge facing the UK economy is resolving the unprecedented weakness in productivity. Without sustained productivity growth, real wages and thus living standards cannot rise in the medium and long term. Increasing the skill level of the workforce is vital for improving long term productivity growth.”
The author advocates a variety of policy reforms including:
- Increasing the number of available apprenticeships and work experience schemes and tearing up regulation preventing young people from accessing them.
- Providing more sophisticated welfare support for those unable to find employment and expanding the New Enterprise Allowance scheme to promote entrepreneurialism and innovation.
- Extending the use of performance related pay across the public sector and improving performance incentives for teachers.
To see all 21 policy proposals in detail and to read the full report click here.
- HR Magazine ‘Enlightened’ performance-related pay needed to increase productivity
- Yorkshire Post Adam Memon: Tackling the skills gap is only way to future prosperity